Sep 28, 2017

U.S. Virgin Islands' economy "evaporated overnight"

Hurricane Irma devastated Jost Van Dyke, British Virgin Islands. Photo: Joel Rouse/Royal Navy via AP

Hurricane Irma, at one point the most powerful hurricane ever recorded in the open Atlantic, wreaked havoc in parts of the Caribbean — Antigua and Barbuda, Anguilla and St. Martin, the U.S. and British Virgin Islands, Turks and Caicos, the Bahamas and parts of Cuba — leaving more than three dozen people dead and turning vacation island paradises into devastated landscapes.

Quote of the Day, from NYT: Clinton Gaskins, owner of Longboard, a restaurant on St. John, in the United States Virgin Islands, where the only customers these days are the locals who stop by to pick up Red Cross-provided meals: "The economy evaporated pretty much overnight."

Go deeper: "In the Virgin Islands, Hurricane Maria Drowned What Irma Didn't Destroy: As islanders wait for doctors, medicine, fuel and manpower to rebuild, the economic toll from the storms is only starting to come to light," by Jeremy Peters in Cruz Bay, V.I.

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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.