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The IRS has launched a pilot program in 12 states that allows eligible taxpayers to file their taxes directly through the IRS website for free. This program aims to simplify the tax-filing process and reduce reliance on private tax-filing services like TurboTax. The article explores the rise of TurboTax and the complexity of the US tax-filing system, as well as the government's decision to partner with private tax filing companies. The success of the pilot program will be measured based on user satisfaction and the number of people who use the direct file option. Critics of the program include Republicans and tax preparation companies, who are concerned about the cost and the IRS's reputation. TurboTax acknowledges the potential long-term risk to their business but downplays the immediate impact of the program. [Extracted from the article]

According to an analysis by the Federal Reserve Bank of St. Louis, the two groups with the least wealth in the US are Black and Hispanic women who have never been married. The study focused on adults who have never been married, excluding those who are divorced or widowed. Among this group, Black women had just 8 cents for every dollar in median wealth owned by White men in 2022, amounting to $3,300 in wealth. Never-married mothers with minor children also had very low levels of wealth, with a median of $3,900. The research also revealed racial disparities, with never-married White women having a median wealth of $31,000, almost ten times that of their Black counterparts. The study emphasizes the long-term consequences of not being able to accumulate wealth, even with equal wages, including challenges in achieving financial security in retirement. [Extracted from the article]

Adrian Rocca, the founder of Fitzrovia, is aiming to change the perception of renting in Canada by building high-end apartment buildings with luxurious amenities. With home prices and borrowing costs becoming unaffordable for many, renting is no longer seen as a temporary solution or only for lower-income individuals. Rocca's company has the most rental units under development in Canada and is partnering with institutional investors, including pension funds, to finance new buildings. While Rocca's luxury developments may not address the housing crunch for low-income individuals, experts believe that increasing supply at the top end of the market can create vacancies in older, cheaper rentals. Rocca also plans to raise funds for low-income housing in the future. [Extracted from the article]

Canada's upcoming budget will focus on housing, with Finance Minister Chrystia Freeland aiming to speed up construction and increase the supply of affordable homes. The budget may include measures such as building homes on government-owned property, offering long-term leases to developers of affordable housing projects, and providing tax incentives to encourage real estate investors to sell buildings to non-profit housing organizations. The government is under pressure to address housing concerns, particularly among younger Canadians, ahead of the 2025 election. The budget may also address challenges faced by young homebuyers, potentially by easing mortgage rules. [Extracted from the article]

Baltimore is implementing a program to sell vacant homes for $1 each in an effort to revitalize neighborhoods affected by crime and disrepair. The program, supported by Mayor Brandon Scott, will offer over 200 city-owned properties to residents who commit to repairing and living in them. The initiative aims to prioritize individual buyers over developers, who will have to pay $3,000 per home. Home repair grants of $50,000 are available, but recipients must be pre-approved for a construction loan. While the program targets a few hundred homes, there are approximately 15,000 abandoned properties in Baltimore, and more may be included in the future. [Extracted from the article]

The Adani Group is building a $2.1 billion airport in Navi Mumbai, India, which is seen as a test of the group's ability to put India on the global aviation map. The airport, designed with a lotus-shaped structure, is expected to start operations in March next year and have a capacity for 20 million passengers annually, with the potential to increase to 90 million by 2032. The project is part of India's larger infrastructure overhaul as it seeks to become a developed nation by 2047. However, the airport will face competition from established international transit hubs and will need to address challenges such as short layovers and passenger flow. The success of the airport is crucial for Mumbai's overall revamp, and plans are in place to create an "aero city" around the new airport to boost non-aviation revenue sources. [Extracted from the article]

The Adani Group is building a $2.1 billion airport in Navi Mumbai, India, which is seen as a test of the group's ability to put India on the global aviation map. The airport, with a capacity for 20 million passengers a year, is expected to start operations in March next year and could eventually handle up to 90 million passengers by 2032. The project is part of a larger infrastructure overhaul in India as Prime Minister Narendra Modi aims to outrun China. However, the airport will face stiff competition from established international transit hubs like Dubai, London, Frankfurt, and Singapore. [Extracted from the article]

The Adani Group is building a $2.1 billion airport in Navi Mumbai, India, as part of the country's infrastructure overhaul. The airport, designed with a lotus-shaped structure, is expected to start operations in March next year and have a capacity for 20 million passengers annually, with the potential to increase to 90 million by 2032. The Adani Group aims to make the Navi Mumbai airport an international transit hub, competing with major airports like Dubai, London, Frankfurt, and Singapore. The success of the airport is crucial to Prime Minister Narendra Modi's vision of India becoming a developed nation by 2047. [Extracted from the article]

Nigeria is currently experiencing a severe cost-of-living crisis, with prices for essential food items doubling in a matter of months. President Bola Tinubu's aggressive reforms, including the removal of fuel subsidies and easing of foreign-exchange controls, have led to high inflation and a 70% devaluation of the naira. As a result, millions of Nigerians are facing extreme poverty and food insecurity. The government is implementing measures such as raising interest rates and distributing grains to address the crisis, but relief is urgently needed. The situation has led to protests, looting of food warehouses, and attacks on trucks transporting food. The crisis is affecting both the poor and affluent Nigerians, with surging prices making it difficult to keep up. Analysts predict that inflation will continue to rise, exacerbating the situation further. [Extracted from the article]

India has denied accusations that it is blocking progress at a World Trade Organization (WTO) meeting, stating that it seeks fairness in a global economy that has historically favored wealthier nations. Trade Minister Piyush Goyal emphasized that India has not raised any contentious issues or stalled any processes, and is committed to its international obligations. India's top priority at the WTO is to restore the appellate body, which has been non-functional since 2019 due to the US blocking new appointees. The country's positions on various issues, including fisheries and e-commerce, are being closely watched as the WTO aims to reach agreements. India's government argues for relaxing subsidy rules to address domestic food-security needs, which is important for farmers ahead of upcoming elections. [Extracted from the article]

Brazil's economy experienced unexpected growth in 2023 under President Luiz Inacio Lula da Silva, with the stock market reaching record highs and inflation slowing. However, the sustainability of Lula's economic strategy, known as Lulanomics, is being questioned as the economy slows, fiscal constraints loom, and a challenging mid-term election approaches. Lula aims to expand social programs while balancing the budget, but experts believe that compromises will need to be made. Lula's commitment to using state power to stimulate the economy and help the poor remains strong, but he faces political and economic headwinds in his second term. [Extracted from the article]

Venezuela is attempting to collect old debts from the Petrocaribe program, which allowed countries to finance their oil bills with Venezuela at low interest rates. Last month, Haiti made a $500 million payment to cancel part of its $2.3 billion debt, with the help of a license from the US Treasury. Venezuela, under current leader Nicolas Maduro, is seeking to regain international recognition and address its economic collapse and isolation. The country is also working on debt repayment deals with other nations, such as Belize and Grenada. However, Venezuela's oil production has significantly decreased, and a portion of its current production is allocated to paying off its own debts. [Extracted from the article]

Bank of England Governor Andrew Bailey has stated that regulatory reforms implemented since the 2008 financial crisis are not responsible for the low valuations of UK commercial banks. Bailey believes that further reforms are necessary to protect banks from runs like the one experienced by Silicon Valley Bank UK last year. He also dismissed concerns about the UK falling into recession, stating that any downturn would be shallow. Bailey emphasized the need for UK lenders to hold large liquid assets for financial stability reasons, and acknowledged that investors do not seem to value the sector's newfound stability. [Extracted from the article]

A University of Michigan survey found that approximately 40% of US student-loan borrowers who had to resume payments last year responded by cutting spending on other things. The resumption of payments in October affected about 15% of all US consumers. Of that group, 40% said they mostly adapted by spending less, 30% saved less, and 20% borrowed more. The study suggests that only a small share of US households reduced their expenses to cope with student debt payments, which may have contributed to the strong economic growth in the fourth quarter of last year. However, the survey also indicates that financially vulnerable borrowers have turned to additional credit to maintain their spending, potentially leading to an increase in consumer-credit delinquencies. The director of the survey believes that any increase in financial systemic risk is unlikely to be substantial. [Extracted from the article]

US household utility debt has reached a record high due to the increasing costs of heating and cooling. According to the National Energy Assistance Directors Association, more than one out of every six ratepayers are behind on their energy bills. The residential utility debt in the country has risen by $2.5 billion to $20.3 billion in the past year. The report highlights that household heating costs have increased by up to 20% since the start of the Covid-19 pandemic. The lack of additional federal funding for low-income utility assistance programs could further impact the number of families that can receive support. Low-income residents in New York and Michigan are expected to be the most affected. [Extracted from the article]

Brazil's development bank, BNDES, is considering providing loans to troubled airlines in an effort to alleviate financial pressures and soaring fares. The bank is exploring options to help the airlines secure sufficient collateral, including turning a public aviation fund into a guarantee fund for the loans. Leftist President Luiz Inacio Lula da Silva has instructed his cabinet to find solutions to lower prices and increase accessibility to air travel. The government is also launching a program called Voa Brasil, which will offer discounted tickets to students and retired workers. Rising jet fuel prices, production delays, and currency volatility have contributed to airlines' financial challenges. [Extracted from the article]

Thailand's Prime Minister, Srettha Thavisin, plans to meet with the Governor of the Bank of Thailand, Sethaput Suthiwartnarueput, to discuss various issues, including a proposed digital wallet program and the risk of corporate bond defaults. The Prime Minister has called for the central bank to consider lowering interest rates due to negative inflation readings and the negative impact of high interest rates on the economy, particularly for small businesses and low-income groups. The government intends to proceed with the digital cash handout program, despite reservations from the central bank governor and concerns about widening the fiscal deficit and stoking inflation. The Prime Minister aims to accelerate annual growth in Thailand to 5% during his term. [Extracted from the article]

The article discusses the issue of food insecurity in Greenwich, Connecticut, a wealthy town known for its hedge funds and affluent residents. Despite its reputation for wealth, there are thousands of people in Greenwich who struggle to afford food due to rising rents and inflation. Nationwide, food insecurity has increased, with about 28 million adults experiencing food insecurity in the past week. The Neighbor to Neighbor food pantry in Greenwich provides assistance to about 600 households each week, but donations have decreased while the cost of living has risen. The article highlights the challenges faced by low-income residents in expensive areas like Greenwich, where earning more money can result in losing benefits. [Extracted from the article]

Myanmar is facing economic stagnation due to increasing armed conflict, which is disrupting trade and causing inflation, according to a report by the World Bank. The country's gross domestic product (GDP) growth is expected to weaken to 1% in the fiscal year ending in March, compared to the previous rate of 4%. The conflict between ethnic groups and the military, which took control of the country in a coup in 2021, has intensified since October, resulting in the displacement of half a million people. This has also led to disruptions in trade with key partners such as Thailand and India. The World Bank warns that the economic situation has deteriorated and uncertainty about the future is increasing, with high food price inflation severely impacting poor people in the country. [Extracted from the article]

(Bloomberg) -- Britain's cash-strapped mortgage holders are missing payments and having their debit cards rejected as high interest rates squeeze finances. Pepper Advantage's portfolio - which includes borrowers under forbearance arrangements with lenders - saw the rate of fixed mortgages in arrears grow 54% year-on-year in the third quarter, albeit from a low base. Still, Pepper Advantage, which is more exposed to Britons under financial strain, reported arrears rates of as high as 11% in poorer regions in the northeast and Yorkshire between July and September, while southern regions had rates of about 5%. [Extracted from the article]

(Bloomberg) -- Centene Corp. raised its full-year profit outlook after lower-than-expected medical costs helped the health insurer's third-quarter results handily beat Wall Street expectations. Costs of care in the quarter came to about 87% of Centene's premium revenue, a more favorable ratio than the 87.8% expected by analysts. [Extracted from the article]

Read More: Massa Gains Upper Hand on Milei as Argentina Heads to Runoff The election exposed Argentina's never-ending dilemma: people want change but can't bear to take the cold plunge. (Bloomberg) -- Javier Milei truly believed he would celebrate turning 53 by winning Argentina's presidency in the first round. [Extracted from the article]

HUD's work for the Federal Housing Administration's insured mortgages portfolio and Ginnie Mae's work in the secondary mortgage market would be unaffected. (Bloomberg) -- Longer lines at airports, missed paychecks, shuttered national parks and delayed economic data - those are some of the potential impacts of a looming federal government shutdown. Read more: The Shutdown Seven: Here Are Lawmakers to Watch in Negotiations National Park Closures in Shutdown Could Ignite Partisan Feuding Your Questions Answered on US Government Shutdown: QuickTake Republican Disarray Sends US Veering Toward Government Shutdown Government Shutdown Poses "Seismic" Threat to Pollution Controls US Government Shutdown Would Hobble SEC Oversight, Gensler Says Transportation & Travel Travelers could face delays as air traffic controllers and Transportation Security Administration officers working without pay could lead to higher rates of no-shows, as happened in 2019. [Extracted from the article]

(Bloomberg) -- Longer lines at airports, missed paychecks, shuttered national parks and delayed economic data - those are some of the potential impacts of a looming federal government shutdown. Here are some highlights: Labor Economic indicators, like the Bureau of Labor Statistics's monthly jobs report, could be delayed as in past shutdowns. Many federal employees are likely to be furloughed, but some will be deemed "essential" and work without pay until the shutdown ends. [Extracted from the article]

HUD's work for the Federal Housing Administration's insured mortgages portfolio and Ginnie Mae's work in the secondary mortgage market would be unaffected. (Bloomberg) -- Longer lines at airports, missed paychecks, shuttered national parks and delayed economic data - those are some of the potential impacts of a looming federal government shutdown. Here are some highlights: Labor Economic indicators, like the Bureau of Labor Statistics' monthly jobs report, could be delayed as in past shutdowns. [Extracted from the article]

Beverly Hills City Attorney Laurence Wiener said the city would appeal the court's decision. (Bloomberg) -- Beverly Hills, a city known for luxurious mansions, must come up with a new plan to comply with a California law that requires it to offer housing for moderate- and low-income residents, a judge ruled. [Extracted from the article]

In opposing the lawsuit, the city argued that it was entitled to broad discretion in crafting its housing plan, despite recent changes to state law that aimed to limit that discretion, according to the Realtors association. (Bloomberg) -- Beverly Hills, a city known for luxurious mansions, must come up with a new plan to comply with a California law that requires it to offer housing for moderate- and low-income residents, a judge ruled. [Extracted from the article]

The free grains program has in part helped Modi and his Bharatiya Janata Party to stay ahead of the opposition in the South Asian country, which accounts for nearly 30% of the world's low-income population. Indian officials are proposing to extend a free grains program well into next year's national election season, according to people familiar with the matter, a move likely to support Prime Minister Narendra Modi's reelection bid for a third term. [Extracted from the article]

The free grains program has in part helped Modi and his Bharatiya Janata Party to stay ahead of the opposition in the South Asian country, which accounts for nearly 30% of the world's low-income population. (Bloomberg) -- Coming soon: Sign up for the India Edition newsletter by Menaka Doshi - an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. [Extracted from the article]

In 2014, Metropolitan College sold bonds to help build its Manhattan campus, which opened in 2016. The campus is close to the World Trade Center and is "underutilized" after enrollment dropped, the college told bondholders earlier this month. [Extracted from the article]

For example, if the panel gives drivers like New Jersey commuters a credit for tolls they already paid on tunnels to get into Manhattan, it would raise the pricing fee that other motorists will have to pay. (Bloomberg) -- Nearly everyone in the New York City region wants a break on a new congestion pricing toll set to take effect in Manhattan next year, but the cost of those exemptions adds up. [Extracted from the article]

Once patients have cleared those hurdles, they have to start infusions, a new experience for most Alzheimer's doctors, according to Allison Lapins, a neurologist at Northwestern University Feinberg School of Medicine. New Alzheimer's Drug Is First to Show It Slows Disease. (Bloomberg) -- Eisai Co.'s breakthrough Alzheimer's drug - the first to show it slows the brain-destroying disease - is facing a rocky rollout as doctors grapple with logistical issues, insurance uncertainties and complicated safety testing requirements. [Extracted from the article]

(Bloomberg) -- Behind India's record-setting growth lies a glaring caveat: The world's most populous country has a serious data problem. After years of delays, the government started a new consumer expenditure survey in 2022, which captures consumption patterns in India and will help in policy formation. [Extracted from the article]

In RealClearPolitics average of national polls, Scott sits in fifth place at 3.3% - trailing Trump, DeSantis, Pence and Haley. (Bloomberg) -- Tim Scott is deepening his pitch to Iowa's Christian voters, aiming to make inroads with a bloc that will be crucial in making his 2024 Republican presidential campaign competitive in an early voting state. [Extracted from the article]

(Bloomberg) -- Walgreens Boots Alliance Inc. slashed its full-year profit forecast and announced plans to close 450 stores in the US and UK, sending the drugstore chain's stock plunging. "There has been a steep drop-off in Covid vaccines and testing, and with the end of the public-health emergency we are also experiencing a slower profit ramp for US health care", Chief Executive Officer Roz Brewer said on the earnings call. [Extracted from the article]

(Bloomberg) -- Walgreens Boots Alliance Inc. shares fell the most in three years after the drugstore chain slashed its fiscal-year profit forecast, hurt by fading pandemic demand and a slow transition deeper into health care. "There has been a steep drop-off in Covid vaccines and testing, and with the end of the public-health emergency we are also experiencing a slower profit ramp for US health care", Chief Executive Officer Roz Brewer said on an earnings call. [Extracted from the article]

(Bloomberg) -- Walgreens Boots Alliance Inc. shares fell the most in three years after the drugstore chain slashed its fiscal-year profit forecast, hurt by fading pandemic demand and a slow transition deeper into health care. "There has been a steep drop-off in Covid vaccines and testing, and with the end of the public-health emergency we are also experiencing a slower profit ramp for US health care", Chief Executive Officer Roz Brewer said on an earnings call. [Extracted from the article]

Adjusted earnings for the third-quarter were $1 a share, short of analysts' average estimate of $1.06. (Bloomberg) -- Walgreens Boots Alliance Inc. shares fell the most since late 2020 after the drugstore chain slashed its fiscal-year earnings forecast, hurt by fading pandemic demand and a slow transition deeper into health care. [Extracted from the article]

Annual adjusted earnings will be $4 to $4.05 a share, the Deerfield, Illinois-based company said Tuesday in a statement, down from the earlier range of $4.45 to $4.65. (Bloomberg) -- Walgreens Boots Alliance Inc. shares tumbled after the drugstore chain slashed its adjusted earnings forecast for the fiscal year as its transition deeper into health-care slowed and fading pandemic demand hurt profit. [Extracted from the article]

(Bloomberg) -- Annual US health-care spending will reach nearly $7.2 trillion in 2031, growing faster than the country's economy through the start of the next decade, according to a government estimate. The new estimates from the Centers for Medicare and Medicaid Services show that trend is set to persist as outsize health expenses drag on taxpayers, businesses and families. [Extracted from the article]

He is among several Republicans in the race, including DeSantis and his state's former governor, Nikki Haley, trying to emerge as the non-Trump candidate whom voters will embrace. (Bloomberg) -- Tim Scott made his second appearance in Iowa as a presidential candidate on Friday, arguing that he can unify the Republican Party by projecting an optimism that will not only lead to victory in 2024 but guide the US into the future. [Extracted from the article]

But it isn't clear that Scott, 57, has a plan to topple his party's paramount figure - Trump, the former president, who leads GOP primary polling by a wide margin. (Bloomberg) -- US Senator Tim Scott formally entered the 2024 presidential race on Monday, launching a long-shot bid with Wall Street support to move Republicans away from the grievance-laced politics of Donald Trump. [Extracted from the article]

But it isn't clear that Scott, 57, has a plan to topple his party's paramount figure - Trump, the former president, who leads GOP primary polling by a wide margin. (Bloomberg) -- Senator Tim Scott is testing whether Wall Street's support can help his long-shot bid to move Republicans away from the grievance-laced politics of Donald Trump. [Extracted from the article]

(Bloomberg) -- Senator Tim Scott is testing whether Wall Street's support can help his long-shot bid to move Republicans away from the grievance-laced politics of Donald Trump. "The number one thing with him is his story - he's got a great personal message", said GOP strategist Rick Davis, who was former Senator John McCain's campaign manager for his 2008 presidential run. [Extracted from the article]

(Bloomberg) -- President Joe Biden faces a fervent campaign from progressive Democrats opposing potential concessions to Republicans to avert a US default, complicating passage of a debt-limit deal and risking enthusiasm for his reelection. Biden has said work requirements for Medicaid recipients are off the table, but liberal Democrats say he also should prevent tougher work standards for food stamps, formally known as the Supplemental Nutrition Assistance Program, or SNAP. [Extracted from the article]

Superior Court Judge Lawrence Riff on Tuesday ordered Los Angeles officials to drop the current system and abide by an emergency bail schedule that was put in place in October 2020 during the Covid pandemic, beginning May 24. (Bloomberg) -- The cash bail system in Los Angeles was curtailed by a state judge who issued a preliminary injunction that will allow most people charged with low-level crimes to be released without having to post bail. [Extracted from the article]

Superior Court Judge Lawrence Riff on Tuesday ordered Los Angeles officials to drop the current system and abide by an emergency bail schedule that was put in place in October 2020 during the Covid pandemic, beginning May 24. (Bloomberg) -- The cash bail system in Los Angeles was curtailed by a state judge who issued a preliminary injunction that will allow most people charged with low-level crimes to be released without having to post bail. [Extracted from the article]

(Bloomberg) -- Tim Scott plans to make his 2024 presidential run official, after the South Carolina US senator tested the waters with an exploratory committee earlier this month. The super-PAC, which features Scott on its home page, ended 2022 with $13 million, according to its latest filing with the Federal Election Commission. [Extracted from the article]

But Scott would enter the race far behind Trump, Florida Governor Ron DeSantis - who's widely expected to run - and other potential Republican contenders. (Bloomberg) -- Senator Tim Scott of South Carolina launched a presidential exploratory committee Wednesday, signaling his intent to challenge Donald Trump for the 2024 Republican presidential nomination. His allies see a potential path to the nomination or as an eventual vice-presidential candidate for Scott, who emphasizes conservative principles and supports the policies of Trump but with an optimistic view for the US. [Extracted from the article]

Scott, 57, who was reelected last November to what he said would be his final six-year term, had been taking steps to run for the White House, including visiting early-voting states. (Bloomberg) -- Senator Tim Scott of South Carolina is taking another step toward challenging Donald Trump for the 2024 Republican presidential nomination. [Extracted from the article]