Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Where to start?
President Trump on Wednesday announced that he was scrapping his strategy and manufacturing councils, after members of the Strategy and Policy forum reportedly decided to disband the group. The manufacturing council had suffered an exodus of members stepping down, meanwhile.
Here’s what’s happened in the last 24-hours:
- “Not all of those people were neo-Nazis”: Trump blames both sides in Charlottesville protests and melts down at the “alt-left”
- The head of America’s largest labour union left Trump’s manufacturing council on Tuesday citing a “President who tolerates bigotry and domestic terrorism”
- On Wednesday, 3M CEO Inge Thulin also announced his decision to step down from the council.
- Shortly after that, Campbell Soup Company CEO Denise Morrison departed the council, citing the president’s comments on Tuesday.
- Walmart’s CEO slammed Trump for failing to “unequivocally” reject white supremacists
- Trump then tweeted that he is scrapping his business councils after the massive exodus of executives
- Trump’s top economic adviser, Gary Cohn, is reportedly “disgusted” and “appalled” with Trump’s Charlottesville response
- Trump attacked Amazon, saying it’s “doing great damage to tax paying retailers”
In other news, the Federal Reserve’s Stanley Fischer isn’t a fan of the Trump administration’s proposed push for deregulation.
In Wall Street news, Goldman Sachs has hired a former Silicon Valley executive to recruit tech talent. And scandal-bitten Wells Fargo changed up its board of directors.
In deal news, a $US1.6 billion startup that’s aiming to take business from Oracle just filed to go public. And Microsoft just made a brilliant acquisition in the cloud wars against Amazon and Google.
In markets news, traders are doubling down on one of the market’s hottest trades. The way Tesla and Amazon are raising billions shows why traders shouldn’t be scared of big stock drops. And a fund betting on robots and AI is crushing it — and it’s targeting millennial investors.
It’s time to worry about China’s “dangerous” debt, according to the IMF. And now’s the time to revisit China’s clearest warning to Trump since his election, according to Business Insider’s Linette Lopez.
The CEO of PayPal started his career making $US14,000 a year — here’s how he rose through the ranks and took three companies public.
Lastly, Aston Martin just delivered its first luxury boat — and it looks amazing.