IRS gives taxpayers one more day to speed up coronavirus stimulus checks

Americans have just one more day to speed up delivery of their coronavirus stimulus checks.

The Internal Revenue Service set a deadline of noon Wednesday for taxpayers to submit direct-deposit information online to have the money dropped straight into their bank accounts.

Those who don’t use the IRS’s “Get My Payment” tool to do so will likely have to wait for a paper check instead, according to the agency. The payments total $1,200 for individuals earning up to $75,000.

“Time is running out for a chance to get these payments several weeks earlier through direct deposit,” IRS Commissioner Chuck Rettig said in a Friday statement.

After the deadline, the IRS will start getting millions of files ready to send to the US Treasury’s Bureau of Fiscal Services for paper checks that will start arriving from late May into June, the feds said.

But the IRS warned last month that some taxpayers won’t receive their money until September as the government issues 5 million physical checks a week.

The IRS delivered more than $200 billion in “Economic Impact Payments” to about 130 million people in the program’s first four weeks, the agency said Friday. The funds were included in the $2.2 trillion stimulus bill Congress passed in March to shore up the US economy during the coronavirus crisis.

Abbott: FDA Issues Emergency Use Authorization For Its Fifth COVID-19 Test

Abbott (ABT) reported that the FDA has issued Emergency Use Authorization for the company’s molecular test for COVID-19 for use on its new Alinity m molecular laboratory instrument. The Alinity m system was cleared by the FDA in late March. The company is in the process of launching the Alinity m system to U.S. customers.

The Alinity m system is an automated platform, which is able to run up to 1,080 tests in 24 hours. The company’s m2000 RealTime system can run up to 480 tests in 24 hours.

Stock Alert: Simon Property Up 4% On Decision To Open Properties

Shares of Simon Property Group, Inc. (SPG) are climbing more than 4% Tuesday morning at $57.46. As per reports, the biggest mall operator is planning to open 50% of its properties within the next week as states have started easing restrictions during the Covid-19 pandemic.

As of May 11, 77 of its U.S retail properties have reopened, Simon Property said in a call with analysts after reporting first-quarter results.

The company’s first-quarter net income fell to $437.6 million, or $1.43 per share from $548.5 million, or $1.78 per share in the year-ago quarter. revenue also decreased to $1.353 billion from $1.453 billion in the same quarter a year ago.

SPG has traded in the range of $42.25- $177.93 in the past one year.

Stock Alert: Flavors & Fragrances Rises 6% On Upbeat Results

Shares of International Flavors & Fragrances Inc. (IFF), that makes flavors and fragrances for use in various consumer products, are rising more than 5% Tuesday after reporting upbeat first-quarter results.

The company is gaining during the coronavirus pandemic as the majority of its revenue comes from packaged food, beverage, and personal care and hygiene products.

Adjusted earnings of $1.62 per share beat the average estimate of analysts polled by Thomson Reuters at $1.59.

Net sales for the quarter increased 4% year-over-year to $1.35 billion. The consensus estimate was at $1.31 billion.

International Flavors & Fragrances stock is currently trading at $140.90. It has traded in the range of 92.14- $152.95 in the last 52 weeks.

India's Modi announces US$266 billion economic package after coronavirus hit

NEW DELHI (REUTERS) – Prime Minister Narendra Modi announced a 20 trillion rupee (S$376 billion) support package for India’s economy on Tuesday (May 12) to help mitigate the damage caused by the novel coronavirus and the lockdown it has triggered.

Finance Minister Nirmala Sitharaman will announce further details on the package, equivalent to around 10 per cent of India’s GDP, in the coming days, Modi said in an address to the nation.

African countries turn to China for debt relief

Many African governments are struggling to find the money to fight the coronavirus pandemic.

African leaders are asking what China can do for them as the coronavirus pandemic threatens to destroy economies and wipe out about 20 million jobs.

Beijing is both the top trading partner and top lender on the continent.

Al Jazeera’s Mohammed Adow reports from the Kenyan capital, Nairobi.

Police treating Waterloo vandalism as a hate crime

Waterloo Regional Police say their investigation into vandalism at a home on Laurelwood Crescent is being treated as a hate crime.

The home was vandalized on May 3 and again on May 9, according to police.

They say the two incidents appear to be racially targeted and investigators are treating them both as hate-motivated.

Ukraine PM hopes to sign memorandum for IMF $5 bln deal by end-May

KIEV, May 12 (Reuters) – Ukraine’s government hopes to sign a memorandum with the International Monetary Fund for a new $5 billion loan package by the end of May, Prime Minister Denys Shmygal said on Tuesday.

Of that money, $3.5 billion is intended to go directly into the state budget, he said in a statement.

“It’s not just financial support. This is a guarantee of receiving funds from other international financial organisations and an indicator that we are on the path of systemic reforms,” he said. (Reporting by Natalia Zinets; writing by Matthias Williams Editing by Gareth Jones)