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Yahoo
15 hours ago
- Business
- Yahoo
IRS offers $2.895 million settlement with Maple Lawn over COVID-19 funding
COLDWATER, MI — County owned Maple Lawn Medical Care Facility received written confirmation Tuesday, July 22 of a settlement offer of $2.895 million from the IRS of an appeal of COVID-19 grants owed from the Employee Retention Credit program. Director Jayne Sabaitis told her board July 16 if confirmed, she would accept the offer after appealing denial of the original $3.6 million request filed three years ago during the pandemic. The money will help Maple Lawn make up for its current $1.3 million operating deficit caused by reduction in Medicaid funding for the current federal fiscal year. Prior story Maple Lawn to appeal IRS denial of $3.6 million in COVID-19 relief funds Sabaitis told her board she would consult with accountants Plante-Moran. 'We'll be discussing how that's going to affect our cost report. We want to make sure that we keep our expenses so that our Medicaid rate stays the same to make sure the use of the funds would not hurt next year's Medicaid funding," she said. Sabaitis told the board there are some capital projects which were delayed. 'We're not going to take this money and blow it. We want to hold cash as much as we can' with questions about future funding, she said. Related story With a current $1.2 million loss, Maple Lawn faces concerns with federal Medicaid cuts Sabaitis said five other Michigan nursing homes hired Washington legal counsel to sue the IRS over ERC denial. Maple Lawn was a late applicant for ERC funding only learning near the end of the pandemic the non-profit nursing facilities were eligible. The program was created for eligible businesses and tax-exempt organizations that had employees and saw increased costs or losses affected during the COVID-19 pandemic. Subscribe Support local to the Coldwater Reporter Maple Lawn is licensed for 114 beds but fluctuates by staffing. The nursing care and rehabilitation regularly reports over 90% occupancy. Contact Don Reid: dReid@ This article originally appeared on Coldwater Daily Reporter: Maple Lawn to receive $2.895 million ERC program settlement from IRS Solve the daily Crossword
Yahoo
03-07-2025
- Business
- Yahoo
Dow approaches new record and S&P hits all-time high after stronger-than-expected jobs data
Stocks, bond yields and the dollar gained on Thursday after a strong jobs report soothed nerves about how the economy is faring during the early stages of President Donald Trump's tariff campaign. After a shortened trading day in advance of Friday's July Fourth holiday, the Dow closed higher by 344 points, or 0.77%. The broader S&P 500 rose 0.83% and the tech-heavy Nasdaq Composite gained 1.02%. The S&P 500 and Nasdaq closed at fresh record highs. The Dow closed just 186 points away from hitting an all-time high. Stocks had jumped higher in the morning after new data showed the economy added 147,000 jobs in June, exceeding expectations. The unemployment rate ticked lower to 4.1% from 4.2%. The strong headline numbers provided relief for investors who were nervous about a potential slowdown in the economy as the president's tariffs portend to impact business activity. 'The June jobs report is like a summer blockbuster — plenty of action and a surprise twist. Despite tariffs, DC drama and global headwinds, the US labor market just pulled off a better-than-expected performance,' Gina Bolvin, president of Bolvin Wealth Management Group, said in an email. While markets jumped higher, investors also noted caution. The breakdown of job growth showed a less rosy picture, with the private sector showing signs of weakness, according to Jim Baird, chief investment officer at Plante Moran Financial Advisors. 'There was one cautionary note,' Baird said. 'Private sector hiring was fairly weak. So, that's the asterisk that I would put on the report, and something to watch.' Job growth in June was not widespread across sectors. Meanwhile, the average duration of unemployment rose and the share of unemployed workers who have been out of a job for 27 weeks or longer edged closer to a three-year high. 'Businesses are a little bit more hesitant to hire,' Baird said. 'Lots of questions still related to the impact of trade, tariffs and the tax code making its way through Congress. I think there has been a cautious tone on the hiring front that we've been seeing and hearing about for some period of time. And I think that did show up in the numbers this month.' Treasury yields jumped higher as investors dialed back expectations for future rate cuts from the Federal Reserve. The 10-year yield rose to 4.34% and the 30-year yield rose to 4.86%. The US dollar index, which measures the dollar's strength against six major foreign currencies, gained 0.45%. The dollar index was set for its biggest daily gain in nearly two weeks. David Russell, global head of market strategy at TradeStation, said in an email that the June jobs report was 'good news for the economy and corporate earnings because there's no sign of a recession.' 'Uncertainty around tariffs and trade have apparently not spooked businesses into shedding workers,' Jeffrey Roach, chief economist at LPL Financial, said in an email. 'One note of caution: the administration is still actively negotiating details with several major trading partners and the eventual business impacts are unknown.' The Dow, S&P 500 and Nasdaq all closed the week in the green. The labor market continues to prove resilient, which gives the Fed more time to hold rates steady and focus on how inflation is developing. Traders now expect just a 4.7% chance the Fed cuts rates in July, down from a 23.8% chance yesterday, according to the CME FedWatch Tool. The Fed's rate-cutting path has come under increased scrutiny in recent weeks as Trump has continued a tirade against Fed Chair Jerome Powell, lashing out at him for holding rates steady. Some Fed officials in recent weeks had signaled an openness to cutting rates in July. Seema Shah, chief global strategist at Principal Asset Management, said in an email that the June jobs report signals rate cuts in July are likely off the table. 'A few Fed speakers have shown their inclination to cutting interest rates as early as this month. Today's data of higher than expected payrolls, a drop in the unemployment rate and a fall in jobless claims completely dispels their case for imminent rate cuts and implies that there is absolutely no urgency for Fed support,' Shah said. Wall Street was also monitoring developments on Capitol Hill as lawmakers in the House try to pass Trump's 'One Big, Beautiful Bill.' And investors were also keeping an eye out for developments on the trade front. Trump on Wednesday announced a trade deal with Vietnam. 'The stock market is starting off the second half of 2025 on a strong foot, with stocks continuing to make record highs as investors start to price in fading tariff uncertainty and optimism over tax cuts and continued economic resiliency,' David Laut, chief investment officer at Abound Financial, said in an email. Chris Zaccarelli, CIO at Northlight Asset Management, said in an email that while he has been encouraged by the recovery in the stock market in recent months, he is concerned about expensive valuations and the fact that a lot of good news has already been priced in, leaving the market 'more vulnerable to negative surprises.' 'Extreme greed' was the sentiment driving markets, according to CNN's Fear and Greed index. It was the strongest reading in over a year. CNN's Lucy Bayly contributed reporting Sign in to access your portfolio
CNN
03-07-2025
- Business
- CNN
Dow approaches new record and S&P hits all-time high after stronger-than-expected jobs data
Stocks, bond yields and the dollar gained on Thursday after a strong jobs report soothed nerves about how the economy is faring during the early stages of President Donald Trump's tariff campaign. After a shortened trading day in advance of Friday's July Fourth holiday, the Dow closed higher by 344 points, or 0.77%. The broader S&P 500 rose 0.83% and the tech-heavy Nasdaq Composite gained 1.02%. The S&P 500 and Nasdaq closed at fresh record highs. The Dow closed just 186 points away from hitting an all-time high. Stocks had jumped higher in the morning after new data showed the economy added 147,000 jobs in June, exceeding expectations. The unemployment rate ticked lower to 4.1% from 4.2%. The strong headline numbers provided relief for investors who were nervous about a potential slowdown in the economy as the president's tariffs portend to impact business activity. 'The June jobs report is like a summer blockbuster — plenty of action and a surprise twist. Despite tariffs, DC drama and global headwinds, the US labor market just pulled off a better-than-expected performance,' Gina Bolvin, president of Bolvin Wealth Management Group, said in an email. While markets jumped higher, investors also noted caution. The breakdown of job growth showed a less rosy picture, with the private sector showing signs of weakness, according to Jim Baird, chief investment officer at Plante Moran Financial Advisors. 'There was one cautionary note,' Baird said. 'Private sector hiring was fairly weak. So, that's the asterisk that I would put on the report, and something to watch.' Job growth in June was not widespread across sectors. Meanwhile, the average duration of unemployment rose and the share of unemployed workers who have been out of a job for 27 weeks or longer edged closer to a three-year high. 'Businesses are a little bit more hesitant to hire,' Baird said. 'Lots of questions still related to the impact of trade, tariffs and the tax code making its way through Congress. I think there has been a cautious tone on the hiring front that we've been seeing and hearing about for some period of time. And I think that did show up in the numbers this month.' Treasury yields jumped higher as investors dialed back expectations for future rate cuts from the Federal Reserve. The 10-year yield rose to 4.34% and the 30-year yield rose to 4.86%. The US dollar index, which measures the dollar's strength against six major foreign currencies, gained 0.45%. The dollar index was set for its biggest daily gain in nearly two weeks. David Russell, global head of market strategy at TradeStation, said in an email that the June jobs report was 'good news for the economy and corporate earnings because there's no sign of a recession.' 'Uncertainty around tariffs and trade have apparently not spooked businesses into shedding workers,' Jeffrey Roach, chief economist at LPL Financial, said in an email. 'One note of caution: the administration is still actively negotiating details with several major trading partners and the eventual business impacts are unknown.' The Dow, S&P 500 and Nasdaq all closed the week in the green. The labor market continues to prove resilient, which gives the Fed more time to hold rates steady and focus on how inflation is developing. Traders now expect just a 4.7% chance the Fed cuts rates in July, down from a 23.8% chance yesterday, according to the CME FedWatch Tool. The Fed's rate-cutting path has come under increased scrutiny in recent weeks as Trump has continued a tirade against Fed Chair Jerome Powell, lashing out at him for holding rates steady. Some Fed officials in recent weeks had signaled an openness to cutting rates in July. Seema Shah, chief global strategist at Principal Asset Management, said in an email that the June jobs report signals rate cuts in July are likely off the table. 'A few Fed speakers have shown their inclination to cutting interest rates as early as this month. Today's data of higher than expected payrolls, a drop in the unemployment rate and a fall in jobless claims completely dispels their case for imminent rate cuts and implies that there is absolutely no urgency for Fed support,' Shah said. Wall Street was also monitoring developments on Capitol Hill as lawmakers in the House try to pass Trump's 'One Big, Beautiful Bill.' And investors were also keeping an eye out for developments on the trade front. Trump on Wednesday announced a trade deal with Vietnam. 'The stock market is starting off the second half of 2025 on a strong foot, with stocks continuing to make record highs as investors start to price in fading tariff uncertainty and optimism over tax cuts and continued economic resiliency,' David Laut, chief investment officer at Abound Financial, said in an email. Chris Zaccarelli, CIO at Northlight Asset Management, said in an email that while he has been encouraged by the recovery in the stock market in recent months, he is concerned about expensive valuations and the fact that a lot of good news has already been priced in, leaving the market 'more vulnerable to negative surprises.' 'Extreme greed' was the sentiment driving markets, according to CNN's Fear and Greed index. It was the strongest reading in over a year. CNN's Lucy Bayly contributed reporting
Yahoo
03-07-2025
- Business
- Yahoo
Investors choose safe havens, oil over equities as Middle East erupts
By Sinéad Carew and Amanda Cooper NEW YORK/LONDON (Reuters) -U.S. investors on Friday sought refuge in safe-haven assets like the dollar and gold, as oil prices surged after Iran retaliated against Israel's biggest-ever military strike against the major crude producer. Iran launched airstrikes at Israel hours after unprecedented Israeli strikes, stoking some fears of a broader regional conflagration. Explosions were heard on Friday in Jerusalem and Tel Aviv, the country's two biggest cities. Earlier, Israel blasted Iran's huge Natanz underground nuclear site and killed its top military commanders. Investors said the markets would probably muddle through the latest hostilities unless Iranian oil facilities were attacked or other countries are drawn into the war. Worries about possible disruptions to oil shipments prompted crude prices to spike as much as 14%. Oil futures settled 7% higher on the day. "We're entering the next phase of the conflict here with the Iranian response," said Jim Baird, chief investment officer at Plante Moran Financial Advisors in Southfield, Michigan. The money manager said he expected "a bit more of a flight-to-quality trade if we see stocks sell off further" and that this could benefit gold and Treasuries. "The question is still how long will this persist? How intense will it be? Will other parties be drawn in? From a big picture economic perspective, I don't think it changes anything materially," he said. Safe-haven gold prices rose more than 1% and Wall Street's three major equity indexes ended down more than 1%. The outbreak of war brought oil prices into focus. Iran is among the world's largest exporters of crude and borders the Strait of Hormuz, a major choke-point for crude tankers through which roughly a fifth of global consumption flows and which Iran has previously threatened to close in retaliation to Western pressure. As oil prices surged and investors sought safe havens, U.S. government bond yields rose on bets that higher energy prices could stoke inflation. Still, despite the spike in crude prices, the global benchmark Brent remained well under $80 a barrel. Irene Tunkel, Chief U.S. Equity Strategist at BCA Research said she does not see long-term U.S. market implications unless prices soar above $100 a barrel, which would hurt consumer spending. She said that was unlikely unless oil infrastructure is destroyed or "Iran somehow closes the Strait of Hormuz and (the conflict) spills out of Iran and energy production in Iraq is shifted." The strategist also noted that the S&P 500 pullback on Friday, followed a strong rally from April lows. U.S. President Donald Trump said there was still time for Iran to halt the Israeli attacks by reaching a deal to curb its nuclear programme. The attacks came at a time when investors were wondering how central banks would handle interest rates if U.S. consumer prices rise due to Trump's tariffs. Jack Janasiewicz, portfolio manager at Natixis Investment Managers in Boston, said the potential for higher inflation from rising oil prices looked "less supportive" for U.S. government bond prices. But he noted that investors typically take geopolitical crises in their stride. "Historically speaking with these kind of geopolitical events, you get the knee-jerk reaction from the market but the longer-term ramifications tend to fade. History tells us to kind of look past a lot of this stuff," said Janasiewicz. OIL PRICE RALLY Janasiewicz said the ultimate gains in oil prices will depend on how long the war lasts and whether U.S. supply could be ramped up to cap prices if there is a supply disruption. "From a U.S. perspective it's at least a little bit more insulated because domestic producers could certainly ramp up" production, Janasiewicz said. The dollar index, which has recently borne the brunt of investor risk aversion, again took up the mantle of safe haven on Friday and was last up about 0.5%. "The dollar is reverting to that traditional role of safe haven, which we haven't seen for months," City Index strategist Fiona Cincotta said. Despite Wall Street's sell-off, stock prices were still not far off record highs, and some investors had warned that market participants may not be cautious enough. Marlborough fixed income fund manager James Athey said there was a risk investors dive back into riskier assets too quickly if tensions do not ratchet up quickly from here. "In general, markets tend to look through these sorts of events quite quickly but of course therein lies the risk of complacency," he said. "The situation is genuinely tense and fraught and risk assets are still priced for perfection," he said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-05-2025
- Automotive
- Yahoo
Stellantis struggles to rebuild supplier trust despite legal win
Attorneys representing Stellantis were in a courtroom in Detroit earlier this month, arguing a case before the Michigan Court of Appeals. That hearing, involving the contract between the company's U.S. operating arm known as FCA US LLC and supplier Kamax, resulted in a decision that went in the automaker's favor. While it's not unusual for automakers to deal with lawsuits, industry watchers say it is unusual for automakers and their suppliers to engage in public fights. But it's not a new story for Stellantis, and the challenges the owner of the Jeep, Ram, Chrysler, Dodge and Fiat brands has had in dealing with its suppliers was on display again this week with the release of a supplier sentiment survey. Automaker advertising: Ford and Stellantis address tariff turmoil with bold 'made-in-America' ad campaigns Here again, Stellantis stood out, ranking last among the automakers surveyed in the 25th annual North American Automotive OEM-Supplier Working Relations Index Study from Plante Moran (OEM is an abbreviation used to refer to automakers as "original equipment manufacturers"). In order, from best to worst, Toyota, Honda and General Motors each saw their scores increase over last year, while Nissan, Ford and Stellantis saw their scores drop. Other automakers, including Tesla, don't participate. The order of rankings is unchanged from last year. Stellantis, however, has had the worst score since 2021 — the same year it was formed from the merger of Fiat Chrysler Automobiles and Peugeot maker PSA Group — and going back earlier, the automaker had the worst, next-to-worst or tied-for-worst score since 2008. This year's results also represent the largest gap since 2008 between the top automaker and the bottom one, according to Dave Andrea, principal in Plante Moran's Strategy and Automotive and Mobility Consulting Practice. The results are based on responses from 665 supplier executives from 398 Tier 1 suppliers at a time when the auto industry deals with volatility from changing market conditions and is now facing the uncertainty caused by tariffs. The companies that do well on the survey tend to be known for better communication, responsiveness and treating their suppliers like partners. 'The top three are doing the things better that enable suppliers to better control their costs, achieve equitable cost-sharing and better navigate uncertainty,' according to Angela Johnson, a principal in Plante Moran's Management Consulting, Supplier Relations Analytics. She said suppliers aren't expecting automakers to bear all the costs. Stellantis provided a statement through spokeswoman Jodi Tinson acknowledging that it has work to do: "Despite increasing our engagement activities with our suppliers since Stellantis was formed, we recognize that more work is needed to continue building trust. This remains a priority for Stellantis, and we will continue exploring strategic initiatives while working with our suppliers to focus on improving where it matters most." Regarding the Kamax suit, which stems from an Oakland County court case, the automaker said it was pleased 'a court has once again ruled that our purchase order contracts are enforceable requirements contracts. As we've stated in the past, it is never our intent to use the court system to resolve such disputes; however, certain situations unfortunately require it. Stellantis remains committed to working with our suppliers, so that we can continue to build the vehicles that our customers desire." The recent ruling from the Michigan Court of Appeals deals with Kamax's effort in 2023 and 2024 to push the automaker to renegotiate the prices it pays for automotive fasteners because, Kamax said, the costs to produce the parts had skyrocketed. Kamax later said it would stop deliveries but relented following a decision in Oakland County Circuit Court, and the case eventually made its way to the Court of Appeals. It's one of numerous court cases involving Stellantis and its suppliers in recent years. Detroit-based attorney Dan Rustmann, whose firm, Butzel, represents numerous suppliers, called litigation between suppliers and automakers very unusual and typically a last resort. Rustmann, who noted that he represents 'a lot of Tier 1 suppliers,' said that 'in my experience dealing with many different carmakers … anecdotally Stellantis has been the most difficult of any of the customers that I had to deal with on behalf of my clients.' In times of rising costs, for instance, some automakers are more willing than others to provide relief, he said. 'In my experience, Stellantis has not been so willing and that's why they're facing all this litigation and disruption from their supply chain,' he said. Rustmann said his firm's experience aligns closely with the results of the Plante Moran survey. Although Rustmann said he can't make a direct connection to the impact on the end product, meaning the vehicle that a consumer purchases, he said it's common sense to treat others fairly. 'When you treat a supplier poorly and beat them down and don't give them relief when they have a cost increase … you're not going to get the best (technology) from them,' he said. Contact Eric D. Lawrence: elawrence@ Become a subscriber. Submit a letter to the editor at This article originally appeared on Detroit Free Press: Stellantis struggles to rebuild supplier trust despite legal win Sign in to access your portfolio
