The dollar was set for a fourth straight month of losses on Monday after a U.S. Federal Reserve policy shift on inflation, while the euro was poised to post a fourth month of gains, taking both currencies to levels last seen in 2018.
Saudi Arabia's stock market rose in early trade on Monday, boosted by energy and financial companies, while shares in the United Arab Emirates moved sideways.
Israel's Delek Group said on Monday it is in talks with third parties about a possible merger of its North Sea energy operations, as it reported a second quarter loss.
As Vanguard Group doubles down on mainland China's $2.6 trillion mutual funds market, the U.S. asset manager faces challenges similar to those that forced it to abandon Hong Kong, Japan and Singapore.
Italy's economy shrank a downwardly revised 12.8% in the second quarter from the previous three months, the steepest recorded drop in gross domestic product as the coronavirus crisis lacerated the country, national statistics bureau ISTAT said on Monday.
Turkey's economy contracted by 9.9% as a coronavirus lockdown brought activity to a near standstill in the second quarter, according to data on Monday that showed its worst year-over-year performance in a decade and its most abrupt stop ever.
Russia's Economy Ministry expects the country's gross domestic product to contract 3.9% this year, less than a previously expected fall of 4.8%, a revised ministry draft forecast seen by Reuters showed, thanks to higher oil prices.
Cryptocurrency earned from carrying out small tasks valued as low as $1 is taxable, the U.S. Internal Revenue Service (IRS) said in a memo Friday.
In a memorandum first reported by The Block, the IRSâs Office of Chief Counsel published a response to a June 29 request for clarification from the tax agentâs own Small Business/Self Employed Division.
The question centered around whether crypto earned by an individual for performing a microtask through a crowdsourcing or similar platform was a taxable income.
âYes,â IRS senior technician reviewer and memo author Ronald Goldstein said, âthe convertible virtual currency received is taxable as ordinary income.â
Goldstein added that cryptocurrency âacts as a substitute for real currencyâ and is therefore considered property for federal income tax purposes pertaining to section 61(a) of the IRS tax code.
An example of microtasking included a company offering to pay workers in bitcoin for processing data or reviewing images.
The value of crypto paid in exchange for microtasks are often small amounts that could be less than $1.
Other examples included downloading an app and leaving a positive review; downloading games and reaching particular milestones; completing online quizzes; or registering accounts with various online services.
According to the memo, these types of microtasks âmay provide individuals with rewardsâ in the form of cryptocurrency and are thereby subject to the same regulations as regular money.
The guidance comes at a time when the tax agency has been in crackdown mode to end suspected crypto tax avoidance, seemingly contradicting the advice of its own watchdog.
As COVID-19 cases in China sink to new lows, the world's largest population of university students is heading back to campus in a migration defined by lockdowns, patriotic education and cutting-edge surveillance equipment.
Japanese Prime Minister Shinzo Abe's decision to step down on Friday because of worsening health will formally put an end to his "Abenomics" strategy, which tried to revive the world's third-largest economy after decades of stagnation.
German benchmark 10-year bond yields were steady below last week's 2-1/2 month highs on Monday, with data released from the euro zone's biggest economy this session expected to reinforce a benign inflation outlook in the currency bloc.
(RTTNews) - Philips Electronics NV (PHGFF.PK, PHG) said Monday that it has been informed by the U.S. Department of Health and Human Services of the partial termination of 43,000 EV300 ventilators contract. The termination of contract will impact the company's financial performa
Long-dated Japanese government bond prices edged higher on Monday, as investors bought back bonds on hopes that Prime Minister Shinzo Abe's successor will stay the course on current fiscal and monetary stimulus policies.
The Indian rupee retreated from near six-month highs on Monday afternoon after reports of fresh border tensions with China came to light, said traders.
South Africa's rand softened early on Monday, giving back some of its big gains from the end of last week spurred by a significantly weaker dollar, as investors awaited details of the ruling African National Congress's (ANC) weekend meeting.
Turkey's economy contracted a less-than-expected 9.9% in the second quarter as the coronavirus lockdown hit, data showed on Monday, logging its worst year-over-year performance in more than a decade and its most abrupt stop ever.
Lebanon's ambassador to Germany Mustapha Adib is set to be designated prime minister on Monday ahead of a visit to Beirut by the French president who will press for long-delayed reforms to steer the Middle East nation out of its deep crisis.
Investors are raising expectations the Federal Reserve will act to tame an upturn in yields by expanding its purchases of long-dated Treasury bonds, after the U.S. central bank said it would allow inflation to run higher.
The dollar was poised to register a fourth straight monthly drop on Monday as investors bet on U.S. rates staying low for longer, while the yen steadied on the view that Japan's next leader will stay the course on the 'Abenomics' economic revival programme.
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