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Nebraska collected more tax revenue than projected in April and is still well ahead of expectations for the current fiscal year. The state Department of Revenue reported net April tax receipts of $939 million, which is 66.7% above the official state forecast of $563 million. The numbers are often higher in April as taxpayers file their returns. Net sales-and-use taxes were slightly below the forecast, while net indivdual and corporate incomes taxes and net miscellaneous taxes all came in higher than predicted. Nebraska has collected $5.153 billion in the current fiscal year that ends on June 30. That’s 11.1% above the official forecast of $4.637 billion.

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Asian shares have bounced back after losses earlier in the week, shrugging off the latest data showing U.S. wholesale prices soared 11% in April from a year earlier. Oil prices and U.S. futures also were higher. Investors are puzzling over what's next with inflation and the U.S. central bank's response to it. The S&P 500 erased most of an early slump to end down just 0.1%, while the Dow Jones Industrial Average lost 0.3%. The Nasdaq eked out a gain of 0.1%. The sizzling producer price index for April followed a hot report on inflation at the consumer level on Wednesday.

Japanese technology company SoftBank Group has dropped into losses as the value of its investments declines. It reported red ink totaling 1.7 trillion yen, or $13 billion, for the fiscal year through March, a reversal from a 4.9 trillion yen profit the year before. Although the company’s portfolio is not directly exposed to the war in Ukraine, global uncertainty and inflation are having a negative impact on investments. Softbank Chief Executive Masayoshi Son said he will become more defensive, focusing on past successes like British semiconductor and software design company Arm. He defended his belief in investing in the “information revolution.” 

Toyota has reported its net profit fell 31% from the year before in the January-March quarter but the Japanese automaker still wrapped up a year of record earnings. Toyota's January-March profit totaled 533.8 billion yen, or about $4.1 billion. Automakers have been struggling to keep up with customer demand for their products because of parts shortages caused by the coronavirus pandemic. Toyota sold 8.2 million vehicles worldwide during the fiscal year through March, up from 7.6 million vehicles the year before. Toyota, which makes the Prius hybrid and Lexus luxury models, said its profit was boosted by a weaker yen.  

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Idaho Gov. Brad Little is promising more tax cuts after state budget officials on Tuesday reported April tax revenue came in nearly double what had been expected. The Republican governor in a statement attributes the $1.2 billion April tax revenues to conservative principles. The April revenue includes about $700 million in income tax and $300 million in corporate income tax. Little earlier this year signed into law a record $600 million income tax cut that includes a one-time $350 million in rebates and $250 million in permanent income tax reductions going forward for people and businesses.   

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Sony’s fiscal fourth quarter surged 67% to 111.1 billion yen, or about $850 million, compared to the previous year, as the Japanese entertainment and electronics company racked up profits in video game and movie divisions. Tokyo-based Sony’s January-March quarterly sales edged up 1%, as its music operations also did well, boosted by the popularity of streaming services. For the full fiscal year ended in March, Sony racked up a profit of 882 billion yen, or $6.8 billion, down 14% despite the success of “Spider-Man: No Way Home,” which contributed to revenue. Sales in its TV division also grew from licensing income. 

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Asian stocks have followed Wall Street lower as fears increased that U.S. rate hikes to fight inflation might stall economic growth. Market benchmarks in Tokyo, Hong Kong, Seoul and Sydney fell. Shanghai advanced. Oil prices fell more than $1 but stayed above $100 per barrel. Wall Street’s benchmark S&P 500 index tumbled 3.2% on Monday, hitting its lowest point in more than a year. The Federal Reserve is trying to cool inflation that is running at a four-decade high might trigger an economic downturn. That adds to pressure from Russia’s war on Ukraine and a Chinese slowdown.

Nvidia, a major tech company that has expanded aggressively into gaming, will pay a $5.5 million penalty for failing to disclose that cryptomining was a significant source of revenue growth from the sale of graphics processing units produced and marketed for gaming. Crypto currencies are extremely volatile and the U.S Securities and Exchange Commission said Friday that the  company did not disclose the potential risks of such sales to investors. Cryptominers are compensated for verifying crypto transactions. As the crypto craze began to spread in 2017, Nvidia’s graphics processing units that were designed and marketed for gaming were increasingly used to mine cryptocurrency, according to the SEC, something investors should have been told. 

Energy giant Shell has reported record first-quarter earnings after a surge in oil prices. The news Thursday fueled calls for the British government to impose a tax on energy companies’ windfall earnings to help consumers struggling with the soaring cost of living. London-based Shell says adjusted earnings rose to $9.1 billion from $3.2 billion in the same period last year. That beat analyst expectations of $8.2 billion. High oil and gas prices, partly due to uncertainty about supplies from Russia, are boosting the profits of major energy companies and feeding inflation worldwide. In Britain, that's triggered demands for a special tax on energy company earnings to help consumers.

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Asian stock markets have followed Wall Street higher after the Federal Reserve chairman downplayed the likelihood of bigger rate hikes following the U.S. central bank’s biggest increase in two decades. Shanghai, Hong Kong, Australia and Southeast Asian markets advanced. Markets in Japan and South Korea were closed for holidays. Wall Street’s benchmark S&P 500 index climbed 3% for its best day in two years after the Fed raised its key interest rate by half a percentage point, or double its usual margin, but chairman Jerome Powell said the U.S. central bank is “not actively considering” a bigger increase. Oil prices gained for a second day after Europe moved closer to an embargo on supplies from Russia.

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Shares are mostly lower in Asia, with markets in China, Japan and some other markets still closed for holidays. Hong Kong and Seoul fell more than 1% and oil prices were higher. On Tuesday, stocks closed modestly higher on Wall Street as investors waited for Wednesday’s decision by the Federal Reserve on interest rates. The S&P 500 rose 0.5%, the Dow Jones Industrial Average rose 0.2% and the Nasdaq rose 0.2%. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. Energy stocks gained ground following solid earnings reports from BP and Devon Energy. 

Arkansas has built up a surplus of nearly $1 billion for the fiscal year more quickly than expected. The Department of Finance and Administration said Tuesday that the state’s net available revenue for the fiscal year, which began July 1, totals $6.1 billion. That’s $987.9 million more than forecast and $736 million higher than at the same point last year. Gov. Asa Hutchinson last month said he was considering calling a special session to look at uses for the surplus after finance officials said they expected it to hit $1 billion by the end of the fiscal year.

BP posted its highest quarterly profit in more than a decade thanks to surging oil and gas prices. The earnings report Tuesday renewed calls for a U.K. government tax on energy companies’ windfall earnings to help households struggling with rising energy bills. The British energy giant said that underlying profit more than doubled in the first three months of the year to $6.2 billion. It reports a net loss of $23 billion after accounting for the write-off of its stake in Russian oil producer Rosneft over the Ukraine war. Opposition parties are calling for the U.K. government to tax energy companies that make unexpectedly big profits to help people struggling to get by. 

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Warren Buffett gave Berkshire Hathaway investors a few details of how he spent more than $50 billion earlier this year and again reassured them that the company he built will endure long after the 91-year-old billionaire is gone. Tens of thousands of investors packed an Omaha arena Saturday to listen to Buffett and Berkshire’s vice chairmen answer questions for the first time since the pandemic began. Berkshire revealed that its mountain of cash shrank to $106 billion in the first quarter from $147 billion at the beginning of the year. Buffett didn’t reveal everything he bought but did mention several highlights, including boosting Berkshire’s stake in oil giant Chevron to $26 billion to make it one of the company's four biggest investments. 

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More steep losses for technology stocks pushed the S&P 500 down 3.6% on Wall Street Friday. The Nasdaq fell 4% for the second time this week and finished April down 13.3%, its biggest monthly loss since 2008. Amazon slumped after the internet giant posted its first loss since 2015. Big Tech has been leading the market lower all month as traders shun the high-flying sector. Tech has started to look more and more expensive after posting outsize gains during the pandemic and as the Federal Reserve steps up its fight against inflation with higher interest rates, which could slow the economy. 

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Stocks are mostly higher in Asia after a rally on Wall Street led by technology companies. U.S. futures and oil prices were mixed. On Thursday, the S&P 500 rose 2.5%, the Dow Jones Industrial Average gained 1.8% and the Nasdaq picked up 3.1%. After hours on Thursday, SEC filings showed Elon Musk sold 4.4 million shares of Tesla stock worth roughly $4 billion, most likely to help fund his purchase of Twitter. Tech investors got some relief Thursday as Facebook's parent company soared after posting strong subscriber numbers. The volatile stock is still down sharply for the year. Chipmaker Qualcomm jumped after easily beating Wall Street's profit estimates.

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Apple on Thursday reported strong quarterly results despite supply shortages, but warned that its growth slowdown is likely to deepen. The big issues: its struggle to get enough chips to meet demand and COVID-related shutdowns at factories in China that make iPhones and other products. Although its initial results for the January-March period topped analysts’ projections, the good news was quickly eclipsed when management warned of trouble ahead during a conference call. The main takeaway: Apple’s sales will sustain a $4 billion to $8 billion revenue hit because of chip shortages and curtailed iPhone production in China.

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Twitter is reporting earnings of $513 million for the first quarter days after it agreed to be sold to billionaire Elon Musk. The social media company said Thursday that revenue rose 16% to $1.2 billion in the three months to March compared with the same period last year. San Francisco-based Twitter reported an average of 229 million daily active users in the quarter. Musk’s $44 billion deal to buy Twitter was announced earlier this week and the deal is expected to close later this year. Twitter canceled the conference call with executives and industry analysts that usually accompanies its results, so there will be little further insight into the company’s current financial condition.

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Asian shares have logged moderate gains after Wall Street stabilized following a sell-off in tech stocks a day earlier. Chinese benchmarks recovered from sharp drops as officials highlighted efforts to counter the impact of pandemic shutdowns in many cities. The dollar rose against the yen as the Bank of Japan kept its monetary policy basically unchanged. On Wednesday, the S&P 500 saw most of a midday rally evaporate and wound up with a gain of just 0.2%. A tech recovery also petered out, leaving the Nasdaq just barely in the red. The Dow Jones Industrial Average edged up 0.2%. Visa surged 6.5% after reporting better-than-expected earnings.  

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Facebook parent Meta’s first quarter profit jumped past Wall Street’s expectations despite slower revenue growth, sending shares up sharply in after-hours trading. The company earned $7.47 billion, or $2.72 per share, in the January-March period. That’s down 21% from $9.5 billion, or $3.30 per share, in the same period a year earlier. Meta cut a sharp contrast with Google parent Alphabet, which on Monday reported what analysts called disappointing earnings, with profit below Wall Street’s expectations and revenue growth slower than in previous quarters. Shares rose 13.2% to $198 in after-hours trading.

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Asian shares have retreated, echoing a broad decline on Wall Street and driven by worries about how the war in Ukraine may push prices for oil and other commodities higher. Japan unveiled another supplementary budget late Tuesday aimed at helping poor families and small businesses as the nation copes with rising prices and a weakening yen. The Bank of Japan is holding a two-day policy board meeting. The central bank has sent a clear message against higher interest rates, aiming to keep 10-year-bond yields within 0.25%. U.S. benchmarks were weighed down by sharp declines in Big Tech stocks that left the Nasdaq composite with its worst drop since September 2020. 

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Asian shares are mostly higher after U.S. stocks stormed back from sharp losses to log strong gains. Tokyo, Hong Kong, Seoul and Shanghai advanced while Sydney declined. On Monday, the S&P 500 climbed 0.6%, after erasing an early 1.7% loss. Internet-related stocks helped lead the way, including Twitter. It jumped after agreeing to let Tesla CEO Elon Musk buy it. Wall Street is in the midst of one of the most important stretches of the earnings season, with its biggest companies set to report this week. Tuesday's rebound followed sharp losses a day earlier as global markets were weighed down by worries that strict COVID-19 lockdown measures in China will hurt the global economy. 

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Stocks slumped on Wall Street Friday, leaving the S&P 500 with its biggest one-day loss in almost seven weeks, as worries deepen about a surge in interest rates and the U.S. central bank's efforts to fight inflation. The S&P 500 sank 2.8% and marked its third losing week in a row. Several disappointing profit reports from companies also shook what’s been the market’s main pillar of support. A day earlier the chair of the Federal Reserve indicated that the Fed is likely to move aggressively to contain inflation with bigger interest rate increases, starting with its next policy meeting in two weeks. 

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Asian shares have retreated, tracking losses on Wall Street after Federal Reserve Chair Jerome Powell indicated increases in interest rates must be faster to fight inflation. Major regional indexes cascaded downward in Asia, with the drop pronounced at nearly 2% in Tokyo. Japan’s consumer price index data show an increase for the seventh consecutive month, although the results were within market expectations. Benchmarks also fell in Australia, South Korea and China. Japanese Finance Minister Shunichi Suzuki made comments suggesting a slightly more forceful pushback against “sudden movements” in exchange rates, as the dollar remained at a 20-year high level of more than 128 yen. U.S. stocks closed broadly lower. 

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