-
Continuing jobless claims hit three-year high
The number of Americans filing for unemployment benefits fell last week, but the total number of those collecting benefits rose to its highest level in almost three years. The Labor Department said Thursday that initial claims decreased 15,000 to 227,000 in the seven days to October 19th, well below the 242,000 median forecast of economists…
-
New tax credits boost semiconductor sector
The Biden administration has finalized rules for a 25% tax credit aimed at semiconductor manufacturing projects, broadening eligibility under the 2022 Chips and Science Act. The expansion includes companies producing wafers and chipmaking equipment, as well as solar wafers, which could enhance domestic production. However, facilities producing underlying materials like polysilicon remain excluded. The tax…
-
EY fires staff who took multiple online training courses at once
Dozens of employees at EY have been dismissed for watching multiple training videos simultaneously so as to meet quotas, with the firm deeming this to be an ethical breach. The firings occurred after EY tightened its policies following a $100m fine from the U.S. Securities and Exchange Commission in 2022 for previous infractions. While EY…
-
FASB shakes up construction accounting rules
The FASB has announced revisions to its standards concerning contract assets and liabilities specifically for construction contractors, following recommendations from its Private Company Council (PCC). The new guidelines allow private companies to present contract assets and liabilities on a gross basis in their financial statements. This change is limited to private construction firms, which must…
-
Restaurant industry faces bankruptcy wave as costs soar and consumers tighten belts
The U.S. restaurant industry is grappling with an alarming surge in bankruptcies in 2024, with the sector on track for the highest number of filings in decades, excluding the pandemic peak in 2020. This wave of financial distress comes as restaurants struggle to balance rising labor costs, inflation, and shifts in consumer spending habits. The…
-
Italy’s Bitcoin tax hike hits 42%
Italy is set to increase its capital gains tax on Bitcoin investments from 26% to 42%, as announced by Deputy Finance Minister Maurizio Leo during a budget plan conference call in Rome. He stated that the move is necessary as the “phenomenon is spreading,” indicating a growing interest in cryptocurrency investments. This tax adjustment is…
