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U.S. stocks are sinking following a discouraging report suggesting the U.S. economy may have shrunk at the start of the year, before most of U.S. President Donald Trump’s announced tariffs could take effect. Specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange, Monday, April 28, 2025. (AP Photo/Richard Drew) Specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange, Monday, April 28, 2025. (AP Photo/Richard Drew)Read More Christopher Lagana works on the floor at the New York Stock Exchange in New York, Wednesday, April 30, 2025. (AP…

Caterpillar said Wednesday it anticipates that tariffs may increase its second-quarter costs by up to $350 million as its first-quarter sales slipped on declining demand for its equipment.A lot of uncertainty remains over President Donald Trump’s trade war. On Tuesday Trump signed an order relaxing some U.S. tariffs on imports of autos and auto parts. But it remains unclear what impact Trump’s broader tariffs will have on the U.S. economyIn the first quarter, Caterpillar’s revenue dropped to $14.25 billion from $15.8 billion a year earlier. The performance fell short of the $14.54 billion that analysts surveyed by Zacks Investment Research…

Just because an SUV is small and inexpensive doesn’t mean it has to be as bland as plain oatmeal for breakfast. The 2025 Buick Envista and 2025 Nissan Kicks are two great examples. They look good, have surprisingly big interiors, and boast prices in the $20,000s regardless of trim level. That’s largely where the similarities stop, though. It all starts with their designs. The redesigned 2025 Kicks has the sporty vibe of a fashionable sneaker with vibrant two-tone color options. It’s fair to say it’s more youthful. The Envista definitely isn’t Grandma’s Buick. It has a coupe-like look that could…

TOKYO (AP) — Japan’s top automaker Toyota announced a partnership with U.S. autonomous driving technology company Waymo on Wednesday.The move was somewhat anticipated, as the use of such technology speeds up around the world, and Toyota Motor Corp. has been aggressive about its intention to stay on top of such advances.“Toyota is committed to realizing a society with zero traffic accidents and becoming a mobility company that delivers mobility for all. We share a strong sense of purpose and a common vision with Waymo in advancing safety through automated driving technology,” Toyota Executive Vice President Hiroki Nakajima said in a…

MENLO PARK, Calif. (AP) — Working to differentiate itself in the crowded field of artificial intelligence, Meta Platforms has launched a standalone AI app — with a social media component — to compete with OpenAI’s ChatGPT. The Meta AI app, built with the company’s Llama 4 AI system. It includes a “discover” feed that lets users see how others are interacting with AI. It also has a voice mode for interacting with the AI. “It’s smart for Meta to differentiate its ChatGPT competitor by drawing from the company’s social media roots. The app’s Discover feed is like a version of…

The chair of the Public Company Accounting Oversight Board, Erica Williams, issued a warning Tuesday after the House Financial Services Committee introduced draft legislation that would effectively eliminate the PCAOB by transferring its responsibilities to the Securities and Exchange Commission. Speaking at a meeting Tuesday of the PCAOB’s Investor Advisory Group, Williams discussed the improvements in the PCAOB’s 2024 inspection findings for the largest auditing firms, but said the board’s work is far from over.”Like many of you, I am deeply troubled by draft legislation being considered by the House Financial Services Committee that proposes to eliminate the PCAOB as we…

CFOs and other senior finance executives are feeling less optimistic about their business expansion plans as tariff worries increase in the U.S. and other parts of the world, according to a new survey.The survey, released Tuesday by Brex, polled over 500 senior finance executives at global enterprises in the first quarter of the year, and found optimism falling off sharply in recent months when it comes to growth.”Strong early-in-the-year optimism around growth, IPOs and M&As eroded sharply post-tariffs, with growth positivity alone dropping nearly 20 points,” wrote Brex president and CFO Ben Gammell. “Expansion plans have been replaced with calls…

The Internal Revenue Service is facing a busy and uncertain future, with major staffing cuts, a decrease in funding, and high turnover — including a veritable revolving door of acting commissioners, as Gary Shapley was replaced just days after Melanie Krause stepped down — with more cuts by DOGE looming ahead. Ian Comisky, a partner at law firm Fox Rothschild LLP who specializes in civil and criminal tax litigation, anticipates growing and continued chaos. The IRS is currently at least 20% understaffed, and that will only grow as cuts continue, he predicted. The agency was given more money in the Inflation…

Hourly earnings growth for employees at small businesses slowed this month to its lowest level since May 2021, according to a report Tuesday from payroll company Paychex, while hiring growth remained consistent with recent months.The Paychex Small Business Employment Watch, which tracks U.S. businesses with fewer than 50 employees, found that hourly earnings growth for workers at small businesses slowed to 2.82%, the lowest percentage in four years.”Hourly earnings just continues to slow,” said Frank Fiorille, vice president of risk, compliance and data analytics at Paychex. He noted that consumer confidence is also down, according to another report released Tuesday from…

Total interest in accounting careers has risen across Hispanic, Asian American Pacific Islander and white students since 2021, while Black students have shown a minimal decrease in interest.The Center for Audit Quality and Edge Research surveyed 3,487 high school and college students for the latest edition of their annual Expanding the Accounting Profession Pipeline report.Thee research indicates that Hispanic students have shown the most significant increase in interest — with their familiarity with accounting increasing from 37% in 2021 to 50% in 2024, and total interest rising from 29% to 37%. Meanwhile, Black students have been the hardest group to…