Business

The IRS announced on Thursday that it has successfully recovered $1 billion in overdue taxes from high-income individuals, marking a significant milestone that highlights the agency’s efforts to utilize funds from the Biden administration’s climate, health care, and tax legislation enacted in 2022. This public announcement comes as IRS officials recognize the looming threat of substantial budget cuts if Republicans …

Germany plans to exclude components made by Chinese firms Huawei and ZTE from critical parts of its 5G networks, a move set to be implemented in two phases starting in 2026, according to the country’s top security official on Thursday. As Europe’s largest economy, Germany has been deliberating on the use of Chinese-made components in its advanced cellphone networks for …

A Delaware judge on Monday reviewed arguments regarding an enormous and unprecedented fee request by lawyers who successfully contested the legality of a massive compensation package for Tesla CEO Elon Musk. The lawyers are asking Chancellor Kathaleen St. Jude McCormick to grant them legal fees in the form of Tesla stock, valued at over $7 billion at current trading prices. …

On Wednesday, the Chinese government announced it would investigate whether the European Union’s investigations into Chinese companies act as “trade barriers.” There is growing concern in the West that jobs and key industries could be jeopardized by low-cost Chinese imports supported by government subsidies. Earlier this year, the EU began scrutinizing China’s state support for its wind turbine and solar …

Microsoft has relinquished its observer seat on OpenAI’s board, a position that has faced regulatory scrutiny in both Europe and the US. This decision follows significant improvements in OpenAI’s governance over the past eight months, according to Microsoft. The tech giant had assumed a non-voting observer role on OpenAI’s board in November, coinciding with Sam Altman’s return as CEO of …

Samsung Electronics’ largest labor union in South Korea has declared an indefinite strike following an unsuccessful three-day walkout over pay and bonuses. This action marks the most significant labor strike in the company’s 55-year history. The National Samsung Electronics Union (NSEU), which represents around 31,000 members—nearly a quarter of Samsung’s total workforce in South Korea—announced the strike would commence on …

Paramount Global, the media giant behind CBS and MTV, has agreed to merge with David Ellison’s Skydance Media, concluding years of speculation about Paramount’s future. This merger, announced on Sunday, follows a failed acquisition attempt by Ellison weeks earlier, which had cast doubt on Paramount’s direction. The deal now solidifies Ellison as a significant media figure, ending Shari Redstone’s control …

On Thursday, a jury ruled that the NFL must pay over $4.7 billion for anti-trust violations related to its “Sunday Ticket” package. This package allows fans to watch out-of-market games but requires them to purchase a bundle of games to do so. Given the anti-trust nature of the case, the damages could be tripled to $14.1 billion if the verdict …