US IRS enforcement efforts recover $1.3 bln in unpaid taxes, Treasury says
Washington — The U.S. Treasury and Internal Revenue Service said on Friday that they have recovered $1.3 billion in unpaid taxes from wealthy individuals under new enforcement initiatives funded by $60 billion in IRS modernization spending from the climate-focused Inflation…
US job growth misses expectations in August; unemployment rate slips to 4.2%
Washington — U.S. employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labor market slowdown continued and probably did not warrant a big interest rate cut from the Federal Reserve…
GM battery joint venture agrees to recognize UAW at Tennessee plant
The United Auto Workers said Wednesday a battery manufacturing joint venture between General Motors and LG Energy Solution has agreed to recognize the union at a Tennessee plant. The UAW said a majority of the workers at the Ultium Cells…
US trade deficit widens to two-year high on imports
WASHINGTON — The U.S. trade deficit widened to the highest level in more than two years in July as businesses likely front-loaded imports in anticipation of higher tariffs on goods, suggesting trade could remain a drag on economic growth in…
UN: Workers see dramatic fall in share of global income
Geneva — Workers have seen their slice of the global income pie shrink significantly over the past two decades, swelling inequality and depriving the combined labor force of trillions, the U.N. said Wednesday. The United Nations’ International Labor Organization said…
Nigeria struggles to supply gasoline to its consumers
Abuja, Nigeria — Barely 48 hours after Nigeria’s state-owned oil company made a startling revelation, hundreds of commuters joined a line stretching many kilometers for fuel at an NNPC outlet in the capital. In a statement Sunday, Nigeria’s state oil…
Portable pasteurizer keeps milk disease-free for Kenyan, Rwandan dairy farmers
Nairobi — Kenyan officials have long pushed for milk to be pasteurized before it reaches the marketplace, but much of the milk sold is not pasteurized because small-scale vendors and producers can’t afford the expensive machines used in the process….
Report: EU chief to hand economy job to Italy’s far-right
Berlin, Germany — EU chief Ursula von der Leyen has made her first picks for her top team, with the key economy vice-president job going to Italy’s far-right nominee, German newspaper Die Welt reported Tuesday. Von der Leyen, who secured…
US Fed welcomes ‘soft landing’ even if many Americans don’t feel like cheering
Washington — When Jerome Powell delivered a high-profile speech last month, the Federal Reserve chair came the closest he ever had to declaring that the inflation surge that gripped the nation for three painful years was now essentially defeated. And…
China, South Africa agree to seek balanced trade, more investments
China and South Africa, whose top leaders met in Beijing, agreed to promote balanced trade and discussed boosting two-way investments between their industrial and commercial communities, a joint statement on Tuesday showed. President Xi Jinping and his South African counterpart…