Drawing scrutiny: The proposed partnership between the PGA Tour and the Saudi Arabian Public Investment Fund’s LIV Golf is generating a rush of congressional scrutiny, with legislators increasingly focused on the tour’s status as a tax-exempt nonprofit. U.S. Sen. Ron Wyden, D-Oregon, announced Thursday that he is opening a “wide-ranging” investigation into the merger’s finances, including the PGA Tour’s tax-exempt status, and another senator says he plans to introduce a bipartisan bill that would strip the tour of its tax exemption. The Washington Post has the full story.
Holiday predictions: Inflation has come down significantly, the stock market is more ebullient than it has been in a year, and the latest monthly national retail sales report came in stronger than expected, but retailers don’t expect that to change what is shaping up to be a downbeat holiday spending season in 2023. An early read of peak season order activity shows retailers ordering less and expecting the consumer to be on the lookout for discounts and freebies to entice them to buy more, according to the latest CNBC Supply Chain Survey. Read more.
Agriculture investment: The U.S. Department of Agriculture is seeding agricultural producers and food businesses with $320 million in investment funds to improve markets, create and strengthen jobs, control food prices and improve nutrition, Secretary Tom Vilsack said Thursday. However, Vilsack didn’t provide details for how the program will work. Read the full story.
