Business News

Tax season is a prime time for scams. IRS uncertainty could add to the issues this year

NEW YORK (AP) — There’s a lot of information (and money) on the table during tax season. Unfortunately, that also makes it a prime time for scams. Year-round, fraudsters may use a handful of common tactics to try to steal your identity, money or other sensitive information — from social media offers that promise a too-good-to-be-true payday, to unsolicited phone calls impersonating a federal agency. As you prepare your annual tax return, experts stress that it’s important to be extra vigilant. This year, scammers might take particular advantage of uncertainty spanning from recent workforce cuts at the IRS. Some say those layoffs, and potential for even more widespread reductions, also bring resources into question — including the agency’s bandwidth to respond to scams consumers report.

Stock market today: Wall Street gains ground after shaking off four-week losing streak

NEW YORK (AP) — Stocks rose in morning trading. The S&P 500 jumped 1.6% Monday. It is coming off its first winning week after a four-week losing streak. The Dow Jones Industrial Average rose 1.3% and the Nasdaq composite rose 2%. Genetics testing company 23andme plunged after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.

2 months into Trump’s second administration, the news industry faces challenges from all directions

NEW YORK (AP) — During the first Trump administration, many journalists worried most about being called “fake news.” They now face a more assertive President Donald Trump in his second term as a blitz of action by his new administration has journalists on their heels. Media outlets are facing lawsuits and investigations, and threats to their business. Supporters of the president suggest an overdue correction is in order to reflect new ways that Americans get information.  The Republican president talks to reporters much more often than many predecessors.

Trump says countries that buy Venezuelan oil will face 25% tariff

WASHINGTON (AP) — President Donald Trump says he will place a 25% tariff on all imports from any country that buys oil or gas from Venezuela. He says he’ll also place new tariffs on Venezuela itself beginning April 2. Trump says in his post that Venezuela would face a secondary tariff because the nation with its weak economy is the home to the gang Tren de Aragua. The Trump administration is deporting immigrants who it claims are members of that gang who illegally crossed into the United States.

Heathrow defends its response as questions grow about why a fire shut the airport for so long

LONDON (AP) — Heathrow bosses are defending their response to a fire that shut down Europe’s busiest air hub for almost a day. It comes after Britain’s energy system operator suggested the airport had enough electricity from other sources to keep running. More than 1,300 flights were canceled Friday after a fire destroyed one of the three electrical substations that supply Heathrow. The chief executive of National Grid told the Financial Times that “each substation individually can provide enough power to Heathrow” to stay open. But Heathrow said safely restarting operations “was a significant challenge.” Heathrow says it ran a full service on the weekend and expects to do so again Monday.

23andMe files for Chapter 11 bankruptcy as co-founder and CEO Wojcicki resigns

23andMe has filed for Chapter 11 bankruptcy protection and its co-founder and CEO has resigned as the struggling genetic testing company continues its push to cut costs. The company said Sunday that it will look to sell “substantially all of its assets” through a court-approved reorganization plan. The company also said Anne Wojcicki had resigned as CEO but would remain on the company’s board. Her resignation comes weeks after a board committee had rejected a nonbinding acquisition proposal from Wojcicki. Shares of 23andMe have shed nearly all their value since last spring and plunged below $1 in early Monday trading.

A European startup scrubs its attempt to launch an orbital rocket on its first test flight

OSLO, Norway (AP) — A private European aerospace company has scrubbed the first test flight of its orbital launch vehicle. Isar Aerospace says it canceled Monday’s attempt to launch its Spectrum rocket from an island in northern Norway because of unfavorable winds. The launch time is subject to various factors, including weather and safety. The flight could take place later in the week. The Spectrum is a two-stage launch vehicle designed for small and medium-sized satellites. The startup says it has raised more than $435 million in capital and hopes to build up to 40 launch vehicles per year in the future to put satellites into orbit.

Georgia jury orders Monsanto parent to pay nearly $2.1 billion in Roundup weedkiller lawsuit

NEW YORK (AP) — A jury in Georgia has ordered Monsanto parent Bayer to pay nearly $2.1 billion in damages to a man who says the company’s Roundup weed killer caused his cancer. That’s according to attorneys representing the plaintiff. The verdict on Friday marks the latest in a long-running series of court battles Monsanto has faced over its Roundup herbicide. The agrochemical giant says it will appeal the verdict. Lawyers for the client said the penalties awarded include $65 million in compensatory damages and $2 billion in punitive damages. The overall amount is one of the largest verdicts in a Roundup-related case to date. Monsanto says many jury awards have been reduced before the judgments were finalized.

China’s premier says US relations at ‘an important juncture’ during meeting with pro-Trump senator

BEIJING (AP) — Chinese Premier Li Qiang says Beijing and Washington should choose dialogue instead of confrontation. The two countries are locked in rising friction over efforts to combat illegal fentanyl trade. Li was speaking Sunday during a meeting with U.S. Senator Steve Daines, a strong supporter of President Donald Trump, who is the first member of Congress to visit Beijing since Trump took office in January. The meeting also included the leaders of several American businesses. Li said the relations between their countries “have come to an important juncture” and China hoped the U.S. would work together to promote the ties.