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The holiday weekend for the U.S. is in sight, but we’re not quite there yet. Tech stocks were slammed again today, President Trump took a personal jab at MSNBC’s Mika Brzezinski on Twitter, and Blue Apron’s trading debut fizzled. And spare a thought for the poor souls traveling during the “Summer of Hell” on New York City’s embattled subways. July 4 couldn’t come soon enough.—Katie Robertson
Trump administration predicts orderly travel ban this time. The restrictions on refugees and visitors from six countries will go into effect starting at 8pm ET on Thursday. The Trump administration provided details hours before the ban was due to start, seeking to ensure there was no repeat of the chaotic scenes at airports when the order was initially imposed in January. Among those who won’t qualify as having “bona fide” ties to the U.S. and thus be exempted? Fiancés, grandparents and cousins.
Goldman’s commodity analysts ask: How did we get it so wrong? Commodities have tumbled 9 percent since their mid-February peak, and while Goldman Sachs analysts aren't the only ones that misjudged the market, they’re trying to figure out why. Their research note comes less than a day after Goldman joined other major banks in slashing its forecast for WTI crude.
Trump will meet Russian President Vladimir Putin for the first time as president. The two will hold their first in-person meeting as heads of state during the Group of 20 summit next week in Hamburg, Germany. Relations between Russia and the U.S. are at their lowest in decades, with disputes simmering over the war in Syria, Moscow’s intervention in Ukraine, and investigations into Russian meddling in the U.S. election.
GOP signals it will keep Obamacare’s investment tax on the rich. Republican Senator Bob Corker said he expects GOP leaders to scrap the provision in their health bill that would repeal the tax. His remarks come after several fellow senators questioned whether the bill should be repealing so many taxes on wealthy Americans when the legislation would scale back subsidies for the poor.
Penn Station is New York’s commuter hell, and it’s about to get worse. North America’s busiest train terminal will see a rotation of tracks and platforms closed during July and August due to rail maintenance by the station’s owner, Amtrak. New York Governor Andrew Cuomo declared a state of emergency in the city’s subway system and called for a surge of spending on improvements.
The tiny satellites ushering in the New Space revolution. Thanks to modern software, artificial intelligence, and advances in materials, the next generation of space startups is sending hundreds of low-cost satellites into orbit. These companies envision an era in which rockets take off daily, filling the skies with satellites that sense Earth’s every action and, ultimately, change life on the planet.
Tricky politics means huge business for Russia’s travel market. Even in the aftermath of a tanking oil industry, the collapse of the ruble, American sanctions, and Trump-driven political scandals, Russia is seeing a travel boom. A spike in American interest has translated into a surge in tourists to Russia, while domestic travel inside the country is also experiencing a significant renaissance.