CNN Money: Top business headlines for May 9

    6:37 AM, May 9, 2013   |    comments
    • Share
    • Print
    • - A A A +

    NEW YORK (CNN) -- CNN Money's Stacey Delikat has your top business and financial news on this Thursday, May 9.

    Many early tax filers still waiting for refunds
    More than three months after rushing to file their taxes early, some filers still haven't received refunds from the IRS. Taxpayers claiming education credits on Form 8863 encountered their first delay when the IRS said it wouldn't be able to start processing the forms until mid-February because it needed to update its systems. Then, on March 12, the IRS said several tax software providers erroneously filed more than 600,000 returns containing the 8863 form --resulting in delays of up to six weeks from the date they were filed. That meant most of these filers were expecting refunds by the end of March or beginning of April at the latest. But since then, hundreds of angry comments have been posted on Facebook and other online tax forums from filers who claim they still haven't received their refunds.

    IRS workers protest spending cuts
    "Hey, hey, ho, ho, sequestration has got to go," IRS workers chanted at a rally in downtown Manhattan this week, waving neon-colored signs protesting government spending cuts and impending furloughs. Known as the sequester, the cuts will wipe $600 million from the IRS's budget this year, forcing the agency's nearly 100,000 employees to be furloughed without pay for up to seven days. The furlough days will begin May 24 and will be spread out among separate pay periods. The National Treasury Employees Union, which organized Tuesday's rally, said the IRS brings in 93% of the revenue used to fund the federal government and $1 invested in the IRS brings a $7 return from collections, so shutting operations down for five days will only serve to reduce revenue and boost the deficit.

    Oil companies target America for investment
    Here's an intriguing switch in the energy market: U.S. oil firms have been selling off their assets overseas and investing the money in America's domestic fields.  Last year ConocoPhillips announced plans to sell its stake in Kazakhstan's Kashagan oil field -- the largest energy project in the world -- for $5 billion. It was just one of at least six major foreign sales last year for Conoco, which totaled nearly $11 billion, according to industry data provider PLS. Much of that money is being redirected to investments Conoco has in Texas' Eagle Ford Shale and North Dakota's Bakken Shale, according to PLS Managing Director Brian Lidsky.

    The last big all-American soda company
    Soda companies see a world full of potential customers, just waiting to discover their love of pop. They have to -- the United States has become so saturated with soda that market growth has slowed, leading soft-drink makers to rush abroad. Roughly half of PepsiCo's (PEP) overall revenue comes from overseas, as does more than 60% of Coke's (KO). What, then, would a company do if it were stuck at home? "The other guys, they can run. We've got nowhere else to go," Dr Pepper Snapple Group CEO Larry Young tells Fortune.Unlike Pepsi and Coke, 89% of Dr Pepper Snapple's (DPS) sales are in North America.



    Most Watched Videos