Recommended: After James Comey’s Firing, Who Will Stop Trump’s Tinpot Dictatorship? (The Intercept)
American checks and balances are out of whack. The firing of the FBI director is only the beginning. There will be more sackings; more political corruption; more abuses of power. And, again, we can’t say we weren’t warned. Tinpot Trump, cautioned John Dean back in January, “is going to test our democracy as it has never been tested.” Whether American democracy is up to that test is another matter. [Photo: Alex Wong/Getty Images]
Financial Markets and Economy
U.S. Commerce's Ross says 3 percent GDP growth not achievable this year (Reuters)
The U.S. economy will fall short of the Trump administration's goal of 3 percent growth this year and will only achieve that when its regulatory, tax, trade and energy policies are fully in place, Commerce Secretary Wilbur Ross said on Tuesday.
What Happens When Central Banks Stop Buying Bonds? (The Wall Street Journal)
Central banks have been the world’s biggest buyers of government bonds, but may soon stop—a tidal shift for global markets. Yet investors can’t agree on what that shift will mean.
The Surprising Losers From the VIX’s Decline (The Wall Street Journal)
The low level of the market’s so-called fear gauge, formally known as the CBOE Volatility Index or VIX, is a divisive issue on Wall Street. Some assert that the lowest values in nearly a quarter-century signal investor complacency.
Puerto Rico Bonds That Were Bought Up by Hedge Funds Slide to New Low (Bloomberg)
Prices of bonds from Puerto Rico’s record $3.5 billion municipal junk offering in 2014 are tumbling to fresh lows.
Libya Pumping Most Oil Since 2014 Even as Dispute Slows Recovery (Bloomberg)
Libya’s crude output exceeds 800,000 barrels a day and could be even higher if not for internal disputes that led to losses in production by Wintershall AG.
Auto Loan Fraud Soars in a Parallel to the Housing Bubble (Bloomberg)
Borrower fraud in U.S. auto loans is surging, and may approach levels seen in mortgages during last decade’s housing bubble, according to a startup firm that helps lenders sniff out bogus borrowers.
Here’s why the stock market isn’t freaking out about the Comey firing (Market Watch)
U.S. stocks opened slightly lower, and were recently trading nearly flat, on Wednesday as investors largely took President Donald Trump’s firing of FBI Director James Comey in stride.
Wage Pressure Showing Up in Stock Market Winners and Losers List (Bloomberg)
Don’t let its stupefied face fool you, the stock market can still distinguish good from bad. For instance, in earnings prospects.
The big economic headaches facing South Korea's new leader (CNN)
Sworn in Wednesday, Moon Jae-in has stepped into the leadership vacuum left by former President Park Geun-hye, who was impeached over a massive political corruption scandal.
How the ETF industry became a $4 trillion juggernaut (Market Watch)
The exchange-traded-products business has hit a new milestone, and faster than nearly anyone would have expected back when the first one was launched in 1993: $4 trillion in assets.
Barclays chief apologises to shareholders for trying to identify whistleblower (Financial Times)
Jes Staley has apologised to Barclays shareholders for the “error” that the bank’s chief executive admitted he had made in trying to uncover the identity of a whistleblower.
Avoiding Filter Failure (A Wealth Of Common Sense)
Last week Morgan Stanley made some waves in the investment industry by announcing they would no longer carry Vanguard mutual funds.
Companies
JPMorgan Tells Banks to Partner Up as U.S. Deposit Drain Looms (Bloomberg)
JPMorgan Chase & Co. has some advice for regional banks: A deposit drain is coming, so merge while you can.
Toyota forecasts 20 pct profit drop on higher U.S. sales cost, yen gain (Nasdaq)
Toyota Motor Corp <7203.T> forecast operating profit for the current year to slide by a fifth as Japan's biggest automaker expects a hit from increased spending to push sales in its key U.S. market and from a stronger yen.
French Insurer AXA to List U.S. Unit (The Wall Street Journal)
French insurance company AXA SA said Wednesday it plans to take its large U.S. life-insurance operations public, selling shares in a company that also will be home to the AllianceBernstein Holding L.P. asset-management business.
Shell Says Russia Oil Must Be Considered for Brent Benchmark (Bloomberg)
Royal Dutch Shell Plc, the world’s largest oil trader, said the time has come to debate using Russian crude to help determine the global Brent benchmark, in what would be the most radical shift in how European prices are calculated since the 1970s.
Technology
Amazon trounces rivals in battle of the shopping 'bots' (Reuters)
Earlier this year, engineers at Wal-Mart Stores Inc (WMT.N) who track rivals' prices online got a rude surprise: the technology they were using to check Amazon.com several million times a day suddenly stopped working.
Disney’s ESPN Looks to an Online Future, as Cable Subscribers Decline (The Wall Street Journal)
Faced with subscriber and viewership losses, Walt Disney Co.’s ESPN is planning to launch digital subscription services focused on particular sports, teams and regions.
Big Tech Companies Could Face More Rules in the EU (The Wall Street Journal)
The European Union’s executive body is considering new rules that would prevent web platforms, such as Alphabet Inc.’s Google, Amazon.com Inc. and TripAdvisor Inc., from offering unfair terms to small businesses that use their services to sell or promote products.
Cheap Robots Are Helping Small Businesses Survive (Bloomberg)
Robots are everywhere. They’re stocking shelves, pruning trees, making cocktails, delivering room service. Now they’re even showing up for work in some of the smallest factories, in a boost for manufacturing in the U.S. and a potential new threat to traditional production-line jobs.
Microsoft Unveils New Cloud Services for AI and Industrial Sensors (Bloomberg)
Microsoft Corp. is showing off new cloud services for AI and industrial sensors as well as database software tools designed to give Oracle Corp. a headache.
The world’s most valuable resource is no longer oil, but data (The Economist)
A NEW commodity spawns a lucrative, fast-growing industry, prompting antitrust regulators to step in to restrain those who control its flow. A century ago, the resource in question was oil. Now similar concerns are being raised by the giants that deal in data, the oil of the digital era.
Dubai’s Newest Police Cars Are All-Electric BMWs (Bloomberg)`
Clad in the green and white livery of Dubai's police force, the new car was on display at an event in the city's financial district on Wednesday.
Microsoft takes aim at Alexa with Cortana Skills Kit (Engadget)
Amazon's Alexa is miles ahead of rivals like Microsoft and Google with its "skills" — around 10,000 mini-apps that let you use your voice to control your lights or music, order an Uber, learn first aid and more.
Politics
Trump fires FBI Director Comey, setting off U.S. political storm (Reuters)
U.S. President Donald Trump ignited a political firestorm on Tuesday by firing FBI Director James Comey, who had been leading an investigation into the Trump 2016 presidential campaign's possible collusion with Russia to influence the election outcome.
Comey’s Deserved Dismissal (The Wall Street Journal)
President Trump fired James Comey late Tuesday, and better now than never. These columns opposed Mr. Comey’s nomination by Barack Obama, and the Federal Bureau of Investigation Director has committed more than enough mistakes in the last year to be dismissed for cause.
Comey Ouster Threatens to Backfire on Troubled White House (Bloomberg)
Donald Trump’s abrupt firing of FBI Director James Comey is threatening to quickly backfire on the president, who’s now facing intense scrutiny from Democrats and even some Republicans over why he dismissed the man in charge of investigating his campaign’s possible ties to Russia.
New South Korea president vows to address North Korea, broader tensions (Reuters)
South Korea's new liberal President Moon Jae-in was sworn in on Wednesday and vowed to immediately tackle the difficult tasks of addressing North Korea's advancing nuclear ambitions and soothing tensions with the United States and China.
GOP baffled by timing; WH braces for independent probe (Axios)
Republicans around town, and even some White House officials, tell me they're baffled by President Trump's decision to fire FBI Director James Comey in the middle of his Russia investigation — and with the explanation that it's because of his handling of Hillary's email, which Trump had praised him for in the past.
Trump Fires James Comey as FBI Chief (The Wall Street Journal)
President Donald Trump on Tuesday unexpectedly fired FBI Director James Comey, plunging the capital into confusion and immediately intensifying calls for a special prosecutor to assume control of the highly sensitive investigation into possible ties between the Trump campaign and Russia.
Trump’s Newest Wall Street Watchdog Sidesteps Ethics Scrutiny (Bloomberg)
The Trump administration used a highly unusual personnel move to skirt Senate confirmation and standard ethics requirements when it installed a financial services lawyer atop a powerful banking regulator.
Comey Dismissal Upends Probes of Trump Campaign Ties to Russia (The Wall Street Journal)
President Donald Trump’s decision to fire the head of the Federal Bureau of Investigation in the midst of the bureau’s probe into his campaign associates’ possible links to Russia added impetus to calls for a special counsel to handle the case.
After James Comey’s Ouster at FBI, Small Group of GOP Senators Holds Sway Over Next Steps (The Wall Street Journal)
Amid the controversy over the firing of the head of the Federal Bureau of Investigation, the key players in Washington suddenly are a small group of moderate and independent-minded Republican senators whose support, or lack thereof, now becomes the crucial factor for President Donald Trump.
Trump Fires FBI Director James Comey (The Atlantic)
President Trump fired FBI Director James Comey on Tuesday, a shocking dismissal that removes the top federal law-enforcement official overseeing the investigation into Russian interference in the 2016 presidential election.
Warren Pushes Trump Administration on Plan to Break Up Megabanks (Bloomberg)
U.S. Senator Elizabeth Warren is eager to pursue legislation that would break up Wall Street megabanks and has pushed the issue with members of the Trump administration.
The $2 Trillion Question in Trump’s New Tax Plan (The Wall Street Journal)
The Trump administration says a middle-class tax cut is at the center of its tax plan. But doing the arithmetic to figure out what middle-class families would pay is close to impossible.
Behind Comey’s firing: An enraged Trump, fuming about Russia (Politico)
President Donald Trump weighed firing his FBI director for more than a week. When he finally pulled the trigger Tuesday afternoon, he didn't call James Comey. He sent his longtime private security guard to deliver the termination letter in a manila folder to FBI headquarters.
Deadline Looms for GOP’s Effort to Undo Obama Rules (The Wall Street Journal)
The window for Republicans to use an obscure law to rescind regulations enacted in the last six months of former President Barack Obama’s administration is closing, although at least one lawmaker is hoping a loophole may allow for an extension.
CNN exclusive: Grand jury subpoenas issued in FBI's Russia investigation (CNN)
Federal prosecutors have issued grand jury subpoenas to associates of former National Security Advisor Michael Flynn seeking business records, as part of the ongoing probe of Russian meddling in last year's election, according to people familiar with the matter.
Health and Biotech
Opioid Use Soars Among Middle Aged and Elderly (The Wall Street Journal)
The epidemic of opioid abuse sweeping the U.S. might seem like a distant phenomenon to the average middle-aged patient who is getting a joint replacement, visiting an emergency room or seeking help with persistent pain from a primary-care physician.
Life on the Home Planet
Snowball Earth melting led to freshwater ocean 2 kilometres deep (New Scientist)
A little more than 600 million years ago, you could have drunk from the ocean.
After an extreme ice age known as snowball Earth, in which glaciers extended to the tropics and ice up to a kilometre thick covered the oceans, the melt formed a thick freshwater layer that floated on the super-salty oceans.
A Trump supporter, and his cab, play unexpected role in escape to Canada (Reuters)
Cab driver Curtis Seymour got the call at 3:30 a.m. to pick up a passenger at the Greyhound bus station in Plattsburgh, New York, about 25 miles (40 km) south of the Canadian border.
Families pour out of Mosul as Iraqi troops push into last militant-held areas (Reuters)
Thousands more people are fleeing Mosul every day since Iraqi troops began their push into the last Islamic State-held areas of the city last week, with food and water running out and the fighting killing increasing numbers of civilians.
