Business Update – 12 July, 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

IRS warns of new scam involving unclaimed refunds

The Internal Revenue Service and its Security Summit partners are cautioning taxpayers and tax professionals to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking people to send photos and bank account information so they can receive an unclaimed tax refund.

CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans

This month, more than 7,100 people who were charged illegal advance fees by Timemark, Inc. to renegotiate, settle, reduce, or alter the terms of their federal student loans will receive a check in the mail.

US Department of Labor awards $11.7m to help organizations prepare young people for the workforce in underserved communities

The U.S. Department of Labor announced the award of $11.7 million in grants to three organizations to support programs that help youth and young adults in communities affected by violence and poverty to prepare for career success in the labor market.

Retailers, beware: Resumption of student loan payments could lead some buyers to pull back

The reprieve is over. Just as the American economy is struggling with high inflation and interest rates, the coming resumption of student loan payments poses yet another potential challenge.

US jobs growth weakest in more than two years

US jobs growth slowed last month in a sign that the weight of higher interest rates may be starting to slow the world’s largest economy.

Fed’s June meeting minutes show most policymakers see more rate hikes this year

Almost all Federal Reserve Board members agreed at their last meeting that more interest rate hikes will be needed this year to fight inflation, even while taking a pause from their string of 10-straight increases.

China restricts access to 2 metals crucial to making semiconductors.

China will restrict the world’s access to gallium and germanium, requiring buyers of the two rare metals to apply for permits starting next month, in a move that highlights the country’s dominance as the provider of many materials needed to create much of the technology used by consumers around the globe.

The week in AI

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world of machine learning from TechCruch.

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