Economy

The Internal Revenue Service (IRS) has announced its intentions to significantly increase audit rates for big corporations, partnerships, and multimillionaires over the next three years. This decision comes as the agency ramps up its enforcement spending and hiring to boost collections. Targeted Audits The IRS plans to triple the audit rate on corporations with assets

The decline in U.S. stock index futures on Wednesday was largely attributed to downbeat results in chip stocks. Advanced Micro Devices (AMD) saw a 6.3% drop in premarket trading due to disappointing forecast for AI chip sales, while Super Micro Computer (SMCI) reported third-quarter revenue below estimates, leading to a 9.1% decline in its stock.

Australia’s biggest banks are facing a challenging first half of the year, with weaker profit forecasts on the horizon. High operating costs and intense competition in the mortgage and deposit markets are putting pressure on margins, leading to a possible reversal of the recent stock rally that analysts have described as overheated. Traditionally, the Big

The Options on Secured Overnight Financing Rate (SOFR) futures are indicating a higher likelihood of the Federal Reserve raising interest rates by a quarter percentage point both this year and next. This sentiment is primarily driven by the resilience of U.S. inflation and the labor market. Investors in the bond market tend to rely on

Japan’s currency, the yen, experienced a dramatic surge against the dollar recently, leaving many traders speculating about the reasons behind this sudden move. This intervention by Japanese banks is the first of its kind in 18 months and has caused ripples in the foreign exchange market. As we delve deeper into the implications of this

As traders in Europe wake up to a nervy currency market, the recent sharp reversal of the yen from its slide past 160 per dollar on Monday has sparked speculation. Some have suggested that Tokyo could be behind the move, especially as the jump in the yen to a session-high of 156.55 per dollar came

Bill Gates, the tech billionaire turned philanthropist, has issued a warning regarding the fight against polio. Despite the efforts and billions of dollars poured into the cause, success is not guaranteed. While celebrating a $500 million pledge from Saudi Arabia towards combating polio over the next five years, Gates highlighted that there is still a

Thailand recently appointed former energy executive, Pichai Chunhavajira, as the country’s new finance minister, tasked with the challenging job of revitalizing Southeast Asia’s second-largest economy. The 75-year-old, who previously served as an adviser to Prime Minister Srettha Thavisin, now steps into the role of finance minister and deputy prime minister, as announced by the official

Russia’s senior security official, Dmitry Medvedev, has made it clear that if the U.S. proceeds with confiscating its frozen currency reserves in the West, Russia will retaliate by seizing the assets of U.S. citizens and investors within its borders. This tit-for-tat escalation comes in response to a bill passed by the U.S. House of Representatives

According to a report from the Centre for Macroeconomic Analysis and Short-Term Forecasting, Russia is facing a stagnation in its industrial production and investments. This stagnation is coupled with a deterioration in exports, declining profitability in most industries, and a shortage of imported components and raw materials. The transition to stagnation is already visible in

BHP Group’s initial proposal of $39 billion to acquire Anglo American was met with rejection by the London-listed miner. Anglo American deemed the offer as significantly undervaluing the miner and its future prospects. This rejection has prompted BHP to consider making an improved offer in the coming weeks. According to a source familiar with the

China’s industrial profits posted smaller gains in the first quarter compared to the first two months, according to official data released by the National Bureau of Statistics (NBS). The data showed a 4.3% increase in profits in the first quarter from a year earlier, which was slower than the 10.2% rise in the first two