• Kanye West says he's running for president
• Uber, Postmates Agree on $2.65 Billion All-Stock Deal
• Global tourism stands to lose up to $3.3 trillion from COVID-19: U.N. study
• Los Angeles, Atlanta Among Cities Joining Coalition To Test Universal Basic Income

Kanye West says he's running for president

• Kanye West tweeted Saturday night that he wants to run for president in 2020 - four months before the election and apparently without having filed with the Federal Election Commission or created a campaign committee.
• Kim Kardashian West quote-tweeted her husband's announcement with the American flag.
• Many on social media have dismissed the announcement as a publicity stunt, though others questioned: How did West go from being a vocal ally of President Donald Trump to announcing a run against him? Is this an attempt to draw some Black voters and young voters away from presumptive Democratic nominee Joe Biden?
• West has an upcoming album, "God's Country," and its first single, "Wash Us in the Blood," was released this week.
• Gap Inc. recently said it entered into a 10-year deal with West for a Yeezy line of clothing - sending the retailer's shares soaring 42 percent.
• Days later, Kardashian West sold 20 percent of KKW Beauty to Coty Inc., the owner of Max Factor and Covergirl, valuing her business at $1 billion.
• "We know who I'm voting on," West had told the magazine.

Uber, Postmates Agree on $2.65 Billion All-Stock Deal

• Bloomberg) - Uber Technologies Inc.'s board of directors has approved a $2.65 billion acquisition of food delivery rival Postmates Inc. in an all-stock deal, expected to be announced as soon as Monday morning in the U.S., according to people familiar with the matter.
• Uber's head of food delivery, Pierre-Dimitri Gore-Coty, is expected to continue to run Uber's combined delivery business, according to a person who asked not to be identified discussing a private deal.
• The acquisition comes on the heels of Uber's failed bid to acquire publicly traded GrubHub Inc., which was scooped up by Europe's Just Eat Takeaway for $7.3 billion.
• Representatives for Uber and Postmates declined to comment.
• The deal would help Uber gain ground against privately-held DoorDash, which is the market leader in U.S. food delivery.
• While Postmates hasn't kept apace with DoorDash, it established a strong position in Los Angeles and the American Southwest, both of which could be valuable to Uber Eats.(Updates with company response in third paragraph).
• For more articles like this, please visit us at bloomberg.com.

Global tourism stands to lose up to $3.3 trillion from COVID-19: U.N. study

• GENEVA - Global tourism revenues are expected to fall by up to $3.3 trillion due to COVID-19 restrictions, with the United States standing to lose the most, according to a U.N. study published on Wednesday.
• In those scenarios, revenues would fall $1.17 trillion, $2.22 trillion and $3.3 trillion respectively or between 1.5-4.2 percent of the world's gross domestic product.
• The report did not say which scenario was most likely, although an UNCTAD official said the middle scenario "Could be a realistic one".
• "International tourism has been almost totally suspended, and domestic tourism curtailed by lockdown conditions imposed in many countries," the report said.
• The United States incurs the highest losses in all three scenarios, with a $187 billion drop in the one lasting just four months, followed by China with $105 billion.
• The U.S. loss in the "Pessimistic" scenario is $538 billion, or three percent of GDP. The UNCTAD report covers 65 individual countries and regions.
• Some of the estimates are comparable to those in a previous U.N. report by its World Tourism Organization in May, which found that tourism numbers could fall by 60-80 percent compared with 66 percent in UNCTAD's intermediate scenario.

Los Angeles, Atlanta Among Cities Joining Coalition To Test Universal Basic Income

• Updated Jun 29, 2020, 01:32pm EDT. Mayors in Los Angeles, Atlanta and nine other U.S. cities said Monday they will work to launch universal basic income pilot programs, a growing sign that political leaders are beginning to take the idea of guaranteed income seriously in the wake of the pandemic.
• KEY FACTS. The mayors of Los Angeles; Oakland, California; Atlanta, Georgia; Tacoma, Washington, Newark, New Jersey; Saint Paul, Minnesota; Jackson, Mississippi; Compton, California; Shreveport, Louisiana and Stockton, California, have joined Mayors For A Guaranteed Income, a coalition advocating for UBI policies, or the idea of giving out recurring cash payments to all individuals without any strings attached.
• Mayors For A Guaranteed Income was founded by Michael Tubbs, the 29-year-old mayor of Stockton who launched one of the first guaranteed income pilots in the U.S. last year, along with the Economic Security Project, a non-profit supporting the idea of creating an income floor for all Americans.
• Though the coalition will advocate collectively for a guaranteed income and share information, each city will launch their own pilot with separate funding streams, either by creating a working group to find room in the city budget or by forming public/private partnerships, Tubbs told Forbes.
• Tubbs said the pandemic and the unrest caused by the death of George Floyd, who was allegedly apprehended for using a counterfeit $20 bill before he was killed, pushed him to announce the coalition now.
• CRUCIAL QUOTE. "It's taken COVID-19 where direct cash payments are part of the solution offered by the federal government, so I just thought the time was right to organize mayors around the idea because we live in a time of pandemics," Tubbs said.
• KEY BACKGROUND. Guaranteed income has a long history dating back to political theorist Thomas Paine, who in 1797 proposed a form of a lump sum granted to all citizens.