This photo taken in August 2013 shows the Nos. 3 and 4 reactors of the Vogtle power plant being constructed by contractor Westinghouse Electric. Photo: Kyodo News via Getty Images

Brookfield Business Partners, a listed unit of Canadian infrastructure investor Brookfield Asset Management, has agreed to buy bankrupt U.S. nuclear power company Westinghouse Electric for around $4.6 billion.

Why this isn't surprising: Westinghouse is the only U.S. company to receive U.S. building permits for new nuclear power plants since the Three Mile Island incident nearly 40 years ago – but billions of dollars in cost overruns led the company to file for chapter 11 protection in March. The mess essentially cost Westinghouse owner Toshiba more than it initially paid to purchase the business in 2006.

Connections: The deal is tied to utility giant Dominion Energy's $14.6 billion acquisition of South Carolina's SCANA Corp., announced Wednesday. SCANA has previously partnered with Westinghouse to build a pair of since-scrapped nuclear reactors.

Go deeper: Private equity bids on bankrupt nuclear power company

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.