Apr 25, 2017

Trump's coal promise won't hold in OH and PA

Susan Walsh / AP

Ohio and Pennsylvania increased their natural gas production more than any other state last year, both up by about 1.2 billion cubic feet per day, according to the EIA. Pennsylvania has been a gas state for years, but Ohio's powerhouse moves are a more recent development.

Context: Even Texas, the state with the most natural gas production, fell by 2.5 billion cubic feet per day last year.

Why it matters: When there's more natural gas production, coal gets edged out, but Trump's campaign promise to bring coal jobs back helped him win in both battleground states.

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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.