Huge IPO

市场

• World: Japanese Prime Minister Shinzo Abe said his country will spend close to $120 billion to kickstart its economy. Japan has the biggest debt load among developed nations.
• 更多世界：法国的大规模抗议导致了扎根的飞行，瘫痪的火车系统以及埃菲尔铁塔的关闭。
• Back home: The November jobs report will be released this morning at 8:30am accompanied by bagels. Economists predict that the economy added 180,000 jobs last month.

AUTO

汽车制造商进行电动滑梯

As winter creeps in, households typically ease off the electricity and crank up the gas. But this season, automakers are doing the opposite.

Yesterday, GM and South Korea's LG Chem said they're investing $2.3 billion in a landmark electric vehicle battery cell plant that will employ more than 1,100 people in Ohio. And Lucid Motors, a Cali-based electric vehicle (EV) startup, broke ground this week on a $300+ million factory in Arizona that's expected to generate 4,800 jobs.

• Faced with stricter emissions regulations and rising demand, automakers are pushing ambitious plans for electric vehicles.
• But those plans could hollow out the workforce building gas-powered cars.

处理数字

内燃机有几千个零件；EVdrivetrains, a few hundred. So EVs require less labor (3.7 man-hours/car compared to 6.2) and maintenance.

警告信号已经到来：

• Mercedes parent Daimler will cut at least 10,000 jobs over the next three years as it works on releasing 20 hybrids and EVs.
• Audi's eliminating 9,500 jobs over five years to accommodateEV发展成本（尽管它计划通过员工离职而不是裁员来这样做）。
• BMW's trimming German employees' bonuses after checking its last electric bill.

Unions are worried

The impact ofEVmanufacturing is a top concern for the United Auto Workers union, which has been negotiating new contracts with Fiat Chrysler, Ford, and GM. The last two agreed to keepEVwork in the U.S. for the next four years…

• But EVs will be a relatively small share of overall production during that time.
• 工会预计电动汽车在未来几年内将刷35,000个工作岗位。

Looking ahead...the 2020s industry forecast is about as promising as A Christmas Prince 3. A German auto union predicted 75,000 lost jobs over the decade, and a research group said it could take at least four years for global car sales (which just fell at the fastest rate since the recession) to rebound to 2017 levels.

ENERGY

沙特阿美的价格很大IPO

沙特阿美（Saudi Aramco）距世界最高的建筑物619英里，筹集了256亿美元IPOever yesterday.

• 列表对该国有石油公司的价值为1.7万亿美元。这比接下来的五家国际石油公司的市值多……总和。

Here's the but: The valuation is well under the $2 trillion Saudi Crown Prince Mohammed bin Salman initially sought. Plus, the offering itself was pretty limp. Aramco, which listed just 1.5% of shares, was reportedly more popular among domestic and regional investors than deep-pocketed international financiers.

• 这些投资者不胃沙特阿美黑暗的有限公司rporate structure, geopolitical uncertainty, and that whole climate change problem, Reuters reports.

Zoom out:MBShad been working to sell a piece of Saudi Aramco for nearly four years, but questions around the valuation and the listing location delayed theIPO. Mission kinda accomplished.

Looking ahead...shares are scheduled to start trading Dec. 11.

+ Can you name the tallest building in the world? Answer at the bottom.

生物技术

Beantown Biotechs: You're Just a Kid

马萨诸塞州的剑桥，不仅在Kong以野蛮的看门人和蝎子碗而闻名。它也是通过临床试验生活和死亡的生物技术公司的所在地。

Sage Therapeutics将烧杯带到下巴

生物制药公司的价值在揭示其抑郁症治疗失败的第三阶段研究后的一半以上。首席执行官杰弗里·乔纳斯（Jeffrey Jonas）声称“该药物在大多数措施上表现出良好的活动”，但鉴于该药物在测试中的表现扎实，结果是一个很大的惊喜。

Biogen分享了更好的新闻

在昨天在圣地亚哥举行的一项演讲中，这家制药公司提供了有关其实验性阿尔茨海默氏症药物Aducanumab的更多详细信息。

The backstory: Scientists have been searching for an effective Alzheimer's treatment for decades-drugs available currently target the symptoms but don't slow memory loss or cognitive decline. Biogen believes aducanumab could do the trick.

• In March, Biogen shocked the medical community when it pulled trials for the drug. Then in October, it shocked everyone again by bringing it back to life.

展望未来……Biogen明年将寻求FDA批准的Aducanumab。

TAXES

O Beautiful for Spacious Skies and Low Taxes

U.S. tax revenues fell to 24.3% of GDP in 2018, according to the Organization for Economic Cooperation and Development (OECD). The U.S. tax burden is now the fourth-lowest among major world economies, and 10 points below the OECD average.

下降背后的原因是什么:特朗普政府2017 tax cuts...what else? And while lower taxes can spur growth, they also bring in less revenue for the government. The U.S. budget deficit in fiscal 2019 hit $984 billion, up 26% from the previous year.

QUIZ

I'm Sorry, Quiz Jackson

Never meant to make your daughter cry. Top Spotify genre for 2019 was "vapor soul," whatever that means. Finally got our blue checkmark. It's the Brew's Weekly News Quiz.

1.填写空白：3月的_____占俄罗斯外币储备的14.2％，高于去年的5％。

2. 2014年，北约成员同意到2024年将其GDP的一定比例用于国防。但并非所有国家都在努力达到目标，这是北约本周见面时最重要的。什么是目标？

3. Google's two cofounders stepped down from their roles as Alphabet's CEO and president this week. What are their names?

4.创造我花了20多年的时间。我可以（据称）在冰箱中持续一年。我的发布前营销花费了1050万美元。您猜到了 - 我是一个新的苹果品种。我叫什么？

5. Put these 2019 Reddit AMAs in order from the most upvoted to the least: Cookie Monster, Bill Gates, and Andrew Yang.

Answers: 1) Chinese yuan 2) 2% 3) Larry Page and Sergey Brin 4) the Cosmic Crisp 5) Bill Gates, Cookie Monster, Andrew Yang

WHAT ELSE IS BREWING

• United Airlines CEO Oscar Munoz will step down from his post next May. President Scott Kirby will step up.
• World food prices hit their highest point in more than two years in November.
• Unrelated: Beyond Meat will start selling its plant-based Beyond Burgers at some Costco stores
• Execs at Away, a direct-to-consumer luggage startup, created a culture of "intimidation and constant surveillance," an investigation by The Verge found.
• Apple analyst Ming-Chi Kuo predicts the 2021 iPhone will be a "completely wireless experience."

FRIDAY PUZZLE

Pantone发布了2019年度颜色：Classic Blue。根据Pantone的说法，Classic Blue是“诚实”，“很容易相关”和“非侵略性”。那太好了，但是我们真正想知道的是您是否可以从以下四种阴影中挑选经典蓝色。

Answers

Friday Puzzle: A

The tallest building in the world is the Burj Khalifa in Dubai.