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☆ US IRS to launch free tax e-file pilot program in 2024
▼ + stars: | 2023-05-16 | by ( David Lawder | ) www.reuters.com time to read: +3 min

WASHINGTON, May 16 (Reuters) - The Internal Revenue Service on Tuesday said it would launch a free, government-provided direct tax filing option next year, which could lead to the full-scale launch of an IRS filing system that would compete with private tax preparers. The IRS said in an exploratory report to Congress that 72% of American taxpayers surveyed said they were "very interested in" or "somewhat interested in" using a government tool to electronically file their tax returns. The size, scope and complexity of the pilot program, to be available in the 2024 tax filing season, has yet to be determined, IRS Commissioner Danny Werfel told reporters, adding that Treasury Secretary Janet Yellen directed the IRS to launch the pilot after reviewing the report. "Americans will be powerless when the IRS completely controls the tax filing process from start to finish," Smith said in a statement. Werfel noted that all filing options would continue, including free e-file options from private firms and non-profit tax advocacy services, paid filing by tax preparers, and free paper filing to the IRS.

☆ California’s Green-Fuel Program Gets Too Popular for Its Own Good
▼ + stars: | 2023-05-16 | by ( Bob Henderson | ) www.wsj.com time to read: 1 min

Anaergia’s Rialto bioenergy facility in California captures the methane emissions of up to 1,000 tons a day of food waste and turns it into fuel. Photo: AnaergiaA boom in the production of green trucking fuel is punishing renewable-energy producers across the country, thanks to the shifting market for California’s low-carbon fuel credits. U.S. production of so-called renewable diesel, which is made from feedstocks such as beef tallow and soybean oil, has tripled over the past three years. Truckers and fuel producers say the gains are driven by federal incentives and the state’s Low Carbon Fuel Standard program, which issues resellable credits to firms that sell low-carbon fuels such as ethanol in California.

☆ Shake Shack settles with activist investor, adds independent director
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

But Shake Shack said on Tuesday that Engaged Capital would support the board's full slate of directors at the 2023 annual meeting of stockholders. The company has named Jeffrey Lawrence, former finance chief at apparel retailer FIGS Inc (FIGS.N) and Domino's Pizza Inc (DPZ.N), as an independent director. It has also mutually agreed with Engaged Capital to add another director with restaurant operations experience. Engaged Capital did not immediately respond to Reuters request for additional comments. In May, Shake Shack posted a smaller-than-expected first-quarter loss, benefiting from higher prices for its menu items that offset pressures from rising prices of beef and other cost pressures.

☆ Gen Z is forcing fast-food restaurants to change their menus. They're now offering more spicy food and chicken to lure in younger diners.
▼ + stars: | 2023-05-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Gen Z diners crave spicy food and chicken more than other generations. Restaurant execs say that younger diners crave spicy food and chicken. "Spice levels generally heat up with younger generations," Fabiola Del Rio, VP of integrated marketing communications at Panda Express, told Insider. And where they can, Gen Zers like to get their chicken spicy, too. Or a restaurant exec who's noticed interesting dining patterns among your Gen Z customers?

☆ TikTok users are fawning over dollar stores, sharing videos of shopping hauls and cheap finds from Dollar General, Dollar Tree, and more
▼ + stars: | 2023-05-15 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

Dollar General and Dollar Tree shoppers are posting haul videos on TikTok. On TikTok, regular shoppers at Dollar General, Dollar Tree, and other dollar stores garner millions of views by posting videos of their weekly store purchases. Typical haul videos feature high-end or visually appealing products, but dollar store haul videos tend to feature household items. Compared to some of the largest accounts posting haul videos, the dollar store chains themselves have modest followings on TikTok. Dollar General had 25,200 followers as of Monday morning, while Dollar Tree had 49,600.

☆ Check out the wild robot that Sam's Club is testing to make burgers in its cafes
▼ + stars: | 2023-05-14 | by ( Ben Tobin | ) www.businessinsider.com time to read: +2 min

Sam's Club recently unveiled a robot that can assemble a burger start-to-finish without humans. Walmart-owned Sam's Club is testing out a robot that can assemble your burgers — toppings, seasoning, and all — at a location in Fayetteville, Arkansas, not far from the company's headquarters of Bentonville. Sam's Club declined to comment when Insider reached out about the robot. Sam's Club does not have any current plans to roll out this robot nationwide, Tim Simmons, Sam's Club senior vice president and chief product officer, told Axios. Have you tried the Sam's Club burger or do you want to?

[1/2] Move Forward Party leader and prime ministerial candidate, Pita Limjaroenrat, looks up at the crowd during the general election in Bangkok, Thailand, May 14, 2023. Move Forward has shaken the political landscape, long dominated by military-backed parties or the opposition Pheu Thai party driven by the billionaire Shinawatra family. Move Forward's charismatic prime ministerial candidate Pita Limjaroenrat was jubilant. A chunk of Move Forward's support has come from young voters, including 3.3 million eligible to vote for the first time. "I feel like my vote has improved the country," she said, dressed in orange, Move Forward's colour, at party headquarters.

☆ Meet ‘Chonkosaurus,’ the Thick Snapping Turtle Stealing Hearts
▼ + stars: | 2023-05-14 | by ( Eduardo Medina | ) www.nytimes.com time to read: +1 min

“It was so fat, you know, the legs kind of spilled out,” Mr. Santore recalled. “It looked like a fat sandbag.”Its size has prompted a question online: What has the animal been eating? Perhaps the most valuable insight came from the men in the video who actually saw Chonkosaurus. “Holy hell, you look good!” Mr. Santore says in the video. You’ve been eating healthy?” He asks the turtle if it has heard of liquid salad, and Mr. Scorch later says that Chonkosaurus is “thick but strong.”Chonkosaurus’s nutritional pursuit does not appear to be completely selfish, however.

While the communique made no mention of the U.S. debt ceiling stalemate, it figured constantly in discussions. "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook," they added in the communique after the meeting. G7 central bank chiefs vowed to combat "elevated" inflation and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation. CHINA AND SUPPLY CHAINSSeeking to reassure investors after recent U.S. bank failures, the G7 finance chiefs retained an April assessment that the global financial system was "resilient". In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains.

☆ Honduras will 'soon' launch trade talks with China as ties deepen
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

TEGUCIGALPA, May 12 (Reuters) - Honduras will soon begin talks toward a trade deal with China, the Central American country's top diplomat said on Friday, marking the latest step toward stronger bilateral ties between the two nations after Honduras broke off relations with Taiwan. Honduran Foreign Minister Eduardo Enrique Reina told reporters at a press conference that the goal is to launch talks "soon" and eventually ink a "free trade" agreement with the Asian giant, the world's second-largest economy. "It will be good news and (offer) opportunities for access to our products to China," said Reina. Reina said that China has also expressed interest in buying Honduran beef and bananas, among other products. In April, the diplomat said Honduras also hopes to reach agreements with China to lighten the nation's debt burden with the support of financial organizations from its new partner.

☆ US airlines made nearly $7 billion in bag fees last year despite mishandling nearly 3 million of them — see how carriers compare
▼ + stars: | 2023-05-13 | by ( Taylor Rains | ) www.businessinsider.com time to read: +2 min

US airlines earned a collective $6.8 billion in baggage revenue in 2022. American Airlines generated the most revenue but had the worst mishandled bag rate of any carrier. The strategy has paid off, with airlines collectively earning about $6.8 billion in baggage revenue last year according to DOT stats. This year's $1 billion increase from 2019 is despite carrying 72 million fewer passengers. However, carriers faltered when it came to handling the luggage, resulting in nearly 3 million bags lost, destroyed, or delayed across all airlines in 2022.

☆ Australia trade minister flies to China to lobby for 'full' restoration of exports
▼ + stars: | 2023-05-12 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Trade Minister Don Farrell arrived in Beijing on Thursday for a three-day visit to meet with his counterpart, Wang Wentao, according to the Chinese commerce ministry. It’s the first visit to China by an Australian trade minister since 2019. “I will be advocating strongly for the full resumption of unimpeded Australian exports to China — for all sectors — to the benefit of both countries,” he added. As a result, Australian exports to China fell by 13% in 2022, compared to the previous year, according to Chinese customs data. In March, Australia’s exports to China hit a record high, with the value of shipments reaching 19 billion Australian dollars ($12.8 billion).

☆ Sony's faith-based streaming service merges with Hallmark rival Great American Media
▼ + stars: | 2023-05-11 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Sony Pictures Entertainment and its streaming service Pure Flix are making room on the cable TV dial. The company's streaming service, known for faith-based content, is merging with Great American Media, a recent upstart cable rival to the Hallmark Channel. It will also beef up the slate for Great American's TV networks Great American Family and Great American Living. As part of the deal, which has yet to close, content from both Pure Flix and Great American Media will cross each other's platforms. Great American Media and its two cable TV networks were launched in 2021 by Bill Abbott, former CEO of Crown Media, the parent of the Hallmark Channel.

Persons: Maria Conchita Alonso, Bill Abbott Organizations: Los Angeles, Hilton Los Angeles, Universal City, Sony Pictures Entertainment, Great American Media, Hallmark Channel, Sony, Crown Media, Hallmark Locations: Universal City , California, U.S, Canada

☆ MSG: The world's most misunderstood ingredient
▼ + stars: | 2023-05-10 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +12 min

Case in point – he has the letters “MSG” tattooed on his arm, and his restaurant’s menu includes a signature drink called the MSG Martini. “Things just taste better with MSG, whether it’s Western food or Cantonese food,” the chef tells CNN. You’ve probably been playing with glutamate, inosinate and guanylate in your own cooking without even realizing it. We season our food with MSG a little bit – it’s different from heating water and adding MSG and serving it with noodles,” he says. “Our mission from the very beginning was to show people what Cantonese food is and what Cantonese food can be – it’s always going to be playful, fun and approachable,” says Eng.

☆ Meet the billionaire family behind Tyson Foods, the beef, pork, and chicken juggernaut whose heir apparent has battled legal troubles
▼ + stars: | 2023-05-10 | by ( Dominick Reuter | Katie Warren | ) www.businessinsider.com time to read: +1 min

Tyson Foods owns brands including Jimmy Dean and Hillshire Farm, producing roughly 20% of America's beef, chicken, and pork. The Arkansas-based company made $53.6 billion in sales last year and has been family-run for generations. Chairman John H. Tyson and his family are worth $2.3 billion, making the Tysons one of the country's wealthiest families. The company has been family-run ever since it was founded in 1931, with chairman John H. Tyson — grandson of founder John W. Tyson — and his relatives controlling a majority of the company's stock. Here's a look at the massive beef, pork, and poultry company and the billionaire family behind it.

☆ Elon Musk is escalating his beef with Mark Zuckerberg, claiming WhatsApp 'cannot be trusted' and saying the Meta CEO seems 'extremely partisan'
▼ + stars: | 2023-05-10 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Elon Musk slammed Meta CEO Mark Zuckerberg on Monday, saying he seemed "extremely partisan." Elon Musk is amping up his beef with Mark Zuckerberg this week, saying the Meta CEO seems "extremely partisan," and blasting WhatsApp over privacy concerns. And on Tuesday, Musk moved on to criticizing WhatsApp, which is owned by Meta. And when Zuckerberg questioned Musk's negativity toward AI as "irresponsible" in 2017, Musk tweeted that the Meta CEO's "understanding of the subject is limited." Musk and Meta did not immediately respond to Insider's requests for comment sent outside regular business hours.

☆ Eurovision: The coronation may have passed off peacefully. But song contest could be a bigger headache
▼ + stars: | 2023-05-10 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

London CNN —Britain’s security services are quietly relieved that the coronation of King Charles III passed without major incident – save for some accusations of heavy-handed policing. On the face of it, the stakes associated with the grand final of the Eurovision Song Contest would not appear to be particularly high. For that reason, British security officials are more exercised than they might otherwise have been about a kitschy musical competition. “On one hand you have thousands of people enjoying the nightlife, which means potential of physical targets and organized crime. This year’s event is, at its heart, a partnership between the UK and Ukraine, two major thorns in the Kremlin’s side.

☆ Here’s what’s getting cheaper at the grocery store
▼ + stars: | 2023-05-10 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +3 min

Those menu prices went up by 0.6%. Shoppers started seeing relief in the grocery store in March, when grocery prices fell for the first time since September 2020. In the year through April, food prices went up by 7.7%, with grocery prices jumping 7.1% and menu prices increasing 8.6%. Ham got 6.5% more expensive, poultry prices rose 5%, and fish and seafood rose 2%. Prices in AprilEven though prices food prices overall have been high this year, April was an easier month for shoppers.

☆ New York Is Full of Empty Offices After Covid. Make Way for the Playground City. - The New York Times
▼ + stars: | 2023-05-10 | by ( Edward L. Glaeser | Carlo Ratti | ) www.nytimes.com time to read: +20 min

We are witnessing the dawn of a new kind of urban area: the Playground City. The transformation toward the Playground City will not happen on its own. To draw people into the Playground City, we need to show, not tell. 6.Engage citizensGovernments should empower citizens to participate directly in making the Playground City. The Playground City sees people as both a means and an end, and it should involve them in the process of its creation.

☆ Quiet quitting hits the housing market: Tight inventory and still-high mortgage rates keep would-be buyers sidelined
▼ + stars: | 2023-05-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today we're talking housing — but before we get to that, the big thing to watch today is President Joe Biden's meeting with congressional leaders. Joe Raedle/Getty ImagesThe housing market seems to be taking a page from the labor market's playbook right now. Daryl Fairweather, Redfin's chief economist took to Twitter last week to describe the sluggish sector:"Homeowners are quiet quitting the housing market." In effect, more and more homeowners are choosing to stay put with their low mortgage rates locked in, rather than trying to finance a new home at rates that are hovering around 20-year highs. That's due mostly to high rates causing homes to sit on the market longer than usual, which leads to accumulating inventory.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) shares plunged 16% to a three-year low on Monday as the U.S. meatpacker posted a surprise second-quarter loss and cut its full-year revenue forecast following a decline in prices for its beef and pork. CEO Donnie King, who is seeking to cut costs, said Tyson remains in an unusual position of facing challenges in its beef, pork and chicken businesses at the same time. The company cut its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Reuters GraphicsSales volumes in Tyson's beef segment also fell 3% in the quarter, putting overall sales down 8.3% at $4.62 billion. The company pegged full-year beef margins at negative 1% to positive 1%, compared with its previous forecast of 2% to 4%.

May 8 (Reuters) - Tyson Foods Inc (TSN.N) posted a surprise second-quarter loss and cut its full-year revenue forecast on Monday as prices for its beef and pork have declined, sending the U.S. meatpacker's shares tumbling 9% before the bell. CEO Donnie King, who is seeking to cut costs, said meat markets are challenging and Tyson is focused on improving profit margins. The company lowered its forecast for fiscal year 2023 sales to $53 billion to $54 billion from $55 billion to $57 billion. Average sales prices of beef and pork fell 5.4% and 10.3%, respectively, in the quarter ending April 1. Sales volumes in Tyson's beef segment also fell 3%, leaving the unit's overall sales down 8.3% at $4.62 billion.

☆ Tyson Foods Reports Loss, Cuts Revenue Outlook for the Year
▼ + stars: | 2023-05-08 | by ( Patrick Thomas | ) www.wsj.com time to read: 1 min

Tyson Foods’ operating income from its chicken business swung to a $258 million loss in its latest quarter. Photo: Tiffany Hagler-Geard/Bloomberg NewsTyson Foods swung to a loss in its latest quarter and cut its sales forecast for the year, as the meat supplier grappled with higher costs across its business. The Springdale, Ark.-based company, which produces about one out of every 5 pounds of chicken, beef and pork sold in the U.S., posted a loss of $97 million, or 28 cents a share, in the period ended April 1, compared with net income of $829 million a year earlier. Analysts polled by Factset had expected Tyson to report 80 cents a share in profit.

☆ Stocks making the biggest premarket moves: PacWest, Berkshire Hathaway, American Airlines, AMC and more
▼ + stars: | 2023-05-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Pacific Western Bank signage is displayed outside of bank branch in Beverly Hills, California on May 4, 2023. Check out the companies making the biggest moves in premarket trading:PacWest — The regional bank popped 39% in premarket trading, adding to its nearly 82% gain on Friday. American Airlines — Shares gained about 3% in premarket trading Monday after JPMorgan upgraded the stock to overweight from neutral. Viatris — Shares added 2.4% after the health-care stock topped earnings expectations and reaffirmed full-year guidance, despite a shortfall in revenue. Fortinet — The cybersecurity company added 3.3% after being upgraded to buy from neutral by Bank of America.

☆ Joined-up G7 is best China deterrent
▼ + stars: | 2023-05-08 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

The best chance of steering between these twin evils is for the G7 to agree on a strong deterrence strategy. This would make it harder for China to hold G7 countries to ransom if they came to Taiwan’s aid. The United States is also leaning on its allies to stop China from acquiring militarily useful technology such as advanced semiconductors. CONTINGENCY PLANSThe other plank of a G7 deterrence strategy is contingency planning for what the allies would do if China invaded Taiwan. This would ideally involve building consensus about how the United States would respond to escalating tensions.

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