Business

• Republican Handel Wins Georgia House Seat, Dashing Democrats’ Hopes (BBG)
• Uber CEO Kalanick Quits as Investors Revolt (WSJ)
• Saudi King’s Surprise Shakeup Clears Son’s Path to the Throne (BBG)
• After weeks of secrecy, U.S. Senate to unveil healthcare bill (Reuters)
• Latest Election-Hacking Hearings to Focus on State-Level Events (WSJ)
• Trump’s Net Worth Slips to $2.9 Billion as Towers Underperform (BBG)
• Oil Returns to Bear Market (WSJ)
• Brexit Dominates May's Program as Some Manifesto Pledges Ditched (BBG)

Here we go again.

In an eventful overnight session which saw a historic transition in Saudi Arabia, an unexpected Republican victory in the Georgia Special Election, China's inclusion in the MSCI EM index and Travis Kalanick's resignation, S&P futures continued to fall, alongside stock markets in Asia and Europe, while oil prices extended their drop despite a larger than expected draw reported by API on Tuesday.

Ten days after we reported that "Uber was imploding", when the company's Chief Business Officer resigned at the same time as the CEO announced a leave of absence, the "Uber collapse" was complete when Uber CEO Travis Kalanick, co-founder of the world's most valuable private company, announced his resignation on Tuesday following an "investor revolt" over his catastrophic leadership.

Authored by Ann Pettifor via RenegadeInc.com,

Britain is preparing to leave the European Union with no real plan and a government in disarray, writes economist, Ann Pettifor. How can we trust economists at the Treasury not to impose more disastrous policies?

If the British economy crashes as a result of Brexit, it will not vindicate economists. It will simply illustrate once again, their failure.