Oct 13 IMF envisions a sharp 4.4 percent drop in global growth for 2020 By Martin Crutsinger, Associated Press The International Monetary Fund foresees a steep fall in international growth this year as the global economy struggles to recover from the pandemic-induced recession, its worst collapse in nearly a century. Continue reading
Oct 10 Watch 7:20 After a summer of no tourists, winter is coming for Maine’s small businesses By Christopher Booker, Mori Rothman Small business owners in Maine that rely on a tourist-filled summer have been shuttering shops since the start of the pandemic. With negotiations over a stimulus package stalled, and the cold season approaching, many of them face a bleak future. Continue watching
Oct 08 Businesses shut in effort to contain virus in New York City hot spots By Jim Mustian, Associated Press All nonessential businesses in areas designated red zones by Gov. Andrew Cuomo were shuttered Thursday, and houses of worship were ordered to operate with no more than 10 people inside. Continue reading
Oct 08 COVID-19 relief pushes U.S. budget deficit to a record $3.1 trillion By Andrew Taylor, Associated Press The massive figures were expected but still stunning, more than double the previous deficit record of $1.4 trillion that was registered during former President Barack Obama's first year in office. Continue reading
Oct 08 U.S. sanctions hit all of Iran’s financial sector By Matthew Lee, Associated Press The Trump administration has blacklisted virtually all of Iran’s financial sector, dealing another blow to an economy that is already reeling under U.S. sanctions. The move will deepen tensions with European nations over Iran. Continue reading
Oct 08 World Trade Organization to be led by a woman for first time By Jamey Keaten, Associated Press The WTO announced Thursday that a selection committee found Ngozi Okonjo-Iweala of Nigeria and Yoo Myung-hee of South Korea qualified for the final round in a race expected to end in the coming weeks. Continue reading
Oct 08 U.S. layoffs remain elevated as 840,000 seek jobless aid By Christopher Rugaber, Associated Press The number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000, evidence that job cuts remain elevated seven months into the pandemic recession. Continue reading
Oct 07 WATCH: IRS chief says agency reaching out on pandemic relief payments By Marcy Gordon, Associated Press A congressional watchdog found that millions could miss the payments of up to $1,200 per individual because of incomplete government records. Continue reading
Oct 07 Watch 7:27 Americans need a ‘robust’ federal aid package, says Fed’s Kashkari While parts of the U.S. economy have recovered from the pandemic better and more quickly than expected, there are signs that millions of Americans could be without a job for six months or longer. That prospect -- along with the… Continue watching
Oct 06 Trump administration faulted over breaks for oil companies By Matthew Brown, Associated Press A U.S. government watchdog agency is faulting the Trump administration's handling of a COVID-19 relief effort that awarded energy companies breaks on payments for oil and gas extracted from public lands in Western states in more than 500 cases. Continue reading