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The Fed indicated rates will remain higher for longer. What does that mean for you? 2024-05-02 20:35:14+00:00 - NEW YORK (AP) — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target. The central bank kept its key rate at a two-decade high of roughly 5.3%, where it has been since last August. Here’s what to know: WHAT DOES THIS MEAN FOR BORROWERS? Credit card rates are at or near all-time peaks, and mortgage rates have more than doubled in recent years. According to LendingTree, the average credit card interest rate in America today is 24.66%, unchanged from last month, though that rate has risen for 24 of the last 26 months. “That isn’t likely to fall anytime soon, despite the Fed taking its foot off the gas,” said LendingTree Credit Analyst Matt Schultz. “That’s likely the unfortunate reality for the next several months.” In the battle against credit card debt, 0% balance transfer cards “are still your best weapon,” according to Schultz, but “they’re getting harder to get and their fees are rising.” With delinquencies and debt totals also increasing for consumers, some banks are becoming more hesitant about taking on transferred balances, he said, meaning consumers will need good credit to get approval. WHAT’S IN STORE FOR SAVERS? Yields on savings accounts and certificates of deposit (CDs) have been hovering at high levels, thanks to the Fed’s increased interest rates, according to Ken Tumin, banking expert and founder of DepositAccounts.com. That said, “several banks have been lowering deposit rates (with the) expectation that the Fed will start cutting rates at some point this year.” Certificate of deposit rates have been the first to fall, and a few online banks have also started lowering online savings account rates. Ally Bank dropped its rate to 4.25% from 4.35% and Discover to 4.25% from 4.30%. Even so, most online banks held their online savings account rates steady in 2024, and several online banks still offer yields of 5.25%. The highest online yield is currently 5.55%, with the average online 1-year CD yield 4.94% as of April 1st, according to DepositAccounts.com. Tumin notes that “brick-and-mortar bank deposit rates continue to be slow in their movement higher,” saying that while their average rates have gone up sharply in the last year, “they are still very low compared to online rates.” The average savings account yield for all banks and credit unions, of which the vast majority are brick-and-mortar, is 0.52% as of April 24th. WHAT ABOUT MORTGAGES? The Fed doesn’t directly set mortgage rates, but it does influence them. The bond market, inflation, and other factors all contribute to the high mortgage rates currently facing consumers. The average rate on a 30-year, fixed-rate mortgage recently rose to above 7% for the first time since November. LendingTree Senior Economist Jacob Channel notes that mortgage rates can shift even as the Fed holds its benchmark rate steady, and that consumers should consider many economic data points before deciding to take on a mortgage. “Even in the face of relatively steep mortgage rates and high prices, now could still be a good time to buy a home,” he said. “Timing the market is virtually impossible... In that same vein, there are a lot of people who won’t be able to buy until the market becomes cheaper.” High shelter and rent costs have contributed to steep inflation in recent months. A Bankrate study found that renting is cheaper than buying a typical home in all 50 of the largest U.S. metro areas. As of February, the typical monthly mortgage payment on a median-priced home in the U.S. was $2,703, while the typical national monthly rent was $1,979. That’s a nearly 37% gap between the costs of renting and buying a home. “While it would be nice if the Fed could fix everything on its own, it probably can’t, at least not without causing a great deal of weeping and gnashing of teeth,” said Channel. I NEED TO BUY A CAR. WHAT’S THE OUTLOOK FOR AUTO LOANS? While vehicle prices have steadied through late 2023 and early 2024, Bankrate Chief Financial Analyst Greg McBride predicts that high interest rates on auto loans will linger for those with weak credit profiles. Borrowers with stronger credit may see more competitive rates, but the Fed’s decision will continue to make auto loans expensive, even if vehicle prices decline. The average car loan hasn’t been this pricey since 2008. McBride predicts five-year new car loan rates will reach an average of 7.0% and four-year used car loans, 7.5% by the end of 2024. In the past year, borrowers have f aced especially expensive monthly payments due to high interest rates, and auto loan delinquency reached its highest rate in nearly thirty years. The average monthly car loan payment was $738 for new vehicles and $532 for used ones in the fourth quarter of 2023, according to credit reporting agency Experian. New vehicles cost an average of $47,218 in March 2024, according to Kelley Blue Book, a price that, combined with high interest rates, pushes many buyers out of the market for new cars. IS THE FED MAKING PROGRESS ON SLOWING INFLATION? Not as quickly as it would like. Several recent reports on prices and economic growth have undercut the Fed’s belief that inflation was steadily easing. “Inflation has shown a lack of further progress toward our 2% objective,” said Chair Jerome Powell. While inflation has cooled from a peak of 7.1% to 2.7%, average prices remain well above pre-pandemic levels, and the costs of services continue to grow — including for rents, health care, restaurant meals, and auto insurance. ___ “The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.”

Kentucky governor predicts trip to Germany and Switzerland will reap more business investments 2024-05-02 20:25:46+00:00 - FRANKFORT, Ky. (AP) — Kentucky Gov. Andy Beshear predicted Thursday that his recent economic development trip to Germany and Switzerland will reap more business investments in the Bluegrass State. The Kentucky delegation met last week with leaders of companies already established in the state and cultivated ties with other businesses looking to invest in the U.S., the Democratic governor said. The response was “overwhelmingly positive,” Beshear said at his weekly news conference. “I know that we left this trip keeping jobs intact that a company or two may have thought about moving elsewhere,” Beshear said. “But I also know we’re going to see expansions or new locations coming out of this. Just about every meeting went as well as we could have asked for.” It was Beshear’s first overseas economic development trip as governor but likely won’t be his last. The governor revealed that his team is working to arrange a similar trip to Japan and South Korea. Touting Kentucky’s record pace of economic development growth during his tenure is a recurring theme for Beshear, who raised his national profile by winning reelection to a second term last year in the Republican-leaning state. He typically starts his weekly press briefings by recounting the state’s newest economic development projects. Since Beshear took office, more than 1,000 private sector, new location and expansion projects have been announced in Kentucky, totaling over $30.6 billion and creating more than 52,700 jobs, his office said Thursday. Leaders of Kentucky’s Republican-dominated legislature say the economic development surge is the result of business friendly policies enacted by lawmakers. During meetings last week, Beshear said he and his team made pitches to the leaders of more than 100 companies that employ over 15,000 Kentuckians across 80 facilities in the state. As part of his travels, Beshear visited more than 25 companies employing tens of thousands of Kentuckians. Of the companies he visited, 10 have North American headquarters in Kentucky, he said. Germany is one of the largest European investors in Kentucky, with more than 90 companies operating in the state, Beshear said. “Not only is it important to say ‘thank you’ to these German and Swiss companies that employ a number of Kentuckians, but it’s important to see them at their home because they create jobs in our home,” the governor said. Beshear said he would have taken economic development trips abroad sooner had it not been for the series of crises that hit Kentucky during his first term — including the global pandemic, tornadoes that devastated parts of western Kentucky and flooding that inundated eastern sections of the state. The governor has stressed the importance of American manufacturing amid times of global turmoil. “It is part of our national security for the United States to make what the United States needs,” Beshear said at a Kentucky event before leaving on his European journey. “And in this era of global uncertainty, seemingly a new conflict every week or every month, ensuring that we can take care of our own here in this country is so critical to our future.”

The US military killed a shepherd it mistook for a terrorist leader in a drone strike, investigation finds 2024-05-02 20:24:13+00:00 - A Washington Post investigation revealed US forces mistakenly killed a civilian in a drone strike. The strike, conducted in Syria in 2023, was intended to hit an al-Qaeda operative. Central Command maintains the strike complied with the law of armed conflict. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement A Washington Post investigation revealed Thursday that US forces killed a shepherd in a drone strike after mistaking him for a top al-Qaeda official. "On May 3, 2023, the United States conducted a unilateral counterterrorism air strike in Northwest Syria targeting a senior Al Qaeda leader," US Central Command said in statement on Thursday, almost a year after the incident. "The investigation determined U.S. forces misidentified the intended Al Qaeda target and that a civilian, Mr. Lufti Hasan Masto (Masto), was struck and killed instead." The Washington Post began its investigation in May 2023 following the fatal strike, calling into question the identity of the al-Qaeda operative who US officials said had been slain. A month later, the US military began its own investigation into the incident. Related stories Central Command said its investigation revealed that there were "several issues" with the operation but did not explain exactly how it failed to identify its target. Advertisement Masto, a shepherd, was 56 years old and living in the Syrian town of Qorqanya. On the day he died, an American Predator drone tracked him down and fired Hellfire missile, which landed behind his home. According to Central Command's investigation, the strike was conducted in compliance with Central Command and Department of Defense policies, as well as the law of armed conflict. A defense official told The Washington Post on the condition of anonymity that the American drone strike was botched due to the decision-making and accuracy, or "confirmation bias and insufficient red teaming" issues among personnel. The Washington Posted determined that it's still unclear who the intended target was and whether anyone will be held accountable for the inaccurate strike. Advertisement Central Command said in its statement Thursday that it "acknowledges and regrets the civilian harm that resulted from the airstrike," adding that CENTCOM takes "all reports of civilian harm caused by U.S. military operations seriously and continue to employ thorough and deliberate targeting and strike processes to minimize civilian harm." This isn't a first. The US military has made other similar mistakes in the past, such as when it initially celebrated eliminating an imminent threat with a fatal drone strike during the Afghanistan withdrawal only to discover later that it actually killed an aid worker and nine others, including seven children. A New York Times investigation first brought that deadly incident to light. None of the service members involved in that strike were punished. Civilians have, on many occasions, been collateral damage in the wars in the Middle East.

Arizona’s Democratic governor signs repeal of 1864 abortion ban 2024-05-02 20:15:33+00:00 - It was three weeks ago when Republican-appointed justices on the Arizona Supreme Court gave the political world an unexpected jolt, clearing the way for a 160-year-old near-total abortion ban to take effect in the state. Under the 1864 law — approved before the end of the Civil War, and before women could vote — anyone who performs abortions or helps people access abortion care could face felony charges. There are no exceptions for rape, incest, or the health of the pregnant woman. Democratic efforts to repeal the generations-old state law — first approved before Arizona was part of the United States — ran into fierce resistance in the GOP-led legislature, but after multiple attempts, a repeal measure cleared both the state House and state Senate this week, after a small handful of Republicans broke ranks. Gov. Katie Hobbs vowed to sign the repeal as soon as the measure reached her desk, and the Arizona Democrat did exactly that today. NBC News reported: Flanked by Democratic lawmakers who helped wrangle the bill through the GOP-controlled Legislature, Hobbs signed the repeal inside the state Capitol one day after the state Senate passed it. “I’ve heard from doctors who were unsure if they would wind up in a jail cell for simply doing their job, women who told me they didn’t know if it was safe to start a family here in Arizona,” Hobbs said at the signing ceremony. “These excruciating conversations are exactly why I have made one thing clear, very clear: This ban needs to be repealed.” For advocates of reproductive rights, the good news is policymakers acted with relative speed and efficiency to undo Arizona’s 1864 law. The bad news is, there are some complicating factors. First, as The Arizona Republic reported, the repeal bill will take effect “90 days after the last day of the year’s legislative session. It’s still unknown when the session will end, but it’s possible the repeal won’t take effect until late September.” Second, even after the 160-year-old near-total abortion ban has been officially undone, it’s not as if abortion policy in the Grand Canyon State will revert to a progressive ideal. On the contrary, a Republican-imposed 15-week ban, approved in 2022, will take effect once the 1864 law is gone. All of which brings us to the near future. As NBC News reported: The continuing saga has raised the stakes around a constitutional amendment that is all but certain to appear on the Arizona ballot in November that would allow voters themselves to decide on the future of abortion rights in the state. Organizers are likely to succeed in placing a proposed amendment on the ballot that would create a “fundamental right” to receive abortion care up until fetal viability, or about the 24th week of pregnancy. If voters approve the ballot measure, it would effectively undo both the 1864 near-total ban and the 15-week ban. Politico reported that this week’s successful repeal effort has some Democrats worried that voters might be less engaged on the issue in the fall than they would’ve otherwise been if the 1864 law were still on the books. At today's bill-signing ceremony, Hobbs criticized the 15-week ban as "draconian," and added, "We still have work to do." State Sen. Anna Hernandez, who introduced the repeal bill in her chamber, added, "Our fight is just beginning. ... We cannot let our guard down.”

Angry fans seek compensation from Co-op Live after third opening show axed 2024-05-02 20:12:00+00:00 - Angry concertgoers have demanded compensation from the troubled Co-op Live arena after it cancelled its opening concert for the third time, leaving thousands of young fans stranded in Manchester. The venue announced minutes after the doors opened on Wednesday night that US star A Boogie Wit Da Hoodie would no longer be performing due to a “technical issue”. A spokesperson for the £365m venue later said that part of an air conditioning unit had fallen from a gantry during the soundcheck. No one was hurt but it meant organisers also had to pull the plug on Olivia Rodrigo’s two sell-out shows this weekend. It is the latest humiliating setback for the UK’s biggest indoor arena, whose bosses have blamed Brexit, Covid and even the Manchester weather for a series of missteps that led to the cancellation of shows by Peter Kay, the Black Keys and a significantly reduced-capacity test event by Rick Astley on 20 April. Jo Lunn, 51, said her 16-year-old daughter had travelled more than 200 miles from Hampshire to see A Boogie Wit Da Hoodie with her 18-year-old sister on Wednesday, only to be let down at the last minute. Some fans had already been allowed into the venue and thousands more were queueing outside when Co-op Live posted on X at 6.40pm that the concert had been cancelled. “It’s just really unforgivable,” said Lunn. “I had a lot of faith in [the venue] and really wanted it to succeed but it’s just so disappointing. They’re going to be the laughing stock of the industry.” Lunn’s family have twice been left disappointed because they had tickets to one of the cancelled Peter Kay gigs last month. In total, she said, they had spent almost £1,000 on travel and hotel rooms for the two events, including £300 on train tickets. She added: “Am I going to get lots of compensation? Probably not, but a gesture would be nice. Unless you live a stone’s throw away I just wouldn’t take the risk of going. It’s crazy. The communications have been either arrogant or naive, thinking people will just show up the following week.” The venue’s recent setbacks have ranged from power supply issues to faulty building works and a PR gaffe that prompted its general manager, Gary Roden, to resign a fortnight ago when he told the BBC that grassroots venues were often “poorly run”. However, the troubles date back long before Rick Astley’s test show. The venue’s manager admitted earlier this week that Co-op Live may still not be completed for another year. Tim Leiweke, chief executive of the venue’s manager, the US-based Oak View Group (OVG), told the Manchester Evening News that the operators were still working through a “600-point” list of issues to resolve. He added: “Finding skilled labour is a lot harder to do right now in the UK than it was before Brexit.” It is understood that one of the most pressing issues is the installation of a communications system for the emergency services, after concerns were raised by Greater Manchester police (GMP) and the fire service. Other internal security systems and fire safety measures were still being resolved as recently as last week. The bumpy launch was forecasted two months ago when GMP and others expressed reservations about Co-op Live’s readiness during a two-day licensing hearing. GMP said it had been unable to examine the venue’s plans for a major incident or terror attack because there was no framework “available to scrutinise”. The police and others also shared concerns about the ability to get tens of thousands of ticket holders to and from Co-op Live – 4 miles from Manchester city centre – with limited public transport at 5am, its originally proposed closing time. The venue was eventually granted a licence on 1 March after councillors said it would be a “significant benefit” to the region. skip past newsletter promotion Sign up to First Edition Free daily newsletter Our morning email breaks down the key stories of the day, telling you what’s happening and why it matters Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion However, there are now doubts about its ability to host upcoming concerts. On Thursday evening Take That said they will be moving their May shows from the Co-op Live to the rival AO Arena. Keane had already announced their Sunday gig at the venue had been postponed due to issues which they said are “entirely beyond our control”. In an Instagram post Take That said: “Given the ongoing technical issues around the opening of Co-op Live we have taken the difficult decision to move our May shows to the AO Arena where we have enjoyed many great nights over the years. “This is not a decision we have taken lightly, but we wanted to give our fans as much notice as possible.” Sacha Lord, Greater Manchester’s night-time economy adviser, earlier said he was “monitoring the situation closely”. He added: “As with all event venues, the safety of staff and customers is the highest priority even if that means there are delays.” Amanda Mather, 46, whose 17-year-old daughter was one of thousands left disappointed on Wednesday night, said the venue’s owners had potentially put young people at risk by immediately ordering them away from the site instead of allowing them to be collected. Mather said: “It was just: ‘Go – get away from the area and leave.’ It showed a disregard for their immediate safety.” The fiasco is also embarrassing for the Co-op Group, which has the naming rights for the venue. The company said it was “shocked” at the latest cancellation and would be demanding answers from OVG. But the biggest humiliation may yet transpire for Co-op Live as the rival AO Arena – which fiercely opposed plans for the new venue – was on Thursday reportedly exploring plans to host the cancelled concert by A Boogie Wit Da Hoodie. That would fail to ease the disappointment for Liam Hadway, 27, who bought tickets to Olivia Rodrigo’s cancelled gig for his 16-year-old sister’s birthday. The pair were due to drive up from Milton Keynes for the concert on Saturday but had been left dejected: “The communication has been terrible for the last couple of weeks. Is it happening? Isn’t it happening?” He added: “It still doesn’t seem like it’s ready. I feel like some sort of accountability needs to be taken. They definitely need to do something, whether it’s reimburse people for hotels – which are expensive on a Saturday night in Manchester. It’s not great.”

We're reading: How Facebook's AI 'Shrimp Jesus' is creating a zombie internet 2024-05-02 20:04:59+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview 404 Media has been pulling the thread of the great mystery of "What the heck is going on with all this AI image spam on Facebook?" Over the last few months, they've reported on various versions of AI people doing chainsaw carvings, children showing off bicycles made of vegetables, old people blowing out birthday cakes, dying or mutilated children, and my personal favorite: Shrimp Jesus. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Finally, Jason Koebler presents his theory of what all this AI engagement bait spam means: I think we should not view Facebook's AI spam through the lens of the "Dead Internet." The platform has become something worse than bots talking to bots. It is bots talking to bots, bots talking to bots at the direction of humans, humans talking to humans, humans talking to bots, humans arguing about a fake thing made by a bot, humans talking to no one without knowing it, hijacked human accounts turned into bots, humans worried that the other humans they're talking to are bots, hybrid human/bot accounts, the end of a shared reality, and, at the center of all of this: One of the most valuable companies on the planet enabling this shitshow because its human executives and shareholders have too much money riding on the mass adoption of a reality-breaking technology to do anything about it. My take: The weird and sometimes unsettling nature of AI images is fascinating, but underneath the phenomenon of these AI-powered pages proliferating, there appears to be a classic case of traditional engagement bait. The AI stuff builds up a page's following — and that can be profitable for the page owner. The question I'm left with is why is Facebook allowing this? 404 Media's report notes that occasionally, Meta will take action against certain pages, but only in really specific cases — like with a hacked account and when it removed AI-generated images of disfigured children. Those probably ran afoul of some other existing content guidelines. Advertisement I have a few theories about why Facebook is (for now) allowing this kind of AI image spam:

Biden finally understands that Latino voters will decide the 2024 election 2024-05-02 20:00:42+00:00 - President Joe Biden’s re-election campaign has been criticized for not being responsive to the country’s estimated 36.2 million eligible Latino voters. But the campaign can take some comfort in a new Pew Research poll released last week, which showed the incumbent creeping back to the 2020 levels of Latino support that helped put him in the White House. Pew’s poll showed Biden winning 52% of Latinos to Donald Trump’s 44%, an increase from other national polls that had him with some of the lowest Latino support of any Democratic presidential candidate since Jimmy Carter’s defeat in 1980. In the 2020 election, as Pew noted with a validated voter analysis, 59% of Latino voters chose Biden, with Trump earning 38%. Pew estimates there will be roughly 36.2 million eligible Latino voters by November 2024, which is 4 million more than in 2020. Democratic dreams of Biden matching the 70% share of Latinos that Barack Obama and Bill Clinton achieved are unrealistic in 2024. He would be hard-pressed even to attain the 66%-28% advantage Hillary Clinton had over Trump in 2016. Still, closing a 7 percentage-point gap from one cycle to another this early in the campaign is quite achievable. And while Democrats have had recent challenges with outreach to Latinos, it’s clear that Latinos will be central to a Biden victory, especially in six key toss-up states: Pennsylvania, Michigan, Wisconsin, Arizona, Nevada and Georgia. There are several factors to consider as to why such a scenario is plausible. First, the number of new Latino voters continues to increase. Pew estimates there will be roughly 36.2 million eligible Latino voters by November 2024, which is 4 million more than in 2020. The expected 2024 Latino voter turnout is currently at around 17.5 million, which means that more than half of eligible Latino voters are persuadable. As NBC News reported this week, “In the western U.S., which includes the battlegrounds of Arizona and Nevada, Latinos are nearly 4 of every 10 newly eligible voters — defined as those who have reached ages 18 or 19 since the 2022 midterms. In the South, Latinos are 24% of newly eligible voters, and in the Northeast they make up 19%.” With so much in play, local outreach and messaging will be crucial in the fight to win over new voters and possibly bring some Latino voters back into the Democratic fold, especially in states like Pennsylvania, Michigan and Wisconsin. Although these states have Latino voter shares in the single digits (anywhere from 4% to 6%), a consistent campaign presence could make enough of a difference to win a state’s electoral votes. The Republican National Committee has cut back dramatically on community centers aimed at increasing Latino voter support. Second, Republicans have had their own troubles with Latino outreach. As first reported by The Messenger before that outlet shut down, the Republican National Committee has cut back dramatically on community centers aimed at increasing Latino voter support. Plans to revive its outreach efforts to Black and Latino voters have shuttered completely, according to The Daily Beast. Joe Biden at a campaign event at El Portal restaurant in Phoenix on March 19. Jacquelyn Martin / AP file Subsequent reporting has Republicans questioning if the Trump campaign’s elusive push to win more Latino and Black support is just hyperbole. A story last Friday from The Keystone, a Pennsylvania-based outlet, said that while the Biden campaign opened up 10 offices across the state, “Republicans have been non-existent.” With the RNC’s closure of community centers, one former Allentown location is now a cash-checking store and another in Philadelphia is a child care center, the outlet reported. In a statement to The Keystone, José Muñoz, a spokesperson for the Democratic Congressional Campaign Committee, said, “While Democrats are trying to meaningfully and thoughtfully engage with these voters, Republicans are only interested in a publicity stunt.” There are other indications that Democrats and Biden can still do well with Latino voters. The campaign has reportedly made peace with Spanish-language network Univision, after last year’s interview with Trump caused friction. The president’s interview with the network in April didn’t lead to any political disaster or fallout. In addition, while the April Axios/Ipsos poll conducted in partnership with Noticias Telemundo noted that Biden’s approval ratings with Latinos were at just 41%, Trump’s rating came in at a dismal 32%. The same poll acknowledged that 36% of Latinos believed Democrats better represent them, compared to just 16% who felt the same way about Republicans. The Biden camp also continues to tout its Latino outreach efforts as coming earlier than in previous cycles. It knows it needs young Latino voters too, so reports that this segment of voters is disillusioned should be taken seriously. “I think that Latino voters know how much is at stake, but there is an information gap. Our job on this campaign is to reach folks and connect the dots,” said Michelle Villegas, the Biden campaign Latino engagement director, to Politico in April. It’s premature to conclude that Democrats have lost the party’s edge with Latinos forever. As a result, it does appear that the strategy of approaching Latino voters with swing-state resources could finally be hitting home with Democrats. As I said in a post-2020 election appearance on NPR about Latino support and political parties, “[Latinos] represent different ideologies. We come from different backgrounds, different demographics, economic status — working class, you know, middle class, upper class. It’s changing. We’re white. We’re Black. We’re Indigenous. We’re mixed. Figure it out. It’s like — there’s no longer Hispanic media. It’s what it is. It’s like we’re swing states. That’s who we are.” It’s premature to conclude that Democrats have lost the party’s edge with Latinos forever. Democratic-leaning Latino voters remain a key reason why states like California, New York and Illinois are consistently blue. But real work will need to happen in swing states, engaging Latinos there to provide just enough support to win. Fortunately for Democrats, it looks like the Biden campaign finally got the message.

Democratic senator aims at Amazon's labor practices with first federal bill regulating quotas 2024-05-02 19:56:00+00:00 - Democratic Sen. Ed Markey, D-Mass., on Thursday introduced new legislation to regulate the use of productivity quotas by warehouse employers such as Amazon , a tool critics have said encourages employees to work faster and without frequent breaks, putting them at higher risk of injury. The bill, called the Warehouse Worker Protection Act, is the first attempt to police warehouse quotas at the federal level. It comes after similar laws have passed in multiple states, including California, New York, Washington and Minnesota. The legislation would require employers to be more transparent about workplace quotas and potential disciplinary consequences. Employers would also need to provide workers with at least two business days' notice of any changes to quotas or workplace surveillance. It also seeks to ban companies from using "harmful quotas" like "time off task," an oft-scrutinized metric used by Amazon to measure the time a worker isn't scanning items while on the clock. Employees have argued the time off task policy makes working conditions more strenuous and that it's used as a tool to surveil workers. "Amazon has perfected a punishing quota system that pushes workers to and beyond their physical limits," Markey, a member of the Health, Education, Labor and Pensions Committee's Subcommittee on Employment and Workplace Safety, said at a press conference announcing the bill. "They set requirements for how many packages workers have to scan without telling workers what those requirements are. Then they fire workers who fail to win their impossible game," Markey added. Amazon's use of quotas in its warehouse and delivery operations has been a frequent subject of debate alongside broader scrutiny of the safety of its frontline employees. The company — the second-largest private employer in the U.S. — has previously said it doesn't use fixed quotas. Rather, the company said, it relies on "performance expectations" that factor in multiple indicators, such as how certain teams at a site are performing. It's also disputed allegations that employees don't get enough breaks. Amazon has a "time logged in" policy that "assesses whether employees are actually working while they're logged in at their station," Amazon spokesperson Steve Kelly said. Kelly added that employees can check their performance anytime and that managers provide coaching to struggling workers. Yet some Amazon warehouse workers say the company's productivity quotas are opaque and often determined by algorithms, and that they face disciplinary action or termination for failing to meet them. The Occupational Safety and Health Administration announced in January 2023 that the agency issued citations against Amazon for exposing employees to safety hazards, pointing to its pace of work as a driving factor. OSHA and the U.S. Attorney's Office are investigating conditions at several warehouses, while the U.S. Department of Justice is examining whether Amazon underreports injuries. Amazon has said it disagrees with the DOJ and OSHA's allegations. Wendy Taylor, a packer at an Amazon warehouse in Missouri, said during Markey's press conference on Thursday that she and others are "fighting for quota transparency." Taylor said last March she was ordered back to work by onsite medical staff after she "tripped and fell flat on my face" over a pallet. Her doctor later found she'd torn her meniscus during the fall. Taylor blamed Amazon's "inhumane work rates" for the injury, adding, "Amazon workers provide same-day shipping, but we can't even get the same-day care we deserve." WATCH: Amazon's worker safety hazards come under fire from regulators and the DOJ

Sony and Apollo send letter expressing interest in $26 billion Paramount buyout as company mulls Skydance bid 2024-05-02 19:51:00+00:00 - Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony and Apollo did not immediately respond to requests for comment. Skydance Media hasn't heard anything from the special committee yet, though it expects to find out the special committee's recommendations on next moves as early as Thursday, according to people familiar with the matter. Paramount's panel could recommend approving Skydance's offer or rejecting it, or it could come back to the Skydance consortium with alternatives or changes. The expression of formal interest comes as David Ellison's Skydance Media, backed by private equity firms RedBird Capital and KKR, awaits word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to controlling shareholder Shari Redstone. Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. If the special committee wants to continue negotiating with Skydance, or Redstone wants more time to consider her options while still talking to Ellison's company, the sides could extend an exclusivity window that ends Friday. It's also possible Skydance could walk away from the deal, which it has been negotiating on for months. If Skydance walks away, Redstone could turn her attention to negotiating a deal with Sony and Apollo, which would give all common shareholders a premium payout on their shares. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and The Wall Street Journal. Redstone initially rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone still prefers a deal that would keep Paramount together, as Skydance's offer would, a person familiar with the matter said. A private equity firm would likely tear the company apart through a series of divestitures to extract value. The Sony-Apollo offer would make the former the majority shareholder and the latter a minority holder, according to a person familiar with the letter. That could also assuage Redstone's fears that a new buyer could break apart the company, because Sony is another large Hollywood player and the owner of Sony Pictures. A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value. Still, the special committee would likely want to review details on financing and get assurances that there are no regulatory challenges in merging with Sony, a non-U.S. entity. To do this, the special committee would have to inform the Skydance consortium that it wants to end its exclusive talks, which would likely drive Skydance away as a bidder, according to people familiar with the matter. That move would be applauded by a number of Class B shareholders, including Gamco, Matrix Asset Advisors and Aspen Sky Trust, who have all publicly expressed dismay about the Skydance transaction. Skydance's "best and final" offer included merging its entertainment assets with Paramount, raising $3 billion to buy out common shareholders at about a 30% premium on an unaffected $11 per share price, and paying Redstone nearly $2 billion for her controlling stake. Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale. Earlier this week, the board removed Bob Bakish as the company's CEO. Installing a new CEO and giving investors a new plan forward would be essential to assuage a restless common shareholder base, who would likely argue the Apollo-Sony bid, if real, is in the best interest of shareholders.

Kristi Noem blames ‘fake news’ for uproar over her killing a dog 2024-05-02 19:48:46+00:00 - South Dakota Gov. Kristi Noem has doubled down on her story about killing her dog, saying people are upset because “the fake news” twisted it. The anecdote is included in her forthcoming memoir, a copy of which was obtained by The Guardian. In the book, Noem recounts killing an aggressive 14-month-old dog named Cricket by shooting it in a gravel pit, and then soon afterward shooting a “nasty and mean” goat of hers to death. The story was received extremely poorly and has drawn criticism across the political spectrum. Now, the governor — and potential Donald Trump vice presidential pick — is blaming the backlash on the media. In an interview with Fox News’ Sean Hannity on Wednesday, Noem said: Well, Sean, you know how the fake news works. They leave out some or most of the facts of a story, they put the worst spin on it, and that’s what’s happened in this case. Noem said that Cricket was a working dog and not a puppy, and that it was a “hard decision” that she had made to protect her children from an aggressive dog that was “extremely dangerous.” “I hope people really do buy this book and they find out the truth of this story,” Noem told Hannity, before later launching into her pitch for her political brand: “I tell the truth, and I make tough decisions.” What she failed to account for was the American public’s deep sensitivity to animal welfare. In her book, per The Guardian, Noem explains that she included the story to illustrate her no-nonsense approach to life and politics. What she failed to account for was the American public’s deep sensitivity to animal welfare. On Sunday, Noem contended that what she had done was legal under state law. “South Dakota law states that dogs who attack and kill livestock can be put down,” she wrote on X. “Given that Cricket had shown aggressive behavior toward people by biting them, I decided what I did.”

Campus calls to divest from Israel hinge on a tough question: Where’s the money exactly? 2024-05-02 19:24:00+00:00 - Pro-Palestinian protesters at Columbia University yelled “disclose, divest, we will not stop” as they broke into Hamilton Hall earlier this week, demanding the school drop any investments in companies doing business in Israel. But shedding those stakes first requires identifying them, and even that step — disclosure — can get tricky fast, higher education finance experts say. Many large university endowments are murkily set up with thousands of individual funds that have their own rules on how they’re invested, few requirements to share their investments publicly, and third-party managers whose oversight of day-to-day trading can limit campus officials’ knowledge of their own schools’ portfolios. “I think a lot of people believe an endowment is a piggy bank, and it’s not,” said Bill Guerrero, chief financial officer at the University of Bridgeport, a private university in Connecticut. School endowments are typically composed of many smaller funds, each of which can have their own investment policies, said Scott Malpass, who served for over three decades as the chief investment officer at the University of Notre Dame, a private Catholic institution outside of South Bend, Indiana, with nearly 9,000 students. During his tenure, which concluded with his 2020 retirement, the market value of the school’s endowment pool — a collection of several thousand distinct funds — grew from over $450 million in 1988 to more than $13.8 billion by the end of fiscal year 2019. “The big endowments have tried to improve on that in the last 20 to 30 years,” Malpass said of investment transparency, suggesting there may be room in some cases to go further. The University of Bridgeport, with nearly $42 million in assets and fewer than 2,000 students, has individual fund agreements numbering in the hundreds, said Guerrero, in which donors can specify how they’d like their contributions invested. A given fund might, for example, be earmarked solely for environmentally friendly investments. What’s more, many of these agreed-upon rules of investment are confidential, Guerrero said: “It’s very, very restrictive.” Student demonstrators have seized on this opacity as part of their broader divestment push. “It has been impossible to get Columbia to fully disclose their entire investment portfolio despite efforts from not just student organizers, but concerned faculty,” the Columbia Students for Justice in Palestine said in an Instagram post last week. “They have refused transparency for far too long.” The university has rejected calls to divest from Israel and instead offered to “publish a process for students to access a list of Columbia’s direct investment holdings, and to increase the frequency of updates to that list of holdings.” But direct investments rarely reflect the full scope of an institution’s portfolio. Many resemble a series of matryoshka dolls, in which some component funds that may not directly hold certain Israeli stocks could still have indirect ties to the country, for instance through mutual funds and exchange-traded funds that themselves may have exposure to Israel. What’s more, universities tend to be mum about which asset management firms they hire to handle their investments — both direct and indirect ones. The Knight Foundation reached out to 50 U.S. colleges with some of the largest endowments last year, asking them to share details about the share of their funds managed by firms with diverse leadership. Only 18 participated fully, and eight others opted to self-report more limited data. “Even as public-facing institutions, universities historically are not transparent about their financial affairs,” the researchers concluded. “There’s no incentive” for institutions to share more details about their investments, Malpass acknowledged. Many institutions worry that publicizing too much information could allow others to copy their investment strategies or scare away asset managers that prefer keeping their client lists private. By law, nonprofits like university endowments are required to report some information annually on the Internal Revenue Service’s Form 990. The document outlines the broad mix of assets (i.e., stocks versus bonds) that an endowment has invested in, but it doesn’t require granular detail on specific companies or industries those investments are focused on. Many school endowment officers also publish their own annual reports to help students, faculty, alumni and donors understand how money has flown in and out of their portfolios over a given year. But these reports are optional, leaving it mostly up to university administrators to decide how much additional information to publicize. Institutions with assets exceeding $100 million are also required to report holdings every three months through 13F filings, which are mandated by the federal Securities and Exchange Commission. But those snapshots aren’t comprehensive; for example, Columbia University’s endowment reported $13.6 billion in assets in June of last year, but 13F filings detailed only $68 million of those holdings, which include stakes in various therapeutics companies as well as Warren Buffett’s Berkshire Hathaway. With just 0.5% of the portfolio covered by 13F filings, the remaining 99.5% is outlined only in much broader strokes on the school’s Form 990. In a statement to NBC News, Columbia University spokesperson Robert Hornsby said “we don’t share direct holdings beyond what is filed publicly, and nor do we disclose investment manager information.” The complexity of endowment funds hasn’t stopped universities from making divestments in the past. Three years ago, several large schools agreed to reduce ties with the fossil fuel industry following students’ climate change protests. An investment policy guiding Columbia’s endowment now lists fossil fuels, thermal coal, private prison operators and tobacco as restricted industries. Malpass, who restricted some exposure to drillers and oil exploration companies during his time at Notre Dame, said divesting stock holdings “isn’t challenging at all.” Many could be sold in a day, he said, though private investments could take longer to exit. Some argue that even a widespread divestment push across American higher education, which seems unlikely, would have little impact on the war in Gaza. “Corporate decisions are going to make a much bigger statement than divestment from a university endowment ever would,” said Chris Marsicano, the director of the College Crisis Initiative at Davidson College, a small liberal arts school in North Carolina. Others have warned that selling shares of Israeli firms at a cheap price could benefit investors who support the country, noting that boycotts of goods tend to exert greater pressure than boycotts of stocks. There’s also the risk that pro-Palestinian divestment efforts could trigger an exodus of deep-pocketed university donors with countervailing sympathies. Even so, Marsicano noted that pro-Palestinian campus protests are getting the attention of the Israeli government, with Prime Minister Benjamin Netanyahu denouncing them in an address last week. “Divestment is definitely the vehicle to keep the protests going,” he said, “rather than the financial implications of divestment.”

Employer who fired 78-year-old receptionist must now pay her $78,000 2024-05-02 19:22:00+00:00 - The operator of a retirement facility in Columbus, Georgia, will have to pay $78,000 to a receptionist to settle an age and disability discrimination lawsuit filed by the Equal Employment Opportunity Commission. Shirley Noble was 78 when she was terminated from her job at Covenant Woods Senior Living in February of 2022 — one month after being honored as a 2021 employee of the year — according to a lawsuit filed by the agency in federal court. Noble, who had worked for Covenant for 14 years, returned to her job after a brief hospitalization to find a new, younger employee seated at her desk, the EEOC alleged. At a meeting with her manager the following day, Noble was questioned about whether she needed to continue working and how long she saw herself continuing in the workforce, according to the complaint. Noble expressed a desire to continue working for two or three more years, but the next day was told she was being let go due to a loss of confidence in her abilities, with her hospitalization cited as a concern that led to the decision, the EEOC alleged. "Employers have a responsibility to evaluate an employee's performance without regard to age, if the employee is 40 and over, and without regard to an actual or perceived disability," Marcus Keegan, regional attorney for the EEOC's Atlanta district office, said in a statement on Tuesday. Covenant Woods is owned by Chattanooga, Tennessee-based BrightSpace Senior Living, which operates a handful of retirement communities in four states. "We at Covenant Woods and BrightSpace Senior Living resolved this case due to the cost of litigating it," BrightSpace Chief Financial Officer Brian Hendricks said in a statement. "We do not admit wrongdoing or discriminatory conduct as part of this resolution. Covenant Woods and BrightSpace Senior Living remain committed to compliance with all discrimination and labor and employment laws."

Russian state media is posting more on TikTok ahead of the U.S. presidential election, study says 2024-05-02 19:14:56+00:00 - Russian state-affiliated accounts have boosted their use of TikTok and are getting more engagement on the short-form video platform ahead of the U.S. presidential election, according to a study published Thursday by the nonprofit Brookings Institution. The report states that Russia is increasingly leveraging TikTok to disseminate Kremlin messages in both English and Spanish, with state-linked accounts posting far more frequently on the platform than they did two years ago. Such accounts are also active on other social media platforms and have a larger presence on Telegram and X than on TikTok. However, the report says user engagement — such as likes, views and shares — on their posts has been much higher on TikTok than on either Telegram or X. “The use of TikTok highlights a growing, but still not fully realized, avenue for Russia’s state-backed information apparatus to reach new, young audiences,” reads the report, which drew data from 70 different state-affiliated accounts and was authored by Valerie Wirtschafter, a Brookings fellow in foreign policy and its artificial intelligence initiative. The study notes that most posts do not focus on U.S. politics but other issues, like the war in Ukraine and NATO. However, those that do tend to feature more divisive topics like U.S. policy on Israel and Russia, and questions around President Joe Biden’s age, the Brookings report says. A TikTok spokesperson said the company has removed covert influence operations in the past and eliminated accounts, including 13 networks operating from Russia. The spokesperson said TikTok also labels state-controlled media accounts and will expand that policy in the coming weeks “to further address accounts that attempt to reach communities outside their home country on current global events and affairs.” The Brookings report comes after Biden last month signed legislation forcing TikTok’s parent company — China-based ByteDance — to sell the platform or face a ban in the U.S. The potential ban is expected to face legal challenges.

IRS acts to address wide disparity in audit rates between Black taxpayers and other filers 2024-05-02 19:07:56+00:00 - WASHINGTON (AP) — The IRS said Thursday that it has taken steps to address a wide disparity in audit rates between Black taxpayers and others filers, and is more closely examining the returns of larger numbers of wealthy people and major companies. “We are overhauling compliance efforts to advance our commitment to fair, equitable, and effective tax administration and hold ourselves accountable to taxpayers we serve,” according to an annual update from the agency. A study from January 2023 involving university researchers and the Treasury Department found that IRS data-driven algorithms selected Black taxpayers for auditing at up to 4.7 times the rate of non-Black taxpayers. The study said the IRS disproportionately audited people who claim the Earned Income Tax Credit, which is aimed at low- to moderate-income workers and families: While Black taxpayers accounted for 21% of the claims for that break, they were the focus of 43% of the audits concerning the credit. “We have taken swift initial action to dramatically reduce the number of those audits. We have also made changes to the selection criteria for those audits,” IRS Commissioner Daniel Werfel said. Werfel, who was sworn in a little more than a year ago, has testified before Congress about the issue and last September he wrote to the Senate Finance Committee that the IRS would make changes. The discriminatory audits, he told reporters, “degrade trust in our tax system.” Werfel and the IRS have tried over the past year to show how money from the Inflation Reduction Act, President Joe Biden’s big climate, health and tax law, has helped to modernize the agency and improve taxpayer services, and that people making less than $400,000 per year would not be subject to more audits due to the new funding. Noting the promise to keep audit rates for people making $400,000 per year and less at 2018 levels, he said on Thursday that “we haven’t in any way exceeded that rate.” He added: “There is no new wave of audits coming for middle and low income” taxpayers — “that is not in our plans in any way shape or form.” The IRS is focusing the next year on using the funding boost to conduct higher rates of audits on suspected wealthy tax cheats after having collected hundreds of millions of back taxes this year. Ensuring that people pay their taxes is one of the tax collection agency’s biggest challenges. The audit rate of millionaires fell by more than 70% from 2010 to 2019 and the rate on large corporations dropped by more than 50%. The IRS plans to raise audit rates on companies with assets above $250 million to 22.6% in 2026, from an 8.8% rate in the tax year 2019. It also plans to increase audit rates by tenfold on large complex partnerships with assets over $10 million. “While the IRS has accomplished a lot so far with IRA funding,” he said, “we need to do much more to make improvements and transform the IRS for the benefit of taxpayers.”

Gazprom slumps to first annual loss in 22 years as trade with Europe hit 2024-05-02 18:55:00+00:00 - The Kremlin-owned gas company Gazprom has plunged to its first annual loss in more than 20 years, after gas sales more than halved following Vladimir Putin’s invasion of Ukraine. The company made a net loss of 629bn roubles (£5.5bn) in 2023 amid dwindling gas trade with Europe, once Gazprom’s main sales market, as a result of sanctions and the throttling of pipelines to the continent. The results highlight the dramatic decline of the company, which since the collapse of the Soviet Union has been one of Russia’s most powerful, with its gas supplies often used as a leverage in disputes with neighbours such as Ukraine and Moldova. Analysts had expected net income of 447bn roubles, according to the Interfax news agency. According to analysis by Reuters, it was Gazprom’s first annual loss since the late 1990s/early 2000s, when Alexei Miller, an ally of the then newly installed President Putin, took over the company in 2001. Gazprom’s 2023 loss followed a net profit of 1.2tn roubles the previous year. The company, which is now headquartered in St Petersburg, made heavy losses in the late 1990s after it racked up foreign-currency debt, inflated in rouble terms by the financial crisis of 1998. Gazprom shares in Moscow were down about 4% on Thursday. Russia’s gas exports to Europe, once its primary export market, have slumped because of the political fallout from the conflict in Ukraine, while Gazprom, which has a monopoly on piping gas abroad, has been the most tangible victim of western sanctions. In mid-2022, Gazprom began throttling supplies of gas to Europe through its Nord Stream 1 pipeline, and that September announced it was indefinitely shutting down the conduit from Siberia into northern Germany via the Baltic Sea. The following month the pipeline was damaged by undersea explosions, the cause of which is still being looked into by German investigators. While the disruption pushed the whole gas price up to near-record highs, European countries had greater success than expected in finding alternative sources of supplies, with the US and Qatar helping to refill storage on the continent. Gazprom’s core profit, or earnings before interest, taxes, depreciation and amortisation (Ebitda), fell to 618.38bn roubles last year, down from 2.79tn roubles in 2022, according to Reuters’ calculations. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Ronald Smith from the Moscow-based brokerage BCS Global Markets said: “The full-year Ebitda of $7.2bn was the worst in 22 years, since the company reported $7.6bn in 2002.” According to Reuters’ calculations, Gazprom’s natural gas supplies to Europe fell 55.6% to 28.3bn cubic metres (bcm) last year. Gazprom has not published its own export statistics since the start of 2023.

IRS says its number of audits is about to surge. Here's who the agency is targeting. 2024-05-02 18:23:00+00:00 - How the IRS is using artificial intelligence to make sure people aren't playing the system How the IRS is using artificial intelligence to make sure people aren't playing the system 02:08 The IRS says it is about to ramp up audits as it cracks down on tax cheats and seeks to deliver more revenue into the U.S. Treasury's coffers. But not every group of taxpayers will face more scrutiny, according to IRS commissioner Danny Werfel. The IRS has been bolstered by $80 billion in new funding directed by the Inflation Reduction Act (IRA), which was signed into law in 2022 by President Joe Biden. The idea behind the new funding was to help revive an agency whose ranks have been depleted over the years, leading to customer service snarls, processing delays and a falloff in audit rates. On Thursday, the IRS outlined its plans for the funding, as well as its efforts so far to burnish the agency's customer service operations after some taxpayers encountered months-long delays during the pandemic. The IRA money has helped the IRS answer more taxpayer calls during the tax season that just ended on April 15, as well as beef up its enforcement, which led to the collection of $520 million from wealthy taxpayers who hadn't filed their taxes or still owed money, it said. "The changes outlined in this report are a stark contrast to the years of underfunding" that led to a deterioration in the agency's services, Werfel said on a conference call with reporters. Werfel noted that the IRS' strategic plan over the next three tax years include a sharp increase in audits, although the agency reiterated it won't boost its enforcement for people who earn less than $400,000 annually — which covers the bulk of U.S. taxpayers. Here's who will face an increase in audits At the same time, the IRS is increasing its audit efforts, with Werfel noting on Thursday that the agency will focus on wealthy individuals and large corporations: The IRS plans to triple the audit rates on large corporations with assets of more than $250 million. Audit rates for these companies will rise to 22.6% in tax year 2026 from 8.8% in 2019. Large partnerships with assets of more than $10 million will see their audit rates increase 10-fold, rising to 1% in tax year 2026 from 0.1% in 2019. Wealthy individuals with total positive income of more than $10 million will see their audit rates rise 50% to 16.5% from 11% in 2019. "There is no new wave of audits coming from middle- and low-income [individuals], coming from mom and pops. That's not in our plans," Werfel said. But by focusing on big corporations, complicated partnerships and wealthy people who earn over $10 million year, the IRS wants to send a signal, he noted. "It sets an important tone and message for complex filers, high-wealth filers, that this is our focus area," he said. The myth of 87,000 armed IRS agents The agency also outlined its efforts to bolster hiring, thanks to the new IRA money. In the mid-1990s, the IRS employed more than 100,000 people, but its workforce had dwindled to about 73,000 workers in 2019 due to a wave of retirements and prior funding cuts. Werfel said the agency has recently boosted its workforce to about 90,000 full-time equivalent employees, and that it plans to expand to about 102,500 workers over the next few years. "That number won't even be a record high for the IRS workforce; it's well below the numbers from the 1980s and early 1990s," Werfel noted. He added that the hiring data should dissolve what he called "any lingering myths about a supersized IRS." After the IRA passed, some Republican lawmakers warned in 2022 that the agency would use the money to hire "87,000 new IRS agents to audit Walmart shoppers." "This should put to rest any misconception about us bringing on 87,000 agents," Werfel noted, adding that many of the new hires are replacing retiring employees.

What Trump really means when he says he wants an ‘honest’ election 2024-05-02 17:53:13+00:00 - Donald Trump is refusing to commit to accepting the results of the 2024 presidential election in Wisconsin, a state he still insists — wrongly — that he won in 2020. “If everything’s honest, I’d gladly accept the results. If it’s not, you have to fight for the right of the country,” the presumptive GOP presidential nominee told the Milwaukee Journal Sentinel on Wednesday. “But if everything’s honest, which we anticipate it will be — a lot of changes have been made over the last few years — but if everything’s honest, I will absolutely accept the results.” He added that he would “let it be known” if he felt something was off with the results, and that saying otherwise would be a “disservice” to the country. He added that he would “let it be known” if he felt something was off with the results, and that saying otherwise would be a “disservice” to the country. Trump has for years refused to accept election results that do not favor him. (He has made several attempts to overturn his 2020 loss in Wisconsin even after leaving the White House.) During his 2020 campaign, he repeatedly rejected the prospect of losing the election, and at a CNN town hall last year, he similarly said he would accept this year’s results only if it’s an “honest” election. As he repeats unfounded claims about voting, Trump has cast “election integrity” as one of his central concerns heading into November. He and his allies have stacked the highest levels of GOP leadership with like-minded officials. His campaign and the Republican National Committee are steered by election deniers; last month, they jointly announced that they would recruit 100,000 of the “right people” — as Trump put it — as election workers. The basis of Trump’s constant warnings about election integrity apparently is that there is no way he could lose an election fairly. He has set expectations for a big win in November while he repeats warnings of widespread election fraud — and, subsequently, violence — in case that win does not materialize. To Trump, the only kind of “honest” election is one in which he is the victor.

'If Americans want lower interest rates, they're going to have to do it themselves,' analyst says. Here's how 2024-05-02 17:42:00+00:00 - watch now The Federal Reserve held rates steady Wednesday — again deciding not to cut — which means anyone who carries a balance on their credit card isn't getting a break from sky-high interest charges. "It is becoming clearer and clearer that the Fed isn't going to lower interest rates anytime soon," said Matt Schulz, chief credit analyst at LendingTree. "If Americans want lower interest rates, they're going to have to do it themselves." The good news is there are options out there, especially if you have solid credit, he added. What determines your credit card rate Since most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. In the wake of the recent rate hike cycle, the average credit card rate rose from 16.34% in March 2022 to almost 21% today — near an all-time high, according to Bankrate. "As long as interest rates remain relatively high, it's important that consumers continue to use credit smartly, especially when it comes to higher interest products such as credit cards," said Michele Raneri, vice president of U.S. research and consulting at TransUnion. "It's best to only use these cards to the extent there is confidence they can be paid off relatively soon, as interest can pile on quickly, particularly at the higher rates of today," she added. How to lower your credit card APR Annual percentage rates will start to come down once the Fed cuts rates, but even then they will only ease off extremely high levels. With only one or two potential quarter-point cuts on deck, APRs aren't likely to fall much, according to Schulz. "Those anticipating a dip in new credit card APRs in the near future should probably adjust their expectations," Schulz said. Rather than wait for a modest adjustment in the months ahead, borrowers could call their card issuer and ask for a lower rate, switch to a zero-interest balance transfer credit card or consolidate and pay off high-interest credit cards with a personal loan, Schulz advised. More from Personal Finance: Treasury Department announces new Series I bond rate Cash savers still have an opportunity to beat inflation Here's what's wrong with TikTok's viral savings challenges Cards offering 15, 18 and even 21 months with no interest on transferred balances are still out there, according to Ted Rossman, senior industry analyst at Bankrate. "The fact that zero-percent balance transfer cards remain widely available, is, on its face, surprising," said Rossman, particularly given the amount of inflation and the number of interest rate hikes the credit card market has weathered since the pandemic. And U.S. consumers are carrying more credit card debt. Total credit card balances have been above $1 trillion since August 2023 and are currently hovering just near or above $1.05 trillion since this past February. But that hasn't deterred credit card issuers from offering generous terms on balance transfer cards, Rossman said. "It's actually a very profitable time for credit card issuers because rates are up and more people are carrying more debt for longer periods of time," Rossman said. "But most of those people are paying that debt back. If we were to see the job market worsen or delinquencies to go up even more, that's when I think issuers get nervous. But right now, it's kind of a Goldilocks environment for credit card issuers." It's also an ideal time for consumers to take advantage of all the options credit card issuers are offering. "Balance transfer cards are still your best weapon in the battle against credit card debt," Schulz said. A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate.

Sex tapes and Lindsay Lohan rehab records: Trump trial detours into tabloid scandals 2024-05-02 17:35:00+00:00 - Celebrity scandals became a focal point Thursday during a Trump attorney's cross-examination of Keith Davidson, the lawyer who represented adult film actress Stormy Daniels and former Playboy model Karen McDougal during the "catch and kill" scheme. Trump lawyer Emil Bove tried to undermine Davidson’s credibility by implying he had associated himself with people who had bad reputations and seemed to suggest that Davidson engaged in extortion for celebrity gossip, a point the witness repeatedly denied. "What does the word extortion mean to you?" Bove asked Davidson. "It's the obtaining of property by threat or fear or force," Davidson said. Bove asked if Davidson was making demands on behalf of third parties asking for money and had to be careful about not violating the law on extortion. Davidson rejected that suggestion. Bove then began referring to various instances in which Davidson allegedly helped people get money. Bove brought up how Davidson was investigated by state and federal authorities, for example, on the extortion of Hulk Hogan in connection with events in 2012. It was related to Gawker publishing a clip of a sex tape featuring Hogan, a professional wrestler. Trump's lawyer then said that Davidson also represented someone who leaked information about actress Lindsay Lohan's stint at a rehab facility and said that someone named "Ms. Holland" got paid in connection with TMZ posting Lohan's confidential patient file. "I don't recall," Davidson said. He seemed to be referring to a 2010 report from TMZ that said Dawn Holland, a chemical dependency technician at the Betty Ford Clinic, claimed Lohan was violent and drinking during her treatment there. Bove asked Davidson if he had brokered a deal for the sale of a sex tape involving reality TV star Tila Tequila but Davidson repeatedly said he couldn't recall. Trump's lawyer then questioned whether Davidson represented clients who were paid by actor Charlie Sheen, which Davidson said he did. Davidson, for example, confirmed that he had helped orchestrate a settlement involving a client named Karen Montgomery. But Davidson denied any “extraction” of money against Sheen, instead maintaining that there were “valid settlements executed.” Asked if he has a fuzzy memory around these events, Davidson said, "I had over 1,500 clients in my career. ... I don't remember a settlement from 13 years ago." Earlier in the day, the prosecution questioned Davidson about his involvement in the hush money deals at the heart of the case against Trump. Davidson said he helped broker the deal to bury claims from Daniels and McDougal about Trump. Davidson detailed his dealings with Trump's then-lawyer Michael Cohen as well as conversations with National Enquirer executives. Trump is facing 34 counts of falsifying business records related to the hush money deal. He has pleaded not guilty and denied having affairs with Daniels or McDougal.

Sony and Apollo Express Interest in Buying Paramount in $26 Billion Deal 2024-05-02 17:27:35+00:00 - Sony Pictures Entertainment and the private equity giant Apollo Global Management have formally expressed interest in acquiring Paramount for roughly $26 billion, according to two people familiar with the matter, a move that adds drama to an already chaotic deal making process. The nonbinding expression of interest, sent in a letter this week, comes as Paramount approaches an agreed-upon Friday deadline for the expiration of an exclusive negotiating period with Skydance, a Hollywood studio run by the tech scion David Ellison. Paramount has been in talks with Skydance for months, discussing a complicated transaction that would involve a merger and an investment from the private equity firm Redbird Capital Partners. The new, joint expression of interest would make Sony a significant majority and controlling shareholder and Apollo a minority shareholder. The proposed all-cash acquisition may appeal to Paramount shareholders who have come out against the Skydance deal over concerns it benefits the company’s controlling shareholder, Shari Redstone, at the expense of others. Paramount declined to comment. The proposed merger of Sony and Paramount would create a new powerhouse in Hollywood, uniting the studios behind the “Spider Man” and “Mission: Impossible” franchises. Sony executives have discussed operating the Paramount studio as a division of their broader empire, combining their marketing and distribution functions.