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Thursday Morning Briefing
September 28, 2017 / 10:35 AM / 2 months ago

Thursday Morning Briefing

U.S. President Trump revealed the details of his long-awaited tax reform, Silicon Valley’s main players have been asked to testify in U.S. congress on Russian meddling and Playboy founder Hugh Hefner has died aged 91.

President Donald Trump delivers remarks on proposed changes to the U.S. tax code at the state fairgrounds in Indianapolis, Indiana, U.S. September 27, 2017. REUTERS/Jonathan Ernst

U.S. politics

President Donald Trump proposed the biggest U.S. tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit. The proposal drew a swift, skeptical response from Senator Bob Corker, a leading Republican “fiscal hawk,” who vowed not to vote for any federal tax package financed with borrowed money.

Trump administration proposes to cut refugee cap to 45,000

Trump vows another healthcare vote next year, eyes executive order

California moves presidential primary for bigger say in candidate choice

Tech

Trump criticized Facebook as “anti-Trump” and questioned its role during the 2016 presidential campaign, amid probes into alleged Russian interference in the election and possible collusion by Trump’s associates.  

Facebook, Google, Twitter asked to testify on Russian meddling

Bitcoin blow as fund drops U.S. exchange application

Breakingviews - Crypto-currencies can't salvage hedge-fund junkies 

Commentary

The decision by London authorities to strip Uber of its license to operate in the British capital is part of a wider backlash in a rapidly escalating war between governments and the tech firms they believe have become too powerful and contemptuous of rules and democratic authority, writes columnist Peter Apps.

Orlando City Supporters march to the stadium prior to the game against the New England Revolution at Orlando City Stadium. Kim Klement-USA TODAY Sports

Orlando City Supporters march to the stadium prior to the game against the New England Revolution at Orlando City Stadium. Kim Klement-USA TODAY Sports

World

Playboy founder Hugh Hefner, who helped usher in the 1960s sexual revolution with his groundbreaking men’s magazine and built a business empire around his libertine lifestyle, died on Wednesday at the age of 91, Playboy Enterprises said.  

South Korea expects more provocative acts by North Korea in mid-October

U.S. student held in North Korea died of oxygen starved brain: coroner 

Japan calls snap election as new party roils outlook 

Puerto Rico

Demand for cash in hurricane-ravaged Puerto Rico is “extraordinarily high” after power outages knocked out electronic transactions and ATMs but needs were being met for now, a Federal Reserve branch said. 

With cell service crippled, Puerto Ricans look skyward for a signal

A radio voice of calm in the storm  

Business

It’s back - at least for one day. The “reflation,” or “Trumpflation,” trade that drove financial markets after Trump’s surprise presidential election victory last November made a comeback as the unveiling of a long-promised tax overhaul revived bets that markets would benefit from both faster economic growth and inflation.

The dollar and global borrowing costs rose on Trump’s announcement on tax reform and strong data that supported the case for another Federal Reserve rate hike later this year. The dollar's strength pressured many emerging market currencies and commodities, but Europe's main stock markets gave Trump's blueprint the cautious thumbs up after Wall Street and Japan's Nikkei had gained overnight. 

Exclusive: Lyft close to selecting IPO adviser - sources

Toshiba $18 billion sale of chip unit finally signed, legal challenges remain

As Ryanair cancellations mount, UK regulator urges 'action, not words'

Bombardier battle

Stiff U.S. duties imposed on Bombardier’s CSeries jet sparked retaliation threats from Britain and Canada’s Quebec province as the dispute, which may affect thousands of jobs, overshadowed North American trade talks. 

Little-known U.S. trade commission faces test in Boeing-Bombardier case

Canada's Bombardier eyes options after blows to rail, aero units

PM May warns Boeing its relationship with the UK is being undermined by Bombardier row

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