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Good afternoon. America still reels from the weekend's gun horror in Nevada, most of Puerto Rico remains without power, and the wide-ranging probe into how Russia influenced the 2016 election hones in on YouTube and Gmail.
Trump says Puerto Rico has thrown the budget “out of whack.” The president began his visit with a briefing on the hurricane's damage, accompanied by the San Juan mayor he insulted on Twitter. He suggested the federal commitment to the disaster had complicated the U.S. budget, and that the limited number of deaths attributed to the storm illustrated a better response than the Bush administration's handling of Katrina in 2005, which resulted in more than 1,800 dead. Hours ahead of Trump's visit, Puerto Rico's governor gave a dire warning that millions may flee the island.
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“You can't fix stupid,” a lawmaker told Equifax's former CEO during congressional hearings in Washington. Richard Smith, who apologized for the massive data breach at the company, testified to a House panel on Tuesday. Lawmakers from both parties expressed outrage over the size of the hack as well as Equifax's response, and grilled Smith on the timeline of the incident.
How UBS became home to half the world's billionaires. In two recent interviews, UBS CEO Sergio Ermotti discussed the role technology will play in shrinking the bank over the next decade—and the one characteristic many billionaires share (he should know). There's a good chance you share the trait, too.
ATM fees are out of control. This year marks the 11th consecutive annual increase in bank fees for customers using machines out of their networks, according to a new report. Over the past decade, the fees have risen 55 percent, making the average transaction cost over $4.50.
Now that Saudi women can drive, Uber wants them. The head of Uber's operations in Europe, the Middle East, and Africa, said the process of hiring female drivers will likely begin "shortly," before they can start applying for driver's licenses, which is expected to be in June 2018. The repeal of Saudi Arabia's ban on female drivers could also cause a drop in demand for ride-sharing apps, as more women buy their own cars and get behind the wheel.
The GOP tax plan is already hitting speed bumps. The White House is showing "softness" on ending a $1.3 trillion federal tax deduction that filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP's "intestinal fortitude" and could put a tax overhaul in danger.
Silicon Valley's next target for disruption is socks. Stance makes the go-to hosiery for skateboarders, motocrossers, and Rihanna. The startup has also earned support from venture capitalists, who helped contribute more than $100 million in funding, and it's looking to turn a profit next year. But the business was never really about socks.
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