OMAHA, Neb. (AP) — When BNSF railroad conductor Justin Schaaf needed to take time off from work this summer, he had to make a choice: go to the dentist to get a cavity in his molar filled or attend a party for his son's 7th birthday.
FRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victories, its government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper postwar reconstruction.
Worries about inflation weighed on Wall Street Friday, leaving major indexes mixed after a report showed wages for U.S. workers are accelerating, which is good news for them but could feed into even higher inflation for the nation.
WASHINGTON (AP) — For nearly nine months, the Federal Reserve has relentlessly raised interest rates to try to slow the U.S. job market and bring inflation under control.
And for just as long, the job market hasn’t seemed to get the message.
TOKYO (AP) — Japan’s parliament approved a hefty 29 trillion yen ($216 billion) supplementary budget Friday aimed at countering the blow to household finances from rising food and utility costs and the weaker yen.
BANGKOK (AP) — Shares retreated in Asia on Friday after a mixed day on Wall Street as optimism over signs the Federal Reserve may temper its aggressive interest rate hikes was replaced by worries the economy might be headed for a recession.
MEXICO CITY (AP) — Mexico’s economy secretary on Thursday proposed yet another round of talks with the United States on a dispute over Mexico’s energy sector.
Mexico hopes to stave off a full-fledged trade complaint under the U.s.-Mexico-Canada trade agreement.
WASHINGTON (AP) — Legislation to avert what could have been an economically ruinous freight rail strike won final approval in Congress on Thursday as lawmakers responded quickly to President Joe Biden’s call for federal intervention in a long-running labor dispute.
Stocks ended mixed after an uneven day of trading and bond yields fell broadly after the government reported that a measure of inflation that’s closely watched by the Federal Reserve eased in October.
NEW YORK (AP) — GivingTuesday raised a record $3.1 billion in 24 hours for charitable causes in the U.S. earlier this week, as the event that started as a hashtag in 2012 celebrated its 10th anniversary and its status as a staple of fundraising for nonprofits, the group's leader said Wednesday.
WASHINGTON (AP) — A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October, likely reinforcing the Fed's intent to keep raising interest rates to cool the economy and slow the acceleration of prices.
WASHINGTON (AP) — The number of Americans applying for unemployment benefits came back down last week, hovering near levels suggesting the U.S. labor market has been largely unaffected by the Federal Reserve's aggressive interest rate hikes.
NEW YORK (AP) — Wall Street expects the impact of the Federal Reserve's most aggressive year of interest rate hikes in at least three decades to continue to be felt through next year.
The central bank’s plan to fight stubbornly high prices on everything from food to clothing has been the central focus for Wall Street in 2022.
BEIJING (AP) — A campaign to vaccinate the elderly has sparked hopes China might roll back severe anti-virus controls that prompted protesters to demand President Xi Jinping resign, but the country faces daunting hurdles and up to a year of hard work before “zero COVID” can end.
WASHINGTON (AP) — The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday in remarks likely intended to underscore the Fed's single-minded focus on combating stubborn inflation.
WASHINGTON (AP) — U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy.
BERLIN (AP) — It is time for China to move away from massive lockdowns and toward a more targeted approach to COVID-19, the head of the International Monetary Fund said days after widespread protests broke out, a change that would ease the impact to a world economy already struggling with high inflation, an energy crisis and disrupted food supply.
WASHINGTON (AP) — Despite high interest rates and chronic inflation, the U.S. economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate.
FRANKFURT, Germany (AP) — Inflation in Europe has eased for the first time in more than a year as energy prices drifted down from painful highs, but the double-digit rate still hovers near a record that has robbed consumers of their spending power and led economists to predict a recession.
WASHINGTON (AP) — The United States isn’t seeking to sever economic ties with China — even as Washington takes steps to protect America’s technological and military prowess from Beijing, U.S. Commerce Secretary Gina Raimondo said.
WASHINGTON (AP) — President Joe Biden is asking Congress to intervene to avert a potentially crippling freight rail strike before Christmas and House Speaker Nancy Pelosi is calling a vote this week to do so, even if it means handing a defeat to Democratic allies in the labor movement.
OMAHA, Neb. (AP) — Railroad unions on Tuesday decried President Joe Biden's call for Congress to intervene in their contract dispute, saying it undercuts their efforts to address workers' quality of life concerns, but businesses stressed that it is crucial to avoid a strike next week that would devastate the economy.
CAIRO (AP) — Saudi Arabia agreed Tuesday to extend the terms of a $5 billion aid package to Egypt that took effect in March, Saudi state media said. The move was aimed at bolstering the North African country’s recent deal with the International Monetary Fund.
U.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoffs in the tech sector.
BERLIN (AP) — German inflation slipped back slightly to 10% in November, official figures showed Tuesday, but galloping prices remain a major headache for Europe's biggest economy.
The annual inflation rate was off its peak of 10.4%, reached in October, as the increase in energy prices over a year ago slowed to 38.4% from 43% a month earlier, the Federal Statistical Office said.
SEOUL, South Korea (AP) — South Korea’s government issued an order Tuesday for some of the thousands of truck drivers who have been on strike to return to work, insisting that their nationwide walkout over freight fare issues is hurting an already weak economy.
OMAHA, Neb. (AP) — President Joe Biden on Monday asked Congress to intervene and block a railroad strike before next month’s deadline in the stalled contract talks, and House Speaker Nancy Pelosi said lawmakers would take up legislation this week to impose the deal that unions agreed to in September.
Stocks fell broadly on Wall Street as protests spread in China calling for President Xi Jinping to step down amid growing anger over severe restrictions imposed as part of his “zero COVID” strategy in the world’s second-largest economy.
WASHINGTON (AP) — Two Federal Reserve officials said Monday that they favor raising the Fed's key rate to roughly 5% or more and keeping it at its peak through next year — longer than many on Wall Street have expected.
BRUSSELS (AP) — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record.
ECB President Christine Lagarde also told European lawmakers that the bank isn't through raising interest rates to combat those price spikes.
A look at some of the key business events and economic indicators upcoming this week:
The Conference Board delivers its latest index of U.S. consumer confidence Tuesday.
SAN FRANCISCO (AP) — While other technology companies lay off workers and try to cut other costs amid a post-pandemic comedown, Shutterfly CEO Hilary Schneider is gearing up for a busy holiday season.
TOKYO (AP) — The number of babies born in Japan this year is below last year’s record low in what the the top government spokesman described as a “critical situation.”
Chief Cabinet Secretary Hirokazu Matsuno promised comprehensive measures to encourage more marriages and births.
CAIRO (AP) — Yemen’s internationally recognized government signed a deal with the Arab Monetary Fund on Sunday, state media said, paving the way for the Saudi-backed administration to receive $1 billion of economic aid.
VERONA, Italy (AP) — Early season merrymakers sipping mulled wine and shopping for holiday decorations packed the Verona Christmas market for its inaugural weekend. But beyond the wooden market stalls, the Italian city still has not decked out its granite-clad pedestrian streets with twinkling holiday lights as officials debate how bright to make the season during an energy crisis.
BEIJING (AP) — Macao has tentatively renewed the casino licenses of MGM Resorts, Las Vegas Sands, Wynn Resorts and three Chinese rivals after they promised to help diversify its economy by investing in non-gambling attractions, the government said Saturday.
NEW YORK (AP) — Cautious shoppers hunted for the best deals at stores and online as retailers offered new Black Friday discounts to entice consumers eager to start buying holiday gifts but weighed down by inflation.
BRUSSELS (AP) — The European Union and the United States are treading precariously close to a major trans-Atlantic trade dispute at a time when the two Western giants want to show unity in the face of challenges from Russia and China.
BERLIN (AP) — Germany's economy saw stronger growth in the third quarter than expected as consumer spending picked up following the lifting of pandemic restrictions.
Officials figures released Friday show gross domestic product in Europe's biggest economy grew by 0.4% from July to September, 0.1 percentage points higher than previously forecast.
LONDON (AP) — Rishi Sunak has been Britain’s prime minister for a month.
KUALA LUMPUR, Malaysia (AP) — Long-time reformist leader Anwar Ibrahim was sworn in as Malaysia's prime minister Thursday and vowed to heal a racially divided nation, fight corruption and revive an economy struggling with the rising cost of living.
BERLIN (AP) — Europe should be able to cope with the natural gas supply crunch in the coming months thanks to considerable reserves although the continent could face a bigger energy crisis next winter, the head of the International Energy Agency said Thursday.
NEW YORK (AP) — While Black Friday will mark a return to familiar holiday shopping patterns, uncertainty still remains.
The U.S. job market remains strong, consumer spending is resilient and inflation has been slowing.
ANKARA, Turkey (AP) — Turkey’s central bank delivered another outsized interest rate cut Thursday despite inflation running at more than 85% and other countries moving the opposite way to ease the pain of soaring prices.
STOCKHOLM (AP) — Sweden’s central bank followed other central banks in undertaking a big increase to its key interest rate to combat inflation, saying Thursday that high prices are undermining people's purchasing power and making it tough for households and companies to plan their finances.
Inflation isn’t going to hurt the bankrolls of sports team owners.
In fact, it may help.
While the uber-rich will have to pay a little more for their eggs at the grocery store – just like everyone else – inflation isn’t likely to affect the bottom lines at their sports properties.
ABUJA, Nigeria (AP) — Nigeria on Wednesday launched newly designed currency notes, a move that the West African nation's central bank says will help curb inflation and money laundering.
WELLINGTON, New Zealand (AP) — New Zealand's central bank hiked interest rates Wednesday by a record amount as it tries to get inflation under control.
The Reserve Bank of New Zealand increased its benchmark rate by three-quarters of a point to 4.25%.
WASHINGTON (AP) — The Treasury Department released new details Tuesday of its long-awaited plan to impose a price cap on Russian oil, but the U.S. and its allies are still finalizing how much they'll pay for petroleum exports that have helped fund the war in Ukraine.