Recessions and depressions

FILE- In this Tuesday, Feb. 25, 2020 file photo, robots work on an electric car ID.3 body at the assembly line during a press tour at the plant of the German manufacturer Volkswagen AG (VW) in Zwickau, Germany. The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. Sales of battery-powered and hybrid cars have held up despite a deeply painful recession, mainly thanks to the action of governments. (AP Photo/Jens Meyer, file)
July 15, 2020 - 6:47 am
FRANKFURT, Germany (AP) — The coronavirus has cancelled business plans all over the world but Europe's push into electric cars isn't one of them. Sales of battery-powered and hybrid cars have held up better than the overall market amid a deeply painful recession, mainly thanks to the action of...
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A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Wednesday, July 15, 2020. Shares were mostly higher in Asia on Wednesday as investors were encouraged by news that an experimental COVID-19 vaccine under development by Moderna and the U.S. National Institutes of Health revved up people’s immune systems just as desired. (AP Photo/Eugene Hoshiko)
July 14, 2020 - 11:37 pm
Shares were mostly higher in Asia on Wednesday as investors were encouraged by news that an experimental COVID-19 vaccine under development by Moderna and the U.S. National Institutes of Health revved up people’s immune systems just as desired. Tokyo's Nikkei 225 advanced 1.4% to 22,912.24, while...
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FILE - In this Thursday, May 7, 2020 file photo, a construction worker passes a sign thanking the NHS in London, as the country in is lockdown to prevent the spread of coronavirus. The British economy grew by far less than anticipated during May, dampening hopes that the recovery from what is set to be one of the country’s deepest recessions in centuries will be rapid. The Office for National Statistics said Tuesday, July 14, 2020, that the economy grew by 1.8% in May from the previous month after some easing of the lockdown, such as encouraging those in construction or manufacturing to return to work. (AP Photo/Kirsty Wigglesworth, File)
July 14, 2020 - 5:20 am
LONDON (AP) — The British economy grew by far less than anticipated during May, dampening hopes that the recovery from what is set to be one of the country's deepest recessions in centuries will be rapid. The Office for National Statistics said Tuesday that the economy grew by 1.8% in May from the...
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A man wearing a face mask walks past a bank's electronic board showing the Hong Kong share index in Hong Kong, Tuesday, July 14, 2020. Asian shares fell Tuesday as skepticism set in about the recent upbeat mood on global markets, as newly confirmed coronavirus cases rose in the U.S., Brazil and parts of Japan. (AP Photo/Kin Cheung)
July 13, 2020 - 11:28 pm
TOKYO (AP) — Shares fell in Asia on Tuesday as skepticism set in about the recent upward momentum in global markets given rising confirmed coronavirus cases and percolating tensions between the U.S. and China. The White House’s decision to reject nearly all Chinese maritime claims in the South...
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FILE - In this July 21, 2016, file photo Republican presidential candidate Donald Trump smiles as he addresses delegates during the final day session of the Republican National Convention in Cleveland. After months of insisting that the Republican National Convention go off as scheduled despite the coronavirus pandemic, Trump is slowly coming to accept that the event will not be the four-night informercial for his re-election that he had anticipated. (AP Photo/Patrick Semansky, File)
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July 12, 2020 - 2:16 pm
WASHINGTON (AP) — After months of insisting that the Republican National Convention go off as scheduled despite the pandemic, President Donald Trump is slowly coming to accept that the late August event will not be the four-night infomercial for his reelection that he had anticipated. After a venue...
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FILE - In this July 9, 2020, file photo Democratic presidential candidate, former Vice President Joe Biden adjusts his mask during a tour of McGregor Industries, a metal fabricating facility in Dunmore, Pa. Biden is pledging to define his presidency by a sweeping economic agenda beyond anything Americans have seen since the Great Depression and the industrial mobilization for World War II. (AP Photo/Matt Slocum, File)
July 11, 2020 - 9:39 am
WASHINGTON (AP) — Joe Biden stood in a Pennsylvania metal works shop, just miles from his boyhood home, and pledged to define his presidency by a sweeping economic agenda beyond anything Americans have seen since the Great Depression and the industrial mobilization for World War II. The prospective...
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People's Action Party Secretary-General and Singaporean Prime Minister Lee Hsien Loong, right, verifies his identity with a polling official at the Alexandra Primary School polling center in Singapore, Friday, July 10, 2020. Wearing masks and plastic gloves, Singaporeans began voting in a general election that is expected to return Prime Minister Lee's long-governing party to power. (AP Photo)
July 10, 2020 - 11:08 am
SINGAPORE (AP) — Wearing masks to protect against the coronavirus, Singaporeans voted Friday in a general election that is expected to return Prime Minister Lee Hsien Loong’s long-governing party to power. Polling was extended by two hours until 10 p.m. (1400 GMT) after strict safety measures in...
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FILE - In this Friday, May 25, 2018 file photo, Luxembourg's Finance Minister Pierre Gramegna, left, speaks with Irish Finance Minister Paschal Donohoe during a meeting of EU finance ministers at the Europa building in Brussels. The powerful group of countries using Europe's single currency will choose a new president on Thursday, July 9, 2020, with three candidates vying for the challenging task of leading the 19-nation bloc out of the deepest economic recession in decades. The candidates for Eurogroup president are Spain's Economy Minister Nadia Calvino, Irish Finance Minister Paschal Donohoe and Luxembourg's Finance Minister Pierre Gramegna. (AP Photo/Virginia Mayo, File)
July 09, 2020 - 1:36 pm
BRUSSELS (AP) — Ireland's Paschal Donohoe was elected Thursday to head the finance group of the powerful bloc of 19 nations using Europe’s single currency, beating out challengers from Luxembourg and Spain. The announcement came in a tweet from incumbent Eurogroup President Mario Centeno, which...
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Britain's Chancellor of the Exchequer Rishi Sunak visits the Worcester Bosch factory to promote the initiative, Plan for Jobs, in Worcester, England, Thursday July 9, 2020. (Phil Noble/Pool via AP)
July 09, 2020 - 8:06 am
LONDON (AP) — The U.K.'s Treasury chief acknowledged Thursday that the country faced unprecedented economic times, entering one of the most severe recessions it has ever seen as it emerges from the COVID-19 pandemic. A day after revealing his spending plans to boost the economy in a mini-budget,...
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CORRECTS DATE OF PHOTO TO AUG. 4, 2011, INTEAD OF SEPT. 11, 2001 - FILE - In this Aug. 4, 2011, file photo, a man passes a Brooks Brothers store on Church Street in New York's financial district. The 200-year-old fashion retailer that says it's put 40 U.S. presidents in its suits, is filing for bankruptcy protection on Wednesday, July 8, 2020. (AP Photo/Mark Lennihan, File)
July 08, 2020 - 2:31 pm
NEW YORK (AP) — Brooks Brothers, the 200-year-old company that dressed nearly every U.S. president, filed for bankruptcy protection Wednesday, the latest major clothing seller to be toppled by the coronavirus pandemic. Founded in New York in 1818, Brooks Brothers survived two world wars, the Great...
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