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Money & Markets

IRS pledges more audits of wealthy, better customer service

WASHINGTON — The IRS released details Thursday on how it plans to use an infusion of $80 billion for improved operations, pledging to invest in new technology, hire more customer service representatives and expand its ability to audit high-wealth taxpayers. While some Republicans have ...

US auto sales up 7.5% in 1Q; interest rates hit 15-year high

DETROIT — U.S. new-vehicle sales rose 7.5 percent in the first quarter as supplies improved and sky-high prices eased a bit while the global shortage of computer chips started to wane. But the average auto-loan rate hit 7 percent during the quarter, leaving open the question of whether ...

U.S. renewable electricity surpassed coal in 2022

Electricity generated from renewables surpassed coal in the United States for the first time in 2022, the U.S. Energy Information Administration announced Monday. Renewables also surpassed nuclear generation in 2022 after first doing so last year. Growth in wind and solar significantly ...

Deal to buy Silicon Valley Bank calms bank fears, for now

NEW YORK — First Citizens Bank is buying much of Silicon Valley Bank, the tech-focused financial institution whose failure this month set off a chain reaction that helped rattle faith in banks around the world. The Federal Deposit Insurance Corp. and other regulators had already taken ...

Fed’s unwanted ally in bid to tame inflation: Credit crunch

WASHINGTON — The Federal Reserve is getting some unwanted help in its drive to slow the U.S. economy and defeat the worst bout of inflation in four decades: a cutback in bank lending. The upheaval in the financial system that’s followed the collapse of two major U.S. banks is raising the ...

Pay transparency is spreading. Here’s what you need to know

the Associated Press NEW YORK — U.S. employers are increasingly posting salary ranges for job openings, even in states where it’s not required by law, according to analysts with several major job search websites. Following new legislation in New York City, California, Washington, ...