Economy
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Tesla’s Elon Musk expects ‘a year of difficulty’ for the global economy
Tesla Inc. Chief Executive Elon Musk said late Tuesday he foresees “a year of difficulty” for the global economy, with “lots of companies” going bankrupt, and said that the EV maker will not be immune to the downdraft, even as he teased two new products for Tesla in the future. “It’s is going to be…
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IRS will launch free tax-filing pilot in 2024. TurboTax, H&R Block and Republicans are opposed.
After a months-long review, the Internal Revenue Service will test a free federal tax-filing pilot program, IRS and Treasury Department officials said Tuesday. Though many details about the pilot program still need to be worked out, the upcoming test run could mark the start of a new, free alternative to paid preparers and tax software…
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I received $225,000 from the 9/11 Compensation Fund after being diagnosed with lung cancer. How should I save and invest it?
I will receive a windfall of $225,000, tax-free, in July. The money comes from the World Trade Center Health Program. In the days and weeks following the 9/11 attacks I volunteered at St. Paul’s Chapel by giving out food and drink to the workers, and preparing kits of throat lozenges and socks and other things…
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Flight attendants brace for a summer of badly behaved passengers: ‘There’s no such thing as travel etiquette’
After six years of flying, U.S.-based flight attendant Allyah McIntyre was used to dealing with difficult passengers. During the earliest days of the coronavirus pandemic, dealing with the few passengers who chose to fly was actually a pleasant experience. But as more people began to book airline tickets again, chaos reigned, she said. “The passengers…
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Turkey ETF ends 8% lower as presidential election heads for runoff
[]An exchange-traded fund that tracks Turkey’s stock market tumbled on Monday as the nation headed for a runoff vote after longtime leader President Recep Tayyip Erdogan pulled ahead of his rival, Kemal Kilicdaroglu, but fell short of an outright victory that would extend his two-decade rule of the NATO-member country. []The iShares MSCI Turkey ETF…
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A U.S. default would destabilize the financial ecosystem that investors swim in, strategist warns
There won’t be many good options for investors to protect themselves from the shock waves unleashed in global financial markets if debt-ceiling talks in Washington fail and the U.S. government willingly defaults, according to Amar Reganti, fixed-income strategist at Hartford Funds. Wall Street has been paying close attention as the White House and top U.S.…
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David Sacks to join Rumble’s board — after fellow ‘PayPal Mafia’ alum Peter Thiel throws support behind video platform
David Sacks, a tech entrepreneur and member of the so-called “PayPal Mafia,” is set to join the board of the video-sharing and social-media site Rumble Inc., a platform that over the years has become a bigger home to right-wing personalities and content. Sacks, the former chief operating officer of PayPal Inc. PYPL, -2.33%, will join…
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RBA Remains Vigilant to Resurgence in Inflation
By James Glynn SYDNEY–The Reserve Bank of Australia remains vigilant to the risk of a resurgence in inflation, warning in the minutes of its May 2 policy meeting that further increases to interest rates can’t be ruled out and the path to a soft landing for the economy was very narrow. The RBA raised official…
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14 million mortgages were refinanced during ‘pandemic boom.’ That makes life very difficult for home buyers.
[]The great pandemic mortgage refinance boom is most definitely over, but the aftershock is still rippling through the housing market. Homeowners are holding up home sales, as their ultra-low prize is too precious to give up. []During the early days of coronavirus pandemic in 2020 and 2021, mortgage rates fell sharply, and millions of homeowners…
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Credit-card debt failed to decline in first quarter — for first time in over 20 years, New York Fed says
U.S. credit-card debt appears to be stubbornly holding near $1 trillion, the Federal Reserve Bank of New York said in its quarterly report on household debt and credit Monday. In the fourth quarter, when credit-card debt tends to rise due to holiday shopping, credit-card balances hit a whopping $986 billion, surpassing pre-pandemic levels, the New York…