Sep 25, 2017

Maria could set Puerto Rico back decades

Residents line up gas cans as they wait for a gas truck to service an empty gas station in Puerto Rico. Photo: Gerald Herbert / AP

Via BBC: "The entire population is still without power and engineers say it could take months to be restored. A dam remains in danger of collapsing. Shipments of food, water and generators are starting to arrive at the main port in San Juan, which has reopened."

Via New York Times: "In a matter of hours, Hurricane Maria wiped out about 80 percent of the crop value in Puerto Rico." José A. Rivera, a farmer on the southeastern coast of Puerto Rico, predicted there won't be any agriculture in Puerto Rico for "a year or longer." Rivera said Maria had knocked down almost all of his 14,000 plantain trees and destroyed his yam and pepper crops.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

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Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.