BRUSSELS (AP) — A day after endorsing Ukraine’s candidacy to join the European Union, the bloc’s leaders turned their attention Friday to the severe economic turbulence from Russia’s war in the neighboring country as the conflict’s full impact sinks in and the threat of recession rises. The EU’s 27 leaders gathered in Brussels to grapple…
Stocks racked up more gains on Wall Street Friday, as the S&P 500 had its best day in two years and just its second winning week in the last 12 to provide a bit of relief from the market’s brutal sell-off this year. The benchmark index rose 3.1%, with technology and banks leading the broad…
NEW YORK (AP) — The nation’s 33 biggest banks have enough capital to withstand a severe economic contraction, the Federal Reserve said Thursday. In its latest annual “stress tests” of the U.S. financial system, the Fed built a scenario under which the nation’s unemployment rate would more than double to 10%, and a severe contraction…
TOKYO (AP) — Toyota is recalling 2,700 bZ4X crossover vehicles globally for wheel bolts that could become loose, in a major setback for the Japanese automaker’s ambitions to roll out electric cars. Toyota Motor Corp. said Friday the cause is still under investigation, but the whole wheel could come off, risking a crash. “Until the…
WASHINGTON (AP) — As if their job weren’t hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession. They also have a sales job on their hands: Convincing the public…
WASHINGTON (AP) — Average long-term U.S. mortgage rates inched up this week following last week’s mammoth jump, the biggest in 35 years. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.81% this week, from last week’s 5.78%. Last week’s average — which jumped more than a half-point from the previous…
WASHINGTON (AP) — Fewer Americans applied for jobless benefits last week as the U.S. job market remains robust despite four-decade high inflation and a myriad of other economic pressures. Applications for jobless aid for the week ending June 18 fell to 229,000, a decline of 2,000 from the previous week, the Labor Department reported Thursday….
Senior Indian officials began talks Thursday with Sri Lankan leaders on economic assistance, a day after Prime Minister Ranil Wickremesinghe announced the country’s economy had “collapsed.” Sri Lankans have endured months of shortages of food, fuel and other necessities due to the country’s dwindling foreign exchange reserves and mounting debt, worsened by the pandemic and…
KYIV, Ukraine (AP) — The Russian military extended its grip on territory in eastern Ukraine as it seeks to cut supply lines and encircle frontline Ukrainian forces, while the Ukrainian military announced Thursday the arrival of powerful U.S. multiple-launch rocket systems it hopes will offer a battlefield advantage. Ukrainian forces withdrew from some areas near…
PARIS (AP) — The chief of airline alliance Air France-KLM said Thursday that it will take weeks or months to get new security staff in place to lighten pressure on the Amsterdam airport, which has seen flight cancellations, damaging delays and big travel headaches as global air travel rebounds from the COVID-19 pandemic. Air France-KLM…
