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Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

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Chipotle Bug and More Mining Horrors –5 Things to Know Today

By
Laura Lorenzetti
Laura Lorenzetti
and
Geoffrey Smith
Geoffrey Smith
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By
Laura Lorenzetti
Laura Lorenzetti
and
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
December 8, 2015, 6:57 AM ET
Anglo American - CMD - Iron Ore Site
Off Road Vehicules transport iron ore from mine to crushingFlavia Valsani Anglo American/Flavia Valsani Fotografia

Hello friends and Fortune readers.

Wall Street stock futures are sharply lower this morning as participants focus on the weakness of oil and gas stocks and, to a lesser extent, other commodity plays after another shocking announcement from miner Anglo American Plc.

Today’s must-read story is Fortune’s Best in Business for 2015, looking at the highest highs and lowest lows. From the Apple Watch to the first-ever malaria vaccine, it’s been a remarkable year for businesses around the world. Read more here.

Here’s what else you need to know today.

1. Anglo American to slash jobs, shed assets

Mining giant Anglo American plc posted another milestone in the Great Mining Rout Of 2015, saying it would cut 85,000 in a radical restructuring that will cut its portfolio of assets by 60%. Only four months ago, it had envisaged only 53,000 job cuts as part of a less ambitious strategy. Prices for many of its core products have slumped even further since then.

2. Chipotle in new food poisoning scare

Chipotle Mexican Grill is at the center of a new food poisoning scare after 30 Boston College students fell ill after visiting one of its restaurants in Massachusetts. The scare comes only a day after it warned that sales could be hit severely by an outbreak of e. coli food poisoning that affected its customers in Oregon and Portland. The presence of e. coli in its Massachusetts stores hasn’t been confirmed.

3. Home Depot’s investors’ day.

Home Depot, the world’s largest home-improvement retailer, will host its investors and analysts today to discuss its business going forward, including its new three-year financial targets. The company has had a great year so far. Its same-store sales, a key metric for retailers, were up 7.3% in the third quarter, well surpassing analysts’ expectations of a 5.1% boost. Home Depot has been benefiting from a jump in home improvement spending as home prices finally rebound following the financial crisis, and its stock price has reaped the benefits. Home Depot (HD) shares have gained more than 27% so far this year.

4. FTC challenges Staples’ Office Depot purchase.

The U.S. Federal Trade Commission ended its antitrust review for Staple’s (SPLS) $6.3 billion purchase of rival Office Depot (ODP)–and the retailer didn’t get the response for which it hoped. The FTC filed a lawsuit Monday challenging the merger, claiming that the acquisition would eliminate one of the few remaining competitors and limit shoppers’ options. The result could harm consumers, the commission said, by resulting in higher prices and would “eliminate beneficial competition that large companies rely on to reduce the costs of office supplies,” said FTC Chairwoman Edith Ramirez.

5. CEOs make the conference rounds.

It’s a big week for conferences, many of which kick off today. Financial execs, including Wells Fargo CEO John Stumpf and JPMorgan Chase CFO Marianne Lake, will gather in New York for Goldman Sachs U.S. Financial Services Conference. Business Insider’s Ignition conference on the future of digital innovation, which will feature participants like Comcast CEO Brian Roberts, CBS CEO Les Moonves, and General Electric CEO Jeff Immelt, goes through Wednesday. Meanwhile, pharmaceutical and biotech leaders will be in New York for the annual Oppenheimer Healthcare Conference.

About the Authors
By Laura Lorenzetti
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By Geoffrey Smith
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