IRS has fined some 8 million people and 1.4 million households are forecast to fall prey of fines due to ignorance on new healthcare law. Commonly criticized as the Obama Care Law, the new law instructs all Americans to go through insurance net. But mainly due to ignorance about mandatory submission of tax returns and moreover legally remain exempted from tax net, have fall victim to count fine for $210 each.
Legal & Regulatory
Economic Emergency In Venezuela Aims To Keep Maduro’s Anti Poverty Programs Alive
Just Prior to the State of Address to the Congress, Venezuelan President Nicolas Maduro has imposed economic emergency for 60 days. The concerned decree is aimed to allocate funds to keep alive the socialist government’s signature anti poverty programs. If opposition led Congress denies the imposed decree, Maduro will have to appeal to the Supreme Court of justice for its continued effectiveness.
Italian Health Authorities Instituted Refund for Ineffective Cancer Treatment
Italian Medicine Agency has formulated an advanced strategies in drug spending. The agency has developed an innovative deal with pharmaceutical companies to institute a refund for ineffective medicinal treatment.
Indonesia Slashes Benchmark Rate, First In 11 Months, to 7.25%, Rupiah Appreciates
Rupiah has been reported as the second worst performing countries during the first three quarters of 2015. But during the fourth quarter, the currency has around apparently due to the country’s cautious monetary policy. Bank Indonesia has announced cutting benchmark interest rate to 7.25% on Thursday and consequently Rupiah has appreciated some more value.
Goldman Agrees To Pay $5.1 billion, Resolves 7 Years’ Pending Mortgage Security Dispute
Goldman Sachs Group Inc. has finally agreed to pay $5.1 billion on Wednesday to resolve a seven years’ pending dispute over faulty mortgage securities. The penalty amount remains lower compared to those counted by other Wall Street competitors. Fourth quarter profit of the firm may be hit by the penalty counting. But investors welcome the settlement and its share price rises by 1.5% on Thursday.
Latest News
The United Airlines was fined $2.75 million by the U.S. Transportation Department for violating the tarmac-delay rule and mistreating passengers with disability.
TransCanada Corp sues US government to reverse President Barack Obama’s decision to reject its Keystone XL pipeline. Canadian firm also seeks $15 billion in damages from the North American Free Trade Agreement.
Lumos Labs has been charged a fine of $2 million by the FTC for their misleading claims on the benefits of using their app, Lumosity. The company claimed that the app could decrease or slow down serious mental conditions by frequently using the app.
FDA has been reported to seize 90,000 bottles of RelaKzpro branded diet supplement on Wednesday. The seizure has been conducted under Federal Food, Drink & Beverage Act following a suit filed by the US Department of Justice on behalf of FDA in the District Court. The suit accuses kratom containing diet supplements as adulterated due to unreasonable health hazards.
The majority of states in the United States including major cities will implement new minimum wage rate starting this year as workers continue to strike and demanding a better payment. Workers have been under pressure lately as the cost of living continues to increase yet their minimum wage remains the same.
Credit Suisse has received regulatory approval for opening its new branch in Ireland. The Swiss bank is setting up a new branch in Dublin as part of its cost reduction exercise. Credit Suisse is restructuring its securities trading and prime brokerage operations. Credit Suisse is in the process of meeting capital requirements and improving shareholder returns.
Less than couple of weeks after threatening Amazon, NJ Mayor has abandoned the plan to file a lawsuit against the retail giant. Earlier this month, Dave Fried, the Robbinsville Township Mayor had threatened to sue Amazon once a senior company official failed to show at a crucial meeting on Wednesday. The meeting was arranged to discuss the hefty traffic generated by Amazon's fulfillment center.
Five people have been charged with kickback scheme related to billing that costs the government and insurance companies to the tune of $580 million. Doctors and others benefited from this scam by referring patients to two Southern California hospitals.
The Federal Aviation Administration's drone registration task force will develop a simple and free national drone registration system. A government task force will create a three-step registration process, according to a report by ARS Technica.
