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National

Americans spent a record $7.4 billion in online purchases this Black Friday, AP reports.

The big picture: Strong consumer spending has largely acted as the U.S. economy's backbone for the past two quarters and most of 2018. October's Q4 retail sales figures indicated solid, albeit slightly cautious, consumers.

What's next: Adobe Analytics expects Cyber Monday's online sales to hit $9.4 billion and break another all-time record, per AP.

Meanwhile, brick-and-mortar retailers saw a 2.1% drop in traffic on Friday compared to last year, according to RetailNext.

Go deeper: Consumers are picking up the lagging business sector's slack

Black Friday shoppers beat online sales record

Shoppers spent $7.4 billion in online purchases on Friday.

In this image, blurred shoppers walk through a store's glass doors with a "Black Friday" sign

Black Friday shoppers in Belarus on Nov. 29. Photo: Natalia Fedosenko\TASS via Getty Images

Business

Online shopping

U.S. News

Retail

Axios Pro: Deals

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Generate

Axios Generate

Former Secretary of State John Kerry is launching a coalition of high-profile names — including Arnold Schwarzenegger and Leonardo DiCaprio — aimed at building public support for tougher steps against global warming, the New York Times reports.

Why it matters: The unveiling of the "World War Zero" coalition comes ahead of a big U.N. climate summit that begins in Madrid, Spain next week. The group's name, per the NYT, is meant to emphasize national security risks posed by warming and the "wartime mobilization" needed to rein in emissions.

Why you'll hear about this again: The many names involved in the effort include former Presidents Bill Clinton and Jimmy Carter, Republicans such as John Kasich, the former governor of Ohio and musician Sting.

Kerry and Schwarzenegger will be on NBC's "Meet the Press" Sunday morning. 

How it works: The NYT reports that the group's goal is to hold millions of "climate conversations" with Americans of varying political views.

"Members will head to battleground states that are key to the 2020 election, but also to military bases where climate discussions are rare and to economically depressed areas that members say could benefit from clean energy job," Lisa Friedman reports.

Kerry tells the paper that the group will begin town meetings in January, but will not promote any specific policy plan.

The big picture: The launch comes days after the latest data showed how global emissions — which are still rising — are extraordinarily far off track from achieving the long-term goals of the Paris climate agreement.

Domestically, President Trump is pulling the U.S. out of the Paris deal and ending Obama-era initiatives, while his main Democratic rivals are pushing climate plans aimed at going much further than Obama.

Go deeper: Nothing is happening remotely fast enough to save the planet

Big names begin bipartisan push to build support for carbon cuts

John Kerry and Arnold Schwarzenegger, among others, are unveiling a new group to fight global warming.

John Kerry, Arnold Schwarzeneger, Leonardo DiCaprio

John Kerry, Arnold Schwarzenegger and Leonardo DiCaprio. Photos: Getty Images.

Energy

Climate change

Breaking climate science and policy coverage as extreme weather events reshape communities. Keep tabs on the race to a low carbon economy, which may be bumpy as governments, climate tech startups and major oil and gas companies race to find their niche amid the changing energy landscape.

Energy & Climate

Capital

Axios Capital

If charity is giving alms to the needy, then philanthropy is charity's more high-minded and strategic relation. 

The big picture: Philanthropists don't want to give a man a fish; instead they want to take credit for building a proof-of-concept that will persuade governments around the world to invest in large-scale programs of fishing pedagogy. 

As Michael Bloomberg puts it: “It’s philanthropy’s job to take risks — and government’s job to scale solutions.”

Philanthropy is a central part of how the very rich turn their money into power. The extremely rich, by their nature, tend to be extremely ambitious: They want to change the world in certain ways, and are happy to use their wealth to do so.

That's sparked a backlash from anti-plutocrat gadflies like Anand Giridharadas. Extreme wealth creation has spurred giving among the nouveau riche, which in turn has conflated philanthropy and inequality in the public's mind.

Trump's tax cuts have removed philanthropic incentives for many Americans. That's because the standard deduction is so large that the middle class no longer sees any benefit from itemizing charitable deductions.

Philanthropy is increasingly looking to supplant or replace government. 

Swiss bank UBS, in its fifth annual report on billionaires, says that many "are seeking new ways to engineer far-reaching environmental and social change."

Within our lifetime, we will see “the reemergence of a benevolent aristocracy," UBS's head of Ultra High Net Worth, Josef Stadler, told Forbes.

How it works: Individuals like Charles Koch, Mike Bloomberg and Bill Gates use their philanthropies to advocate for societal changes and interventions that they would like to see enacted by governments. Often they engage in explicit lobbying, and often that lobbying is successful, both domestically and internationally. 

Older philanthropies may no longer be controlled by their founders, but care just as much about changing global public policy. The Ford Foundation, for instance, has focused on combating inequality around the world — something that can only be done if it gets governments on board.

Foundations are an unaccountable, nontransparent, perpetual, and lavishly tax-advantaged exercise of power." 

Why it matters: Politicians are accountable to the electorate. Charitable foundations and the billionaires who fund them, on the other hand, are accountable to no one. As Reich says, their actions therefore deserve more scrutiny than gratitude.

The bottom line: Insofar as philanthropy has a positive effect, it does so via deeply undemocratic means. 

What Michael Bloomberg's philanthropy says about Michael Bloomberg

Ranking countries by how much of their GDP is held by philanthropies

"Giving Circles," which pool money for a cause, are on the rise

For space billionaires, their companies are their gift 

Donor-advised funds: A tax break now, money for charity later 

Deep Dive: Billionaires build new "benevolent aristocracy"

Philanthropy increasingly looks to supplant government.

Illustration of a green crown made of folded dollar bills

Deep Dive — Philanthropy

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Politics

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Technology

The United Auto Workers reached a tentative four-year labor agreement with Fiat Chrysler on Saturday, CNBC reports.

The big picture: UAW reached tentative deals with Ford and General Motors in October after weeks of labor strikes, reducing GM's 2019 earnings by nearly $3 billion. The auto workers' deal at Ford came quickly, without any labor disruption.

Catch up quick: Workers secured raises plus $11,000 in bonuses in its ratified deal with GM in exchange for not blocking GMs' plans to close four facilities across the U.S. UAW's strike against GM was the first U.S. auto strike in 12 years.

What's next: The tentative agreement with Fiat Chrysler awaits approval or rejection from local union leaders in the coming weeks. Fiat Chrysler's UAW employees would vote on the deal after that approval.

Fiat Chrysler is in talks to merge with France's PSA Group, the parent company of Peugeot. It's not known how the uncertainty of that global deal could affect U.S. labor talks, Axios' Joann Muller writes.

Go deeper: General Motors sues Fiat Chrysler alleging union bribes

Auto workers union and Fiat Chrysler reach tentative deal

UAW also reached tentative labor deals with Ford and General Motors in October.

This image shows a sign that reads "UAW on strike" 

United Auto Workers on week six of a national strike against General Motors on Oct. 23 in Flint, Michigan. Photo: Bill Pugliano/Getty Images

Automakers

President Trump has until Dec. 6 to decide whether his legal counsel will participate in House impeachment hearings, according to a letter sent by the House Judiciary Committee on Friday outlining next steps.

Why it matters: It remains unclear whether Trump or his legal team will take part in the probe looking into allegations that he abused his power in an attempt to convince Ukraine to launch investigations into the Russia probe and the Bidens. Trump said last week that he would consider testifying in the impeachment probe, but the White House has instructed multiple witnesses not to cooperate.

What's next: Nadler also wrote a letter to Judiciary Committee ranking Republican Douglas A. Collins (Ga.) on Friday, asking him to certify requests for subpoenas and get written answers to questions by Dec. 6.

The House Judiciary Committee has scheduled hearings to start next week.

The House Intelligence Committee also plans to send a report on its investigation to the Judiciary Committee shortly after the Thanksgiving recess.

House Judiciary Committee announces first impeachment hearing

The highlights from all of the public impeachment hearings

House invites Trump to participate in impeachment hearings

To date, the White House has instructed multiple witnesses not to cooperate with the impeachment probe.

President Trump. Photo: MANDEL NGAN / Contributor/Getty Images

Donald Trump impeachment

The obesity epidemic grows by 3.6 million people annually in Latin America, prompting  governments to take big steps to ensure that children grow up with healthy eating habits.

The big picture: "One country and one strategy at a time, the region has pushed back against sugary beverages and ultra-processed foods in an effort to escape the obesity epidemic that has overtaken the United States," the Washington Post writes. 

Why it matters: If successful, the plans emerging in Mexico and Chile could serve as models for other countries struggling with obesity's public health toll, including the U.S.

Childhood obesity can lead to high blood pressure, type 2 diabetes, asthma and a higher risk of cardiovascular diseases, in children as well as adults. It may also lead to higher risk for cancer in adults.

The Chilean government has passed restrictions on how and when companies can market unhealthy food to children.

Brands are not allowed to use child-friendly marketing for foods high in sodium, sugar, calories or saturated fats, per the New York Times.

Unhealthy foods must have "large black cigarette-style warning labels," writes the Financial Times (subscription).

TV channels and movie theaters are not allowed to show ads for unhealthy foods between the hours of 6 a.m. and 10 p.m., according to the Post.

Chile also increased its sugar tax from 13% to 18% in 2014 to target soda consumption, per the FT.

Monthly consumption of sugary drinks fell by 21.6%, according to a study from the University of York and the University of Chile.

Sales of sugary breakfast cereals dropped 9%, per the Washington Post.

In Mexico, heavy soda consumption helped increase the childhood obesity rate by 40% between 1999 and 2006, the Guardian reports.

"In absence of clean municipal water, many communities over the years have turned to soda as their main source for hydration," the Wall Street Journal says.

The Mexican government passed a 10% sugar tax in 2012 that affected all junk food and sugary beverages, per the Washington Post.

The results: Consumption of soda and junk food fell 12% nationally after the tax passed.

The Mexican government hauls in $1.2 billion from the soda tax, and $967 million from junk food tax revenue annually, per the Washington Post.

Uruguay, Argentina and Peru have passed laws similar to Chile's that limit the marketing of unhealthy food to children.

In the U.S., the Trump administration cut health guidelines for school lunches while the CDC says childhood obesity is a "serious problem" in the U.S.

"Obesity prevalence was 13.9% among 2- to 5-year-olds, 18.4% among 6- to 11-year-olds, and 20.6% among 12- to 19-year-olds," per the CDC.

How Latin America took on childhood obesity

Obesity grows by 3.6 million people annually in Latin America.

Axios

Saturday's top stories

Black Friday shoppers beat online sales record

Big names begin bipartisan push to build support for carbon cuts

Deep Dive: Billionaires build new "benevolent aristocracy"

Auto workers union and Fiat Chrysler reach tentative deal

House invites Trump to participate in impeachment hearings

How Latin America took on childhood obesity

Michael Bloomberg is off to an attention-grabbing start

Black Friday goes global

Police confirm two dead after London Bridge stabbing

Kamala Harris struggles to reignite presidential campaign

Moderate muscle rises against Dems’ 2020 left

Why Baby Yoda should scare Michael Bloomberg and Deval Patrick