May 30, 2018

Small Business chief can't say why Trump opposes International Entrepreneur Rule

Photo by Chip Somodevilla/Getty Images

U.S. Small Business Administrator Linda McMahon is unable to say why the Trump administration wants to end the International Entrepreneur Rule, which helps people starting businesses come to the U.S. When asked to respond by Axios while she was on stage at the Code Conference, McMahon replied:

"I cant speak to that. I'm not familiar with it."

Why it matters: The person charged with overseeing U.S. small businesses seems unaware of a program designed to create more U.S. small businesses.

The IEP provides temporary work permission for foreign nationals who have raised at least $250,000 from American investors to create new U.S. businesses, with extensions dependent on the startup demonstrating growth via metrics like new hiring, revenue and follow-on investment.

It was launched in the waning days of the Obama administration, but has been opposed by the Department of Homeland Security under Trump.

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Mike Allen, Ursula Perano

Updated 25 mins ago - Politics & Policy

In photos: Protests over George Floyd's death grip Minneapolis

The Third Police Precinct burns in Minneapolis on Thursday night. Photo: Stephen Maturen/Getty Images

Demonstrators demanding justice burned a Minneapolis police station and took control of the streets around it last night, heaving wood onto the flames, kicking down poles with surveillance cameras and torching surrounding stores.

What's happening: The crowd was protesting the death of George Floyd, an unarmed black man whose life was snuffed out Tuesday by a white Minneapolis police officer who kneeled on his neck for about eight minutes.

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Kendall Baker

1 hour ago - Sports

European soccer's push to return

A Bundesliga match between Borussia Dortmund and Bayern Munchen in an empty stadium. Photo: Alexandre Simoes/Borussia Dortmund via Getty Images

European soccer made a splash Thursday, with two of its biggest leagues announcing official return-to-play dates in June.

Why it matters: Soccer is the world's most popular sport, so watching its return through the lens of various leagues, countries and cultures — all of which have been uniquely impacted by the coronavirus pandemic — is illuminating.

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Dion Rabouin

1 hour ago - Economy & Business

The corporate bankruptcy wave has just gotten started

Illustration: Sarah Grillo/Axios

Even with trillions of dollars in loans, grants and government support — with markets having absorbed a record $1.22 trillion of corporate debt in just five months — a slew of companies are defaulting on their loans and filing for bankruptcy in what is expected to be a record wave of insolvencies and defaults.

Why it matters: While equity and debt markets have rallied thanks to massive interventions from the Federal Reserve and Congress and excitement about the removal of lockdown orders, the real economy is quietly buckling, with many companies threatened by issues that predate the coronavirus pandemic.

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