Chevron Phillips Chemical Company failed to disclose to regulators significant amounts of at least 18 toxic chemicals imported to the United States over the past several years, as required by law, according to letters seen by Reuters. Reuters previously reported that Chevron Phillips Chemical failed to disclose more than 350 million pounds of benzene, a chemical used in commercial and household products that is known to cause cancer, following an analysis by the Center for Environmental Health, a non-profit watchdog group. "Their problems with reporting and the scope of noncompliance are obviously expanding," said Robert Sussman, CEH's legal counsel and a former senior official with the U.S. Environmental Protection Agency.
Sales of new U.S. single-family homes tumbled to a 14-month low in June and sales in the prior month were weaker than initially estimated, the latest signs that expensive lumber and shortages of other building materials were hurting the housing market. The third straight monthly decline in sales reported by the Commerce Department on Monday followed news last week that permits for future homebuilding dropped to a nine-month low in June while home resales rebounded modestly. "Home builders continue to hold back on contracts for new homes given input cost and availability uncertainties, with significant uncertainty about what it will cost to build a house and when it can be delivered," said David Berson, chief economist at Nationwide in Columbus, Ohio.
South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said on Monday. The government proposes revising tax codes so that tax authorities will be able to seize crypto assets held by tax dodgers even if their cryptocurrencies are stored in digital wallets, starting next year. Current regulations make it difficult for authorities to confiscate virtual assets held in digital wallets, although those accessible through exchanges can be seized to pay overdue taxes.