Business news in brief
By The Associated Press
Germany says Europe’s largest economy is in ‘troubled waters’
FRANKFURT, Germany | The German government says Europe’s largest economy is in “troubled waters.” It’s slashing its growth forecast for this year as it struggles with a lack of skilled labor, excessive bureaucracy, high interest rates and lagging investment in new projects.
Meanwhile, a relatively modest set of tax breaks for business remains blocked in the legislature.
The growth forecast was lowered to 0.2% from the previous forecast of 1.3%. That would follow a shrinking of the economy by 0.3% for all of last year. Germany is recovering slowly from the shock of Russia cutting off most natural gas supplies after its invasion of Ukraine.
IRS to pursue business private jet usage
WASHINGTON | First, there were trackers on Taylor Swift and other celebrities’ private jet usage. Now, there will be more scrutiny on executives’ personal use of business aircraft who write it off as a tax expense.
IRS leadership said Wednesday that the agency will start up dozens of audits on businesses’ private jets and how they are used personally by executives and written off as a tax deduction — as part of the agency’s ongoing mission of going after high-wealth tax cheats who game the tax system at the expense of American taxpayers.
Biden boosting cybersecurity at U.S. ports
WASHINGTON | President Joe Biden has signed an executive order and created a federal rule aimed at better securing the nation’s ports from potential cyberattacks. The administration is outlining Wednesday a set of cybersecurity regulations that port operators must comply with across the country, not unlike standardized safety regulations that seek to prevent injury or damage to people and infrastructure.
The new requirements are part of the federal government’s focus on modernizing how critical infrastructure like power grids, ports and pipelines are protected. They are increasingly managed and controlled online but there is no set of nationwide standards that govern how operators should protect against potential attacks online.
—From AP reports
