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Last Week: Review -- Barron's

24 Jun 2017 10:00 am

A Stab at Health Care

Senate Republicans unveiled their version of a bill to repeal and replace Obamacare. The bill would create new tax credits to help people buy health insurance, and would cut Medicaid deeply, putting it on a budget. The bill would allow states to drop many benefits required by the Affordable Care Act, including maternity care, emergency services, and mental-health treatment.

Oil Dips Into Bear Territory

Crude oil sank into bear territory on news of rising production from the U.S. and Libya, as well as high stockpiles. On the week, crude oil fell 4.4%, to $43.01 a barrel.

Banks Pass Stress Tests

The biggest banks in the U.S. were deemed healthy and able to continue lending even during a deep recession, the Fed said.

Steady as She Goes

Stocks held steady, with both the Dow Jones Industrial Average and the Standard & Poor's 500 index about even with last week.

Ticket to Ride

Uber Technologies' founder and CEO, Travis Kalanick, resigned under pressure from a group of investors following a number of scandals and setbacks. Uber has no replacement yet for Kalanick.

Charges at Barclays

British prosecutors charged John Varley, former CEO of Barclays, and three other former executives with fraud and illegal payments, and the bank itself was also charged over a cash infusion that rescued the bank at the height of the financial crisis. Barclays said it is "considering its position in relation to these developments." A law firm representing Varley said it couldn't immediately comment. Two other former executives said they would vigorously contest the charges, and a lawyer for a third couldn't comment.

Syria Heats Up

An American fighter jet shot down an Iranian-made drone over southeast Syria that was flying toward U.S.-backed fighters. The U.S. also said it shot down a Syrian government jet, the first time a U.S. pilot struck a regime plane. Russia said it would track U.S. and coalition aircraft over Syria and treat those west of the Euphrates as "targets."

Royal Shake-Up

Saudi Arabia's King Salman chose his 31-year-old son, the author of an economic overhaul, as his successor, replacing a nephew.

China Scores a Win

MSCI added shares traded in China to its benchmark emerging markets index, which could boost demand for Chinese stocks by billions of dollars over time.

Crash at Sea

Seven U.S. sailors were killed as a cargo ship loaded with containers crashed into a destroyer, crushing a big section of its main structure. It was one of the worst such incidents in Navy history.

More Pressure, Please

The U.S. asked China to increase diplomatic and economic pressure on North Korea to help rein in the rogue state's nuclear and missile programs. President Donald Trump said China's efforts had failed.

In Brief

-- A man plowed his van into Muslim worshipers in London, killing one.

-- Qatar Airways seeks a 10% stake in American Airlines Group.

He Said:

"The defenders of the status quo [are] counting on us to lose our nerve...But we will not wait for a path free of obstacles. It does not exist."

House Speaker Paul Ryan, on tax reform

The Numbers

The U.S. market is ripe for online grocery sales, Statista finds:

16.6%: share of e-commerce fast-moving consumer-goods sales for South Koreans in the 12 months ended in June 2016

7.2%: share of Japanese such sales

4.2%: share of China's sales

2.1%: share of Czech Republic's sales

1.7%: share of Spain's sales

1.4%: share of U.S. sales

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(END) Dow Jones Newswires

June 24, 2017 06:00 ET (10:00 GMT)

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