Financial News

Husky Sports for Week of 4-18-22
April 18, 2022
AP-NC Newswatch
April 18, 2022
Financial News

 

Financial News:

 

Stocks mostly lower…Biden pushes ‘buy American’

BANGKOK (AP) – Shares are mostly lower in Asia today after China reported that its economy expanded at a 4.8% annual pace in the last quarter. Markets in Europe and in Hong Kong and Sydney were closed for holidays. Oil prices retreated, while U.S. futures are lower after benchmarks fell in Tokyo, Seoul and Shanghai.

 

WASHINGTON (AP) – The Biden administration is taking a key step to ensure federal dollars will support U.S. manufacturing. It’s issuing new requirements for how projects funded by the $1 trillion bipartisan infrastructure package source their construction material. The guidance requires material purchased for projects starting next month be produced within the U.S. Waivers can be granted if the material costs too much or cannot be sufficiently provided by domestic factories.

 

BEIJING (AP) – China’s economic growth edged up to a still-weak 4.8% over a year earlier in the first three months of 2022 as a wave of coronavirus outbreaks led to shutdowns of major industrial cities. Official data shows growth accelerated from the previous quarter’s 4%, when the economy was slammed by tighter government controls on use of debt by China’s vast real estate industry. Compared with the previous quarter, as other major economies are measured, growth declined to 1.3% from 1.4% in the final quarter of 2021. Retail spending, factory output and investment in factories, real estate and other fixed assets rose.

 

COLOMBO, Sri Lanka (AP) – Sri Lanka’s president has appointed 17 new Cabinet ministers as he and his powerful family try to resolve a political crisis resulting from the country’s dire economic state. Today’s appointments follow weeks of protests over fuel and food shortages and demands that the country’s president and his government resign. The new Cabinet retains the president’s older brother, who is the prime minister, while excluding other key family members in what’s seen an attempt to pacify the protesters.

 

WASHINGTON (AP) – Today is Tax Day, the federal deadline for individual tax filings and payments. The IRS expects to receive tens of millions of last-minute filings electronically and through paper forms. The executive director of the National Society of Tax Professionals, Nina Tross, says if people haven’t filed their taxes by now they’re better off filing an extension. Tross says filing an extension has “zero effect” as long as filers have paid their income taxes by Tax Day.