The daily business briefing: December 20, 2017
Republicans push their tax overhaul through the House and the Senate, Uber loses a big fight in Europe, and more


1. GOP lawmakers push through their tax overhaul
Republicans pushed their tax overhaul through the House and then the Senate on Tuesday and early Wednesday, putting the GOP on the cusp of their first major legislative victory since taking control of both houses of Congress and the White House this year. The Senate passed it 51-48, with no GOP defections and no Democratic support. The House will have to hold a quick second vote to sign off on minor changes the Senate had to make to keep the legislation within its rules, then the bill will go to President Trump for his signature. The $1.5 trillion plan includes new breaks for businesses and deep cuts in the corporate tax rate. It is projected to lower income tax bills for most households in 2018, with the wealthiest benefiting most. U.S. stock futures gained early Wednesday on enthusiasm for corporate tax breaks.
The Washington Post MarketWatch
2. EU court deals major blow to Uber
The European Union's highest court handed Uber a major defeat on Wednesday by declaring that the ride-hailing service must comply with the same tough rules as conventional taxi companies. Uber had argued that it should be exempt because it is really just a digital services provider, helping to connect riders with independent drivers through its ride-hailing smartphone app. The decision threatens to hamper Uber's plans to expand in Europe by forcing it to spend a fortune on licensing fees and employee benefits. It also could signal broader changes in store for the gig economy, in which a growing number of people work as freelancers or under short-term contracts rather than as full-time employees with clear rights and benefits under established labor rules.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
3. Facebook expanding use of facial recognition technology
Facebook announced Tuesday that it is expanding its facial recognition technology in the interest of user privacy. The tool will now be able to notify users when a picture of them is uploaded regardless of whether or not they are tagged in it; previously, Facebook would not flag an image for an untagged user, but if users encountered the photo organically, they'd be asked if they'd like to be tagged. Should you receive a notification that your visage was uploaded in another user's photo, you can then either tag yourself in the photo, leave it as is, or report the image. As part of Tuesday's updates, Facebook will also now give users the option to disable facial recognition technology altogether.
4. SEC halts trading of cryptocurrency company
The Securities and Exchange Commission on Tuesday suspended trading of The Crypto Company, a business centered on cryptocurrency assets and technologies, due to "concerns regarding the accuracy and adequacy of information" about compensation paid to promote the firm and plans for insider sales. The Crypto Company's shares have rocketed up along with the surge in prices for bitcoin and other cryptocurrencies, rising by 160 percent in the past five days and by 17,000 percent in the past three months. The surge has boosted the firm's market value to more than $11 billion, higher than that of big-name brands such as Macy's, The New York Times, and Under Armour.
5. McDonald's to sell McVegan burger in Sweden and Finland
McDonald's plans to start selling a McVegan burger in hundreds of restaurants in Sweden and Finland next week. The sandwich will include a soy patty, bun, tomato, lettuce, pickles, onion, ketchup, mustard, oil, and an egg-less sandwich sauce. "Like our other burgers, the McVegan is tasty and has a good texture," said McDonald's spokesperson Henrik Nerell. The meatless burger is seen as a way for the burger giant to lure customers seeking vegetarian fare. It also will help McDonald's "have a smaller climate impact," the company said. The United Nations says 14.5 percent of greenhouse gas emissions come from livestock farming.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.
-
Gandhi arrests: Narendra Modi's 'vendetta' against India's opposition
The Explainer Another episode threatens to spark uproar in the Indian PM's long-running battle against the country's first family
By Harriet Marsden, The Week UK
-
How the woke right gained power in the US
Under the radar The term has grown in prominence since Donald Trump returned to the White House
By Chas Newkey-Burden, The Week UK
-
Codeword: April 24, 2025
The Week's daily codeword puzzle
By The Week Staff
-
Why Russia removed the Taliban's terrorist designation
The Explainer Russia had designated the Taliban as a terrorist group over 20 years ago
By Justin Klawans, The Week US
-
Inside the Israel-Turkey geopolitical dance across Syria
THE EXPLAINER As Syria struggles in the wake of the Assad regime's collapse, its neighbors are carefully coordinating to avoid potential military confrontations
By Rafi Schwartz, The Week US
-
'Like a sound from hell': Serbia and sonic weapons
The Explainer Half a million people sign petition alleging Serbian police used an illegal 'sound cannon' to disrupt anti-government protests
By Abby Wilson
-
The arrest of the Philippines' former president leaves the country's drug war in disarray
In the Spotlight Rodrigo Duterte was arrested by the ICC earlier this month
By Justin Klawans, The Week US
-
Ukrainian election: who could replace Zelenskyy?
The Explainer Donald Trump's 'dictator' jibe raises pressure on Ukraine to the polls while the country is under martial law
By Sorcha Bradley, The Week UK
-
Why Serbian protesters set off smoke bombs in parliament
THE EXPLAINER Ongoing anti-corruption protests erupted into full view this week as Serbian protesters threw the country's legislature into chaos
By Rafi Schwartz, The Week US
-
Who is the Hat Man? 'Shadow people' and sleep paralysis
In Depth 'Sleep demons' have plagued our dreams throughout the centuries, but the explanation could be medical
By The Week Staff
-
Why Assad fell so fast
The Explainer The newly liberated Syria is in an incredibly precarious position, but it's too soon to succumb to defeatist gloom
By The Week UK