OTTAWA—Prime Minister Justin Trudeau is giving no indications of plans to rein in government spending after a critical report by the parliamentary budget officer questioned the Liberals’ case to spend tens of billions in planned stimulus. The Liberals had promised up to $100 billion in economic stimulus, subject to a series of spending guardrails to…
Venmo, Cash App, and Zelle Now Required to Report Transactions Over $600 to IRS and Users Are Upset
A new tax law that took effect at the start of 2022 is not being welcomed by users of mobile payment services. What Happened Starting this year, the IRS is requiring mobile payment apps such as Zelle, Block Inc.’s Cash App and Paypal Holdings Inc.’s Venmo to report business transactions totaling more than $600. The new provision only affects businesses…
NHTSA in Talks With Tesla Over Reports of Autopilot Camera Failure
Tesla Inc. and the U.S. National Highway Traffic Safety Administration are in discussions to replace cameras in some vehicles made by the Elon Musk-led company. What Happened: The federal vehicle safety agency said it is aware of an issue related to faulty Autopilot cameras in some U.S.-made vehicles, reported CNBC. NHTSA said it is “monitoring…
Stocks, Yields Slide After US Jobs Report as Omicron Looms
December 4, 2021
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NEW YORK—Global equities and benchmark U.S. bond yields tumbled on Friday in volatile trade after data showed U.S. job growth slowed considerably in November and the Omicron variant of the coronavirus kept investors on edge. Nonfarm payrolls increased by 210,000 jobs, the fewest since last December, but the unemployment rate plunged to a 21-month low…
Stocks Stumble, Yields Choppy After US Jobs Report as Omicron Looms
December 3, 2021
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NEW YORK/LONDON—Global stock markets faltered on Friday, while benchmark bond yields gave up earlier gains after data showed U.S. job growth slowed considerably in November and markets stayed volatile as investors assess implications from the new Omicron coronavirus variant. After opening higher, Wall Street’s main indexes quickly turned negative in morning trading. European markets also…
Report Says Drugmakers Impose Unjustified US Price Increases; Spending on AbbVie Drug Rises $1.4 Billion
WASHINGTON—Drugmakers hiked U.S. prices on 7 of the 10 costliest prescription drugs in 2020 without justification, increasing drug spending by $1.67 billion, a U.S. group that reviews the value of medicines said on Tuesday. AbbVie Inc.’s widely used Humira rheumatoid arthritis drug accounted for the majority of the spending increase, with a net price increase…
Asian Shares Mixed After US Inflation Report
November 11, 2021
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TOKYO—Asian shares were mixed Thursday after a worrisome report on U.S. inflation that slammed into the bond market and knocked stocks lower on Wall Street. In Japan, where investors are awaiting an economic stimulus package from newly elected Prime Minister Fumio Kishida, the benchmark Nikkei 225 climbed 0.5 percent to 29,255.02. Australia’s S&P/ASX 200 fell…
UK Tory Budget Closest to Last Labour Government: Economists
The UK budget is more in keeping with the last Labour government than the previous Tory administration, according to a leading economic think tank. In its analysis of yesterday’s spending review, the Institute for Fiscal Studies (IFS) said that the measures, which include raising taxes to the highest for 70 years were “almost entirely” unrelated…
Dollar Trades Flat as US Jobs Report Awaited
October 8, 2021
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LONDON—The dollar traded flat against major currencies on Friday ahead of a U.S. non-farm payrolls report expected to provide traders with further clues on the pace of the Federal Reserve’s policy normalisation. The U.S. Dollar Currency Index, which measures the dollar against a basket of six peers, rose 0.1 percent to 94.338, last trading unchanged…
America Is Short of Over 5 Million Homes Amid Surge in Demand and Lack of Construction: Report
The United States is short of more than 5 million homes, driven by increased housing demand across the country and a lack of materials and workers in the construction industry, according to new research from Realtor.com. Data released on Sept. 9 show that the United States is short of 5.24 million homes, an increase of 1.4 million from the…
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