A Senate hearing on Wednesday is likely to produce fireworks as Republicans and Democrats square off over the role that foundations and nonprofits are playing in elections. The Senate Finance subcommittee on Taxation and IRS Oversight offers no description of the hearing beyond the title “Laws and Enforcement Governing the Political Activities of Tax Exempt…
Russia appeared to dodge default on its foreign debt by dipping into its scarce dollar reserves. But Moscow’s debt drama is far from over. Russia’s finance ministry abandoned its proposal to use rubles instead of dollars to make overdue payments on two government bonds, saying Friday that it had transferred the money to an account…
By Mrinalika Roy and Leroy Leo (Reuters) – Biogen Inc said on Tuesday that Chief Executive Michel Vounatsos will step down and that the company is pulling back on selling its Alzheimer’s drug Aduhelm after the U.S. government’s Medicare program restricted coverage of the controversial treatment to patients in clinical trials. Vounatsos, who was named…
WASHINGTON (AP) — Employers posted a record 11.5 million job openings in March, meaning the United States now has an unprecedented two job openings for every person who is unemployed. The latest data released Tuesday by the the Bureau of Labor Statistics further reveals an extraordinarily tight labor market that has emboldened millions of Americans…
By Manas Mishra and Michael Erman (Reuters) – Pfizer Inc maintained sales forecasts for its COVID products on Tuesday after a series of hikes to the sales outlook for its COVID-19 vaccine last year, in a sign that dizzying growth has slowed. Several countries across the globe have eased pandemic-linked restrictions and relaxed rules related…
By Alex Lawler LONDON (Reuters) -Oil slipped by more than 1% on Tuesday as concerns about demand due to China’s prolonged COVID lockdowns outweighed support from a possible European oil embargo on Russia over its actions in Ukraine. Beijing, reporting dozens of new cases daily, is mass-testing residents to avert a lockdown similar to Shanghai’s…
By Hyunjoo Jin SAN FRANCISCO (Reuters) – A battery startup founded by a former Tesla engineer announced on Tuesday plans for U.S.-based mass production of next-generation materials aimed at cutting costs, boosting driving ranges and reducing the industry’s reliance on China. Sila Nanotechnologies will invest in the low hundreds of millions of dollars in a…
BUDAPEST, Hungary (AP) — Slovakia and Hungary said Tuesday that they will not support sanctions against Russian energy that the European Union is preparing over the war in Ukraine, saying they are too reliant on those supplies and there are no immediate alternatives. The EU’s executive branch, the European Commission, has drafted new proposals for…
By Eva Mathews and Helen Coster (Reuters) – Paramount Global said on Tuesday it added more than 6 million streaming subscribers in the first quarter but missed revenue estimates, hurt by weaker TV advertising sales in a period without the Super Bowl broadcast. Shares of the company, formerly known as ViacomCBS, fell more than 4%…
By Marc Jones LONDON (Reuters) – Global supply chain problems look to set to worsen, a new report published on Tuesday said, as China’s COVID-19 lockdowns, Russia’s invasion of Ukraine and other strains cause even longer delays at ports and drive up costs. The study by analysts at Royal Bank of Canada (RBC) found that…
