New York targets art buyers in tax evasion crackdown
District Attorney Morgenthau reports 34 families paid 6 million in back New York art taxes over the last year. Federal court sees ImClone founder Samuel Waksal admit conspiring to dodge 1.2 million in sales tax on nine paintings totaling 15 million. Probes broaden as prosecutors warn of a culture of tax evasion in galleries and buyers.
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SoHo
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L. Dennis Kozlowski
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Gas price forecast predicts April record at $1.76 a gallon
Energy Department projections show the national average rising to a record $1.76 in April with regular gasoline near $1.70 through the summer. West Coast prices jumped to $1.93 as refining issues and tight inventories push costs higher.
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House GOP delays vote on military tax break amid fishing tackle lobby items
House leaders postponed action on a tax relief package for active duty and reserve troops, citing concerns over added provisions for fishing tackle box makers archery gear and other interests. Democrats charged GOP leaders with inserting offshore tax avoidance provisions while signaling a later floor vote. The bill would have 482 million in tax breaks over ten years including a $500 deduction for travel costs by National Guard and Reserve members and a 6000 death benefit tax free for survivors. Space shuttle Columbia survivors would also gain extended relief.
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Tom DeLay
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Iraq
Stocks Fall On Jobless Claims And Retail Sales
Discouraging jobless claims data and weak retail sales pushed U S stocks lower for a third day in four. The Dow dropped 101.61 to 7673.99, the Nasdaq fell 11.51 to 1302.89, and the S P 500 slipped 7.75 to 822.10, amid Iraq tensions and sluggish economic recovery expectations. The Labor Department said first-time unemployment claims rose by 12 000 last week.
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Russ Koesterich
U.S
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Iraq
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Dow, War Worries Hit Markets Oscillate Amid Turbulence
The Dow slid between gains and losses finishing down after mixed U.S. data on productivity orders and layoffs, as Wall Street weighed oil prices and war fears in Iraq and North Korea. Retailers suffered on weak February sales. In Chicago, corn futures rose on strong weekly export sales while soybeans and wheat fell.
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Britain
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Sears
Wal-Mart
Stockyards Springfield: Eastern Cornbelt hog prices steady
AP report notes light test carcasses not well established with negotiated purchases at 15,704 Illinois Direct Hogs. Demand moderate for light to moderate offerings as weights vary. Prices include 1-3 300-400 lbs 18.00-22.00, 400-500 lbs 20.00-24.00, 500-600 lbs 22.00-25.00, up to 28.00 in some cases. boars under 300 lbs 18.00-22.00, over 300 lbs 4.00-6.00.
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Springfield
Illinois
Soybean and grain prices slip on light trading
Bearish momentum pushed soybean futures down for a third day as light trading produced no surprises in export sales. May wheat declined to $3.13 a bushel, May corn rose to $2.40, May oats at $1.87, and May soybeans fell to $5.62 per bushel with a 5 percent drop.
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