Brexit Vote Sends Pound to 31-Year Low, Pummeling Markets

PlayMarkets in turmoil in wake of 'Brexit'; Wall Street is jittery Facebook Twitter Google Plus Embed Markets in turmoil in wake of 'Brexit'; Wall Street is jittery 1:53 LONDON — Stock markets crashed, oil prices tumbled and the pound fell to a 31-year low on Friday as Britain's unprecedented vote to leave the European Union shocked investors and dragged the region, the world's largest economic bloc, into a new era of uncertainty. Investors rushed to dump European shares as soon as markets opened, following earlier drops in Asia, and Wall Street was set to fall sharply amid concerns about the economic consequences of the vote. The move could drain confidence among companies and business in Britain and the wider EU.

Turkey Criticizes Pope's Use of 'Genocide' to Describe Killings of Armenians

ISTANBUL — A Turkish deputy prime minister said on Saturday that it was "unfortunate" that Pope Francis had labeled the 1915 massacre of Armenians by Ottoman forces a genocide, and that it reflected the papacy's "Crusader mentality". Departing from his prepared text during a visit to Armenian capital Yerevan on Friday, Pope Francis used the word "genocide" to describe the mass killings, a year after infuriating Turkey with a similar statement.

Brexit Backlash: EU Leaders Call for U.K. Exit Talks to Start Immediately

LONDON — First the party, then the hangover. As the U.K.'s unprecedented decision to leave the European Union reverberated worldwide, officials from the bloc's six original founding members called for exit negotiations to begin immediately. France's Foreign Minister Jean-Marc Ayrault said it would not be acceptable for Britain to play a "cat and mouse" game. "Of course a new (British) prime minister must be appointed, that will probably require a few days but this is quite urgent," he said on Saturday after an emergency meeting attended by Germany, France, Italy, the Netherlands, Belgium and Luxembourg.

Worried About Elder Financial Abuse? How to Protect Your Parents

As your parents get older, roles sometimes reverse. You may find you now need to care for your aging parents, especially when it comes to managing and protecting their finances. Elder financial abuse is a growing concern among seniors and their adult children. Sometimes family members and caretakers are the culprits. Just one financial scam can cost the average senior about $30,000 — a big hit for any nest egg. So how can you protect your parents' finances? Here are five ways to help.

'Who will we dress for, now?' Fashion photographer Bill Cunningham dies

Cunningham was a street life photographer; a cultural anthropologist; a fixture at fashion events; and a celebrity in spite of his desire to keep the camera focused on others, not himself. "My whole thing is to be invisible. You get more natural pictures that way, too," Cunningham wrote in 2002. He summed up his approach this way: "I let the street speak to me." Many readers of the Times loyally flipped open the Styles section every Sunday to see what Cunningham was seeing all around the city. His death, several days after suffering a stroke, was announced by The Times, where he worked for almost four decades. The newspaper's publisher Arthur Sulzberger said in a statement, "We have lost a legend, and I am personally heartbroken to have lost a friend."

Brexit Backlash: Dow Closes Down More Than 600 Points

The Dow Jones Industrial Average dropped more than 600 points on Friday as markets around the world reacted to a vote by citizens of the United Kingdom to leave the European Union. The Dow fell as much as 538.27 points and the S&P 500 dropped as much as 58.49 points in the first minutes of morning trading. Blindsided by the winning "Leave" vote, global investors fled the market in search of safe havens such as gold, the Japanese yen, and U.S. Treasuries. As investors scrambled for any port in a storm, the dollar rose by more than 3 percent — the most in one day since 1978 — and gold soared to a two-year high, reaching 1,000 pounds an ounce.

Oil Prices Ease From 2016 Highs on Stronger Dollar

Analysts said that a rebound in the dollar had dented oil prices by making fuel imports for countries using other currencies more expensive. The dollar index was up 0.28 percent adding to Thursday's gains as jittery global financial markets sent investors toward safe haven currencies. "Oil prices eased back from a near 12-month high as the dollar reversed its recent trend," ANZ bank said on Friday adding that supply disruptions around the world should help to keep prices from falling deeper. Crude prices have almost doubled since touching their lowest in more than a decade in early 2016 as strong demand and supply disruptions erode a glut that pulled down prices by as much as 70 percent from a mid-2014 peak. Declines in U.S. shale oil output are being compounded by steep falls in Nigerian production due to attacks by militants and in Canada due to forest fires.

This Summer Could Be a Good One if You're Looking for Work

For seasonal job-seekers and new grads starting off their careers, this summer is shaping up to be a good one to get hired. As the employment picture improves overall, new surveys indicate that this summer could be a good one for people who are looking for work. Better yet: A tighter labor market means that more employers are going to be raising wages in order to get the stuff they need. According to a survey by SnagaJob.com of hourly employers that typically hire summer help, 92 percent plan to hire workers for the summer. More than nine out of 10 said they'll hire the same or a greater number of summer workers, and roughly two-thirds said they expect to hire new people as opposed to just rehiring seasonal employees from the previous year.

How Brexit impacts the U.S. economy

The so-called Brexit has wide implications for the U.S. economy, which is already facing a slew of headwinds. The chief of the U.S. central bank and top monetary policy setting official, Janet Yellen, forewarned earlier this week that Brexit "would negatively affect financial conditions and the U.S. economy." Trade between the two nations only makes up 0.5% of U.S. economic activity. However, the connections go well beyond direct trade between the two global powers. The effect on America can come through a number of chain reactions -- a Brexit domino effect on the global economy. Here are four ways the wake of Brexit could hurt the U.S. economy.

Costco's switch from Amex to Visa is off to a rocky start

Costco switched from Amex to Visa, and it's not going well. Outraged customers vented on social media Wednesday about problems with their new Costco (COST) credit cards. They complained that they couldn't open their new accounts and couldn't pay existing balances that were transferred to the new cards. The switch was supposed to be automatic and seamless. The new card was touted as a plus for customers when it was first announced, since it offers a more generous cash-back program than the American Express (AXP) version did

Wall Street hates Elon Musk's Tesla-SolarCity plan

Tuesday evening he proposed having his electric car company Tesla (TSLA) buy his solar panel company SolarCity (SCTY) in a stock deal valued at about $2.5 billion. And he sees the combined companies as changing the world. "The potential is there for Tesla to be a $1 trillion market cap company, if we play a major role in transitioning the world to a new form of energy generation, and storage and transport," he told investors Wednesday morning. But shares of Tesla tumbled more than 10% in trading Wednesday following the announcement. And SolarCity, up 17% Tuesday night, closed up only 3% Wednesday amid doubts that shareholders will OK the deal.