Financial crisis

In this April 16, 2020, a few cars and trucks drive on the usually very crowded main highway around Frankfurt, Germany, that is seen in the background. As the restrictions to avoid the spreading of the coronavirus are eased, Chancellor Angela Merkel has pointed to South Korea as an example of how Germany will have to improve measures to “get ahead” of the pandemic with more testing and tracking of cases so that the rate of infections can be slowed. (AP Photo/Michael Probst)
April 17, 2020 - 3:56 am
MILAN (AP) — European car sales tanked last month amid strict lockdown measures to contain the coronavirus that shut down dealerships for at least half of March and dried up consumer spending. The European carmaker’s association, ACEA, said Friday that new car registrations ‘’recorded a dramatic...
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FILE - This Oct. 13, 2017 file photo shows a row of chimneys standing in a neighborhood devastated by the Tubbs fire near Santa Rosa, Calif. Pacific Gas & Electric will face another legal challenge to a $13.5 billion settlement with more than 80,000 Northern California victims worried they're being shortchanged in a deal that's supposed to repay them for losses caused by the utility's negligence. (AP Photo/Jae C. Hong, File)
April 16, 2020 - 7:48 pm
BERKELEY, Calif. (AP) — A Pacific Gas & Electric lawyer told a federal judge that the beleaguered company's plan for getting out of bankruptcy is winning support from the victims of Northern California wildfires ignited by the utility's crumbling equipment, despite concerns they will be...
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FILE - In this Oct. 19, 2019 file photo, International Monetary Fund Managing Director Kristalina Georgieva speaks during a news conference after the International Monetary and Financial Committee (IMFC) meeting, at the World Bank/IMF Annual Meetings in Washington,. The head of the IMF said Wednesday, April 15, 2020, that the lending agency is facing huge demand for support from its members during the global pandemic. An unprecedented 102 of the IMF's 189 member countries are seeking assistance from the organization, Georgieva said. The agency is prepared to commit its full $1 trillion in lending capacity to meet the demand, she said. (AP Photo/Jose Luis Magana, File)
April 15, 2020 - 3:08 pm
WASHINGTON (AP) — The head of the International Monetary Fund said Wednesday that the lending agency is facing huge demand for support from its members during the global pandemic. An unprecedented 102 of the IMF's 189 member countries are seeking assistance from the organization, Managing Director...
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A nearly deserted street at the Village Pointe shopping mall is seen in Omaha, Neb., Wednesday, April 15, 2020. U.S. retail sales plummeted 8.7% in March as the coronavirus outbreak forced an almost complete lockdown of commerce. (AP Photo/Nati Harnik)
April 15, 2020 - 3:06 pm
WASHINGTON (AP) — The Federal Reserve is noting what most Americans are already acutely aware of: Economic activity contracted sharply and abruptly cross all regions of the country in recent weeks as the country locked down to combat the coronavirus pandemic. The Fed said Wednesday that the hardest...
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FILE- In this Jan. 3, 2019, file photo the Apple logo is displayed at the Apple store in the Brooklyn borough of New York. Apple is releasing a new iPhone that will be dramatically cheaper than the models it rolled out last fall at a time when the economy was booming and the coronavirus pandemic wasn’t forcing consumers to cut back on their spending. The second-generation iPhone SE announced Wednesday, April 15, 2020, will sell for as little as $399. That's a 40% markdown from the most affordable iPhone 11 unveiled last year.(AP Photo/Mary Altaffer, File)
April 15, 2020 - 2:27 pm
NEW YORK (AP) — Apple is releasing a new iPhone that will be vastly cheaper than the models it rolled out last fall at a time when the economy was booming and the pandemic had yet to force people to rethink their spending. The second-generation iPhone SE introduced Wednesday will sell for as little...
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In this Jan. 11, 2019 photo, the Detroit skyline is seen from Windsor, Ont. Detroit's fiscal future faces a new daunting foe in the coronavirus. Detroit Mayor Mike Duggan on Tuesday, April 14, 2020, announced some layoffs, pay cuts for other employees and and a reduction in some services. He warned that Detroit could be subject to a return to state oversight if action isn't taken quickly. (AP Photo/Carlos Osorio)
April 15, 2020 - 1:31 pm
DETROIT (AP) — Barely surviving the 2008 economic meltdown and humbled by its 2013 bankruptcy, Detroit’s fiscal future now faces another daunting foe in the coronavirus. The state-forced shutdown of its three casinos, auto plants and other businesses to slow the spread of the COVID-19 virus is...
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A South Korean Confucian scholar wearing a face mask to help protect against the spread of the new coronavirus has his temperature checked upon his arrival to cast his vote for the parliamentary elections at a polling station in Nonsan, South Korea, Wednesday, April 15, 2020. South Korean voters wore masks and moved slowly between lines of tape at polling stations on Wednesday to elect lawmakers in the shadows of the spreading coronavirus. (Kang Jong-min/Newsis via AP)
April 15, 2020 - 5:47 am
SEOUL, South Korea (AP) — In a surprisingly high turnout, millions of South Korean voters wore masks and moved slowly between lines of tape at polling stations on Wednesday to elect lawmakers in the shadows of the spreading coronavirus. The government resisted calls to postpone the parliamentary...
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Medical workers cheer and acknowledge pedestrians and FDNY firefighters who gathered to applaud them at 7 p.m. outside Brooklyn Hospital Center, Tuesday, April 14, 2020, in New York. (AP Photo/John Minchillo)
April 14, 2020 - 10:56 pm
WASHINGTON (AP) — Governors around the U.S. began sketching out plans Tuesday to reopen their economies in a slow and methodical process to prevent the coronavirus from rebounding with tragic consequences, as President Donald Trump appeared to back off his claim of absolute authority to determine...
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FILE - In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak. As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S. took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico. (AP Photo/Eric Gay, File)
April 14, 2020 - 11:04 am
NEW YORK (AP) — As demand for fuel plummeted worldwide and the oil industry faced a devastating drop in oil prices, the U.S. took the rare move of stepping into negotiations involving the member countries of OPEC and non-members such as Russia and Mexico, an alliance called OPEC+. President Donald...
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The buildings of the banking district are seen in Frankfurt, Germany, early Tuesday, April 14, 2020. Due to the coronavirus the economy expects worldwide heavy losses. (AP Photo/Michael Probst)
April 14, 2020 - 9:29 am
WASHINGTON (AP) — Beaten down by the coronavirus outbreak, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s, the International Monetary Fund says in its latest forecast. The IMF said Tuesday that it expects the global economy to shrink 3% this year — far...
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