Economy
Tag: Economy
CSX profit slips in 4Q but railroad hauls 4% more freight
OMAHA, Neb. (AP) — CSX railroad reported relatively flat fourth-quarter earnings even though it hauled 4% more freight as the economy continued to rebound...
The Latest: Pennsylvania’s vaccine demand far exceeds supply
ALLENTOWN, Pa. — Some of Pennsylvania’s largest health systems are warning people that there isn’t enough coronavirus vaccine in the state to meet surging...
Stocks drift to mixed close; S&P 500 ekes out another record
U.S. stock indexes capped a day of choppy trading with a mixed finish Thursday, though solid gains by technology companies helped lift the S&P...
Biden inherits damaged economy, with signs of hope emerging
WASHINGTON (AP) — President Joe Biden has inherited a badly damaged economy pulverized by the pandemic, with 10 million fewer jobs than a year...
Biden Cabinet: Buttigieg urges big funds for Transportation
WASHINGTON (AP) — President Joe Biden’s nominee for secretary of transportation, Pete Buttigieg, was headed down a smooth path to quick confirmation, pledging to...
United Airlines shares lose altitude after weak 1Q forecast
United Airlines officials said Thursday that travel will recover from the pandemic, but they just don’t know when, and investors appeared to punish the...
Twin suicide bombings rock central Baghdad, at least 32 dead
BAGHDAD (AP) — Twin suicide bombings ripped through a busy market in the Iraqi capital on Thursday, killing at least 32 people and wounding...
Union Pacific delivered 3% more freight as economy recovered
OMAHA, Neb. (AP) — Union Pacific's fourth-quarter profit chugged ahead as shipping volume improved for the first time since before the coronavirus pandemic slowed...
US long-term mortgage rates slip; 30-year loan at 2.77%
WASHINGTON (AP) — U.S. long-term mortgage rates slipped this week while remaining at record-low levels.
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Lebanon extends lockdown into February as virus numbers rise
BEIRUT (AP) — Authorities in Lebanon on Thursday extended a nationwide lockdown by a week, to Feb. 8, amid a steep rise in coronavirus...
European Central Bank stimulus on track as economy struggles
FRANKFURT, Germany (AP) — With more than a trillion euros in stimulus still in the pipeline to the economy, the European Central Bank left...
US home construction jumps 5.8% in December to 1.67 million
WASHINGTON (AP) — U.S. home construction jumped 5.8% in December to 1.67 million units, a 14-year high that topped the strongest annual showing from...
US jobless claims decline to a still-high 900,000
WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell slightly last week to 900,000, still a historically high level that points to...
Amid crippling sanctions, Iran traders seek lifeline in Iraq
DOHUK, Iraq (AP) — Piles of plush carpets line the floors of a northern Iraq shopping center hosting traders from neighboring Iran who hope...
Asian shares rise on optimism for more stimulus from Biden
TOKYO (AP) — Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street.
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Music stars slam UK’s ‘shameful’ failure on EU touring rules
LONDON (AP) — Dozens of U.K. music stars including Elton John, Ed Sheeran and conductor Simon Rattle say musicians have been “shamefully failed” by...
China labels Pompeo ‘doomsday clown’ over genocide claims
BEIJING (AP) — China’s Foreign Ministry described outgoing U.S. Secretary of State Mike Pompeo on Wednesday as a “doomsday clown” and said his designation...
Italian PM Conte works to cement majority after narrow vote
ROME (AP) — Italian Premier Giuseppe Conte worked to solidify his majority in parliament Wednesday after narrowly winning a Senate confidence vote after a...
Outreach by Tunisian leaders fails to quell youth unrest
TUNIS, Tunisia (AP) — Tunisian youth clashed with police overnight, maintaining their protests and riots over economic difficulties despite efforts by the president and...
Pompeo says China’s policies on Muslims amount to ‘genocide’
WASHINGTON (AP) — On his way out the door, Secretary of State Mike Pompeo lashed out anew at China on Tuesday by declaring that...
Biden charts new US direction, promises many Trump reversals
WASHINGTON (AP) — Stop. Stabilize. Then move — but in a vastly different direction.
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Japan shares fall on pandemic worries as rest of Asia rises
TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries...
AP Explainer: Why are youth protests sweeping Tunisia?
TUNIS, Tunisia (AP) — A growing groundswell of youth unrest, tapping into a well of economic frustration, is sweeping Tunisia and worrying its leadership...
Italian PM wins crucial vote in Senate with very thin margin
ROME (AP) — Italian Premier Giuseppe Conte squeaked through a crucial Senate confidence vote Tuesday night, allowing him to keep his wobbly coalition afloat...
UK: ‘Genocide’ clause to China trade deals narrowly defeated
LONDON (AP) — British Prime Minister Boris Johnson narrowly avoided a defeat in Parliament on Tuesday after lawmakers voted against a controversial proposal seeking...
Yellen pushes GOP senators on $1.9 trillion relief package
WASHINGTON (AP) — Janet Yellen, President-elect Joe Biden's choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage...
AP-NORC poll: Virus, economy swamp other priorities for US
WASHINGTON (AP) — Containing the coronavirus outbreak and repairing the economic damage it has inflicted are the top priorities for Americans as Joe Biden...
Germany’s 2020 borrowing comes in well short of forecast
BERLIN (AP) — Germany borrowed 130.5 billion euros ($157.5 billion) last year as it loosened budget rules to help finance pandemic-related rescue and stimulus...
Biden has set sky-high expectations. Can he meet them?
WASHINGTON (AP) — Back when the election was tightening and just a week away, Joe Biden went big.
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Group: Billion in aid needed to help Afghan kids in 2021
KABUL, Afghanistan (AP) — Some 10 million children in war-ravaged Afghanistan are at risk of not having enough food to eat in 2021, a...
Profit at Chinese state industry rises with virus recovery
BEIJING (AP) — Profit at state-owned companies that dominate China’s banking, oil and most other industries rose by as much as 25% last year...
Yellen urges Congress to do more to fight pandemic recession
WASHINGTON (AP) — Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession, saying the threats...
Biden’s test: Engineering economic boom in a partisan divide
BALTIMORE (AP) — When Joe Biden entered the White House as vice president, the economy was cratering. Job losses were mounting. Stocks were crashing....
Canada urges Biden not to cancel oil pipeline on first day
TORONTO (AP) — Top officials in Canada want a chance to make the case for a long disputed oil pipeline to be built amid...
Biden picks Chopra, Gensler for financial oversight roles
WASHINGTON (AP) — President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau, tapping a progressive ally...
Italy: Conte clears hurdle to retain power, bigger one ahead
ROME (AP) — Italian Premier Giuseppe Conte won a crucial vote in Parliament's lower house Monday night after a coalition defector's lawmakers abstained in...
Swiss to lift freeze on millions linked to ex-Tunisia leader
GENEVA (AP) — Swiss authorities are preparing to lift a freeze on tens of millions of dollars’ worth of assets linked to former Tunisian...
World shares subdued despite strong growth data from China
Stock markets got off to a slow start for the week despite news that the Chinese economy grew 2.3% in 2020 after a sharp...
Biden aims for unifying speech at daunting moment for US
President-elect Joe Biden will take the stage for his inaugural address at perhaps the most difficult starting point for a president since Franklin Roosevelt...
UK seafood trucks protest at Parliament over Brexit red tape
LONDON (AP) — Trucks owned by U.K. shellfish firms descended on Britain's Parliament Monday to protest the Brexit-related red tape they claim is suffocating...
Carmaker Stellantis shares jump in Milan, Paris on first day
MILAN (AP) — Stellantis, the car company combining PSA Peugeot and Fiat Chrysler, was launched Monday on the Milan and Paris stock exchanges, giving...
China economy grows in 2020 as rebound from virus gains
BEIJING (AP) — China eked out 2.3% economic growth in 2020, likely becoming the only major economy to expand as shops and factories reopened...
N. Korea’s parliament rubber stamps new development plans
SEOUL, South Korea (AP) — North Korea’s rubber-stamp parliament has passed decisions made by a major ruling party meeting where leader Kim Jong Un...
Violent youth protests hit Tunisia amid economic turmoil
TUNIS, Tunisia (AP) — Police used tear gas to disperse violent protests led by disgruntled youths in several Tunisian cities overnight, including in the...
California COVID-19 benefits fraud could reach $9.8 billion
LOS ANGELES (AP) — California may have paid out nearly $10 billion in phony coronavirus unemployment claims — more than double the previous estimate...
Trump’s presidency not just a blip in US foreign policy
WASHINGTON (AP) — President-elect Joe Biden’s plan to scrap President Donald Trump’s vision of “America First” in favor of “diplomacy first” will depend on...
Vaccines to stimulus checks: Here’s what’s in Biden plan
WILMINGTON, Del. (AP) — President-elect Joe Biden is proposing a $1.9 trillion plan to expand coronavirus vaccinations, help individuals and jump-start the economy. The...
Haiti braces for unrest as opposition demands new president
PORT-AU-PRINCE, Haiti (AP) — Flying rocks. Burning tires. Acrid smoke.
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US blacklists Xiaomi, CNOOC, Skyrizon, raising heat on China
HONG KONG (AP) — The U.S. government has blacklisted Chinese smartphone maker Xiaomi Corp. and China’s third-largest national oil company for alleged military links,...
Vaccines to stimulus checks: Here’s what’s in Biden plan
WILMINGTON, Del. (AP) — President-elect Joe Biden is proposing a $1.9 trillion plan to expand coronavirus vaccinations, help individuals and jump-start the economy. The...
Stocks fall as economic pain deepens, rally runs out of gas
NEW YORK (AP) — Wall Street closed out its first losing week in three with another drop on Friday after reports showed the pandemic...
Biden’s aid plan could revamp economy, prompt GOP resistance
BALTIMORE (AP) — The $1.9 trillion rescue plan unveiled by President-elect Joe Biden offers the chance to sculpt the U.S. economy toward the Democrats’...
Retail group: holiday sales up 8.3% amid big spending shift
NEW YORK (AP) — The nation’s largest retail trade group said Friday that holiday sales soared 8.3%, far exceeding its forecast even as the...
Oil giant Total withdraws from US energy lobbying group
PARIS (AP) — French oil and gas company Total said it has decided to withdraw from energy association American Petroleum Institute because it disagrees...
Optimistic banks start moving ‘bad’ loans back to ‘good’
CHARLOTTE, N.C. (AP) — The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially...
Wells Fargo 4Q profit rose 4%, tops Street estimates
SILVER SPRING, Md. (AP) — Wells Fargo had its best quarter of 2020 as its profit rose 4% in the fourth quarter of a...
U.S. retail sales fell in December for 3rd straight month
NEW YORK (AP) — Retail sales fell for a third straight month as a surge in virus cases kept people away from stores during...
Unity has long been a theme, and anxiety, for new presidents
NEW YORK (AP) — When Joe Biden addresses the country for the first time as president, his inaugural speech is likely to echo calls...
US industrial production jumps 1.6% in December
SILVER SPRING, Md. (AP) — U.S. industrial production rose 1.6% in December, a third straight monthly gain, but remains below its pre-pandemic level.
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December wholesale prices up 0.3% with sharp jump in energy
WASHINGTON (AP) — U.S. wholesale prices rose 0.3% in December led by a the biggest jump in energy costs since June.
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JPMorgan’s profits jump as economy, investment bank recovers
CHARLOTTE, N.C. (AP) — JPMorgan Chase & Co., the nation's largest bank by assets, said its fourth quarter profits jumped by 42% from a...
Another recession looms for UK economy as lockdowns bite
LONDON (AP) — The British economy looks set to fall back into recession after official figures on Friday showed that it shrank by 2.6%...
Impeachment complicates the early days of Biden’s presidency
WASHINGTON (AP) — President-elect Joe Biden already faces the daunting task of steering a newly announced $1.9 trillion coronavirus relief bill through a closely...
Asian shares mixed following Biden speech, Wall St retreat
Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street.
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Impeachment complicates the early days of Biden’s presidency
WASHINGTON (AP) — President-elect Joe Biden already faces the daunting task of steering a newly announced $1.9 trillion coronavirus relief bill through a closely...
Biden unveils $1.9T plan to stem COVID-19 and steady economy
WILMINGTON, Del. (AP) — President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan Thursday to end “a crisis of deep human suffering” by speeding...
VIRUS TODAY: Unemployment claims in US rise to 965,000
Here’s what’s happening Thursday with the coronavirus pandemic in the U.S.:
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Vaccines to stimulus checks: Here’s what’s in Biden plan
WILMINGTON, Del. (AP) — President-elect Joe Biden is proposing a $1.9 trillion plan to expand coronavirus vaccinations, help individuals and jump-start the economy. The...
Powell signals Fed will keep aiding economy with bond buying
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its...
US long-term mortgage rates rise; 30-year at 2.79%
WASHINGTON (AP) — U.S. long-term mortgage rates rose this week in an indication that the long period of record-low rates could soon be over....
At virus tipping point, Lebanon imposes all-day curfew
BEIRUT (AP) — It was a choice between containing a spiraling virus outbreak and resuscitating a dying economy in a country that has been...
UK fishers cry foul as Brexit red tape leaves catch rotting
LONDON (AP) — British fishing communities were among the strongest supporters of Brexit. But now some say they face ruin because of new red...
Samsung promises new phones will deliver more for less money
SAN RAMON, Calif. (AP) — Samsung’s next crop of smartphones will boast bigger screens, better cameras, and longer-lasting batteries at lower prices than last...
US unemployment claims jump to 965,000 as virus takes toll
WASHINGTON (AP) — The number of people seeking unemployment aid soared last week to 965,000, the most since late August and a sign that...
Reform Party leader tasked to form Estonia’s new government
HELSINKI (AP) — Estonia’s president on Thursday tasked the leader of the main opposition party to form a new government, a day after Prime...
German economy shrank 5% in pandemic year 2020
FRANKFURT, Germany (AP) — The German economy, Europe's largest, shrank by 5% in the pandemic year 2020, ending a decade of growth as lockdowns...
China demands US lift Xinjiang cotton, tomato import ban
BEIJING (AP) — China on Thursday demanded Washington drop a ban on cotton and tomato imports from its Muslim northwest over complaints they are...
Leaders like UK’s Johnson who wooed Trump face tricky reset
LONDON (AP) — British Prime Minister Boris Johnson has said a lot of nice things about Donald Trump over the years, from expressing admiration...
China 2020 exports up despite virus; surplus surges to $535B
BEIJING (AP) — China’s exports rose in 2020 despite pressure from the coronavirus and a tariff war with Washington, boosting its politically volatile trade...
Asian shares mixed after lackluster day on Wall Street
Shares were mostly higher in Asia on Thursday after a lackluster day on Wall Street, where major indexes spent the day drifting up and...
US to block cotton from China region targeted in crackdown
WASHINGTON (AP) — The U.S. government announced Wednesday that it will halt imports of cotton and tomatoes from the Uighur region of China in...
Demoted? Pushed aside? Fate of Kim Jong Un’s sister unclear
SEOUL, South Korea (AP) — What has happened to Kim Yo Jong, the North Korean leader’s influential sister?
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Target continues to thrive in whirlwind retail environment
NEW YORK (AP) — Target's strong sales streak extended through a pandemic-shrouded holiday season after a hard push online and an increased effort to...
Fed survey finds economy slowing in some areas of country
WASHINGTON (AP) — A Federal Reserve survey of U.S. business conditions has found modest economic gains at the start of the year, although some...
US budget deficit up 60.7% in first 3 months of budget year
WASHINGTON (AP) — The U.S. government's deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than...
Consumer prices up 0.4% in December led by higher gas prices
WASHINGTON (AP) — U.S. consumer prices rose 0.4% in December, led by a sharp rise in gasoline prices.
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World warily watches America’s postelection aftershocks
PARIS (AP) — For America's allies and rivals alike, the chaos unfolding during Donald Trump's final days as president is the logical result of...
China’s 2020 auto sales fall for third year amid coronavirus
BEIJING (AP) — China’s sales of SUVs, minivans and sedans fell for a third year in 2020 as the coronavirus hurt already weak demand...
NIreland stores see empty shelves as Brexit trade rules bite
LONDON (AP) — The U.K.’s biggest supermarket chains warned Wednesday that food supplies in Northern Ireland face disruption because of new checks imposed by...
France’s hopes lift as US freezes tariffs over tech tax
PARIS (AP) — France’s government breathed a sigh of relief Friday after the U.S. indefinitely delayed tariffs on French cosmetics and other goods designed...
Indian partying hotspot Goa counts losses, braces for change
GOA, India (AP) — The sun’s golden rays fall on Goa’s smooth, sandy beaches every evening, magical as ever but strangely quiet and lonely....
North Korea ends party meeting with calls for nuclear might
SEOUL, South Korea (AP) — North Korean leader Kim Jong Un vowed all-out efforts to bolster his country's nuclear deterrent during a major ruling...
Asian stocks mixed after Wall St rebounds from uncertainty
BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street rebounded, shrugging off uncertainty about a possible new attempt to impeach President...
Job openings down in most industries, while layoffs spike
WASHINGTON (AP) — Layoffs spiked in November compared with the previous month and the number of job openings slipped, signaling that the job market...
Mexico sees holiday bump in tourism amid pandemic surge
TULUM, Mexico (AP) — The friends from Jackson, Mississippi, relaxed on lounge chairs dug into a white sand beach and romped in the turquoise...
Volkswagen triples electric car sales ahead of climate rules
FRANKFURT, Germany (AP) — Europe's push into electric cars is gathering speed — despite the pandemic.
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Ford announces closing of Brazil manufacturing operations
SAO PAULO (AP) — Ford Motor Co. said Monday it will close three plants in Brazil and stop producing automobiles in the South American...
Twitter without Trump tumbles along with other tech shares
Shares of social media and other tech companies slid Monday, hit by fallout from the siege on the U.S. Capitol by supporter of President...
Stocks slip as Wall Street takes a breather after 4-day run
Stocks pulled back on Wall Street Monday as markets around the world paused following record-setting runs.
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Biden faces challenge in guiding America past Trump era
WASHINGTON (AP) — President-elect Joe Biden appeared on television last week as a bipartisan group of lawmakers huddled in an undisclosed location to protect...
