Tennessee taxable sales increase 4.5 percent
Taxable sales in Tennessee last month rose by more than 4.5 percent from a year ago to $884.9 million, according to new figures released by the Tennessee Department of Finance and Administration.
Despite the gain, overall February revenues for the state were still $3.4 million less than the state budgeted due to a drop in franchise and excise revenues last month.
But in the first seven months of the state's fiscal year, tax revenues were up 3.88 percent and excluding one-time events are running 4.93 percent ahead of a year ago.
"While we are satisfied with the overall growth in total revenues on a year-to-date basis, we realize that typically more than one half of our annual corporate revenues materialize in the months of April through June," said Larry Martin, commissioner for the Department of Finance and Administration. "We will remain cautiously optimistic in anticipation of revenues in the months ahead."
U.S. Treasury rates rise to decade high
Interest rates on short-term Treasury bills rose in Monday's auction to their highest levels since August 2008.
The Treasury Department auctioned $51 billion in three-month bills at a discount rate of 1.780 percent, up from 1.670 percent last week. Another $45 billion in six-month bills was auctioned at a discount rate of 1.950 percent, up from 1.850 percent last week.
The three-month rate was the highest since those bills averaged 1.850 percent on Aug. 18, 2008. The six-month rate was the highest since those bills averaged 1.980 percent also on Aug. 18, 2008.
Lawsuit seeks relief for student loans
A group of former students defrauded by for-profit colleges is claiming in court that the Education Department illegally obtained and used their Social Security data to limit their student loan relief.
The Education Department announced in December that it will start granting some former students at the now-defunct Corinthian Colleges only partial federal student loan forgiveness in part to save taxpayers' money. The agency said it will use students' earnings data to determine how much of their loans to forgive.
Some students have already received noticed from the department they will see only 50 percent or less of their loan wiped out, The Associated Press reported last week.
But a motion filed by several former Corinthian students over the weekend claims the agency had obtained the figures from the Social Security Administration in violation of several laws as well as the Constitution. Attorneys with the Project on Predatory Student Lending at Harvard University representing the students say the agency should have turned to the students for their data as well as notified them of its actions in order to give them a chance to react.
The department "has secretly and illegally co-opted Social Security data to try to argue for something less than the complete cancellation and refund that these borrowers are due," said attorney Joshua Rovenger.
The motion, filed in federal court in California, is asking that the notices of partial relief be rescinded. The filing is part of a larger suit against the department.
Billionaire Icahn enters fight for Newell control
Billionaire investor Carl Icahn is jumping into the fight for control over Newell Brands, buying a minority stake in the consumer products company that has been targeted by activist investor Starboard Value LP.
Newell said Monday that it's struck a deal in which Icahn will nominate four people to its board, including his son, Brett Icahn.
Starboard told Newell in a letter last month that the company, with almost $15 billion in annual revenue, was being led badly, and nominated its own directors for the company board. The company's shares are down more than 40 percent in the past year.
Carl Icahn owns nearly 7 percent on Newell's stock.
California eyes an end to gun investments
California Treasurer John Chiang and families of mass shooting victims called Monday for the nation's largest public pension fund to stop investing in companies that sell assault weapons and devices that allow guns to fire more rapidly.
"Divesting in these companies that sell these weapons will send a clear message that the thoughts and prayers that are sent when these tragedies occur are not enough - the state of California is demanding change," said Renee Wetzel, whose husband, Mike, was killed in the 2015 San Bernardino terrorist attack. "Don't let my husband's death be in vain."
Wetzel was one of more than a dozen family members of mass shooting victims who testified before the California Public Employees' Retirement System board.
But others criticized it as an ineffective strategy and political ploy.
New Jersey, Connecticut, Illinois and New York also are discussing divesting from gun-related companies.