Business News

North Carolina launches statewide sports wagering

CHARLOTTE, N.C. (AP) — People in North Carolina now have more chances to gamble as statewide sports wagering has begun. Several government-licensed gambling operators started taking bets through smartphones and computers at noon Monday from adults within the state’s borders. North Carolina officials enacted a law last year that directed the North Carolina State Lottery Commission to set rules and take licensee applications. Eight licenses have been issued and each of the companies associated with them were up and running Monday. Sports gambling operators have been anxious to get into the market of the nation’s ninth largest state. In-person sportsbook betting and horse racing are also now authorized but aren’t beginning right now.

Biden’s budget proposal for a second term offers tax breaks for families and lower health care costs

MANCHESTER, N.H. (AP) — President Joe Biden has issued a budget proposal for a second term aimed at getting voters’ attention with tax breaks for families, lower health care costs, smaller deficits and higher taxes on the wealthy and corporations. The proposal for fiscal 2025 is unlikely to pass the House and Senate and become law. It’s an election year blueprint sketching what the future could hold. If it became law, deficits could be pruned $3 trillion over a decade. Parents could get an increased child tax credit. Corporate taxes would jump upward. Billionaires would be charged a minimum tax of 25%. It also has a $2,000 cap on drug costs. House Speaker Mike Johnson called the proposal a glaring reminder of the administration’s “insatiable appetite for reckless spending.”

China’s congress ends with a show of unity behind Xi’s vision for national greatness

BEIJING (AP) — China’s national congress has concluded its annual session with the usual show of near-unanimous support for the ruling Communist Party’s blueprint for the year. The weeklong event has highlighted how China’s politics have become ever more calibrated to elevate leader Xi Jinping. Monday’s agenda lacked the usual news conference by the premier, who in the past was largely in charge of economic affairs as the party’s No. 2 leader. It was the one time each year when journalists could directly question a top leader. The National People’s Congress approved a revised law that directs China’s cabinet to follow Xi’s vision.

Reddit looking to raise almost $750 million in initial public offering

Social media company Reddit is looking to raise almost $750 million in an initial public offering of its common stock. The company said in a regulatory filing that the IPO will include 22 million shares of Class A common stock. Reddit is offering approximately 15.3 million shares, while the selling stockholders are offering about 6.7 million shares. Reddit anticipates that the IPO will be priced between $31 and $34 per share.

Stock market today: Wall Street freezes in place ahead of inflation report

NEW YORK (AP) — Stock indexes are drifting as Wall Street prepares for a report on inflation that could show how realistic its hopes for easier interest rates are. The S&P 500 was flat Monday, coming off just its third losing week in the last 19. It’s still near the all-time high it set on Thursday. The Dow Jones Industrial Average was up 40 points, and the Nasdaq composite slipped 0.1%. If economists are correct, Tuesday’s report on prices at the consumer level could show inflation remained at 3.1% in February. Treasury yields edged higher in the bond market. Bitcoin hit another record.

Choice Hotels surrenders its $8 billion hostile takeover attempt of rival chain, Wyndham

Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & Resorts. Choice said Monday that while it received support from some Wyndham shareholders, it wasn’t sufficient enough to conclude that a deal could be done with Wyndham board already in opposition. Choice launched a hostile takeover offer for Wyndham in December after repeated attempts to reach a deal with the rival hotel chain were rebuffed. Wyndham runs Days Inn, La Quinta, Ramada and a host of other brands. Choice runs about 7,500 hotels in 46 countries, including the Howard Johnson, Super 8 and Travelodge brands.

George Soros’ Open Society Foundations name new president after years of layoffs and transition

NEW YORK (AP) — George Soros’ Open Society Foundations announced a leadership change Monday with its president Mark Malloch-Brown stepping down in June, set to be replaced by a senior leader, Binaifer Nowrojee. She will be the first woman from the global south to lead OSF. Soros, the billionaire investor, said in a statement that when he started the foundations decades ago, he hoped its work would be global in scope. Most recently, Nowrojee, who is Kenyan from an Indian family, was OSF’s vice president of programs and part of a small senior leadership team overseeing a large transition that kicked off last summer when the foundations announced that Alex Soros, one of George Soros’ sons, had taken over as chair of its board in December 2022.

Federal judge in Texas blocks US labor board rule that would make it easier for workers to unionize

A federal judge in Texas has blocked a new rule by the National Labor Relations Board that would have made it easier for millions of workers to form unions at big companies. The rule, which was due to go into effect Monday, would have set new standards for determining when two companies should be considered “joint employers” in labor negotiations. The U.S. Chamber of Commerce and other business groups sued in November to block the rule. U.S. District Court Judge J. Campbell Barker granted the plaintiffs’ motion for a summary judgement Friday after concluding that the NLRB’s new rule exceeds “the bounds of the common law.”

Biden proposes tax increase on fuel for private jets, casting it as making wealthy pay their share

President Joe Biden is proposing a huge tax increase on fuel used by private jets, portraying that as part of an effort to make the wealthy pay their share for services like running the nation’s airspace. That’s part of the president’s budget, which was unveiled Monday. The White House wants $109.3 billion for the Department of Transportation, including the Federal Aviation Administration. One provision would gradually raise the tax on fuel used by private jets from about 22 cents per gallon now to $1.06 per gallon in five years.

Housing Secretary Fudge resigning. Biden hails her dedication to boosting supply of affordable homes

WASHINGTON (AP) — Housing and Urban Development Deputy Secretary Adrianne Todman will serve as acting secretary when Marcia Fudge’s resignation takes effect March 22. The White House says President Joe Biden will nominate a permanent replacement for Fudge as secretary but has offered no timeline. Fudge is a former Ohio mayor and congressional representative. Fudge says she’s leaving HUD “with mixed emotions” after serving as secretary since the start of Biden’s administration. Biden lauds Fudge’s “contributions toward a housing system that works for all Americans.” The president of the National Housing Conference calls Fudge a steadfast advocate for equitable housing policies.