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.

U.S. politics

President Donald Trump proposed , 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 criticized Facebook as 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.  


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, 

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


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, Playboy Enterprises said.  



Puerto Rico

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



. 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.

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. 

Bombardier battle

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