On tax day, an extension may be better than a rushed declaration
WASHINGTON (AP) — Monday is Tax Day, the federal deadline for individual tax returns and payments. The IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. National Society of Tax Professionals executive director Nina Tross says if people haven’t filed their taxes yet, they better file an extension. Tross adds that filing an extension has “no effect” as long as filers have paid their income taxes before tax day. Tross warns that rushing a return to meet the deadline only to have to change it later is likely to draw a second look from the IRS.
Biden will demand US-made steel and iron for infrastructure
WASHINGTON (AP) — The Biden administration is taking a key step to ensure federal dollars will support U.S. manufacturing. New guidelines released on Monday will require equipment for projects such as bridges, highways and high-speed internet funded by last year’s infrastructure package to be produced in the United States. Waivers may be granted if the material is too expensive or cannot be sufficiently supplied by national factories. Ahead of the 2022 midterm elections, President Joe Biden hopes to create more jobs, ease supply chain strains and reduce dependence on China. He’s betting increased domestic production will eventually ease price pressures to blunt Republican attacks that his $1.9 trillion coronavirus relief package has triggered higher prices.
Shareholders await Musk’s next move in Twitter takeover bid
DETROIT (AP) — Twitter has dropped a major hurdle ahead of Elon Musk’s efforts to take over the company, leaving investors wondering what Tesla’s mercurial CEO’s next move will be. Twitter has adopted a “poison pill” defense that makes it difficult for Musk or any other investor to buy Twitter without board approval. Musk, who currently owns about 9% of the company, last week unveiled an offer of about $43 billion, or $54.20 per share. Twitter’s likely next move is to formally reject Musk’s offer or else he could enter into negotiations. Musk has a number of options that also include board talks, sweetening his offer or even triggering the poison pill, which could destroy the company.
Yellen to meet Ukrainian PM and avoid Russians at global meetings
WASHINGTON (AP) — Treasury Secretary Janet Yellen plans to meet with Ukraine’s prime minister at this week’s spring meetings of the International Monetary Fund and World Bank in Washington. At the same time, she will try to avoid contact with Russian officials who plan to attend parts of the Group of 20 event virtually. The Russian invasion of Ukraine – and how world powers should handle the fallout on economies, including food insecurity – will take center stage in the meetings. This year’s meetings run through Friday and include a mix of virtual and in-person events.
German bosses and unions together oppose boycott of Russian gas
BERLIN (AP) — German employers and unions have united to oppose an immediate European Union ban on natural gas imports from Russia following its invasion of Ukraine. They say a Russian gas ban would lead to factory closures and job losses in Germany, the bloc’s biggest economy. The joint statement was issued by Rainer Dulger, leader of the country’s BDA employers’ group, and Reiner Hoffmann, president of the DGB trade union federation. The comments come as European leaders discuss possible new energy sanctions against Russia, following a decision to ban imports of Russian coal from August. Ukrainian leaders claim that Russia’s energy export revenues are funding Moscow’s destructive war against Ukraine.
Congress seeks compromise to boost computer chip industry
WASHINGTON (AP) — A worldwide shortage of computer chips has made it harder for consumers to get their hands on cars, computers and other modern necessities. Congress is seeking to boost US chip manufacturing and research with billions of federal dollars. The House and Senate have passed major legislation on the issue. The bills are one of the last opportunities before the November election for lawmakers to show they are tackling strained supply chains. But there are big differences between the two bills. Democrats will need the support of at least 10 Republican senators to get a bill signed.
Bank of America‘s Q1 earnings fall 12%, far less than rivals
NEW YORK (AP) — Bank of America posted a 12% drop in first-quarter profits from a year earlier, a drop far smaller than those its rivals had reported the previous week. The country’s second-largest bank benefited from higher net interest income and modest exposure to Russian assets. The Charlotte, North Carolina-based bank said it earned $7.1 billion, or 80 cents per share, compared with $8.05 billion, or 86 cents per share, in the same period a year earlier . The results were better than analysts had expected, according to FactSet.
The S&P 500 slipped 0.90 points, or 0.02%, to 4,391.69, the Dow Jones Industrial Average fell 39.54 points, or 0.1%, to 34,411.69. The Nasdaq fell 18.72 points, or 0.1%, to 13,332.36. The Russell 2000 Small Business Index fell 14.85 points, or 0.7%, to 1,990.13.
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