What you need to know on Wall Street today

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:

And in other Trump-related news:

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.

We just got our first glimpse of Elon Musk’s new tunnel company. The busiest commuter railway in the US is falling apart. And here’s the the best thing to drink on every airline.

Lastly, here’s all the earnings news out in the past 24 hours:

NOW WATCH: Timeline of a crisis: How United’s passenger-bumping debacle unfolded

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