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The Second Circuit Court of Appeals reinstated Friday a lawsuit that accused President Trump of violating the Constitution's emoluments clause, per Bloomberg.

Why it matters: The decision dredges up one of the president's most persistent ongoing legal threats. It's a high-level ruling for such a case and could force the president to defend himself in court because only an expanded version of the Second Circuit or the Supreme Court could overturn the decision.

  • The case was originally brought by Trump's business rivals in New York, but was dismissed by a lower-level federal judge in December 2017.

The big picture: This isn't the only emoluments-linked case that the president has faced.

  • The Fourth Circuit dismissed a suit brought by the attorneys general of Maryland and the District of Columbia in July.
  • A separate lawsuit from congressional Democrats is also working its way through the courts.

Go deeper: Trump made at least $434 million from his business in 2018

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Coronavirus surge punctures oil's recovery

Illustration: Aïda Amer/Axios

The growth of coronavirus cases is "casting a shadow" over oil's recovery despite the partial demand revival and supply cuts that have considerably tightened the market in recent months, the International Energy Agency said Friday.

Why it matters: IEA's monthly report confirms what analysts have seen coming for a long time: Failure to contain the virus is a huge threat to the market rebound that has seen prices grow, but remain at a perilous level for many companies.

2 hours ago - Sports

Big Ten's conference-only move could spur a regionalized college sports season

Illustration: Aïda Amer/Axios

The Big Ten announced Thursday that it will move all fall sports to a conference-only schedule.

Why it matters: This will have a snowball effect on the rest of the country, and could force all Power 5 conferences to follow suit, resulting in a regionalized fall sports season.

The second jobs apocalypse

Illustration: Aïda Amer/Axios

This week, United Airlines warned 36,000 U.S. employees their jobs were at risk, Walgreens cut more than 4,000 jobs, Wells Fargo announced it was preparing thousands of terminations this year, and Levi's axed 700 jobs due to falling sales.

Why it matters: We have entered round two of the jobs apocalypse. Those announcements followed similar ones from the Hilton, Hyatt, Marriott and Choice hotels, which all have announced thousands of job cuts, and the bankruptcies of more major U.S. companies like 24 Hour Fitness, Brooks Brothers and Chuck E. Cheese in recent days.