By Kanishka Singh WASHINGTON (Reuters) – The U.S. Internal Revenue Service (IRS) said on Monday it was ending its policy of unannounced visits to taxpayers by agency revenue officers, reversing a decades-long practise to “reduce public confusion and enhance overall safety measures for taxpayers and employees.” “Effective immediately, unannounced visits will end except in a…
By Pablo Mayo Cerqueiro, Echo Wang and David French LONDON/NEW YORK (Reuters) – Accelerant is planning to raise fresh capital next year in a deal that could result in the specialty insurance provider making its debut on the stock market, its CEO and co-founder told Reuters on Monday. The Cayman Islands-based group, which counts sports…
(Reuters) – American Airlines’ pilot union has indefinitely postponed the ratification vote for a tentative contract agreement, it said in a memo on Sunday. The voting will now take place “at a date and time to be determined”, the union said. American Airlines pilots were due to vote on Monday after the company on Friday…
(Reuters) -An electric truck which was previously damaged reignited at Nikola’s Phoenix, Arizona headquarters on Sunday afternoon but there were no injuries, the company said, sending shares down about 4% on Monday. Nikola had reported a fire last month around its headquarters and said it suspects foul play behind the incident that affected multiple trucks….
By Noele Illien and John Revill ZURICH (Reuters) – UBS has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse’s dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday. The settlement is the first of several that UBS could have to pay after it last…
By Laura Sanicola (Reuters) – U.S. refining profits are expected to fall from last year’s records but remain strong as domestic refining outages and increased foreign competition pose challenges. Refiners have come off a wave of favorable pricing and strong demand after pandemic-era plant closings and Russia’s invasion of Ukraine boosted margins. Slowing economic activity…
By Safiyah Riddle (Reuters) -U.S. business activity slowed to a five-month low in July, dragged down by decelerating service-sector growth, closely watched survey data on Monday showed, but falling input prices and slowed hiring indicate the Federal Reserve could be making progress on important fronts in its bid to reduce inflation. S&P Global said its…
SHANGHAI/TOKYO (Reuters) -Toyota Motor’s joint venture (JV) in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world’s largest auto market. The JV between Toyota and China’s state-owned Guangzhou Automobile Group (GAC) laid off the…
By Mohammad Yunus Yawar and Charlotte Greenfield KABUL (Reuters) – For the last eight years, Marzia Reyazee has supported her family with the earnings from her female-only beauty salon in Afghanistan, a business she spent more than $18,000 setting up. But the 34-year-old mother of two is likely to find herself without her business, and…
By Shariq Khan (Reuters) – While U.S. gasoline demand is unlikely to rescale the pre-pandemic peaks of 2018 as the energy transition accelerates, the pace of its decline is uncertain, illustrating the challenge for industry and the government in planning the shift to a low-carbon economy. The complex interplay between the transition, policy, economic performance…
