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☆ IRS watchdog pushes for transparency on pandemic-era small business tax credit backlog
▼ + stars: | 2024-06-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Erin Collins, national taxpayer advocate at the Taxpayer Advocate Service, speaks at a Senate Appropriations subcommittee hearing in Washington, D.C., on May 19, 2021. Many taxpayers are experiencing "long delays and uncertainty" amid a backlog of roughly 1.4 million pandemic-era small business tax credit claims, according to the National Taxpayer Advocate. "It’s time for the IRS to be transparent on how and when it plans to move forward addressing these ERC claims," she wrote. Some 85% of pending ERC claims are more than 120 days old. "The IRS is between the proverbial rock and a hard place when it comes to ERC claims," Collins said in a statement.

Persons: Erin Collins, Collins Organizations: Taxpayer Advocate Service, Washington , D.C, National Taxpayer, ERC, IRS, Finance Locations: Washington ,, U.S

☆ 2 St. Louis residents are suing the city's basic income program in an attempt to halt what they call 'unconstitutional' $500 monthly payments to low-income families
▼ + stars: | 2024-06-26 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Read previewAs St. Louis continues its guaranteed basic income pilot, two residents are suing to cut the program's funding. The plaintiffs, Greg Tumlin and Fred Hale, are both St. Louis residents. Adam Layne, the St. Louis city treasurer, previously told BI that St. Louis residents have primarily used their $500 a month to pay bills. BI reached out to the city of St. Louis and St. Louis Guaranteed Income for comment, but the parties did not respond by the time of publication. States like South Dakota, Arizona, and Iowa, Republican politicians have also brought basic income bans to the state legislature.

Persons: —, Louis, Greg Tumlin, Fred Hale, Tumlin, Adam Layne, Louis GBI, Joe Biden's, Jack Dorsey, St, Ken Paxton, Attorney Christian D Organizations: Service, Business, ARPA, BI, Texas Supreme, Attorney Locations: Missouri, state's, Louis, St, Texas, Harris, Harris County, Houston, States, South Dakota , Arizona, Iowa

☆ Michael Phelps rips World Anti-Doping Agency for inconsistent enforcement of rules: ‘We need to hold them accountable’
▼ + stars: | 2024-06-25 | by ( Kyle Feldscher | ) edition.cnn.com time to read: +10 min

Washington CNN —Legendary Olympian Michael Phelps on Tuesday ripped the World Anti-Doping Agency and described an inconsistent application of anti-doping rules that is driving frustration among clean athletes and concerns over the future of fair competition. US Anti-Doping Agency CEO Travis Tygart also testified. Why were Chinese athletes treated differently than athletes from other countries? Three years later, news surfaced that some Chinese athletes on that team were not subjected to the same anti-doping rules, casting doubt on the fairness of the competition. Former Olympians Michael Phelps, left, and Allison Schmitt, right, and US Anti-Doping Agency CEO Travis Tygart testify on Capitol Hill on June 25, 2024.

Persons: Michael Phelps, Phelps, Allison Schmitt, ” Phelps, WADA, ”, “, Schmitt, ” WADA, Travis Tygart, Tygart, CHINADA, Trimetazidine, Witold Bańka, …, Bańka, “ WADA, ” Bańka, Morgan Griffith, Virginia –, Griffith, they’re, Kathy Castor of, ” Tygart, WADA Schmitt, Jim Watson, CNN’s Amy Woodyatt, George Ramsay, Haley Talbot Organizations: Washington CNN, Doping Agency, House Energy, The New York Times, ARD, Department of Justice, International Olympic Committee, Tokyo Games, CHINADA, Olympic Games, ”, WADA Lawmakers, Republican, Democrat, People’s, Getty, month’s Locations: Russia, China, trimetazidine, U.S, Paris, Kathy Castor of Florida, People’s Republic of China, AFP

☆ Ted Cruz says Biden is breaking the law by taking credit for infrastructure projects
▼ + stars: | 2024-06-22 | by ( John L. Dorman | ) www.businessinsider.com time to read: +4 min

Read previewAcross the United States, scores of construction sites are emblazoned with signs that read: "Project Funded By President Joe Biden's Bipartisan Infrastructure Law." For many people, it's an innocuous notation of the thousands of projects financed by the sweeping $1.2 trillion infrastructure law Biden signed into law in 2021 and was backed by both Democrats and a sizable contingent of Republicans. Cruz, in the letter, then argues that Biden "unilaterally rebranded" the bipartisan infrastructure law as "President Biden's Bipartisan Infrastructure Law," which passed the House by 228-206 votes and the Senate by 69-30 votes. "Congress, not President Biden, wrote [the infrastructure law], and it did not do so to aid the President's reelection campaign." The law provided federal funding for long-awaited upgrades for bridges and tunnels, highways, and rail infrastructure, among other projects.

Persons: —, Joe Biden's, Biden, Texas Sen, Ted Cruz, Cruz, Cruz vociferously, Robyn Patterson, Harris, Donald Trump, Trump Organizations: Service, Infrastructure Law, Business, Politico, Biden's, Biden, Democratic, Trump Locations: United States, Texas, America

☆ Regulators hit Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America over living will plans
▼ + stars: | 2024-06-21 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Banking regulators on Friday disclosed that they found weaknesses in the resolution plans of four of the eight largest American lenders. The Federal Reserve and the Federal Deposit Insurance Corporation said that the so-called living wills — plans for unwinding huge institutions in the event of distress or failure — of Citigroup , JPMorgan Chase , Goldman Sachs and Bank of America filed in 2023 were inadequate. Regulators found fault with the way each of the banks planned to unwind their massive derivatives portfolios. The living wills are a key regulatory exercise mandated in the aftermath of the 2008 global financial crisis. "We are fully committed to addressing the issues identified by our regulators," New York-based Citigroup said in a statement.

Persons: Jane Fraser, JPMorgan Chase, Goldman Sachs, credibly, we've Organizations: Citigroup, Banking, Housing, Urban Affairs Committee, Nations Largest Banks, Federal Reserve, Federal Deposit Insurance Corporation, JPMorgan, Bank of America, Regulators, Wall, Goldman, Bank of, FDIC, Citi Locations: New York

☆ If you’re grabbing tax-free income from this asset, you may be sacrificing yield
▼ + stars: | 2024-06-21 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Though municipal bonds generally offer income that's free of federal income taxes – and state taxes if the investor resides in the issuing state – they also come with lower yields compared to other bonds. When it comes to muni bonds, the higher your tax bracket, the more valuable the tax-free income is. A tax-conscious approach to fixed income You don't have to bulk up on municipal bonds to get the best yield for your tax scenario. Municipal bonds are good contenders in taxable brokerage accounts, where investors can benefit from their tax-free income. Some fund families offer "tax-aware strategies" either in mutual funds or ETFs, which can include some exposure to municipal bonds, as well as equities.

Persons: Wells Fargo, aren't, Nisha Patel, That's, Collin Martin, Michael Carbone, it's, Beth Foos Organizations: Wells, Wells Fargo Investment Institute, Federal Reserve, SEC, Bond, Corporate Bond, York Life Investments, Schwab Center, Financial Research, Morningstar Locations: Wells Fargo, Chelmsford , Massachusetts

☆ Election Updates: A Democratic brawl in a Virginia race may put a House seat in play in November.
▼ + stars: | 2024-06-18 | by ( Jonathan Weisman | ) www.nytimes.com time to read: +7 min

One of the field’s top fund-raisers, Krystle Kaul, faces charges of embellishing her résumé well beyond the usual flourishes of a political campaign. Ms. Filler-Corn was the first woman and first Jewish speaker of the Virginia State House. Mr. Helmer is a Rhodes scholar and an Army veteran who served in Afghanistan, Iraq, and as a member of the Virginia House. Then last week, an anonymous Democratic official, speaking through her lawyer, accused Mr. Helmer of groping her and later making sexually crude remarks. “That would be presumptuous.”Democratic voters in the district peppered by texts attacking Mr. Helmer could be forgiven if they do not know where to turn.

Persons: Dan Helmer, Eileen, Krystle Kaul, Suhas Subramanyam, Jennifer Wexton, Subramanyam, Helmer, Barbara Comstock, Donald J, Trump, Mr, “, Ms, Wexton, Helmer of groping, Kaul, Michele Davis Younger, ”, Will Reinert, Subramanyam’s, Aliscia Andrews, Alexander Isaac, Avram Fechter Organizations: Congressional, Democratic, Senate, Republican, Virginia State House, Army, Virginia State House Democrats, Washington Post, Loudoun County Democratic Party, National Organization for Women, ”, Republicans, Democrat, National Republican Congressional, ” Democratic, Virginia Democratic, Federal, Commission, PAC, United States Central Command, Department of Defense, Marine Corps, Loudoun County Democratic Locations: Washington, Israel, Virginia, Rhodes, Afghanistan, Iraq, Democratic, Loudoun County, Va

☆ Taxpayer deadline today: Here's what to know
▼ + stars: | 2024-06-17 | by ( Sharon Epperson | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTaxpayer deadline today: Here's what to knowJune may seem like an odd time to start preparing to next year's tax return. But CNBC's Sharon Epperson joins 'Squawk Box' to discuss why today marks an important deadline for millions of taxpayers.

Persons: Sharon Epperson

☆ First a Victim of Tax Return Identity Theft, Then a 2-Year Wait for a Refund
▼ + stars: | 2024-06-14 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Federal income tax refunds usually appear in bank accounts less than three weeks after the government accepts a return — unless you’re the victim of tax return identity theft. In that case, it often takes about two years. “That period of time is just ridiculous,” Erin M. Collins, who leads the service, said in an interview. For reasons not yet clear, Ms. Collins noted, many of those affected are lower-income tax filers, who often depend on tax refunds to cover basic living costs. Those filers often qualify for tax breaks for working families, like the earned-income tax credit, that can result in significant refunds.

Persons: Erin M, Collins Organizations: Taxpayer Advocate Service, Internal Revenue Service

☆ Beatrice Advisors launches to serve millennial and Gen Z investors from diverse backgrounds
▼ + stars: | 2024-06-13 | by ( Robert Frank | ) www.cnbc.com time to read: +6 min

Christina Lewis, founder of Beatrice Advisors, at her home office with a portrait of her father, Reginald Lewis. Her experience and success in forming her own family office and running two foundations has led her to her new venture: a multifamily office aimed at the next generation, targeting people like herself. Lewis’ company, called Beatrice Advisors, aims to change the traditional business of managing the fortunes of the wealthy and inheritors. Beatrice Advisors aims to make education and accessibility paramount since many young inheritors will be new to managing wealth, Lewis said. A growing number of ultra-wealthy families are turning to multifamily offices for generational wealth transitions, given their expertise in family wealth dynamics and governance.

Persons: Christina Lewis, Beatrice, Reginald Lewis, ”, that’s, Lewis, Christina, “, ” Lewis, ” Christina Lewis, Robert Frank, inheritors, Lewis ’, ” “, Meredith Bowen, ” Bowen, Bowen, Reginald F Organizations: Beatrice Advisors, International, Advisors, Cerulli Associates, Disney, Seven Bridges Advisors, Lewis Foundation Locations: American

☆ G7 nations poised to announce agreement on new loan for Ukraine as soon as Thursday, sources say
▼ + stars: | 2024-06-12 | by ( Kayla Tausche | ) edition.cnn.com time to read: +4 min

The loan is expected to be delivered by the end of 2024, which would ensure the money would get to Ukraine before a potential change in US presidents. “This loan will mostly be provided by the United States and will be supplemented by money from Europe,” an Élysée source told journalists at a briefing. “Countries are still discussing how to partition the cost if the profits from Russian assets are not sufficient to cover the need,” the French source added. G7 countries began brainstorming ways to identify longer-term sources of funding for Ukraine in late 2023, as lawmakers delayed in greenlighting the White House’s funding request. The World Bank estimates that Ukraine would need more than $500 billion to rebuild, a figure that climbs each day the war continues.

Persons: Joe Biden, Donald Trump, Trump, Vladimir Putin, Jake Sullivan, Biden, ” Sullivan, “, ”, Tim Adams, Marshall, Xiaofei Xu Organizations: Washington CNN —, US, Ukraine, Ukraine –, Atlantic, Treasury, State, National Security, Institute of International Finance, United, Marshall Plan, European, Bank Locations: Ukraine, Western, Europe, Russia, Brindisi, Italy, United States

☆ Amtrak Pays Executives Six-Figure Bonuses as Losses Continue
▼ + stars: | 2024-06-12 | by ( Mark Walker | ) www.nytimes.com time to read: +1 min

Fourteen Amtrak executives received more than $200,000 each in incentive bonuses last year despite the service’s poor recent financial performance and struggles with its capital improvement projects, according to documents obtained by The New York Times. In 2023, Amtrak paid out more than $5 million in short- and long-term incentive bonuses to its executives even as the passenger rail service posted $1.7 billion in losses, according to records obtained from Senator Ted Cruz’s office. “It’s inexplicable that a dozen-plus Amtrak executives collected six-figure bonuses on the taxpayer’s dime.”Amtrak says the executive bonuses are necessary to attract and retain talent and rail expertise. Its incentive bonus program for 2021 came under intense scrutiny after The New York Times reported that the company had paid about $2.3 million in bonuses when the rail service reported its lowest revenue and biggest losses in more than a decade. On Wednesday, the House Transportation and Infrastructure Committee held a hearing to discuss two bills to increase transparency and accountability around the Amtrak bonus payouts.

Persons: Ted Cruz’s, Mr, Cruz, “ Organizations: Amtrak, The New York Times, D.C, New York Times, House Transportation, Infrastructure Locations: Boston, Washington

☆ Jurors detail to CNN how they reached guilty verdict in Hunter Biden gun trial
▼ + stars: | 2024-06-11 | by ( Hannah Rabinowitz | ) edition.cnn.com time to read: +7 min

10 told CNN. Another juror told CNN that she believed Biden “needs rehab more than imprisonment or a fine.”Juror No. The case “seemed like a waste of taxpayer dollars,” one female juror told CNN, though juror No. 10 told CNN. Each juror CNN spoke with acknowledged the weight of having her in the courtroom.

Persons: Hunter Biden, Hunter’s, Naomi, Joe Biden, Hunter, “, Biden, ”, doesn’t, Hallie Biden, Beau Biden, Abbe Lowell, Jill, ” Biden, who’s, Jill Biden, Biden’s, ” Naomi Biden, Naomi Biden, Hallie, CNN’s Jack Forrest Organizations: CNN, “ Locations: Los Angeles

☆ Fresno officials should have noticed a phishing scam that cost taxpayers more than $600,000, jury says
▼ + stars: | 2024-06-09 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

Fresno lost over $600,000 to a phishing scam in 2020. AdvertisementThe city of Fresno lost more than $600,000 to to a phishing scam in 2020. Now, a grand jury says that city officials should have noticed the scam before it cost taxpayer dollars. City officials discovered the fraud after realizing an invoice from a contractor working on a section of the Fresno police station was fake, according to The Fresno Bee. City officials did not publicly comment on the scam until reporting by the paper uncovered it in 2022.

Persons: Jerry Dyer, — Organizations: Fresno, Service, Fresno police, Fresno Bee, Bee, Business Locations: Fresno

☆ Former IRS employee charged in $2.1 million Exxon Mobil tax credit theft attempt in Utah
▼ + stars: | 2024-06-07 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

A former IRS employee was charged in Utah federal court for allegedly trying to steal $2.1 million in tax credits owed to Exxon Mobil by diverting the funds using a taxpayer database he had access to. Rupe was working at the IRS' service center in Ogden, Utah, in 2021 when he began the diversion scheme, according to an indictment filed Wednesday. As part of his job, Rupe "had the ability to adjust tax, credits, penalties, and interest to certain taxpayer accounts in an IRS computer database," the indictment said. In April 2022, the indictment says, Rupe accessed a database to transfer $2.02 million in tax credits from oil and gas giant Exxon's taxpayer account to Ex Xo Exteriors Ltd.'s taxpayer account, the indictment alleges. More than a year later, in August 2023, Rupe "accessed an IRS database to transfer the diverted tax credit funds from one tax year to another," the indictment says.

Persons: Rodney Quinn Rupe, Rupe Organizations: IRS, Exxon Mobil, Prosecutors, Treasury, Xo Locations: Utah, Syracuse , Utah, U.S, Salt Lake City, Ogden , Utah

☆ U.S. Adds Tariffs to Shield Struggling Solar Industry
▼ + stars: | 2024-06-06 | by ( Ana Swanson | Alan Rappeport | ) www.nytimes.com time to read: +1 min

Tariffs aimed at protecting America’s solar industry from foreign competition snapped back into place on Thursday, ending a two-year pause that President Biden approved as part of his effort to jump-start solar adoption in the U.S. The tariffs, which will apply to certain solar products made by Chinese companies in Southeast Asia, kicked in at a moment of growing global concern about a surge of cheap Chinese solar products that are undercutting U.S. and European manufacturers. The Biden administration has been trying to build up America’s solar industry by offering tax credits, and companies have announced more than 30 new U.S. manufacturing investments in the past year. But U.S. solar companies say they are still struggling to survive as competitors in China and Southeast Asia flood the global market with solar panels that are being sold at prices far below what American firms need to charge to stay in business. That has forced President Biden to make an uncomfortable choice: Continue welcoming inexpensive imports that are helping the United States transition away from fossil fuels, or block them to protect new U.S. solar factories that are benefiting from taxpayer money.

Persons: Biden Organizations: U.S Locations: Southeast Asia, U.S, China, United States

☆ Climate change: Planet endures 12 straight months of unprecedented heat
▼ + stars: | 2024-06-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

CNN —The planet just marked a “shocking” new milestone, enduring 12 consecutive months of unprecedented heat, according to new data from Copernicus, the European Union’s climate monitoring service. Unless planet-warming fossil fuel pollution is slashed, “this string of hottest months will be remembered as comparatively cold,” he said. “We need an exit ramp off the highway to climate hell.”As temperatures surge, global climate commitments are “hanging by a thread,” he warned. The average global temperature over the past 12 months was 1.63 degrees above these pre-industrial levels. But unprecedented heat has already left a trail of death and destruction across the planet this spring.

Persons: Copernicus, Carlo Buontempo, General António Guterres, Guterres, ”, Richard Allan, Ben Clarke, Raj K Raj, Diego Vara, ” Gutteres, ” Guterres, El Niño, Buontempo Organizations: CNN, United Nations, University of Reading, United Arab, Imperial College London’s Grantham Institute, Hindustan Times, Reuters, El, World Meteorological Organization, WMO Locations: New York, Russian, Paris, India, Asia, Mexico, United States, Brazil, Kenya, United Arab Emirates, New Delhi, Cavalhada, Porto Alegre

☆ IRS plans to make its free tax filing program permanent
▼ + stars: | 2024-05-30 | by ( Katie Lobosco | ) edition.cnn.com time to read: +5 min

Washington CNN —The Internal Revenue Service said Thursday that it will continue and expand its free tax filing program in 2025. It provides step-by-step guidance to taxpayers filing their federal tax returns. Direct File was available to people with certain simple tax returns in 12 states during the 2024 tax filing season. More than 140,000 people successfully filed their federal tax returns using Direct File, exceeding the agency’s expectations. During the 2024 tax filing season, eligibility was limited to people with simple tax returns.

Persons: Biden, they’re, Janet Yellen, “, Danny Werfel, haven’t, Werfel Organizations: Washington CNN, Internal Revenue Service, Democrat, “, IRS Locations: Washington, ”

☆ Investing in Space: The China factor in the U.S. space station race to replace the ISS
▼ + stars: | 2024-05-30 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. I'd be surprised if most Americans know that there are not one, but two crewed space stations in orbit currently. I'd like to think the International Space Station is common knowledge, but is Tiangong? Tiangong, that second space station in orbit, is built and run by the Chinese. Ideally, NASA also gets more than one space station.

Persons: CNBC's Michael Sheetz, I'd, I've, NASA's Organizations: NASA, NASA's, Soyuz Locations: U.S, China

☆ The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.
▼ + stars: | 2024-05-30 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

And so, after a successful pilot run, the tax agency has announced that it's making its new free direct file program permanent. The Direct File program first launched in twelve states for the 2023 filing season following a successful pilot. "Since the direct file pilot was completed in April, we have heard directly from hundreds of organizations across the country, more than a hundred members of Congress, from individual direct file users, and those that are interested in using direct file," Werfel said. The new Direct File program has encountered some pushback from paid tax services. Did you use Direct File and save time or money?

Persons: —, It's, haven't, Janet Yellen, Danny Werfel, Aaron Mok —, Werfel, Rick Heineman, Heineman, filers, Natalie Quillian, Biden's Organizations: Service, IRS, Business, Treasury Department, Intuit TurboTax, Treasury, House Locations: Yellen

☆ Hunter Biden trial on tax charges delayed until September
▼ + stars: | 2024-05-22 | by ( Cheri Mossburg | Holmes Lybrand | ) edition.cnn.com time to read: +1 min

CNN —Hunter Biden’s trial on tax charges has been moved to September 5, after the judge presiding over the case made Biden’s attorney promise he would not seek further delays. Hunter Biden, the son of President Joe Biden, has been accused of engaging in a tax-avoidance conspiracy for several years as he funded a lavish lifestyle as well as purchasing and possessing a firearm while using illegal drugs. Biden’s efforts to delay the gun trial in Delaware have repeatedly failed. “The time to try this case is now,” said prosecutor Leo Wise, who opposed the motion. “In this court, we like to set schedules and keep them, said Judge Mark Scarsi.

Persons: CNN — Hunter, Abbe Lowell, Biden, Hunter Biden, Joe Biden, ”, Leo Wise, “, Lowell, Wise, Mark Scarsi Organizations: CNN Locations: Delaware

Read previewLegal challenges by conservative lawmakers and activists against guaranteed basic income programs are heating up nationwide. Guaranteed basic income programs differ from their idealistic cousin — a universal basic income. AdvertisementWhile localized guaranteed basic income programs are tiny compared to a nationwide universal basic income, they are the subject of no less conservative opposition. Local politicians in places like South Dakota and Arizona have moved to block basic income programs for this reason alone. AdvertisementWhile these arguments appear to support giving basic income payments to a broader group of people, it's unlikely many conservatives would actually support a universal basic income.

Persons: —, Andrew Yang, Sam Altman, Republican Sen, John Wiik, Kathryn Blankenberg, Ken Paxton, Paxton, It's Organizations: Service, Business, Republican, Judicial Watch, American Civil Rights, Texas Locations: South Dakota, Arizona, Dakota, San Francisco, Texas, Houston, Harris County

☆ Opinion: What I noticed immediately about King Charles’ portrait
▼ + stars: | 2024-05-18 | by ( Opinion Holly Thomas | ) edition.cnn.com time to read: +6 min

CNN —King Charles III’s first official portrait was unveiled this week, and I’m sure his majesty would agree it’s a stirring sight. Unfortunately for Yeo, Charles and the butterfly, nothing about the portrait has garnered nearly so much comment as its dominant color. Besides these ceremonial outings, Charles has recently been less prominent in British public life than ever, particularly following the announcement in February of his cancer diagnosis. Charles’ private wealth dwarfs that of any other member of his family. Join us on Twitter and FacebookIn the last 10 years alone, that system has reportedly made King Charles more than £60 million ($76 million) richer.

Persons: Holly Thomas, Katie Couric, CNN — King Charles III’s, I’m, Jonathan Yeo, Charles, Holly Thomas Holly Thomas Yeo, Charles ’, Yeo, ” Yeo, King, “, He’s, I’ve, ”, Queen Elizabeth II’s, Rishi Sunak’s, Tina Brown, Prince of Wales, Buckingham, Lancaster, King Charles, Queen Camilla, you’ve Organizations: Katie Couric Media, CNN, Royal, Guardian, Twitter, Facebook Locations: London, Iraq, Rwanda, Duchy, Cornwall, Lancaster

☆ Behind the curtain of the global arms trade
▼ + stars: | 2024-05-14 | by ( Momo Takahashi | ) www.businessinsider.com time to read: +7 min

In his new book, "Nothing Personal: The Back Office of War," photographer Nikita Teryoshin lifts the veil on the global arms trade, capturing defense exhibitions worldwide. Closed to the public, his series offers a rare inside look into the lucrative global arms industry. Guests, politicians, and traders watch a live demonstration of warfare at the International Defense Exhibition in Abu Dhabi. After the construction and the oil and gas sectors, the global arms trade is one of the most corruption-prone sectors in the world, according to Transparency International. By contrast, the international trade of bananas is more tightly regulated than the arms trade, according to the introductory note of the United Nations Arms Trade Treaty.

Persons: Nikita Teryoshin, Teryoshin, Rafael, KAI, Lockheed Martin Organizations: Business, International Defense, Bofors, International Defense Industry, International Defense Exhibition, Rafael Advanced Defense Systems, United Nations Arms, Black Eagles, Nikita, Kalashnikov, Lockheed Locations: East, Ukraine, France, Paris, United States, China, Abu Dhabi, Russia, India, Poland, UAE, Saudi Arabia, Peruvian, Lima , Peru, Korean, Seoul

☆ An Iowa sheriff's department spent some of its $600K income from jail fees on a cotton-candy machine and laser tag: lawsuit
▼ + stars: | 2024-05-14 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

Read previewCivil rights groups initiated a class-action lawsuit on Monday, accusing an Iowa sheriff's department and its sheriff of unlawfully collecting jail fees and using some of the proceeds to fund laser tag, ice cream, and a cotton candy machine. Laser tag, ice cream, and cotton candy machinesAccording to the lawsuit, the policy is a money maker for Black Hawk County Sheriff's Office. It said that the department collected $590,217.36 in jail fees between July 2021 to July 2023. AdvertisementSome counties don't collect jail fees at all because they see the practice as unfair, the ACLU and Public Justice said in a joint statement. In the joint statement by the ACLU and Public Justice, Roberts said she wanted to take a stand against the practice.

Persons: —, Tony Thompson, Rita Bettis Austen, Sheriff Thompson, Raymond, Leticia Roberts, Roberts, Charles Moore Organizations: Service, Business, Court, Nothern District of, American Civil Liberties Union of Iowa, Public, Sheriff's, ACLU, Public Justice Locations: Iowa, Hawk, Nothern District, Nothern District of Iowa

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