Financial crisis

A man walks by a closed store during the COVID-19 in Chicago, Thursday, April 30, 2020. Another 3.8 million people filed claims for jobless benefits last week, according to the Labor Department. While that's down from the previous week's 4.4 million, a staggering 30.3 million have applied for unemployment in the six weeks since the coronavirus began taking a wrecking ball to the U.S. job market. (AP Photo/Nam Y. Huh)
May 06, 2020 - 5:26 pm
WASHINGTON (AP) — The economic catastrophe caused by the viral outbreak likely sent the U.S. unemployment rate in April to its highest level since the Great Depression and caused a record-shattering loss of jobs. With the economy paralyzed by business closures, the unemployment rate likely jumped...
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This Sept. 18, 2019 photo shows the U.S. Treasury Department building viewed from the Washington Monument in Washington. The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic. Treasury said Monday, May 4, 2020 that the $2.99 trillion it plans to borrow this quarter will far surpass the $530 billion quarterly borrowing it did in the July-September 2008 quarter as it dealt with the 2008 financial crisis. The extraordinary sum of $2.99 trillion of borrowing in a single quarter dwarfs the $1.28 trillion the government borrowed in the bond market for all of 2019. (AP Photo/Patrick Semansky)
May 04, 2020 - 5:49 pm
WASHINGTON (AP) — The economic paralysis triggered by the coronavirus pandemic is forcing the U.S. Treasury to borrow far more than it ever has before — $2.99 trillion in the current quarter alone. The amount is more than five times the government’s previous record borrowing for a quarter, $569...
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FILE - In this April 9, 2020, file photo Senate Majority Leader Mitch McConnell of Ky., walks to the Senate chamber on Capitol Hill in Washington. The Senate is set to resume Monday, May 4. (AP Photo/Patrick Semansky, File)
AP Newsroom
May 04, 2020 - 1:08 am
WASHINGTON (AP) — The Senate will gavel in Monday as the coronavirus rages, returning to an uncertain agenda and deepening national debate over how best to confront the deadly pandemic and its economic devastation. With the House staying away due to the health risks, and the 100 senators convening...
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FILE - In this Thursday, Nov. 2, 2017 file photo, World Rugby Chairman Bill Beaumont speaks beside the Webb Ellis Cup during an interview before the match schedule announcement for the 2019 Rugby World Cup in Tokyo. Bill Beaumont and Agustin Pichot are vying to become chairman of World Rugby amid trying times for the sport because of the coronavirus outbreak and the growing discussion about a global calendar to unify the international game. (AP Photo/Shizuo Kambayashi, File)
May 03, 2020 - 3:49 pm
Confronting and managing an unprecedented financial crisis. Uniting the northern and southern hemispheres in one global calendar. Maintaining the growth of the women’s and sevens games. All while not even knowing exactly when rugby can return following the coronavirus outbreak. Bill Beaumont has...
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FILE - In this Dec. 17, 2019 file photo, U.N. Secretary-General Antonio Guterres attends the UNHCR - Global Refugee Forum at the European headquarters of the United Nations in Geneva, Switzerland. When financial markets collapsed and the world faced its last great crisis in 2008, major powers worked together to restore the global economy, but the COVID-19 pandemic has been striking for the opposite response. The financial crisis gave birth to the leaders’ summit of the Group of 20, the world’s richest countries responsible for 80% of the global economy. But when Guterres proposed ahead of their summit in late March that G-20 leaders adopt a “wartime” plan and cooperate on the global response to suppress the virus, there was no response (Salvatore Di Nolfi/Keystone via AP, File)
May 03, 2020 - 12:46 pm
UNITED NATIONS (AP) — When financial markets collapsed and the world faced its last great crisis in 2008, major powers worked together to restore the global economy, but the COVID-19 pandemic has been striking for the opposite response: no leader, no united action to stop the spread of the new...
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FILE - In this May 5, 2019, file photo Warren Buffett, Chairman and CEO of Berkshire Hathaway, speaks following the annual Berkshire Hathaway shareholders meeting in Omaha, Neb. Buffett will hold a drastically scaled-back version of Berkshire Hathaway's annual meeting on Saturday, May 2, 2020, because of the coronavirus outbreak. No shareholders will be allowed at this year's online meeting, but Buffett will still offer some commentary during a brief question-and-answer session at the event. (AP Photo/Nati Harnik, File)
May 02, 2020 - 9:25 pm
OMAHA, Neb. (AP) — Billionaire investor Warren Buffett doesn't know how or when the economy will recover from the coronavirus outbreak shutdown, but he remains optimistic in the long-term future of the United States. Buffett said Saturday at Berkshire Hathaway's online annual meeting that there's...
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FILE - In this April 21, 2020, file photo Senate Majority Leader Mitch McConnell of Ky., speaks with reporters after the Senate approved a nearly $500 billion coronavirus aid bill on Capitol Hill in Washington. House Speaker Nancy Pelosi shelved a proposal for proxy voting this week after Republicans objected. In the Senate, McConnell rejected a GOP remote vote proposal. He expects Congress to return May 4, as planned. (AP Photo/Patrick Semansky, File)
AP Newsroom
May 01, 2020 - 2:29 pm
WASHINGTON (AP) — The Senate is set to convene Monday but the health risks from the coronavirus are being laid bare as the Capitol physician says there is no way to quickly test the 100 senators and staff. It's a high-profile snapshot of the national testing shortfall as the Trump administration...
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A man walks past a closed business, Wednesday, April 29, 2020, in Chagrin Falls, Ohio. The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record. (AP Photo/Tony Dejak)
April 30, 2020 - 10:58 am
WASHINGTON (AP) — More than 3.8 million laid-off workers applied for unemployment benefits last week as the U.S. economy slid further into a crisis that is becoming the most devastating since the 1930s. Roughly 30.3 million people have now filed for jobless aid in the six weeks since the...
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In this Wednesday, April 29, 2020 photo a man walks in front of the European Central Bank in Frankfurt, Germany. The European economy shrank by 3.8% in the first quarter, the most since records began, as business activity was frozen by shutdowns aimed at preventing the spread of the coronavirus. It was the biggest drop since statistics started in 1995 and bigger than the plunge in the midst of the global financial crisis in the first quarter of 2009 after the bankruptcy of U.S. investment bank Lehman Brothers. (AP Photo/Michael Probst)
April 30, 2020 - 8:29 am
FRANKFURT, Germany (AP) — The European Central Bank is stepping up its measures to cushion the economy against a record downturn caused by the lockdowns on business due to the virus outbreak, offering large helpings of cheap credit to banks in hopes it will be passed on to struggling businesses...
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Workers manufacture face masks at a workshop in Bogota, Colombia, Wednesday, April 29, 2020. Oscar Henao a taxi driver by profession and his partner Adan Fajardo, owner of the small packaging workshop, created the plastic protection mask model they called the "mask of life,” to protect people from the coronavirus pandemic. (AP Photo/Fernando Vergara)
AP Newsroom
April 29, 2020 - 10:53 pm
Scientists on Wednesday announced the first effective treatment against the coronavirus — an experimental drug that can speed the recovery of COVID-19 patients — in a major medical advance that came as the economic gloom caused by the scourge deepened in the U.S. and Europe. The U.S. government...
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