Settle in with your coffee – here’s your morning news.
1. In the worst week for US stocks since March, the Dow lost more than 2% after the US unemployment missed forecasted jobs growth in November. Meanwhile, lingering fears of a trade war have not been calmed by China’s reaction to the arrest of Huawei’s CFO Meng Wanzhou. Chinese officials have described the arrest as “vile” and have threatened further action.
2. The Aussie dollar has fallen to the lowest level against the greenback in a month, down from Friday’s close to 0.7179 from 0.7199.
3. Tech giants are being scrutinised for their political donations in the US. This graph paints an interesting picture but experts say this isn’t influencing tech products like Google search results.
4. ICYMI: Uber’s IPO is coming. Just a day after competitor Lyft filed paperwork to get an early-mover advantage, it sounds like Uber is hot on their heels — both are racing to float in 2019. But while Uber is filing, 12,000 of their drivers have taken to the streets to protest their right to arbitration, which they believe is being intentionally delayed.
5. Over in France, this weekend’s “yellow vest” protests have been the most violent so far, with fires in Paris and thousands of police deployed using tear gas and water cannons. The protests have occurred for the past four weekends. Trump is adding fuel to the fire by tweeting on Saturday “The Paris Agreements isn’t working out so well for Paris.” A sign that his feud with Macron continues.
The Paris Agreement isn’t working out so well for Paris. Protests and riots all over France. People do not want to pay large sums of money, much to third world countries (that are questionably run), in order to maybe protect the environment. Chanting “We Want Trump!” Love France.
— Donald J. Trump (@realDonaldTrump) December 8, 2018
6. Higher interest rates and other financial punishments are part of sustainability loans — a green loan that’s becoming increasingly popular in the commodities industry. If a company performs well on its sustainability metrics the interest rates can go lower. See who is jumping on board.
7. Super winners in retail — these companies currently account for 97% of global economic profit in retail. This top 10 list includes a mix of high-end retail and fast fashion. While we’re talking retail — Amazon CEO Jeff Bezos still thinks his company is going to die. Find out why here.
8. An economist who thinks we’re too focused on numbers? In this week’s Devils & Details podcast, Gareth Aird, senior economist at the Commonwealth Bank believes some economists are too focused on headline aggregate numbers and not enough on the lived experience of people in the economy. This has obvious consequences when you think about how Australia uses population growth for infrastructure development. Find it under “Devils and Details” wherever you get your podcasts or tune in below.
9. Hey Siri, cut your prices. Androids may dream of electric sheep, but Apple is dreaming of the days when they were the top dog in smartphones. A summary of all Apple’s latest woes as the tech giant is set to see its revenue drop for only the second time in its history.
10. You’ve probably heard of the Hearsts, the Lauders (of Estee Lauder fame), and maybe the Dassault family. But what about the Boehringer and von Baumbach family, the Hoffman-Oeris, and the Mulliez family? They’re all in the list of the 25 richest families in the world.
BONUS ITEM: If you haven’t yet seen this video of Indian skipper Virat Kohli mucking around in the nets, make it your Monday inspiration. And turn up the sound.
— cricket.com.au (@cricketcomau) December 4, 2018
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