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Indian outsourcing firms hit hard by proposed H1-B changes

Shares in major Indian IT outsourcing firms fell sharply on Tuesday, after Democrats proposed a bill that would mandate that salaries for H1-B visa holders be doubled and growing concerns that the Trump administration may crack down on the visas.

Shares of leading outsourcers Infosys and Wipro fell more than 2% and 1% respectively during trading Tuesday, before paring back some of those losses.

Why it matters: Foreign firms like Infosys represent the heaviest users of H1-B visas, which bring in workers, largely from India, to staff their U.S. operations. All signs point to Washington taking a big bite out of this business model.

Mike Allen 26 mins ago
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Why Trump added a streetfighter to his legal team

Screenshot via Fox News

A new addition to President Trump's legal team — Joe diGenova, a former U.S. attorney who is well-known in Washington and has argued for the president on Fox News — reflects three White House realities.

The state of play: (1) The White House is digging in for a fight that looks to be longer and messier than officials had expected. (2) This is another example of the president responding to televised cues. Trump has spent most of his adult life in litigation, and obsesses about legal positioning in the same way that he is consumed by his press coverage. (3) It's another pugilistic voice at the table, and suggests that this weekend's attacks on Mueller won't be the last.

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Facebook reaches a tipping point

Illustration: Rebecca Zisser/Axios 

Of all the news crises Facebook has faced during the past year, the Cambridge Analytica scandal is playing out to be the worst and most damaging.

Why it matters: It's not that the reports reveal anything particularly new about how Facebook's back end works — developers have understood the vulnerabilities of Facebook's interface for years. But stakeholders crucial to the company's success — as well as the public seem less willing to listen to its side of the story this time around.