Trump budget takes from poor, gives to rich; Indian company stalls Australian coal mine; Venezuelans are top US asylum seekers

What’s new… what’s next

By Matt Egan, Patrick Gillespie, Julia Horowitz
and Paul R. La Monica of CNNMoney

1. Trump’s first budget = cuts for country’s poor

President Trump’s inaugural budget proposal can be summed up this way: Big gifts for the rich, big cuts for the poor. He would give a lot more money to the defense industry and wealthy taxpayers — paid for by the unprecedented slashing of safety net programs for America’s least privileged. The largest savings would come from cuts to Medicaid, food stamps, student loans and federal worker retirement programs. Disability programs also get a massive haircut. Oh, and one more thing: Trump wants to sell half of the U.S. emergency oil reserve.

2. Terror in Manchester ripples around the world

The horror of a terror attack at a pop concert in Britain has seized the world’s attention. The blast at the Manchester Arena, which struck late Monday after a show by pop singer Ariana Grande, dominated news coverage across Asia, Europe and the United States. At least 22 people were killed, including children. The incident, which is the worst terror attack to hit the U.K. since the London bombings in July 2005, could deter tourists from making plans to visit Europe.

3. Markets have rebounded from Trump thump

The market has bounced back in the past week. Saudi Arabia’s plans to buy military equipment from big US defense contractors pleased investors. So did Trump’s budget, which proposes big cuts to social programs and is viewed as more business-friendly. But Comeygate hasn’t gone away. Some worry Trump won’t be able to get his pro-growth agenda through Congress while lawmakers and a special counsel probe former NSA chief Michael Flynn’s ties to Russia.

4. Thousands of Venezuelans flee to US 

It’s the first time ever that Venezuelans lead the list of asylum seekers in the United States. Venezuelan asylum applications rose 160% last year compared to 2015. The stark numbers help illustrate how severe Venezuela’s turmoil is becoming. For Emelina Guerra, a 32-year old Venezuela, she left almost everything behind in Venezuela so she and her husband could move their son to a safe place in Florida.  

5. Indian firm stalls huge Australian coal mine

A new Australian mine poised to create 10,000 jobs has hit a dead end. The Adani group, owned by one of India’s richest men, halted its investment in the project after the Queensland state government failed to deliver promised tax breaks and other funding. The mine was poised to be Australia’s biggest and feature a 240-mile railway and an airstrip. But it also sparked opposition from environmentalists and those opposed to subsidizing a project by a billionaire.

6. Quick Takes:

$1,000 investment in Netflix stock at IPO 15 years ago is now worth $140,000

Trump wants to cut strategic petroleum reserve in half in order to raise cash
‘Misunderstood’ Uber CEO does give a damn about his bad reputation

Walmart guarantees pay for military workers who take time off to serve

Carrier plant in Indiana that Trump helped save still plans hundreds of job cuts

RIP 007! Roger Moore is dead. Here are his top James Bond one-liners (Video)

7. What’s next:

Tiffany’s Trump trouble over? The luxury jeweler is set to report earnings on Wednesday morning. Tiffany famously blamed a sales slump last Christmas at its Fifth Avenue flagship store on the police presence around Trump Tower. But things are looking up lately: Tiffany has a new CEO and its stock is glimmering with a 21% pop this year. More retail results are also on tap from Lowe’s and Advanced Auto Parts.

CBO score of health-care bill: Nearly three weeks after House Republicans passed their Obamacare repeal and replace law, the official analysis is finally due on Wednesday from the Congressional Budget Office. A key number to look for: the estimate on how many Americans will be left uninsured rises above the previous estimate of 24 million. Another thing to watch for is how much money the CBO estimates the plan will save.

Is the Fed ready to act? The minutes from the Federal Reserve’s meeting earlier this month are due out at 2 p.m. ET on Wednesday. Wall Street will be combing through the minutes for evidence that the central bank will raise interest rates next month, as is widely expected.

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