Business News
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The IRS has unveiled a “voluntary disclosure program” for businesses that claimed a pandemic-era tax credit in error and want to pay the money back. Worth thousands per employee, the employee retention tax credit, or ERC, was designed to support small businesses affected by the Covid-19 pandemic. The lucrative tax break sparked a cottage industry of firms pushing employers to […]
Vinyl LP purchases have risen for the 16th consecutive year in the UK in 2023 and are growing at their fastest rate this decade. Following a 2.9% improvement in unit sales last year, the vinyl market in 2023 has, with just a few more days to go to year-end, increased more than four times as […]
TOKYO — Toyota Motor’s Daihatsu unit will halt shipments of all of its vehicles, Japan’s biggest automaker said on Wednesday, after an investigation into a safety scandal found issues at 64 models, including almost two dozen sold under Toyota’s brand. An independent panel has been investigating Daihatsu after it said in April it had rigged side-collision […]
SEOUL — South Korea’s Hyundai Motor plans to sell its plant in Russia for a nominal $77.67, a company official said on Tuesday, making it the latest global automaker to sell Russian assets since the outbreak of the war in Ukraine. Hyundai Motor, in a regulatory filing, said it would take a $219.19 million loss on […]
Panera Bread has confidentially filed to go public again, people familiar with the matter told CNBC. The restaurant chain, known for its soups, sandwiches and bagels, has been signaling for months that it’s looking to go public through an initial public offering. In May, Panera announced a CEO transition and said the leadership changes were “in preparation […]
Best Buy cut its full-year sales outlook Tuesday, as the company weathers a period of cooler demand and prepares for price-conscious holiday shoppers. The consumer electronics retailer beat Wall Street’s quarterly earnings expectations, but fell short on revenue. Best Buy said it now expects revenue to range from $43.1 billion to $43.7 billion for the fiscal […]
Current homeowners and potential homebuyers are responding to lower mortgage rates, albeit slowly. Mortgage demand rose 2.8% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the second straight week of gains. After dropping sharply the previous week, the average contract interest rate for 30-year fixed-rate […]
ritish fintech firm Wise nearly quadrupled pre-tax profits in its half-year results out on Tuesday, citing a boost from higher interest rates. Wise reported revenue of £498.2 million, up 25% year-on-year, in the half-year ended on Sept. 30, 2023. Including interest income, the company’s total income stood at £656 million for the period, up 58% year-on-year. Before […]
Billionaire investor Ron Baron told CNBC on Friday that he expects SpaceX to IPO its Starlink satellite internet service “in 2027 or so.” “We think that by the time they go public with SpaceX, with Starlink … in 2027 or so, four years, the company will be worth $250 billion to $300 billion,” Baron said, […]
Paramount Global’s stock moved higher in extended trading Thursday after it reported strong revenue and subscription trends in its third-quarter earnings report. The after-hours move came on top of an already-strong day for the media giant. The stock closed more than 10% higher during the regular trading session Thursday. Paramount — home to brands such […]
