Business Archives - Page 4 of 45

IRS to Prioritize Criminal Investigations and Enforcement for Certain Assets

The Internal Revenue Service (IRS) has announced that the federal tax agency is prioritizing criminal investigations and will be increasing enforcement on certain assets. The IRS revealed that it plans to increase enforcement in the area of digital asset transactions and listed transactions. The agency identified certain transactions to have…

U.S Adds 236,000 Jobs as Labor Market Slows in March

The United States added 236,000 new jobs in March, slightly below the market estimate of 238,000, according to the latest government data. The jobs numbers, from the Bureau of Labor Statistics (BLS), show the labor market weakened last month. The number of jobs added to the economy in March is…

Fed Chair Powell on SVB Collapse: Regulators Were Surprised by Bank Run

Federal Reserve Chairman Jerome Powell has commented on the collapse of Silicon Valley Bank (SVB) by revealing that regulators were caught off guard by the speed of the bank run. On Wednesday, Powell criticized the management of SVB for poor risk management. He alleges that bank executives sought to grow…

Former FDIC Chair Speaks Out: Biden Admin Overreacted with SVB ‘Bailout’

The former chair of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair, has criticized the Biden administration’s "bailout" of Silicon Valley Bank (SVB). Bair denounced the Biden admin's decision to guarantee all deposits at the failed SVB, labeling the move an “overreaction.” Bair made the comments during a recent appearance…

IRS Lists ‘Dirty Dozen’ Tax Scams in Fresh Warning

The Internal Revenue Service (IRS) has released a list of the "Dirty Dozen" scams that taxpayers should be aware of. The IRS published the list along with a warning to taxpayers and businesses about the latest tax scams. The agency warns that unscrupulous promoters are falsely advertising the availability of…

East Palestine Real Estate Market in Limbo amid Toxic Train Crash Fallout

Real estate experts in the small Ohio town of East Palestine has revealed that the housing market has now ground to a halt as the fallout from the February toxic train crash continues. Prior to February 3, East Palestine was a small, unassuming village in the northeast corner of Columbiana…

Biden Urges Congress to Ban Executives of Collapsed Banks from Industry

President Joe Biden has called on Congress to toughen penalties against the executive of collapsed banks. Biden recommended that executives of failed banks should be banned from working in the banking sector again. The White House released a plan to hold senior management more accountable when their financial institutions collapse…

ChatGPT Inspires Matchmaking Service Focused on Traditional Values

ChatGPT-3’s debut in late 2022 shook up tech–and online dating was no exception. Within weeks, Tinder users were reportedly penning bios with the AI tool’s chatbot interface. In February, Mashable reported that OkCupid has used ChatGPT to generate questions for its users. Some have voiced skepticism about the prospects of AI-enabled…

Banks Are Borrowing Billions to Maintain Liquidity amid Banking Crisis, Fed Data Shows

U.S. banks are borrowing billions of dollars to maintain liquidity following the recent collapse of Silicon Valley Bank (SVB), data published by the Federal Reserve shows. Banks have borrowed a combined total of $164.9 billion from the central bank in recent weeks amid the banking crisis, according to Fed statistics released…

Sen John Kennedy: Silicon Valley Bank Crisis Could Have Been Avoided

Sen. John Kennedy (R-LA) has argued that the Silicon Vally Bank (SVB) collapse, and the resulting banking crisis, could have been avoided. The senator stated during a speech on the Senate floor Wednesday that the bank’s executives and federal regulators should have done their job on risk management. Kennedy emphasized…