The Tech Wizardry Needed to Stop Drones

SPEAKER_1 (0:00)

So your AI agents make your team more productive, right? But if they're not connected to the rest of your business, how productive can they really make your teams? IBM helps smarter businesses get more from their AI agents. Let's create smarter business, IBM.

Caitlin McCabe (0:19)

President Trump demolishes part of the White House for his new ballroom. Plus, how new tech including Spider-Man-esque nets could keep drones at bay. And we look at why the stiffest competition facing luxury brands is the stuff they've already sold.

Carol Ryan (0:36)

The second-hand luxury market has become too big for brands to ignore. They're growing much faster than for new products.

Caitlin McCabe (0:42)

It's Tuesday, October 21st. I'm Caitlin McCabe for The Wall Street Journal, and here's the AM Edition of What's News. The top headlines and business stories moving your world today.

President Trump's $100,000 H-1B visa fee will now only apply to new visa applicants living outside the country. The new guidance was published yesterday, explaining employers will need to pay the fee after their new hires visa is approved, allowing them to move to the US. Previously, the White House had said the fee would apply to all new visa applicants, except those who work for companies or industries that have secured a special waiver. According to government statistics, more than half of the 141,000 new H-1B visas issued in 2024 went to immigrants who were already in the US on a different type of visa. We are exclusively reporting that the Treasury Department has instructed employees not to share photos of construction work on the new White House ballroom. This, after photos of demolition of parts of the East Wing's façade went viral. Treasury's headquarters is located next to the East Wing, giving staff a front row seat. Trump views the $250 million dollar ballroom as an important part of his legacy. Since taking office, he has redecorated parts of the White House complex, including the Rose Garden, Oval Office, Palm Room, and Colonade. Beyond the activity next door, Treasury has also been focused on a larger issue in recent days, how to pull off a $40 billion financial aid package for Argentina. Last week, Treasury Secretary Scott Bessent said that would include a $20 billion private finance facility that could act as a backstop for Argentina's debt. But as we are exclusively reporting, some of America's biggest banks, including JPMorgan Chase and Citigroup, are struggling to put together that $20 billion loan without leaving themselves too exposed to the South American country. Here's Markets reporter Chelsea Delaney.

Chelsea Delaney (2:47)

Their main concern is obviously getting paid back. $20 billion is a large loan and Argentina has a long history of being a serial defaulter. They've defaulted nine times on their debt in the past.

Caitlin McCabe (3:02)

Chelsea says it's relatively unusual for private banks to be involved in a deal with a country facing so much financial distress, which is why the banks are wanting guidance from the Treasury Department on what kind of backstop is available to them.

Chelsea Delaney (3:14)

So the banks are looking for potentially a couple of things. One is collateral. So in the past, in loans like this, you know, a country could pledge something like oil export revenues. They could pledge, you know, a stake and a state owned company, just something that if they end up not being able to pay back the loan, then they can go and try and seize some of that asset or some of those revenues. They also are looking at potentially having the Treasury Department pledge to back the loan as well. So again, if Argentina is unable to pay back that loan, then the Treasury Department would come in and make them good.

Caitlin McCabe (3:46)

A Treasury spokesman said discussions regarding the deal remain ongoing. Going now to Japan. Where the country's first female Prime Minister, Sunei Takeiichi, was confirmed in a parliamentary vote today, giving the nation a new leader who advocates close ties with the US and a stronger Japanese military.

Jason Douglas (4:08)

Takeiichi is a hardline conservative from the ruling LDP.

Caitlin McCabe (4:12)

That's the Journal's Tokyo Bureau Chief, Jason Douglas.

Jason Douglas (4:15)

She's a Japanese nationalist. She was a close ally of the late Shinzo Abe, who was a great friend of President Trump. She is someone who believes very strongly in fiscal expansionism and very expansionary monetary policies to get Japan motoring again. She's a hawk on China. She has something of an ideological affinity with Trump. So one of the things people are watching closely in Tokyo is how well she will get on with the US president.

Caitlin McCabe (4:37)

Takeiichi's election as Prime Minister comes days ahead of a possible visit to Japan by President Trump, as he is expected to depart for Asia at the end of the week. Tokyo hopes similar ideologies between both leaders will help heal ties that have been strained by Trump's push to reorder global trade. Meanwhile, Russia and Ukraine signaled yesterday that they remain far apart on a peace deal, even as President Trump turns his attention to the conflict after securing a ceasefire in the Middle East.