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Total refinery in Donges, France. Photo: Loic Venance/AFP via Getty Images

France-based multinational oil giant Total announced Wednesday that it's acquiring a 74% stake in the big French electricity company Direct Energie.

Why it matters: It's another sign that European oil giants are increasingly entering the electricity and vehicle electrification space, a move driven in part by pressure from climate policy to diversify their businesses.

Details:

  • The deal is valued at 1.4 billion euros and represents Total's latest move into the power space.
  • It's also Total's biggest investment in low-carbon power thus far, the consultancy Wood Mackenzie said in a brief note Wednesday.
"This friendly takeover is part of the [Total] Group’s strategy to expand along the entire gas-electricity value chain and to develop low-carbon energies, in line with our ambition to become the responsible energy major."
— Total CEO Patrick Pouyanné said in a statement.

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  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: Fully at-home rapid COVID test to move forward.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."

Trump's legacy is shaped by his narrow interests

Illustration: Annelise Capossela/Axios

President Trump's policy legacy is as much defined by what he's ignored as by what he's involved himself in.

The big picture: Over the past four years, Trump has interested himself in only a slim slice of the government he leads. Outside of trade, immigration, a personal war against the "Deep State" and the hot foreign policy issue of the moment, Trump has left many of his Cabinet secretaries to work without interruption, let alone direction.

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AI and automation are creating a hybrid workforce

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AI and automation are receiving a boost during the coronavirus pandemic that in the short term is creating a new hybrid workforce rather than destroying jobs outright.

The big picture: While the forces of automation and AI will eliminate some jobs and create some new ones, the vast majority will remain but be dramatically changed. The challenge for employers will be ensuring workforces are ready for the effects of technology.