Business, Financial & Legal News - Page 76

Authorities have announced that a Long Island resident has been scamming investors for a year and a half through a fraudulent startup business.

Matthew Gallagher, age 37, of Rocky Point, has been arrested on Wednesday, April 28, at the Seventh Precinct in Shirley and has been charged with the following; two counts of first-degree scheming to defraud, six counts of second-degree grand larceny, eight counts of third-degree grand larceny, four counts of first-degree identity theft, six counts of issuing a bad check, and one count of third-degree attempted grand larceny.

Gallagher is accused of scamming investors through fraudulent startup business ventures and insurance-related frauds. The number of victims of the scams totals 16, and the scams occurred between November 2019 and April 2021. A report has stated that Gallagher will remain at the Seventh Precinct until he appears in front of a court on April 29. For more information on this story, check out this link here.

Tesla has announced a record quarterly profit for Q1 2021 even in the middle of the on-going pandemic, with $10.39 billion in revenue and $438 million in profit for the three-month period.

The electric car giant has been hit with supply issues, safety investigations after a fatal crash in Texas, the COVID-19 pandemic, Elon Musk and his manic tweets and soon -- and appearance on Saturday Night Live where Musk seems to be ready to see "just how live Saturday Night Live really is".

Technoking of Tesla, Elon Musk, said during the investors call on Monday: "We've seen a real shift in customer perception of electric vehicles, and our demand is the best we've ever seen". Musk added that Tesla has sold 184,800 Model 3 and Model Y electric vehicles, both beating expectations and setting new records for the company. Tesla didn't make any higher-end Model S or Model X vehicles for Q1 2021 -- instead, delivering 2020 Model S and Model X cars from its existing inventory.

The expansion of the federal tax credit that was ushered in with the passing of the $1.9 stimulus bill that Biden signed into law could give select Americans an $8,000 tax credit for 2021.

The Child and Dependent Care Credit expansion has been explained by the finance website Nerdwallet; "The Child and Dependent Care Credit can get you up to 50% of up to $8,000 of child care and similar costs for a child under 13, a spouse or parent who cannot care for themselves, or another dependent so that you can work (and up to $16,000 of expenses for two or more dependents)."

Essentially, the credit will be given to individuals that have two or more dependents, and are already eligible for stimulus by meeting the income requirements. It should be noted that the specifics of this credit are somewhat complicated, but what can be simply understood is that the tax credit will only be available to qualifying people; $75,000 for single filers, $150,000 for married filing jointly and $112,500 for head of household filers. For more information on this story, check out this link here.

The Biden administration is in some hot water, with claims of Intel receiving "staggeringly large" subsidies to build semiconductor fabs in the USA -- but it seems that the Biden administration isn't sending over that money just yet.

According to new FOIA requests submitted by Sam Reynolds on behalf of our friends over at Wccftech, there are "no records or documents suggesting that Intel is getting any government money. TSMC, on the other hand, is receiving support from Arizona - although this is unrelated to the CHIPS Act".

Intel is keen to get semiconductor foundries built on US soil, a move that would drastically boost domestic supply of chips -- with Intel reportedly set to receive 10-digit ($1 billion to $9 billion... a "staggering large" number indeed) in subsidies from the US government. This money isn't coming over, and through the new FOIA requests we still have no idea when it will start flowing into Intel.

A new report has revealed that India's super-rich elite families are fleeing the country on private jets as new travel bans begin to lock down the country.

According to a report from BusinessInsider, India's most wealthiest families are fleeing the country via private jets due to the astronomical number of new COVID-19 cases. The report states that India's ultra-rich are paying tens and thousands of dollars to escape the country as travel bans start to come into fruition.

A private jet company, Enthral Aviation, said that over the last few days, it has received an overwhelming number of requests for private jets. An Enthral Aviation spokesperson said to The Economic Times, "We have requested more aircraft from abroad to meet the demand ... It costs $38,000 to hire a 13-seater jet from Mumbai to Dubai and $31,000 to hire a six-seater aircraft. People are making groups and arranging to share our jets just to get a seat... We've had some queries for Thailand but mostly the demand is for Dubai."

Taiwan Semiconductor Manufacturing Co. is building a new water treatment plant, so that it can be reused for its chipmaking facilities as the country goes through a water shortage.

TSMC has announced it will be building a world-first advanced industrial wastewater treatment plant, which once it's up and running would provide around half of the water that TSMC needs to make chips for some of the worlds biggest companies and products.

Taiwan is going through its worst drought in over 50 years, and while Taiwan is literally surrounded by water -- TSMC is pumping through water like there's no tomorrow. TSMC is currently constructing the plant as we speak in the southern Taiwanese city of Tainan, and will be up and running by the end of 2021.

A new report from the Economic Security Project has shown that previous stimulus checks have saved millions of Americans from poverty.

According to the report, the $1,400 stimulus check that was a part of the American Rescue Plan saved more than 11 million Americans from entering poverty. The report also states that if a fourth or fifth stimulus check were issued, it would save a further 12 million more Americans from poverty. "Cash has been a lifeline for Americans during this crisis and will continue to be as long as the crisis continues," the report explains

Additionally, the report goes on to state that policymakers need to prioritize policies that target the people who have been affected by the COVID-19 pandemic the most - "low-income households and households of color who the data show are still struggling to get back to baseline". The three payments that have been issued over the one year of the pandemic have shown that stimulus payments being given to people who need it most shortened the recession and stimulated the economy.

The American Rescue Plan signed in by President Biden will soon give American families $3,600 in stimulus checks.

Qualifying American families are set to receive $3,600 in stimulus checks that will begin rolling out in July 2020. Married couples that earn $150,000 a year or less and have children, or individuals that earn $75,000 a year and have children qualify to claim a monthly federal tax credit. Parents that have children between the ages of 6 and 17 will receive $250 every month for six months.

Parents who have a child under the age of 6 will receive $300 a month for six months. Additionally, those same parents will receive a tax credit next year of $1,500 for every child between the ages of 6 and 17, or $1,800 for every child under the age of 6. Due to how unusually busy the Internal Revenue Service (IRS) is with having to train new staff, create a new online portal for people to claim these payments, and deal with an influx of tax returns, these payments won't begin rolling out until July.

Data from The Bureau of Labour Statistics has been used to create a new map that reveals the highest paying job in every state, excluding doctors.

A new report from Business Insider has revealed that there are several other high-paying jobs in many states across the US that aren't doctors. The data has been gathered by the Bureau of Labour Statistics' Occupational Employment Statistics program and found that chief executives or CEO's are the highest paying occupation in 22 States as well as DC.

Other than doctors, it was also found that airline pilots, co-pilots, and flight engineers are the top-paying jobs in six states. in the entirety of this article, you are fine to the 14 different high-paying jobs across the United States, excluding doctors. This list is composed in alphabetical order and also the mean salary for each state and DC. If you were interested in reading more of the story, check out this link here.

President Biden unveiled a huge $2 trillion infrastructure package back in March, inside of which were plans to build domestic (US-based) chip manufacturing plants with $50 billion of investment into the sector.

The White House has asked for new funding to get through the continued semiconductor shortage, with the Biden administration requesting $150 million in funding for two new manufacturing programs. On Monday, the White House and cabinet officials will be hosting a virtual CEO summit on on semiconductor supply chain resilience.

President Biden and his team will talk with companies including Alphabet, AT&T, Ford, General Motors, Intel, and Samsung.