Your tax refund could be bigger this year. Here’s what to do with it
NEW YORK (AP) — The average taxpayer is getting a $2,852 refund, $75 more than last year. That’s based on the most recent IRS data. So what should you do with that money? Experts generally advise putting it toward debt, loans and savings, but, for many people, that’s unrealistic. Courtney Alev, consumer financial advocate at Credit Karma, says a tax refund is typically the biggest extra windfall of the year. She says one in four people see it as free money and plan to spend on something they wouldn’t otherwise. While she says this is understandable, the best thing people can do is use their refund to advance their financial goals.
Senate passes bill improving air safety and service for travelers, a day before FAA law expires
WASHINGTON (AP) — The Senate has passed a $105 billion bill designed to improve air safety and customer service for air travelers, a day before the law governing the Federal Aviation Administration expires. The bipartisan bill now goes to the House, which is out of session until next week. The Senate has also passed a one-week extension that would give the House time to pass the bill while ensuring the FAA isn’t forced to furlough around 3,600 employees. The bill stalled for several days this week after senators from Virginia and Maryland objected to a provision that would allow an additional 10 flights a day to and from the heavily trafficked Reagan Washington National Airport.
European companies are less upbeat about China’s vast market as its economy slows
BEIJING (AP) — An annual survey of more than 500 European companies has found that slowing growth in China is weighing on company plans to expand their businesses in the world’s second largest economy. China still ranks high as a place to invest, but the share of companies considering an expansion of their operations in the country this year fell to 42%, the lowest ever recorded. The government is launching programs to boost consumer spending, but confidence remains low because of a weak job market. The survey found that about one-third of the companies were optimistic about expanding their business this year, down from more than half in 2023, and only 15% were optimistic about profit growth.
Top Biden aide highlights upcoming tax showdown with GOP over 2017 cuts that are due to expire
WASHINGTON (AP) — The Biden White House wants voters to know its differences with Republicans over taxes. The White House’s National Economic Council Director, Lael Brainard, is to deliver remarks Friday on the 2017 income tax cuts that are set to expire after next year. The expiration of the tax cuts creates a challenge for the winner of November’s presidential election. Brainard says President Joe Biden’s policies would make the tax code fairer by raising taxes on the wealthy and corporations that avoid paying what they owe. Former President Donald Trump says higher taxes would wreck the economy.
Stock market today: Global shares trade higher after Wall Street rally takes S&P 500 near record
TOKYO (AP) — Global shares are trading higher after a rally on Wall Street that pulled the S&P 500 back within 1% of its record. Oil prices also rose. The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession.” Japan reported a record current account surplus for the fiscal year through March, as strong auto exports whittled down its trade deficit and the nation racked up solid returns on overseas investments. On Thursday, the S&P 500 rose 0.5% and the Dow Jones Industrial Average gained 0.8%. The Nasdaq composite added 0.3%.
PR executive reportedly departs China’s Baidu after comments glorifying overwork draw backlash
HONG KONG (AP) — A top Baidu public relations executive has reportedly departed the Chinese technology company after she drew public outcry over comments that were seen as glorifying a culture of overwork. Baidu’s head of communications Qu Jing implied in a series of social media videos that she was not concerned about her employees as she was “not their mom” and said she only cared about results. A Baidu employee on Friday confirmed to The Associated Press that Qu was no longer with the firm. Qu had apologized earlier and said her videos did not reflect Baidu’s stance.
British economy rebounds strongly in first quarter of the year, ending ‘technical recession’
LONDON (AP) — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession.” The Office for National Statistics said Friday that the economy grew by 0.6% in the first quarter from the previous three-month period, with broad-based strength across sectors. The increase was higher than the 0.4% predicted by economists. It comes after two quarters of modest declines, which in the U.K. is defined as a recession. Despite the quarterly increase, the British economy has barely grown over the past year. It has been hobbled by interest rates at 16-year highs of 5.25%.
Financial executive convicted of insider trading in case over acquisition of Trump’s media company
NEW YORK (AP) — A financial executive has been convicted of enabling his boss and others to make millions of dollars illegally by trading ahead of the public announcement that an acquisition firm was taking former President Donald Trump’s media company public. An agitated Bruce Garelick dropped his head and repeatedly wiped his face with his hands after a jury convicted him of all charges on Thursday in Manhattan federal court. Garelick was convicted of tipping others to news that the special purpose acquisition company, Digital World Acquisition Corp., was merging with Trump Media & Technology Group. His co-defendants pleaded guilty before trial, admitting that they made over $22 million illegally.
TikTok to start labeling AI-generated content as technology becomes more universal
TikTok says it’s going to start automatically labeling content that’s made by artificial intelligence when it’s uploaded from certain platforms. TikTok says its efforts are an attempt to combat misinformation from being spread on its social media platform. TikTok’s policy in the past has been to encourage users to label content that has been generated or significantly edited by AI. It also requires users to label all AI-generated content where it contains realistic images, audio, and video.
Guns are being stolen from cars at triple the rate they were 10 years ago, a report finds
WASHINGTON (AP) — The rate of guns stolen from cars in the U.S. has tripled over the last decade, making them the largest source of stolen guns in the country. That’s according to an analysis of FBI data by the gun safety group Everytown. The rate of stolen guns from cars climbed nearly every year and spiked during the coronavirus pandemic along with a major surge in weapons purchases. The findings are in a report provided to The Associated Press that analyzed FBI data from 337 cities in 44 states. The director of the Bureau of Alcohol, Tobacco, Firearms and Explosives says the alarming trend underscores the need for Americans to safely secure their firearms.
