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Economy News

US consumer spending sinks by record 13.6% in face of virus

U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced ...

Tesla's Musk earns $770M in stock options, company confirms

Tesla confirmed Thursday that CEO Elon Musk will get the first tranche worth nearly $770 million of a stock-based ...

US mortgage rates fall; 30-year loan at all-time low 3.15%

Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the ...

China moves to quell Hong Kong protests with security law

China officially ratified a plan Thursday to write a national security law for Hong Kong that exerts Beijing's broader, new ...

US economy shrank at 5% annual rate in Q1

The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with ...

Hungary to commemorate victims of Danube boat catastrophe

Commemorations will be held Friday on the anniversary of the Danube River tragedy in which a sightseeing boat carrying mostly ...

OSHA: 3 willful violations led to plant blasts in Texas

U.S. officials cited the owners of a Southeast Texas chemical plant where November blasts and fires injured three workers and ...

Canada judge rules Huawei CFO's extradition case can proceed

A Canadian judge ruled Wednesday the U.S. extradition case against a senior Huawei executive can proceed to the next stage, ...

PG&E's bankruptcy trial opens with attacks on voting process

An effort to block Pacific Gas and Electric's path out of bankruptcy kicked off Wednesday's trial on the plan in bankruptcy ...

AMD’S Su, Discovery’s Zaslav among highest paid CEOs

Here are the highest paid male and female CEOs in the S&P 500 index for 2019, as calculated by The Associated Press and ...

AMD's Lisa Su is first woman to top AP's CEO pay analysis

Lisa Su of Advanced Micro Devices is the first woman ever to top The Associated Press’ annual survey of CEO compensation: Her ...

GE selling century-old lighting unit to Savant Systems

GE is selling its lighting unit to smart home company Savant Systems for an undisclosed amount. General Electric Co.

The Toronto Star to be sold, taken private

The Toronto Star and its Torstar Corp newspaper chain said Wednesday it has agreed to be sold for $52 million (US$38 million)

Stanley Ho, who built Macao's gambling industry, dies at 98

Casino tycoon Stanley Ho, whose business empire dominated the Portuguese gambling enclave of Macao for decades, died Tuesday ...

US new-home sales post slight gain in April

U.S. new home sales ticked up 0.6% in April, a surprising gain amid the coronavirus outbreak that hints at the relative ...

US home price gains quickened in March as sales plunged

U.S. home prices accelerated in March even though sales plummeted, as those Americans still house shopping were forced to bid ...

Judge lifts stay on sale of Venezuela's US refineries

A U.S. judge on Friday approved moving forward with the sale of Venezuela’s prized U.S.-based CITGO refineries, allowing a ...

Vegas casinos plan to open with virus precautions

Yes, dice will roll, cards will be dealt and slot machines will beckon. But poker rooms? Closed. Tourists returning to Las ...

Lawyer for Biden accuser Tara Reade drops her as a client

The attorney working with Tara Reade, the former Joe Biden Senate staffer who alleged he sexually assaulted her in the 1990s, ...

Deutsche Bank CEO: Remote work could help company cut costs

Germany's Deutsche Bank says it is in good financial shape and will push ahead with cost cuts to bolster profitability - and ...

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