Business Highlights: IRS launches crackdown on millionaires with back taxes; iPhone security update
___
The IRS plans to crack down on 1,600 millionaires to collect millions of dollars in back taxes
WASHINGTON (AP) — The IRS is launching an effort to crack down on 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. IRS Commissioner Daniel Werfel says that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting rich people who’ve “cut corners” on their taxes. The IRS announced the effort on Friday. The IRS is trying to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration. Republicans in Congress are looking to claw back some of that money.
___
Stock market today: Wall Street closes its worst week in the last 3 with a quiet finish
NEW YORK (AP) — Stocks drifted to a slightly higher close on Wall Street but still closed out their first losing week in the last three. The S&P 500 rose 0.1% Friday following three straight days of declines. The Dow Jones Industrial Average added 75 points, and the Nasdaq composite rose 0.1%. Treasury yields held relatively steady, helping to keep trading quiet. Strong reports on the economy earlier in the week sent yields higher and raised worries the Federal Reserve may keep interest rates higher for longer. High rates can slow inflation, but they hurt investment prices.
___
Germany will keep Russian oil giant Rosneft subsidiaries under its control for another 6 months
BERLIN (AP) — The German government says it will keep two subsidiaries of Russian oil giant Rosneft under the control of German authorities for another six months. The government announced a year ago that it was putting the units under the administration of Germany’s Federal Network Agency. In March, a German federal court threw out complaints from Rosneft and upheld the decision. The trusteeship gave German authorities control of three Russian-owned refineries. Rosneft accounted at the time for about 12% of Germany’s oil refining capacity. The Economy Ministry said Friday that it is extending the trusteeship again until March 10 next year “to secure the energy supply.”
___
Update your iPhone: Apple just pushed out a significant security update
Apple released a significant security update for iPhones and iPads Thursday to patch newly discovered security vulnerabilities in the devices’ system software. The issue was discovered by researchers at the University of Toronto’s Citizen Lab, who said the software flaw was being “actively exploited” to deliver commercial spyware called Pegasus developed and sold by the Israeli company NSO Group. Pegasus is an expensive tool typically used to target dissidents, journalists and political opponents, so ordinary users likely have little to fear. Still, Citizen Lab recommends that all users should immediately update their devices.
___
Puerto Rico’s public schools clamor for air conditioning to get relief from record-breaking heat
SAN JUAN, Puerto Rico (AP) — Students and teachers are sweltering in public schools across Puerto Rico and demanding that the government install air conditioners as the U.S. Caribbean territory bakes under record heat this year. But the island’s governor quietly vetoed a bill last month that would authorize the installation of cooling systems in a move that outraged many. The island’s Department of Education has taken steps including allowing students to wear Bermuda shorts as it considers modifying schedules to cooler hours. The measures have appeased few as heat advisories for the island become the norm as Puerto Rico’s government struggles to respond to the effects of climate change.
___
Kroger agrees to pay up to $1.4 billion to settle opioid lawsuits
The Kroger Co. has agreed to pay up to $1.4 billion to settle lawsuits over the toll of opioids. The supermarket chain announced the plan on Friday. State and local governments would get the bulk of the money, though pieces are carved out for Native American tribes and to pay lawyers’ costs. Most of the money is to be used to fight the addiction and overdose crisis. Drugmakers, distribution companies and other pharmacies have previously agreed to similar settlements totaling more than $50 billion. Remaining defendants include some generic manufacturers and regional wholesalers and pharmacies, along with pharmacy benefit companies.
___
The Biden administration wants more money and technology to prevent close calls between planes
The Biden administration is putting more money into aviation safety and taking the first steps toward requiring that all planes be equipped with technology designed to prevent close calls around airports. The White House said Friday it’s investing $26 million in things like more use of technology for tracking planes on the ground at airports. And the Federal Aviation Administration is asking one of its advisory panels to suggest how the government can require technology to warn pilots, for example, when they are lined up to land on the wrong runway. The moves are designed to counter an increase in close calls this year.
___
Annie Lennox plans to fundraise and entertain at Rotary event in Italy. She does not plan to retire
NEW YORK (AP) — Annie Lennox is not retiring. Though her partner in the Rock and Roll Hall of Fame band Eurythmics Dave Stewart recently posted that Lennox “won’t be touring anymore” and would not be part of the “Sweet Dreams 40th Anniversary Tour” this fall, Lennox told The Associated Press that she will continue to perform. “I’m not retiring from anything,” Lennox said. “I’m just stepping back because I spent decades on the road.” Instead, Lennox plans on performing at more events like “Time for Change,” a fundraiser for numerous nonprofits, including Rotary International’s End Polio Now initiative. Lennox will perform on the floor of the Colosseum on Sunday as part of the benefit.
___
The S&P 500 rose 6.35 points, or 0.1%, to 4,457.49. The Dow Jones Industrial Average rose 75.86 points, or 0.2%, to 34,576.59. The Nasdaq composite rose 12.69 points, or 0.1%, to 13,761.53. The Russell 2000 index of smaller companies fell 4.21 points, or 0.2%, to 1,851.54.