Newsletter Oct 12, 2023
Quick Six
  • IRS claims Microsoft owes over $29 billion in unpaid taxes

    The IRS is asking that Microsoft pay a whopping $29 billion in unpaid taxes from 2004 to 2013, the company said in an official filing on Wednesday. The case puts focus on the international tax practices of major multinational corporations that have been accused in recent years of shifting revenue to lower tax jurisdictions in order to avoid higher taxes in their major markets.

    SEE MICROSOFT'S OFFICIAL RESPONSE TO THE IRS BILL

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Markets
DJIA 33,804.87 0.19%
S&P 500 4,376.95 0.43%
Nasdaq Composite 13,659.68 0.71%
Japan: Nikkei 225 31,936.51 0.60%
UK: FTSE 100 7,620.03 -0.11%
Crude Oil Futures 83.19 -0.36%
Gold Futures 1,887.70 0.02%
Yen 149.03 -0.09%
Euro 1.06 0.01%
* As of market close

 
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GOP picks Scalise as speaker but vote tight

Republicans selected Majority Leader Steve Scalise as their candidate for speaker of the House of Representatives on Wednesday, but he may not have the necessary votes as war in the Middle East and a looming government shutdown underscored the urgent need to end the leadership vacuum. The party chose Scalise over Judiciary Committee chairman Jim Jordan in a secret vote to replace the overthrown Kevin McCarthy, but he can only afford four defectors if Democrats hold rank.

SEE HOW CLOSE THE ELECTION OF A NEW SPEAKER WILL BE



FTX trial becomes a case of he said, she said

Caroline Ellison, the former CEO of the now-defunct crypto hedge fund Alameda Research, returned to the stand Wednesday to admit to doing things for Sam Bankman-Fried "because Sam told me to," including preparing seven different balance sheets for Genesis and continuing to repay Alameda Research's lenders with FTX customers' money  Ellison told the court that SBF had instructed her to come up with various ways to conceal billions in loans on the crypto hedge fund's balance sheets.

SEE HOW ELLISON'S TESTIMONY DEALT A BLOW TO SBF'S CASE


Climate change making French wine finer?

What makes a good or bad year for wine? It's a question that vexes not only vintners but also scientists, who've long looked to weather for the answer. A new study argues that climate change could contribute to superior vintages -- at least to a point. Good years are characterized by warmer temperatures, greater differences between winter and summer, and earlier, shorter growing seasons -- all conditions that are becoming more frequent as a result of human-caused planetary warming.

SEE HOW TOP VINEYARDS ARE COPING WITH CLIMATE CHANGE


Extra point

What is the most expensive bottle of wine ever sold? Who bought it?

Wednesday's answer: Former Twitter founder/CEO Jack Dorsey posted the first tweet in 2006, reading "just setting up my twttr." The tweet sold as an NFT to crypto entrepreneur Sina Estavi for $2.9 million in 2022.

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