Finance
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Treasury sanctions Iran, Venezuela over combat drones, weapons trade
The department said Iran's unmanned aerial vehicle trade threatens U.S. personnel in the Middle East, and its trade with Venezuela poses security concerns in the Western Hemisphere.
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Treasury Department to end federal tax benefits for illegal migrants: Bessent
Bessent said refunded portions of some income tax benefits will no longer go to illegal migrants, including the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit and the Saver’s Match Credit.
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Treasury Sec Bessent says there's a 'good chance' Trump will announce new Fed chair by Christmas
Trump has long criticized current Federal Reserve Chairman Jerome Powell for not slashing interest rates, despite having nominated him for the post in his first term. Powell's term ends in May, and he has so far rejected calls to resign early.
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Federal Reserve raises interest rates by half percentage point, in effort to slow inflation
The increase, which was expected, marks the first time in 22 years that the central bank has increased rates that much
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Dow drops over 900 points, Nasdaq has worst month since 2008, in tech-led selloff
Nasdaq, S&P finished at a new low for 2022
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Black leaders call out 'woke corporations' for supporting Black Lives Matter
One speaker accused the companies of "helping BLM leaders amass a reported treasure trove of hate mongering, blood money totaling 100 million dollars."
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Netflix stock plummets roughly 25% following report of 200,000 lost subscribers
By suspending service in Russia, Netflix lost 700,000 subscribers.
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Job Creators Network CEO: 'Absolutely critical' to keep Trump tax cuts
"It's absolutely critical that we keep these tax cuts in place," Alfredo Ortiz said
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Will Ukraine crisis accelerate China's push for the yuan as an international currency?
For years, Beijing has pushed to have the yuan accepted as an international currency, while countries unfriendly to the U.S. such as Venezuela, Iran, Russia, and North Korea have been looking for a dollar alternative for international trade.
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Nasdaq Composite enters bear market after closing more than 20% below record high
The Dow Jones Industrial Average fell by about 800 points on Monday as well.
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Struggling Peloton cancels plans for $400 million Ohio factory in bid to cut costs
The pandemic surge in popularity is over for Peloton.
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Supply chain issues creating shortage of pet food in US amid pandemic, increase in pet ownership
Pet ownership in U.S. households has increased by about 3%, to 70%, over roughly the past year
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Debt collectors will now be able to text, email, and direct message borrowers on social media
The Consumer Financial Protection Bureau rule change is part of an update to the 1977 Fair Debt Collection Practices Act