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Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Democrats on the Senate Finance Committee on Tuesday boycotted votes on President Donald Trump’s picks for Treasury secretary and Secretary of Health and Human Services, opening up a new front in the battle over the president’s Cabinet.
Not a single Democratic senator on the committee showed up for the votes on Steve Mnuchin or Tom Price, boycotting because of what they considered to be unanswered questions regarding Mnuchin’s and Price’s business dealings.
Elsewhere in Trump news, trade adviser Peter Navarro said that Germany is using a “grossly undervalued” euro to its advantage against other nations in the European Union and against the United States. That sent gold soaring. Merkel fired back at the Trump team on the euro.
Business Insider welcomed Pedro Nicolaci da Costa as a senior correspondent this week. In his first article, he writes that Donald Trump’s clumsiness makes the Fed’s job easier. And Wall Street is going to regret how lazy it’s been on Trumpenomics, according to Business Insider’s Linette Lopez.
In Wall Street news, we talked to the President of the New York Stock Exchange about history, technology, and simplifying trading.
In corporate news:
The makers of insulin are being accused of price-fixing in a class-action lawsuit Trump just met with the heads of drug companies – here’s how it went Under Armour is crashing after whiffing on earnings HARLEY-DAVIDSON: Motorcycle shipments tumbled Here’s what could save Chipotle Pfizer missed on earnings AETNA CEO: We may ditch all Obamacare markets next year “given the unclear nature” of the law Coach is teaming up with Selena Gomez to gain access to her 108 million Instagram followers
In self-driving car news, Uber has teamed up with Mercedes’ parent company to build self-driving cars. And Ford’s CEO talked self-driving cars with Trump at a White House meeting for “quite some time.“
And in tech news, data shows nearly half of Snapchat’s revenue comes from Discover ads. The next unicorn may not come from Silicon Valley, according to Tory Green at Tiller Partners.
Lastly, here’s 20 thoughtful Valentine’s Day gifts every guy will love, and here’s 20 every woman will love.
Here are the top Wall Street headlines from the past 24 hours
A former hedge fund manager who retired at 36 gives his outlook for 2017 and explains why a recession could be on the horizon – Raoul Pal comanaged the GLG Global Macro Fund for GLG Partners and retired at 36 in 2004.
2 more Wall Street banks send memos to staff in response to Trump’s travel ban – Bank of America Merrill Lynch CEO Brian Moynihan and Wells Fargo’s Chief Administrative Officer, Hope Hardison, on Monday joined their Wall Street peers in responding to President Donald Trump’s immigration ban.
Housing prices are booming in the Northwest – US home prices rose more than expected, according to the November reading of the S&P/Case-Shiller index.
The US may be entering a long-term bear market for bonds – here’s what that looks like – The US may be entering a long term bear market for bonds – here’s what that looks like
TOM HAYES’ LETTER FROM PRISON: The ex-trader convicted of rigging LIBOR outlines his new appeal – Tom Hayes, the former banker convicted for his role in rigging the London Interbank Offered Rate (LIBOR), has written a letter from Lowdham Grange prison in Nottinghamshire outlining why he is appealing his case to the Criminal Cases Review Commission.
Deutsche Bank is paying $628 million in fines over its $10 billion Russian ‘mirror trade’ scandal – Deutsche Bank has agreed to pay hundreds of millions to UK and US regulators to settle probes into whether it helped covertly move as much as $10 billion out of Russia through a process known as “mirror trading.”