Panel: Report finds $50M for IRS events

June 3, 2013 at 12:00a.m.

washington

A government watchdog has found that the Internal Revenue Service spent about $50 million to have at least 220 conferences for employees between 2010 and 2012, a House committee said Sunday.

The chairman of that committee, Rep. Darrell Issa, R-Calif., also released excerpts of congressional investigators’ interviews with employees of the IRS office in Cincinnati. Issa said the interviews indicated the employees were directed by Washington to subject tea-party and other conservative groups seeking tax-exempt status to tough scrutiny. The excerpts provided no direct evidence that Washington had ordered that screening.

Senator predicts date bill will pass Senate

washington

A lawmaker who helped negotiate a bipartisan bill to overhaul immigration predicted Sunday that comprehensive legislation would overwhelmingly pass the Senate by July 4 while House Republicans cautioned that they would write their own version, one piece at a time.

Sen. Chuck Schumer, D-N.Y., said he anticipates as many as 70 of the 100 senators will vote for the measure heading to the full Senate on June 10.

Even if it passes there, the proposal faces tough prospects in the Republican-led House.

Japan has $1B in aid earmarked for Africa

yokohama, japan

Japan on Sunday announced a plan to provide $1 billion in aid over the next five years to northern Africa for economic development and humanitarian efforts, including help with security and counterterrorism measures.

Prime Minister Shinzo Abe announced the assistance in a speech at a conference in Yokohama, near Tokyo, where officials from 50 African nations have gathered to talk about trade, growth and other issues.

Japan is eager to court Africa, which is rich in resources and is growing as a market, after having fallen behind Asian rival China in trade with and infrastructure projects in Africa.

Avastin fails studies in new tumor patients

chicago

New research raises fresh questions about which cancer patients benefit from Avastin, a drug that lost its approval for treating breast cancer nearly two years ago.

Two studies found that Avastin did not prolong life when used as a first treatment for people with brain tumors such as the one U.S. Sen. Edward Kennedy died of years ago. Side effects also were more common with Avastin.

The drug is approved for treating brain tumors that have recurred and doctors say it should still be used in those patients. Other research shows it extends survival for women with advanced cervical cancer. Avastin also is used to treat certain colon, lung and kidney tumors.

The studies were discussed Sunday at a cancer conference in Chicago.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .70, 31.09 —.41

Avalon Holdings,3.66.01

Clear Channel, .61 26.67 —.75

Cortland Bancorp, 10.55.00

Farmers Nat., .126.29 —.02

First Energy, 2.20, 39.01—.08

FirstMerit Corp., .64,18.87 —.17

First Niles Financial, .32,7.00—.26

First Place Fin., .0052.00

FNB Corp., .48,11.50—.15

General Motors,33.89—.75

General Electric, .76,23.32—.28

Motors Liquidation, .0422.00

Huntington Bank, .20, 7.76—.13

JP Morgan Chase, 1.52,54.59—1.03

Key Corp, .20,10.78—.07

LaFarge, 17.92 —.37

Macy’s, .80, 48.34—.85

Parker Hannifin, 1.72, 99.76—.10

PNC, 1.76,71.64—1.24

RTI Intl. Metals,29.01—.63

Simon Prop. Grp.,4.60,166.44—3.56

Stoneridge 11.21 —.13

United Community Fin. 4.09.07

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.