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What to watch for today
Alibaba lists in Hong Kong. The Chinese e-commerce titan is expecting to raise at least $11 billion, and is not deterred by the territory’s instability. “During this time of ongoing change, we continue to believe that the future of Hong Kong remains bright,” says chairman Daniel Zhang.
Best Buy reports rosy revenues. The electronics retailer is expected to show continued sales growth in its Q3 earnings, partly due to strong demand for appliances and the company’s services, heading into the holiday shopping season. Dick’s Sporting Goods, Dell, VMware, and Analog Devices will also report.
Palestinians demonstrate. The “day of rage” is a protest against the Trump administration’s new position that Israel’s West Bank settlements don’t violate international law, a departure from most of the world. The Arab League formally rejected the US’s stance yesterday.
While you were sleeping
Westpac’s CEO and chairman resigned. The Australian bank, tarred by a money-laundering and sex-trafficking scandal, promised to “urgently fix these issues.” Three of Australia’s four major banks have had leadership shakeups in the past 27 months.
Russia faced a four-year ban from global sports. A World Anti-Doping Agency committee recommended the harsh punishment—which would bar Russia from competing in the Tokyo Olympics or the World Cup, and bidding to host international sporting events—after the country was caught manipulating doping test results. A final ruling is expected Dec. 9.
Bitcoin’s value crashed, again. The cryptocurrency’s worth has fallen $3,000 after Chinese president Xi Jinping praised it last month, and then reversed course and condemned it on Friday.
America’s biggest truck manufacturer cut 2,000 jobs. The layoffs are a symptom of the recession in the US trucking industry, which saw 640 companies fold in the first half of 2019.
StubHub, TD Ameritrade, and Tiffany’s changed hands. Ebay sold StubHub to European ticket competitor Viagogo for $4.05 billion. A $26 billion merger between Charles Schwab and TD Ameritrade generates a new behemoth bank serving 24 million clients with $5 billion in assets. And LVMH officially closed its buyout of Tiffany’s, cementing its status as the world’s biggest purveyor of luxury.
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A growing number of businesses are promising customers a better version of themselves. From life coaches, to meditation retreats, to new business models in service industries like consulting, the transformation economy is upending the way consumers shop and companies do business.
Quartz Obsession
Lo-fi beats aren’t just music—they’re a functional tool. Usually streamed online through YouTube or Soundcloud, lo-fi beats have become an incredibly popular way to settle into working or studying. But some worry that its online virality may stifle artists’ creativity. Vibe with the Quartz Obsession.
Matters of Debate
Black Friday is bad for business. Steep discounts reward low-value customers who have no brand loyalty.
Cross-gender friendships promote equality. Men who have platonic relationships with female co-workers make better allies.
Death to the GDP. Nobel-winning economist Joseph Stiglitz argues it doesn’t measure progress on climate change, inequality, or expanding democracy.
Surprising discoveries
A famous Indian prince was faking it. A reporter befriended a “royal” who lived in seclusion in a jungle palace, and ended up unraveling the real story.
Yellowstone National Park has a new hot spot—literally. A thermal area—including soft, scorching earth and steam vents—is slowly developing in the Wyoming park’s backcountry.
Brazen jewel thieves hit a German museum. They made off with priceless diamonds and other precious gems and ornaments.
The Rise of Skywalker script was briefly for sale on eBay. But the top-secret screenplay was quickly recovered before it could be bought and publicized before the film’s release next month.
A US president saved a raccoon from his Thanksgiving table. Calvin Coolidge made “Rebecca” his White House pet instead of the White House’s holiday meal.
Our best wishes for a productive day. Please send any news, comments, secret screenplays, and priceless heirlooms of dubious provenance to hi@qz.com. Get the most out of Quartz by downloading our app on iOS or Android, and becoming a member. Today’s Daily Brief was brought to you by Nicolás Rivero and Holly Ojalvo.