Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Markets are taking a backseat today, as the tragic events in Manchester, England, dominate the news agenda. Back here in the US, Trump’s budget proposal is the story of the day. Here’s what you need to know:
- Trump’s budget calls for staggering cuts to Medicaid, food stamps, and many other domestic programs
- Trump’s budget asks for $US1.6 billion to build the wall along the US-Mexico border
- Trump’s budget only works “if you believe in tooth fairies”
- The White House is proposing to sell half of the US’s huge oil stockpile
In other news, new home sales in the US fell much more than expected in April.
A consumer-protection rule that had been delayed by Trump is set to go through.
Fidelity is allowing clients to see digital currencies on its website. The startup trying to bring blockchain to Wall Street has raised $US107 million. And we got a look inside a vast Icelandic bitcoin mine.
Here are 200 Excel shortcuts that will make your life a lot easier. And doing a great job is necessary to get ahead at work, but it’s not enough, according to Morgan Stanley’s chief risk officer.
Mark Fields was ousted as CEO of Ford on Monday, not quite three years into his tenure. Here’s the latest:
- Ford is no longer just a car company
- Ford’s new CEO will have to tell Wall Street a different story
- The auto industry is facing “unprecedented change” — and Ford needs to move faster
- There’s a simple reason Ford’s CEO was pushed out — and it has nothing to do with self-driving cars
- Ford claims its new CEO has deep ties to Silicon Valley — but the company still has a big self-driving-car problem
In related news, Google’s Waymo could eventually be a $US70 billion company.
Elsewhere, the chain hailed by Wall Street as a “retail treasure” runs the most disastrous store we’ve ever seen.
The ceiling of this new Airbus private jet is one giant screen. Boeing is taking extreme measures to make sure Bombardier does not become another Airbus.
The VC firm that made early bets on Uber and Snap is investing in a marijuana breathalyzer. Silicon Valley is getting interested in healthcare — here’s why that could be a good thing. And here’s how rich you would be if you invested $US1,000 in Netflix when it first went public 15 years ago.
Lastly, this is the new best whiskey in the world, according to an international spirits competition.