LAGOS, Nigeria (AP) — Nigeria has launched a digital currency which the Central Bank of Nigeria says is a "major step forward in the evolution of money” in Africa’s most populous country.
President Muhammadu Buhari said at the launch Monday that the digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Nigeria's economy, one of Africa’s biggest, by $29 billion over the next 10 years.
FRANKFURT, Germany (AP) — A closely watched survey of German business optimism sagged for the fourth month in a row, underlining concern about the impact on Europe's largest economy from sharply higher energy prices and stubborn bottlenecks in supplies of raw materials and parts.
WASHINGTON (AP) — The nation's business economists are slightly less optimistic about growth prospects over the next year, noting a number of threats ranging from higher-than-expected inflation to lingering disruptions from COVID-19 and snarled supply chains.
ROME (AP) — Italy’s economy ministry and UniCredit bank on Sunday announced that they are breaking off talks regarding a deal for a long-ailing Italian bank, Monte dei Paschi di Siena.
The ministry and UniCredit didn’t cite a reason for pulling the plug on negotiations in a joint statement.
TRIPOLI, Libya (AP) — Libya’s chief diplomat says the transitional government is working to hold long-awaited elections later this year, but security and political and economic stability are necessary for a peaceful transition to a new government.
NEW DELHI (AP) — Bangladesh, considered especially prone to extreme weather and rising ocean levels, plans to present its “climate prosperity plan” to lessen the effects of climate change on the economy at the forthcoming U.N.
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Friday that the tangled supply chains and shortages that have bedeviled the U.S. economy since this summer have gotten worse and will likely keep inflation elevated well into next year.
WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating effects of a global pandemic.
WASHINGTON (AP) — U.S. financial regulators on Thursday approved a series of steps toward addressing the dangers that climate change poses to the nation’s financial system.
The Financial Stability Oversight Council, which is headed by Treasury Secretary Janet Yellen and includes Federal Reserve Chairman Jerome Powell, acknowledged in a report that climate change is a serious economic threat.
FRANKFORT, Ky. (AP) — Kentucky Lt. Gov. Jacqueline Coleman said Thursday that she will step down from her second role as a cabinet secretary to focus more attention on the state's economic development efforts.
UNITED NATIONS (AP) — Increasingly vast military expenditures and “the extreme marginalization and exclusion” of women from peace negotiations are risking renewed conflicts instead of promoting peace and stability, the head of the U.N.
OMAHA, Neb. (AP) — Strong economic growth continues in rural parts of 10 Plains and Western states, according to a new monthly survey of bankers in the region.
The overall economic index for the region improved in October to 66.1 from September's already-strong 62.5 reading.
HARTFORD, Conn. (AP) — Connecticut's unemployment rate continued to drop in September as state employers added back jobs for the ninth consecutive month.
The state Department of Labor reported Thursday that unemployment was 6.8% in September, down from 7.2% in August and 8.3% in September of 2020.
OMAHA, Neb. (AP) — Union Pacific hauled in 23% more profit in the third quarter even though the total number of shipments it delivered remained flat overall and the supply chain remained clogged.
The Omaha, Nebraska-based railroad said Thursday that it made $1.67 billion, or $2.57 per share, in the quarter.
LOS ANGELES (AP) — Mortgage rates have hovered near all-time lows for much of this year, even as inflation has increased sharply across much of the economy.
That could begin to change in the weeks to come, now that the Federal Reserve has signaled it could announce as early as next month plans to begin rolling back the measures it has taken to shore up the economy during the pandemic.
JAKARTA, Indonesia (AP) — The United States is at a turning point in deciding how to handle the crisis in military-ruled Myanmar, weighing further political and economic steps to pressure the government to change its behavior, a senior U.S.
ADEL, Iowa (AP) — Unemployed Iowans would be required to meet weekly with state case managers, conduct twice as many weekly work searches and undergo audits to prove they're actively looking for work under a new proposal announced Wednesday by Gov.
SEATTLE (AP) — Washington state’s unemployment rate in September was 4.9%, down from 5.1% in August.
Employers added 17,600 jobs in September, a 7.3% increase over August, the state Employment Security Department reported Wednesday.
WASHINGTON (AP) — The Federal Reserve reports that the economy faced a number of headwinds at the start of this month, ranging from supply-chain disruptions and labor shortages to uncertainty about the delta variant of COVID.
BERLIN (AP) — The head of Germany's central bank announced Wednesday that he will step down after a decade at the helm, removing a key hawkish voice from the European Central Bank’s governing council.
Energy crunch hits global recovery as winter approaches
The world’s facing an energy crunch. Europe is feeling it most as natural gas prices skyrocket to five times what they were at the start of the year, forcing some factories to throttle back production.
MINNEAPOLIS (AP) — Democratic Gov. Tim Walz launched his campaign for a second term Tuesday in an increasingly divided Minnesota, saying he made the tough calls necessary to beat back the COVID-19 pandemic and revive the economy.
Power shortages are turning out streetlights and shutting down factories in China. The poor in Brazil are choosing between paying for food or electricity. German corn and wheat farmers can't find fertilizer, made using natural gas.
KABUL, Afghanistan (AP) — When the Taliban swept into power, they found Afghanistan's economy fast approaching the brink and were faced with harrowing predictions of growing poverty and hunger. So they ordered the financial managers of the collapsed former government back to work, with an urgent directive: Do your jobs, because we can’t.
JAKARTA, Indonesia (AP) — All nations have a responsibility to ensure that no one gets left behind and that changes are as fair as possible in the transition to a greener economy that's needed to address the climate crisis, European Commission for Climate Action Frans Timmermans said Monday.
ROME (AP) — Italy’s president on Monday strongly criticized the violence that has erupted amid protests over the country's new coronavirus workplace health pass requirement, saying it appeared aimed at jeopardizing Italy’s economic recovery.
Asian shares were mostly lower on Monday after China reported its economy grew at a meager 4.9% annual pace in July-September.
The Shanghai Composite index lost 0.4% to 3,559.96 while the Hang Seng in Hong Kong declined 0.4% to 25,246.38.
BEIJING (AP) — China’s economic growth is sinking under pressure from a construction slowdown and power shortages, prompting warnings about a possible shock to its trading partners and global financial markets.
RENO, Nev. (AP) — The COVID-19 pandemic helped expose the growing vulnerability of Lake Tahoe’s increasingly tourism-dependent economy as housing costs balloon, year-round residency declines and more workers commute from afar or seek jobs elsewhere, a new report says.
NICOSIA, Cyprus (AP) — An undersea cable linking the electricity grids of Cyprus and Egypt could be key to helping both countries transition to a green economy and meet their commitments on battling climate change, the Cypriot energy minister said Saturday.
BERLIN (AP) — Three German parties announced Friday that they aim to open formal coalition talks, moving a big step closer to a new government that would send outgoing Chancellor Angela Merkel's center-right bloc into opposition.
WASHINGTON (AP) — The Biden administration is taking steps to address the economic risks from climate change, issuing a 40-page report Friday on government-wide plans to protect the financial, insurance and housing markets and the savings of American families.
WASHINGTON (AP) — The International Monetary Fund is warning of rising threats to the global economic recovery posed by the ongoing coronavirus pandemic and an outbreak of inflation.
UNITED NATIONS (AP) — Yemen’s economy is collapsing, its humanitarian crisis is worsening, and the conflict in the Arab world’s poorest nation is growing more violent, the U.N.’s deputy humanitarian chief said Thursday.
NEW YORK (AP) — It's good to be a bank right now.
Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has helped reduce the number of loans in default or that the bank won't likely recoup.
SANTIAGO, Chile (AP) — The 37-year-old Haitian says not a day goes by in which he doesn’t think of leaving Chile, like the multitudes who have grown frustrated and headed north toward the United States.
NEW YORK (AP) — Crunch time is coming to Wall Street.
Throughout this gilded year for investors, growth has kept accelerating for all kinds of forces that boost stock prices, sending the S&P 500 to more than 40 records.
TOKYO (AP) — Japan’s new Prime Minister Fumio Kishida dissolved the lower house of parliament Thursday, paving the way for elections that will be the country's first of the pandemic.
BERLIN (AP) — Germany's leading economic institutes on Thursday slashed their forecast for Europe's biggest economy, saying output is being held back by global supply bottlenecks and lingering restraints on personal contact amid the pandemic.
WASHINGTON (AP) — President Joe Biden tried to reassure Americans on Wednesday that he can tame high inflation, announcing a deal to expand operations at the Port of Los Angeles as prices keep climbing and container ships wait to dock in a traffic jam threatening the U.S.
WASHINGTON (AP) — Another jump in consumer prices in September sent inflation up 5.4% from where it was a year ago, matching the largest increase since 2008 as tangled global supply lines continue to create havoc.
Biden tries to tame inflation by having LA port open 24/7
WASHINGTON (AP) — President Joe Biden has announced a deal to expand operations at the Port of Los Angeles in hopes of ending the logjam of ships waiting to unload.
WASHINGTON (AP) — Federal Reserve officials agreed at their last meeting that if the economy continued to improve, they could start reducing their monthly bond purchases as soon as next month and bring them to an end by the middle of 2022.
WASHINGTON (AP) — Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022.
NEW YORK (AP) — JPMorgan Chase posted a 24% jump in third-quarter profits on Wednesday, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels.
WASHINGTON (AP) — The House has approved a short-term increase to the nation's debt limit, ensuring the federal government can continue fully paying its bills into December and temporarily averting an unprecedented default that would have decimated the economy.
Shares were mixed in Asia on Wednesday after an up-and-down day on Wall Street ended with most benchmarks lower as traders waited for updates on inflation and corporate earnings.
Tokyo's Nikkei 225 index fell 0.3% to 28,158.28 and the S&P/ASX 200 edged 0.1% lower to 7,276.80.
WASHINGTON (AP) — Members of the House on Tuesday pushed through a short-term increase to the nation's debt limit, ensuring the federal government can continue fully paying its bills into December and temporarily averting an unprecedented default that would have decimated the economy.
WASHINGTON (AP) — One reason America's employers are having trouble filling jobs was starkly illustrated in a report Tuesday: Americans are quitting in droves.
The Labor Department said that quits jumped to 4.3 million in August, the highest on records dating back to December 2000, and up from 4 million in July.
WASHINGTON (AP) — The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates between rich and poor nations.