Feb 21, 2019

Oakland teachers begin strike over wages

Teachers and students hold signs as they protest during a one-day strike outside of Oakland High School in 2010 in Oakland, California. Photo: Justin Sullivan/Getty Images

Teachers in Oakland began a strike Thursday morning, joining Los Angeles and Denver among major U.S. cities that have seen teachers' strikes in recent months, reports the East Bay Times.

The big picture: The teachers are demanding a 12% raise over the next 3 years, citing the Bay Area's sky-high cost of living, and rejected Oakland Unified School District's last offer of an 8.5% raise over 4 years. The district argues that it simply can't meet the teachers' salary demand as it already faces a budget shortfall of more than $50 million by the 2020-2021 school year.

Go deeper: No end in sight for nationwide wave of teacher strikes

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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.

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.