Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
ValueAct Capital, the $US16 billion activist fund led by Jeff Ubben, has taken a 5% stake in private equity giant KKR. The investment represents a bet on Wall Street’s hottest business.
In related news, Wall Street dealmaking has exploded since President Trump took office.
Speaking of Trump and dealmaking, Trump’s administration has rolled out a tax plan that proposes to slash corporate taxes, tweak personal tax rates, and eliminate most deductions used by wealthier Americans.
Here are the headlines:
- Trump’s plan calls for the repeal of a tax that once cost him $US31 million
- Trump’s tax plan is missing a number of important details
- Here are the tax breaks Trump’s plan would eliminate
- TREASURY SECRETARY MNUCHIN: The “objective” of Trump’s plan is a middle-class tax cut, but “I can’t make any guarantees”
- Hedge funds are celebrating Trump’s tax plan
- There’s a dirty little secret behind Trump’s plan to scrap the estate tax
And in other Trump-related news:
- The Mexican peso is jumping after Trump says he won’t “terminate” NAFTA
- Trump’s tough stance on Canada “boils down to political theatre”
- Trump’s super-rich cabinet is shaking up DC’s housing market
Initial jobless claims, which count the number of people who applied for unemployment insurance for the first time, climbed by more than expected. And the Department of Commerce will publish its first estimate of US economic growth in the first quarter of 2017 on Friday, and it may show that the economy barely grew at all.
Bloomberg just got slammed for exploiting a trading data loophole.
There’s just one area where Deutsche Bank has been hiring like crazy. JPMorgan is looking to set up a big office in a surprising destination.
We talked to a cofounder of an investing business that’s changing Wall Street about finance, tech, and career advice. And Apple is working on its own Visa pre-paid debit cards — and bank executives hate it.
One in seven people in Nevada is living with diabetes, and the state is now pushing a new approach to tackle the cost of treatment.
United’s CEO bought a full page ad in a dramatic apology for the passenger dragged off a plane. And Southwest Airlines CEO just said the company will no longer overbook flights.
Lastly, here’s all the earnings news out in the past 24 hours:
- Ford’s profit drops as higher costs and investments weigh
- GrubHub’s stock is going crazy because it added so many new “active diners”
- Domino’s profit soars 37.4%
- Under Armour spikes after losing less money than expected
- Bristol-Myers beat on earnings thanks to sales of its drugs that use the immune system to treat cancer
- Drugmaker AbbVie’s profit and revenue beat as sales of a key drug rose
- PayPal just knocked out a beat-and-raise quarter and the stock is popping
- Samsung shrugged off the Galaxy Note 7 debacle and a corruption scandal to post its best quarterly profit in 3 years
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