ECONOMY

The German economy has shrunk unexpectedly in the first three months of this year, marking the second quarter of contraction that is one definition of recession.

From inflation to unemployment, to worries about being unable to work because of an illness, having an emergency fund can help smooth out life’s financial hits ... this is why starting one may not be as hard as you think.

President Biden is slated to deliver remarks on the economy at 2:30 p.m.

While it’s been tough getting everything you need at a good price at the grocery store lately, economists say there may be a light at the end of the tunnel.

After the swift collapse of two banks, many Americans are riddled with fear, wondering if they will be affected.

STS Group AG, a manufacturing automotive company, is headed to Salem and is expected to bring 119 jobs in its wake, Gov. Glenn Youngkin announced on Thursday.

Last March, the U.S. Senate passed what is known as the Sunshine Protection Act, which would end the twice-a-year ritual of changing clocks by making one set time permanent.

According to responses we’ve gotten to the idea, many are receptive to a four-day workweek.

There are steps people can take to help be calmer and enjoy a flight.

President Biden is slated to deliver remarks on the economy at 2:30 p.m.

Some might know it, but there is a rideshare for long distances that exists.

Virginia Senator Mark Warner calls out Republican leaders over the debt ceiling.

President Biden is slated to deliver remarks on our economic progress since taking office in Springfield, Virginia at 2:45 p.m.

Governor Glenn Youngkin announced more than $24.7 million will be invested into several industrial revitalization projects across the state on Tuesday.

The National Park Service has announced that in 2023, there will be five days where admission to sites will be free to the public.

President Biden is slated to deliver remarks on building a stronger economy for union workers and retirees at 2 p.m.

President Biden is set to deliver remarks on the economy in Arizona after touring a computer chip manufacturing plant.

Inflation is not putting a damper on Christmas shopping in America. Experts predict more seasonal spending than last year.

Got milk? If you need to buy some in the future, the question instead will be, Got money?

Starting on Wednesday, U.S. customers who link Delta SkyMiles and Starbucks Rewards loyalty programs will earn one mile on every $1 spent on eligible purchases at Starbucks.

Farming might not be a glamorous job for many, but simply put, we might not exist without the hardworking farm owners and laborers out there.

President Biden delivered remarks on building the economy from the bottom up and middle out at 1:35 p.m.

According to AAA, this week’s current average of regular gas in Virginia is $3.56 while last week’s average was $3.64, about an eight-cent difference.

10 News is working for you to answer any questions you may still have.

One portion of the house has the original basketball court and bleachers, while another portion was renovated into elements of what typical homes have, such as a kitchen, bathroom and bedrooms.

After hours of debate, senate Democrats narrowly passed a new bill to combat inflation, climate change and extend health care coverage.

Time will tell if the trend will continue.

The Great Lakes might be home to the world’s most abundant supply of freshwater whitefish, and to many, that treat tastes even better when it is smoked to give it even more flavor.

Getting ready for the first day of school could be expensive this year with inflation hitting supplies, clothes, food, and more.

Nearly $4 million from a Virginia Housing Development Authority grant is going to the Star City to upgrade public housing projects.

President Biden discusses the economy on Thursday afternoon

The Federal ReserveThe federal government is taking steps to heal the economy, as prices for everyday necessities continue to rise. raised interest prices for the third time this year on Wednesday.

Name a product, and somehow cherries have found their way into them when visiting the Cherry Republic, a group of stores in Michigan.

The pandemic has impacted our lives and affected small businesses everywhere, and in Pulaski County, the Chamber of Commerce staff is working to help make sure they can continue to grow by helping business owners network in the innovation center.

Tucked along the Little Traverse Bay in Northern Michigan, Petoskey is a hotspot in the summer for tourists with its scenic water views, boating and other water activities.

If you live in Roanoke and are paid up on your personal property taxes, some of that money will be going back in your pocket.

The Federal Reserve is expected to make a decision Wednesday.

President Joe Biden met with Federal Reserve Chairman Jerome Powell to discuss the state of the global economy and inflation on Tuesday afternoon.

The Biden White House is betting the U.S. economy is strong enough to withstand the threats to growth posed by inflation and the war in Ukraine.

Inflation is the topic of the month in our solutions journalism show, “Solutionaries.”

The US unemployment rate hit a pandemic-era low during the month of March, meaning more people got back into the workforce.

Experts warn just because the price of crude oil goes down, it doesn’t mean gas will.

The U.S. economy ended 2021 by expanding at a healthy 6.9% annual pace from October through December, the government reported Wednesday, a slight downgrade from its previous estimates.

In a recent study, Relator.com says the average price surged nearly 20% the past year.

Leaders in the Town of Pulaski said there are changes coming to the area.

Here are facts and figures of the OECD’s plan and what it hopes to achieve.

Democratic leaders in Virginia are calling on Republican Gov. Glenn Youngkin to declare a state of emergency to activate the state's anti-price gouging law as gas prices reach record highs following Russian's invasion of Ukraine.

The popular breakfast food had sales over $9 billion in 2020 and then $8.66 billion in 2021, according to IRI, a market research firm in Chicago.

According to data from globalpetrolprices.com, 46 countries has gas prices that are $6 a gallon or more, 26 have prices that are at least $7 a gallon while nine countries have gas prices that are $8 a gallon or more.

Using the worlds stage, President Joe Biden voiced the Unites States’ strong support for the people of Ukraine and tough action that has been and will be taken against Russia during his first State of the Union address.

Tax havens, also known as offshore financial centers, are a country or jurisdiction that has minimal tax liabilities to foreign individuals or businesses.

Tax filing season is here but so are the scammers looking to take your money.

Employers are expected to continue to pay above minimum wage because of labor shortages

The German government has cut its growth forecast for this year.

You may be one of the many Roanoke City homeowners who got a property tax bill this week that was much higher than you expected.

Funding develops new and existing business-ready industrial sites.

How to prepare for the upcoming tax season and when you expect your refund.

Whether you’ve already booked holiday travel plans, or you’re waiting for the last minute to make sure there aren’t restrictions, there are certain things to keep in mind about which days will be best to travel, and what resources might be more scarce than in years past.

The British economy slowed down during the third quarter of the year as widespread supply chain problems hobbled the recovery from the coronavirus pandemic.

Some good economic news for the Star City: a new bank is opening in the area.

Americans are leaving their jobs in droves according to recent data released by the nation’s Labor Department.

The Consumer Price Index climbed 5.4 percent in September compared to this time last year. Experts say the inflation is a result of supply chain issues and a demand from the pandemic.

Tens of thousands of public service workers may now be eligible to have their student loan debt wiped clean.

Bedford County Fair organizers announced they're postponing the event due to COVID-19 safety precautions -- and that could impact the economy.

If the U.S. defaults on its debt for the first time in history, both parties warn of an economic catastrophe.

President Joe Biden spoke on leveling the playing field in our economy to bring down costs and ensure that the backbone of the country, the middle class, can finally get a break on Thursday at about 1:45 p.m.

Japan’s government says more than 50% of the population has been fully vaccinated.

The three-day sales tax holiday begins Friday August 6, at 12:01 a.m. and runs through Sunday 11:59 p.m.

With more people keeping an eye out for used cars, now more than ever, the Better Business Bureau warns buyers to do their research whether you buy your car online or in-person.

Official figures show that the British economy rebounded further in May following another easing of lockdown restrictions, though the increase was about half that expected by economists.

Seeing the tail end of the coronavirus pandemic, the economy is still trying to make a comeback.

The Federal Reserve is reporting that that the U.S. economy grew at a somewhat faster pace in April and May despite disruptions that choked supplies to the nations manufacturers.

Golf is a notable Father’s Day pastime that’s not going anywhere any time soon.

Put the final touches on your resume and get dressed for success because Saturday May 15 more than 20 employers looking to hire will be in the same place at once.

Official figures show that the British economy contracted by 1.5% in the first quarter of 2021, a relatively modest contraction given that the country was in the midst of a strict lockdown to combat a second wave of the coronavirus.

The president spoke from the East Room in the White House on Monday afternoon

Polls show 80% of travelers say when they are fully vaccinated they are comfortable traveling.

It’s safe to say people are itching to get out of the house and have something fun on the calendar.

There’s major economic development news in Franklin County as Virginia Furniture Market announces a $10 million expansion.

Fans aren’t the only ones excited, the businesses that support them are too.

Bedford County 4-H is inspiring kids to become young entrepreneurs through a new program. It’s called the Next Generation Youth Farmers Market.

The pandemic has battered the British economy, which has suffered its deepest recession in more than 300 years. (AP Photo/Matt Dunham)LONDON – Official figures show that the British economy ended 2020 on a stronger footing than previously thought but that it suffered a bigger than anticipated fall in output in the immediate aftermath of the first coronavirus lockdown. In its latest revisions for 2020 data, the Office for National Statistics said Wednesday that the British economy contracted by 19.5% during the second quarter, the first full quarter of lockdown. Overall, the agency said, the British economy ended 2020 9.8% smaller, slightly better than the previous estimate of 9.9%. The U.K. as a whole has had Europe’s deadliest coronavirus outbreak, with over 126,000 people having died after testing positive for COVID-19.

ALLEGHANY COUNTY, Va. – A local company is expanding to meet a growing demand. The Balchem Corporation is investing $5 million, adding six new jobs to its team in Covington over the next two years. This will double the amount of production for animal nutrition and health markets worldwide. Balchem opened its manufacturing site in Alleghany County in 2013.

A Virginia Tech workshop is putting the spotlight on racial inequities in our food systems, from who is growing your food to how to access it. The Virginia Tech Center for Food Systems and Community Transformation and R.E.A.L. (Racial Equity in Agriculture Lab) are hosting “Building Racial Equity in the Food System: From Individual Anti-Racism to Dismantling Institutional Systems” Wednesday, March 31. Niewolny is the associate professor of Virginia Tech’s Department of Agriculture Leadership and Community Education as well as the director of Virginia Tech’s Center for Food Systems and Community Transformation. The workshop is building from the Racial Justice in the Food System series the center hosted in summer 2020.

Roanoke, Va. – Cocktails to-go are not leaving anytime soon. Seeing a decline in sales of about 73%, the co-owner of Fortunato, John Powell, feels the hard hit of the coronavirus pandemic. Known for their fancy dining, cocktails to-go helps keep Fortunato and Powell’s other restaurant, Lucky, afloat. Just like the downtown Roanoke taco restaurant, Tuco’s Taqueria Garaje. JoJo Soprano with Tuco’s Taqueria Garaje said 60% of their business comes from to-go sales.

ROANOKE, Va. – It’s officially tournament time, and Virginians have the chance to watch the college basketball tournament in a different way this year. This is the first year Virginians can place bets on the tournament on sportsbooks such as DraftKings. “Virginia residents can now do what Nevada residents have been doing for fifty years,” said Johnny Avello of DraftKings. We made the odds and put up the offerings, and now it’s game time.”Avello said tourney time is the busiest time of year for sportsbooks, even more so than the Super Bowl. “The Super Bowl would be the biggest one-day event, but since this tournament expands over the course of 10 days, it’s the biggest, and certainly the most exciting,” Avello said.

DANVILLE, Va. – Danville’s Caesars Entertainment Complex is still years away from opening, but the voters’ bet on the casino is already paying off. The city’s proposed budget has funding for various improvements but without the need for a tax increase. Neither one is popular,” said Danville city manager Ken Larking. The budget also includes $2.4 million to build an updated running track at George Washington High School. The budget still has to be approved by the city council, which has to happen by the end of June.

ROANOKE, Va. – The American Rescue Plan aims to do more than just offer a third round of stimulus checks. Education/Child CareMore than $2 billion is headed to the commonwealth state to help public schools after the coronavirus pandemic hit. To ease child care costs for families and centers, millions more are expected, such as $490 million for Virginia Child Care Stabilization Grants. Warner said this change will benefit more than 1.5 million children in Virginia. During the pandemic, the program received extra funding to establish hot spots in school parking lots.

On Tuesday, more than 100 lawmakers, including four representatives from Virginia, signed a letter asking the IRS to extend the deadline to July 15. With the IRS handling a third-round of stimulus checks and fewer tax service aides available because of the coronavirus pandemic, agencies are feeling the pressure. AdEvery year, Total Action for Progress (TAP) offers free tax filing services. “With a pandemic still hanging over our heads, I would love to get some more time.”To meet in the middle, the IRS set the new deadline date for May 17. But more than 150 million tax returns are expected to be filed this year and with the new deadline, tax refund checks may not arrive until 6 to 8 weeks after filing.

ROANOKE, Va. – Drivers are feeling the pressure at the pump as gas prices are on the rise, but not when it comes to travel. With refinery output at a record low and crude oil prices rising, Roanoke gas prices are 50 cents higher compared to last year. Though prices will continue to rise in the spring, 60% of the people AAA surveyed say they plan to travel in the next three months for leisure. A recent survey from Destination Analyst says 14% of people surveyed are going to travel for spring break. If you are traveling this spring break, you’re best bet is to head south as gas prices tend to be cheaper in that direction.

ROANOKE, Va. – Small business owners now have the opportunity for one-on-one help applying for PPP loans as part of the Cares Act. The Roanoke Regional Small Business Development Center is going on a road show and offering in-person assistance for businesses with 20 employees or less. Amanda Forrester, the director, said money is still available but not enough business owners are taking advantage of it, especially women and minority owned businesses. Business owners must register for time slots online. The first one will be at the Vinton War Memorial on Wednesday, March 10.

ROANOKE, Va. – Making history at seven years old, Judah Clements is the youngest entrepreneur to ever be accepted into the Gauntlet program. Selling lemonade under his nickname Judah Bug, he is ready to bottle his product and start selling online. Looking for some help, Judah and his family, turned to The Gauntlet. “I found out that it takes a lot of work,” Judah said. Ad“It’s going to inspire them to do a business,” Judah said.

ROANOKE, Va. – Virginia students might soon be able to catch a break when it comes to their student loans. With U.S. student debt exceeding $1.7 trillion, Sen. Mark Warner, Sen. Jon Tester and Sen. Angus King introduced a bill on Friday that could help reduce student loan debt and better the economy during the COVID-19 pandemic. “All over the country, we have young people who made a substantial decision to invest in their future, but now find themselves saddled by overwhelming student loan debt during a pandemic that has tanked the economy and shattered the job market,” said Warner. This legislation will give student borrowers a real shot at paying back their debt so that in the near future they are able to invest in a home, start up a business, or save for retirement.”AdIf approved, eligible students in good standing would be able to refinance their existing federal student loans and lower loan interest rates. According to the bill, undergraduate borrowers would have the opportunity to lower their interest rates on federal Direct Stafford, Unsubsidized, PLUS and Consolidated loans to the lowest yield on the 10-year U.S. Treasury note in the previous six months plus 2.05%.

Did you know when you’re getting ready for tax season, there are two types of preparation methods?

RIDGEWAY, Va – When NASCAR drivers start their engines at the Martinsville Speedway this year, a small number of fans will be there to cheer them on thanks to relaxed COVID-19 restrictions. The rules take effect before a tripleheader of Martinsville races from April 8-10. In a statement to 10 News, Martinsville Speedway President Clay Campbell said:“We are encouraged by today’s announcement on the increase in limited fan capacity for entertainment venues across the Commonwealth of Virginia. We are grateful for Governor Ralph Northam and his administration’s leadership as we follow the state’s pathway to welcome limited fans back to Martinsville Speedway. When a lot of people lose, the economy gets worse and worse.”In addition to the races in April, Martinsville Speedway also has races scheduled during Halloween weekend.

DANVILLE, Va. – Despite the pandemic, business is booming in Danville as some new restaurants and markets open up. But with a casino coming in a couple of years, some businesses are already trying to reel in a crowd. “A lot of people from Danville drive to Greensboro just for Red Crab,” Red Crab General Manager Renea Zamora said. With a casino coming to Danville in 2023, the extra foot traffic is what the city is crossing its fingers for. AdIt’s one of the main reasons why the Red Crab opened up their doors in the first place.

CLIFTON FORGE, Va. – It’s lights, camera, action for the Alleghany Highlands. The production of the upcoming Hulu mini-series “Dopesick” moved to Clifton Forge on Friday. “We need to get this little town back on the map like it used to be and move the town forward,” said Clifton Forge town manager Chuck Unroe. “You’ll definitely know you’re in Clifton Forge,” Unroe said. “They’ve included the town and the townspeople and really made it a community thing.”“Dopesick” will continue filming in Clifton Forge through next week.

India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. (AP Photo/Anupam Nath)NEW DELHI – India's economy contracted by 7.7% in the 2020-21 financial year, battered by the coronavirus pandemic, according to a report released Friday. A country enters a technical recession if its economy contracts for two successive quarters. The downturn followed a strict two-month lockdown imposed across the country beginning in March to combat the pandemic. That was followed by a $35.14 billion package to stimulate the economy by boosting jobs, consumer demand, manufacturing, agriculture and exports hit by the coronavirus pandemic.

WASHINGTON – President Joe Biden spoke about his plans for the U.S. economy Friday afternoon. Biden’s White House press secretary, Jen Psaki, held a press briefing with National Economic Council director Brian Deese a couple of hours before the president is set to speak. The president was expected to speak at 2:45 p.m.