Your Evening Briefing
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Good afternoon. As we enter the week ahead of the July 4 holiday recess for Congress, which begins on Friday, the countdown is on — to get legislation passed. The Senate Republicans issued a revised health-care bill (look closely or you’ll miss it), and the Supreme Court revived President Trump’s controversial travel ban. Planning for a long holiday weekend can be such an ordeal. —Megan Hess
The U.S. Supreme Court cleared most of the travel ban to take effect immediately and agreed to hear arguments in the fall, giving Trump at least partial vindication for his claims of sweeping power over the nation’s borders. The ban on people entering the U.S. from six mostly Muslim countries can apply for now to everyone except people who have a "credible claim of a bona fide relationship with a person or entity in the United States," the justices said Monday in an unsigned opinion.
GOP leaders released a slightly revised health bill as they press for a vote. The most significant change is the inclusion of a new provision to encourage Americans to maintain continuous health-care coverage that would replace Obamacare’s individual mandate. Senate Majority Leader Mitch McConnell is trying to win over enough holdouts to pass the measure. At least six Republicans have signaled opposition.
The Amazon-ification of Whole Foods. A major question about this acquisition is what Amazon's technology will mean for Whole Foods' workers. Will it make their jobs obsolete? In negotiations, Amazon spent a lot of time analyzing Whole Foods' distribution technology, and experts say the most immediate changes would likely be in warehouses that customers never see. In the past year, Amazon has erased $69 billion from its competitors market caps.
Gold plunged after 1.8 million ounces were traded in one minute, a level not reached even with the surprise election of Trump or Britain’s vote to leave the EU. Traders said the huge spike in volume was probably the result of a “fat finger,” or erroneous order.
“Pharma Bro” Martin Shkreli goes on trial for securities fraud. Even as the FBI was closing in, the 34-year-old former biotech executive and hedge-fund manager boasted to federal agents that he’d made a fortune investing in life-saving — and high-priced — medicine. Now, his own words, memorialized in a previously unreported eight-page FBI memo, are part of the case against him.
The trouble with your credit card. According to an annual survey of U.S. consumers, the popularity of debit has been falling for several years. In 2016, credit overtook debit as Americans’ favorite form of payment. Consumers are turning to credit cards more often in part because they feel less inhibited about taking on debt — and they love fat perks. But there are dangers to chasing credit card rewards.
Take a look inside this million-dollar Vegas hotel room. The top four floors of the Cosmopolitan hotel in Las Vegas have been vacant since the day the casino opened in 2010. But as part of a five-year capital investment plan by the Blackstone Group that shifts the hotel’s focus from culinary destination to stylish casino hotspot, those top floors have finally been furnished and opened to the public.