Financial Markets and Economy
Renzi Resigns Following Crushing Referendum Defeat: Beppe Grillo, Marine le Pen, Matteo Salvina TweetsItalian prime minster Matteo Renzi went down in flames in a crushing defeat of a referendum he sponsored.
Sergio Mattarella, Italy’s president, has a choice. President is largely a symbolic position but what happens next is up to Mattarella.
The president may ask Renzi to hang on in a caretaker role, there could be snap elections, there could be a fourth technocrat government. Renzi was the third consecutive appointed technocrat prime minister.
Vancouver Housing Tax Pushes Chinese to $1 Million Seattle Homes (Bloomberg)
Just a few days after Vancouver announced a tax on foreign property investors, Seattle real estate broker Lili Shang received a WeChat message from a wealthy Chinese businessman who wanted to sell a home in Canada and buy in her area.
Euro Slips With Asian Stocks While Bonds Rise as Italy Votes No (Bloomberg)
The euro retreated with riskier assets, while bonds advanced, amid concern the failure of Italy’s referendum on constitutional reform will destabilize the country, emboldening anti-Europe and nationalist forces.
South African Economic Recovery Key to Ward Off Junk Rating Risk (Bloomberg)
South Africa’s chances of repeating its escape from a junk credit rating in 2017 are in the balance as focus intensifies on tepid economic growth and simmering political tensions.
A hot new hedge fund just had a monster month (Business Insider)
A hot new hedge fund had a great November.
Trump's plan to rethink free trade agreements could have a silver lining for the environment (Business Insider)
President-elect Donald Trump has placed himself in staunch opposition to environmentalists by denying climate change and threatening to dismantle the EPA. But there’s one area in which the two sides agree: both oppose the Trans-Pacific Partnership.
Here's what Wall Street's top performers expect from their bonuses this year (Business Insider)
Fixed income, currencies, and commodities traders are back in the ascendancy on Wall Street.
The FICC business is expected to post an increase in 2016 revenue, in contrast to the equities business and investment banking. And that will be reflected in bonuses.
This is the 'damage' imports have done to America's industries (Business Insider)
There has been a lot of talk of deglobalization and potential trade wars in the aftermath of Donald Trump's election as US president.
Nigeria Export Agency Sees Roads, Rail Routes to Growth Recovery (Bloomberg)
Nigeria’s push to end its economic contraction requires expanding the country’s road and rail networks for an export-led recovery that would ease a reliance on oil, head of the West African nation’s export agency said.
What Analysts Say to Buy as Shenzhen-Hong Kong Stock Link Opens (Bloomberg)
The program will give foreign investors direct access to more than 800 stocks in China’s southern financial hub, while adding more than 100 smaller Hong Kong equities to the potential buy lists of mainland traders.
Human rights abusers who buy London homes could have assets seized (The Guardian)
Dictators and human rights abusers who buy luxury property in London and use the UK to conceal their wealth could have their assets seized under an MPs’ initiative.
Silver Spenders Are Propping Up Japan's Economy (Bloomberg)
As much of working-age Japan frets about having enough money in old age, the nation’s seniors are increasingly propping up consumer spending, accounting for the little growth in consumption the country has seen in recent years.
Thousands of UK restaurants could go bust, accountancy firm warns (The Guardian)
Thousands of restaurant businesses in Britain could go bust because the fall in sterling since the Brexit vote has sharply raised the cost of imported food and wine, an accountancy firm has warned.
The Trump rally in the stock market may be turning into a bubble (Market Watch)
Donald Trump has made the stock market great again with major indexes logging their best performances in months in November. But that frothiness is prompting warnings that the market is getting too bubbly, setting up investors for a disappointment in coming weeks.
Cashless Economy Still a Fantasy for India (Bloomberg)
The move to eradicate 500 rupee ($7.3) and 1,000 rupee notes, representing 86 percent of currency in circulation, would also force hundreds of millions of cash-dependent Indians to use more online payments and bank accounts.
The Low Unemployment Rate Is A Momentary Calm Before The Coming Economic Storm (Forbes)
On Friday the U.S. Bureau of Labor Statistics released its November jobs report, announcing that the unemployment rate had dropped to 4.6%, the lowest it’s been since August 2007. According to this measure, the U.S. economy is at or very close to full employment.
Global Economy Week Ahead: Fed Speakers, ECB Meeting, Japan Wages (The Wall Street Journal)
U.S. monetary policy will take center stage early in the week, with three Federal Reserve regional bank presidents commenting on the economy ahead of the central bank’s December meeting on interest rates.
Companies
Adidas just opened a new kind of store — and Nike should be terrified (Business Insider)
Adidas has opened a brand-new sprawling home for its offerings in New York City, just a few blocks from Times Square on 5th Ave.
Starbucks CEO Howard Schultz is stepping down — here's his incredible rags-to-riches story (Business Insider)
Starbucks announced Thursday that its CEO Howard Schultz is stepping down next year. Schultz will be appointed executive chairman and and Kevin Johnson, the company's current president and COO, will assume the CEO position April 3.
Technology
Apple Signals Interest in Self-Driving Software (The Wall Street Journal)
Apple Inc. confirmed for the first time its interest in autonomous-vehicle technology, but it remains unlikely the company will design or build a complete car.
Mercedes Apparently Wants To Build A Ton Of Electric Cars Under Its New Brand (Jalopnik)
After trademarking the name for its new electric-car brand and introducing a 400-horsepower concept car to go along with it earlier in 2016, it sounds like Mercedes-Benz has some, well, abundant plans for the brand.
Artificial Intelligence Makes Strides, but Has a Long Way to Go (The Wall Street Journal)
Artificial intelligence is having a moment.
Startups that claim to be using AI are attracting record levels of investment. Big tech companies are going all-in, draining universities of entire departments.
BMW traps alleged thief by remotely locking him in car (CNet)
Seattle police caught an alleged car thief by enlisting the help of car maker BMW to both track and then remotely lock the luckless criminal in the very car he was trying to steal.
Looking for parking? These apps may help you find a spot (Venture Beat)
I usually take an “If-Then” approach when it comes to parking. If I’m in the American suburbs, then I expect parking to be plentiful, easy, and usually almost free.
Forget Speakers — Just Use Everyone's Phones With Amplify (Digital Trends)
Who needs speakers at a party when you’ve got dozens of guests along with their mobile phones? Amplify is a new app that emerged from the TechCrunch Disrupt London 2016 Hackathon, and its aim is to get everyone’s smartphone playing the same tune at the same time. Because really guys, we’re all in this together.
Native ads generate clicks at up to 40 percent higher rate than other mobile ads (Venture Beat)
When it comes to clicking on mobile ads and spending money in mobile games, native ads come out on top. In fact, user-acquisition campaigns run by YouAppi’s OneRun platform this year show that native ads generate clicks at a 30 percent to 40 percent higher frequency and convert at double the rate compared to other kinds of mobile ads.
GoPro sells the Karma's stabilizer grip by itself for $300 (Engadget)
No, you still can't buy GoPro's Karma drone in the wake of the recall, but you can get a taste of the technology that came in the box. GoPro has started selling the Karma Grip, the stabilization wand that takes the jitters out of your Hero5 Black or (with a $30 harness) Hero4 Black/Silver camera footage.
Politics
Donald Trump doubles down on 35% tax for businesses that ship jobs out of U.S. (CNN Money)
Fresh off saving 800 Carrier factory jobs from being off-shored to Mexico, President-elect Donald Trump is renewing his threat against companies that move their operations to foreign countries.
President-elect Donald Trump's victory on Election Day has put some of President Barack Obama's hallmark achievements in jeopardy.
Trump's ultra-rich Cabinet could save big with tax law (CNN Money)
President-elect Donald Trump is stacking his administration with members of the rich business elite, many of whom will likely be required to sell off some of their assets to avoid conflicts of interest.
New Zealand Prime Minister John Key Resigns After 8 Years (NY Times)
WELLINGTON, New Zealand — New Zealand's popular Prime Minister John Key stunned the nation on Monday when he announced he was resigning after eight years as leader.
New Zealand's Prime Minister Steps Down in Surprise Announcement (Reuters)
“There is no way I could have served out a full fourth term,” said John Key.
New Zealand Prime Minister John Key unexpectedly announced his resignation on Monday, saying it was the “right time” to leave politics after more than eight years in power.
Italian prime minister to resign Monday after bruising referendum defeat (The Wall Street Journal)
ROME—Italian Prime Minister Matteo Renzi announced early Monday that he will tender his resignation in the afternoon after admitting defeat in Sunday’s referendum.
The Smear Campaign Against Keith Ellison Is Repugnant but Reveals Much About Washington (The Intercept)
Ever Since he announced his candidacy to lead the Democratic National Committee, Keith Ellison, the first American Muslim elected to the U.S. Congress, has been the target of a defamation campaign that is deceitful, repugnant, and yet quite predictable.
Obama administration blocks Dakota pipeline, angering Trump allies (Politico)
The outgoing Obama Administration delivered one more gift to green groups on Sunday when the Army Corps of Engineers blocked construction of a disputed segment of the Dakota Access Pipeline — but the decision is likely to be reversed when President-elect Donald Trump takes office next month.
Paul Ryan On Donald Trump Tweeting Lies: ‘Who Cares?’ (The Huffington Post)
House Speaker Paul Ryan (R-Wis.) has no problem with President-elect Donald Trump tweeting lies and conspiracy theories, including dangerous allegations of mass voter fraud in the recent presidential election.
Trump Camp Scrambles To Defend Diplomatic Blunder Over China And Taiwan (The Huffington Post)
President-elect Donald Trump’s team insists it’s not a big deal that he spoke directly with Taiwan’s president, breaking with years of delicate foreign policy precedent and leading to the Chinese government lodging a complaint over the matter with the U.S.
Life on the Home Planet
Here's why you'd never want to swim in Pluto's gigantic liquid ocean (Science Alert)
If you could suck all of the liquid from below the dwarf planet’s icy shell, it might amount to a sphere up to 780 miles wide (1255 km), or about 75 percent of all of Earth’s liquid water reservoir, according to data shared with Business Insider.
Army denies Dakota pipeline permit, in victory for Native tribes (Reuters)
The U.S. Army Corps of Engineers said on Sunday it turned down a permit for a controversial pipeline project running through North Dakota, in a victory for Native Americans and climate activists who have protested against the project for several months.
Islamic State strikes back to slow Iraqi forces in Mosul (Reuters)
Islamic State fighters retreating in the face of a seven-week Iraqi military assault on their Mosul stronghold have hit back in the last two days, exploiting cloudy skies which hampered U.S.-led air support and highlighting the fragile army gains.
