TOP NEWS
Bloomberg In
Michael Bloomberg has finally entered the already-crowded race to be the Democratic presidential candidate next year. He's going to skip the earliest primaries in Iowa, New Hampshire, South Carolina and Nevada, and focus his efforts on the March 3 "Super Tuesday" polls, in which 15 states will vote. Bloomberg: "I'm running for president to defeat Donald Trump and rebuild America. We cannot afford four more years of President Trump's reckless and unethical actions." Politico
LVMH and Tiffany
Tiffany is being taken over by the European luxury conglomerate LVMH Moët Hennessy Louis Vuitton. The $16.2 billion deal is in part a bet on rising luxury consumption in China, where Tiffany is building multiple flagship stores. It's also LVMH's biggest buy yet—CEO Bernard Arnault's previous record was $13 billion for Dior a couple years back. Wall Street Journal
China IP
Futures are up after China made what can be interpreted as a concession in the trade war: it will significantly raise compensation limits for intellectual property rights violations. The plan is to have an improved IP protection framework in place by 2025. Asian and European markets rose following the news. Bloomberg
Nationalization Hedge
Polls suggest the U.K.'s opposition Labour Party won't be coming to power at next month's general election, but it seems British power firm SSE isn't taking chances—it's created a Swiss holding company for its electricity distribution and transmission business. Labour wants to nationalize some of the U.K.'s electricity infrastructure, among other things. Reuters
Jolly Holiday Shopping Season
Shoppers are expected to spend nearly $1,500 per household this holiday season with just over a third ($596) going to experiences. Explore what our 34th annual survey reveals about consumers' perceptions, attitudes, and shopping behaviors.
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AROUND THE WATER COOLER
Recession Fears
Two-thirds of Americans think a recession is coming next year, according a new poll conducted by Fortune and SurveyMonkey—the fear is notably higher among Democrats than it is among Republicans. The research also shows that only one in 10 respondents have cut their spending budget in the last year. Fortune
Fixing the Web
Web inventor Tim Berners-Lee has launched a "contract for the web" scheme that is backed by Facebook, Google and Microsoft. The contract promotes user privacy and universal Internet access. World Wide Web Foundation CEO Adrian Lovett: "We're launching the contract for the Web for the world's first-ever global action plan to protect the Web as a force for good, bringing together companies, governments and citizens from around the world to say these are the things that need to be done to put things back on the right track." CNBC
Reshaping Banks
Europe's biggest investment banks have been pulling away from Wall Street and its regulatory glare. Barclays, Deutsche Bank, Credit Suisse and UBS have in recent years collectively cut $280 billion of assets from their main U.S. holding companies, with much of it being shifted into lighter-regulated U.S. branches. Financial Times
Against GDP
Economist Joseph Stiglitz wants to see the gross domestic product metric retired. The Nobel laureate says GDP is inadequate for the task of measuring economic progress because it fails to reflect inequality, resource depletion and environmental degradation. Stiglitz: "If we measure the wrong thing, we will do the wrong thing. If our measures tell us everything is fine when it really isn't, we will be complacent." Guardian
This edition of CEO Daily was edited by David Meyer.
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