Author: Tobias Burns

Negotiators dig in over tax credits in spending bill

Tax credits for individuals and businesses are up for grabs as negotiations on a year-end spending deal come down to the wire. The possible credits range from an expansion of the child tax credit (CTC), which was beefed up during the pandemic and ate away at child poverty rates in the U.S., to incentives for…

Sam Bankman-Fried says lawyers telling him to ‘recede into a hole’

Sam Bankman-Fried, the ex-billionaire whose cryptocurrency platform FTX crashed spectacularly earlier this month, said Wednesday during an hourlong interview that his lawyers are advising him to “recede into a hole.” Speaking from the Bahamas via video link to the New York Times’ DealBook summit, Bankman-Fried said he was receiving “the classic advisories – don’t say…

Corporate profits hit record high in third quarter amid 40-year-high inflation

Corporate profits in the nonfinancial sector hit a record high of $2.08 trillion in the third quarter even as 40-year-high inflation continues to squeeze American consumers. Profits adjusted for inventories and capital consumption rose $6.1 trillion from the second to third fiscal quarters, the Commerce Department reported Wednesday, continuing a red-hot recovery from the flash…

Russian fertilizer heads for Africa as part of UN export deal

A shipment of 20,000 metric tons of Russian-produced fertilizer was sent from the Netherlands to Malawi as part of a U.N.-brokered deal to keep agricultural commodities flowing to global markets despite an ongoing war between Russia and Ukraine, U.N. officials said Tuesday. The shipment is part of a donation of more than a quarter-million metric…

Bank of America chief predicts ‘mild recession’ in 2023

Bank of America CEO Brian Moynihan said Tuesday he’s expecting a “mild recession” in 2023, sounding a more positive note about the state of the economy than many in the financial world have been broadcasting amid 40-year-high inflation. Doomspeak about the possibility of a recession has been coming out of the financial sector since the…

COVID-19 lockdown protests in China rattle US, world markets

Protests in multiple cities in China over the country’s so-called zero-COVID policy rattled world markets Monday, adding to fears about stagnating growth and supply chain crunches as the holiday shopping season picks up. The S&P 500 index of major U.S. stocks fell three-quarters of a percent, dipping below 4,000 during Monday’s morning trading session. The…