By David Lawder WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen has directed the head of the Internal Revenue Service to produce a detailed plan for deploying $80 billion in newly enacted enforcement funding within six months, an internal Treasury memo showed on Wednesday. Yellen wrote in the memo to IRS Commissioner Charles Rettig, reviewed…
WASHINGTON (AP) — Arizona and Nevada residents won’t face bans on watering their lawns or washing their cars despite more Colorado River water shortages. But U.S. officials announced Tuesday there will be less water available next year for them from the river that serves 40 million people in the West and Mexico and a farm…
NEW YORK (AP) — The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vulnerable. “Recession is a word. Whether we are in a recession…
(Reuters) – Auckland International Airport Ltd on Thursday posted a second straight year of loss but said it would return to profit in 2023 as air travel demand picks up pace and New Zealand loosened its border curbs on lower COVID-19 cases. New Zealand’s biggest airport operator expects an underlying profit after tax in the…
NEW YORK (AP) — After a quiet first half of 2022, the meme stock is back. Beyond and back, in fact. Shares in Bed Bath & Beyond jumped 25% Wednesday on huge trading volume, and the mall-based home goods retailer’s stock has nearly quintupled in a little more than two weeks. If the stock’s price…
By Howard Schneider WASHINGTON (Reuters) – Federal Reserve officials saw “little evidence” late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down as much as needed to control the surge in prices, according to the minutes of their July 26-27 policy meeting. While not explicitly hinting…
NEW YORK (AP) — Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks. The nation’s largest banks are moving away from the practice of charging exorbitant fees on what are mostly…
WASHINGTON (AP) — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high’’ before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices. In minutes from their July 26-27 meeting released Wednesday, the policymakers…
By Niket Nishant and Divya Rajagopal (Reuters) -Canada’s second-largest pension fund Caisse de dépôt et placement du Québec (CDPQ) is exploring legal options over bankrupt crypto lending firm Celsius and will no longer invest in crypto firms, it said on Wednesday. CDPQ’s statement came as the fund recovers from its failed investment in New Jersey-based…
OMAHA, Neb. (AP) — The major freight railroads signaled they’re ready to negotiate a new deal with their workers based on a presidential report that calls for 24% raises, but the 12 unions involved in the stalled talks covering 115,000 workers still haven’t commented on the recommendations. The group that represents BNSF, Union Pacific, Norfolk…
