Plus, judge warns JPMorgan Chase over Epstein Investigations
| For May 13, 2023 |  |
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The Figures: First Solar was the best-performing stock in the S&P 500 this week, gaining 26.3%, more than double the next best-performing stock. Significant Movements: Alphabet was up 10.5% after the company announced an upgrade to most of its products, which will now be integrated with its Bard AI. This week, Bard AI was also released to the general public without a waitlist. Looking Forward: A majority of analysts recommend buying five of the top-performing stocks from the week. The only stock that no analysts recommend purchasing is Davita. |     | |
| 2 | | Commodities Oil prices were down on Friday as investors are concerned about the health of the Chinese and American economies. Brent crude fell 1.1% yesterday, while U.S. West Texas Intermediate crude dropped 1.2%. More: - Oil giant Saudi Aramco announced a 19% decline in profit earlier this week.
- Both indexes were down just over 1.5% for the week.
- An OPEC report from earlier this week showed that the cartel now expects demand for OPEC-produced oil to be 90,000 barrels per day higher in H2 2023 than previously estimated.
| Oil (NYSEARCA: OIL) | 26.99 | -1.71% | | Gold (NYSEARCA: GLD) | 186.81 | -0.17% | | Silver (NYSEARCA: SLV) | 22.02 | -0.81% | | Corn (NYSEARCA: CORN) | 22.74 | -0.79% | | Lumber (NASDAQ: WOOD) | 71.55 | -1.03% | *Commodity prices are as of 7 a.m. ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here. | | | |
| 3 | | A federal judge in New York has issued a warning to JPMorgan Chase, cautioning the bank that it could be held in contempt of court due to the sluggish pace at which it is producing evidence for lawsuits connected to convicted sex offender Jeffrey Epstein. The judge expressed dissatisfaction with the bank's delay in providing the requested documents and highlighted the importance of promptly addressing the issue at hand. More: - This warning comes as part of ongoing legal proceedings surrounding Epstein's case and raises concerns about the bank's compliance with the court's demands.
- The legal proceedings in question are part of the larger legal aftermath of Jeffrey Epstein's criminal charges, and Chase's involvement in these lawsuits underscores its connection to the case.
- Epstein was a long-time customer of Chase and held accounts there until 2014 despite evidence that he was using funds for illicit purposes, including the trafficking of girls and women to his private island.
- In 2008, more than five years before Chase stopped banking Epstein, he was convicted of soliciting sex from an underage girl for money. Such an offense would normally have caused the bank to review its relationship with Epstein.
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| 4 | | McDonald's is facing a new challenge regarding its packaging as environmental activists push for reusable packaging for Big Macs and fries. While the fast food chain transitioned from styrofoam to paper packaging three decades ago, it is now under pressure to adopt more sustainable and environmentally friendly packaging options. More: - McDonald's has set a goal to have all of its products in recycled or renewable materials by 2025, and this new battle over packaging aligns with its ongoing sustainability initiatives.
- The fast-food giant has been progressing in its sustainability efforts, such as introducing fiber-based lids and removing plastic straws from some of its markets.
- McDonald's has already been testing new initiatives, such as reusable coffee cups in the U.K., where the restaurant holds a deposit until you return the cup.
- A report from Upstream Solutions, which looked at 121 businesses and 11 institutional dining programs, found that 100% saved money when adopting reusable packaging.
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| 5 | | The accumulation of waste from end-of-life solar panels and wind turbines is becoming a significant environmental concern and business opportunity. A study estimates that between 2030 and 2060, approximately 9.8 million metric tons of solar panel waste will accumulate. More: - The current recycling rate for these materials is only around 10%.
- This issue highlights the importance of addressing renewable energy technologies' sustainability and waste management challenges.
- Waste from wind turbines is expected to reach 2.2 million metric tons by 2050.
- These concerns come as the use of renewable alternatives and green products continues to rise.
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| 6 | | Airbnb CEO Brian Chesky has criticized the practice of "remote to the office" (RTO) mandates. He claims that many of the executives that require their employees be physically present in the office are often working remotely. More: - Chesky argues that this practice creates a double standard and undermines remote work's flexibility.
- Chesky believes RTO mandates reflect a lack of empathy and understanding from bosses who demand in-office work while enjoying remote work privileges.
- Chesky advocates for leadership that sets an example and promotes a culture of trust and flexibility rather than enforcing rigid office attendance requirements.
- Companies are increasingly reevaluating their work policies and exploring hybrid work models that combine in-person and remote work, acknowledging the value of flexibility and accommodating diverse employee needs. While many companies wanted to mandate returns to the office immediately following the pandemic, this trend has had significant resistance.
- The comments should be interpreted through Chesky's lens as Airbnb CEO, a company that benefits significantly from remote work.
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 | Contributor | | Liam Gill is a lawyer who previously founded Fumarii Technologies, a venture-backed startup ranked in the top 20 cloud computing startups by Yahoo Finance. He now teaches founders how to pitch persuasively to investors. | | This newsletter was edited by Aaron Crutchfield | |
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