May 19, 2017

Saudis to accommodate Trump with steak

Pablo Martinez Monsivais / AP

The Associated Press gets one good tidbit in a write-up of how President Trump's Saudi Arabian hosts are preparing for his visit:

In Saudi Arabia, people with knowledge of the planning for Trump's trip say the caterers are planning to offer the president steak and ketchup alongside the lamb and hefty portions of rice on the menu. All the meat will have been butchered in a Shariah-compliant halal manner as per Islamic custom.

Why it matters: Trump is notoriously averse to long trips. During the campaign he regularly flew home to New York each night. The AP cites a "worldwide effort to accommodate America's homebody president" that included his aides spending "weeks trying to build daily downtime into his otherwise jam-packed schedule."

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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.