China's economy grew 5.3% in first quarter, beating expectations
HONG KONG (AP) — China’s economy beat expectations in the first quarter of the year with help from policies and an increase in demand. The world’s second-largest economy expanded at a 5.3% annual pace in January-March, beating analysts’ forecasts of about 4.8%. Compared to the previous quarter, growth was up 1.6%. China’s economy has struggled to bounce back from the COVID-19 pandemic, with a slowdown in demand and a property crisis weighing on its growth. Policymakers have unveiled a raft of fiscal and monetary policy measures as Beijing seeks to boost the economy. China has set an ambitious gross domestic product growth target of 5% for 2024.
New rules for Pregnant Workers Fairness Act include divisive accommodations for abortion
NEW YORK (AP) — Workers are entitled to time off and other job accommodations for abortions under the Pregnant Workers Fairness Act, according to finalized federal regulations published Monday. The regulations provide guidance for employers and workers on how to implement the law, which passed with robust bipartisan Congressional support in December 2022 but sparked controversy last year when the Equal Employment Opportunity Commission included abortions in its draft rules. The language means that workers can ask for time off to obtain an abortion and recover from the procedure. It also covers other pregnancy-related medical conditions like miscarriage, stillbirth and lactation.
Retail sales surge 0.7% in March as Americans seem unfazed by higher prices with jobs plentiful
NEW YORK (AP) — Americans increased their spending pace in March at a better-than-expected pace from the previous month, underscoring how shoppers remain resilient despite inflationary pressures and other economic challenges. Retail sales rose 0.7% last month after being up a revised 0.9% in February, according to the Commerce Department’s report on Monday. Sales fell a revised 1.1% in January, dragged down in part by inclement weather. Excluding gas prices, which have been rising, retail sales were still up a solid at 0.6%. The snapshot offers only a partial look at consumer spendirng and doesn’t include many services, including travel and hotel lodges. But the lone services category - restaurants - registered an uptick of 0.4%.
It's Tax Day. And your refund may be big this year
WASHINGTON (AP) — On this Tax Day, refunds are looking a bit bigger for taxpayers. According to the latest IRS statistics, the average refund this season has been $3,011, up $123 compared to last year. Two out of three taxpayers expect to receive a refund. The IRS is promoting customer service improvements the agency rolled out since receiving tens of billions in new funding dollars through Democrats’ Inflation Reduction Act. The promotion also in part is meant to quickly normalize a more efficient and effective IRS before congressional Republicans threaten another round of cuts to the agency.
Tax Day reveals a major split in how Joe Biden and Donald Trump would govern
WASHINGTON (AP) — Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy. Biden, the sitting Democratic president, released his tax records on the IRS Monday deadline, paying a 23.7% rate on $619,976. On Tuesday, he is scheduled to deliver a speech in about why the wealthy should pay more. Trump, the former Republican president, says the public has no need to see his tax data. He maintains that keeping taxes low for the wealthy will supercharge investment and lead to more jobs.
Stock market today: Wall Street slumps as rising yields crank up the pressure
NEW YORK (AP) — U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street. The S&P 500 fell 1.2% Monday. The Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite dropped 1.8%. Stocks had been up earlier in the day, rising as oil prices eased. But Treasury yields also spurted higher following the latest report on the U.S. economy to blow past expectations. Financial markets are in an awkward phase where such strength raises hopes for growing profits at companies but also hurts expectations for easier interest rates. High rates put downward pressure on stock prices.
General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance Center
DETROIT (AP) — General Motors will move its Detroit headquarters to a new downtown office building next year and redevelop its iconic home along the Detroit River. That's what company and city officials confirmed Monday. The announcement was made at the site of the old Hudson's department store, which is being developed into a tower and 12-story office building that will house GM that's being built by the Bedrock real estate firm. Bedrock will join GM and the city in coming up with ideas to remake the seven-building Renaissance Center. GM CEO Mary Barra said GM is open to ideas about the complex, which the company bought in 1996. At present GM is not selling the complex, which often is shown on televised sports broadcasts.
Trump Media stock slides again to bring it more than 66% below its peak as euphoria fades
NEW YORK (AP) — The stock price for Donald Trump’s social media company is sliding again. Trump Media & Technology Group closed Monday down 18.4% as more euphoria fades off the stock. It’s a sharp, more than 66% comedown after the owner of Truth Social merged with a shell company to get its stock trading on the Nasdaq. Part of the decline may be due to criticism that the stock price simply went too high. But another part may be because of action Trump Media took Monday. The company filed documents with regulators to open the door for the future potential sale of millions of shares.
What does science say about the ingredients in functional beverages?
Drinks promoted as offering mental or physical benefits beyond hydration are growing in popularity around the world. Hundreds of companies have jumped into the so-called functional beverages market, hoping to get some buzz with trendy and sometimes unfamiliar ingredients. Adaptogens are one of the latest categories. They are plants and mushrooms that may help your body respond to stress, anxiety and fatigue or enhance feelings of well-being. Examples include ginseng, ashwagandha and chaga. But what does the science say? The Cleveland Clinic says adaptogens are known to trigger chemical reactions that can return the body to a more balanced state. Studies show the body can build a resistance to them.
Tesla plans to lay off 10% of workforce after dismal quarterly sales, multiple news outlets report
DETROIT (AP) — After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday. CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year. Musk’s memo said that as Tesla prepares for its next phase of growth, it needs to look at every aspect of the company for cost cuts and increased productivity, The New York Times and CNBC reported. News of the layoffs was first reported by electric vehicle website Electrek. Shares of Tesla fell nearly 3% in Monday morning trading after the news broke.
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