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TOGETHER WITH
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Good morning and Happy Galentine’s Day.
For those of you who think we just made a typo, Galentine’s Day is a
holiday celebrating female friendship, and was invented by Leslie Knope
in Season 2 of Parks and Recreation. Waffles are typically involved.
As Knope
explains: “Every February 13, my lady friends and I leave our husbands
and our boyfriends at home and we just come and kick it,
breakfast-style.” If you celebrate, we'd love to hear your unique
traditions.
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NASDAQ
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14,095.47
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+ 0.50%
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S&P
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3,934.83
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+ 0.47%
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DOW
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31,458.40
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+ 0.09%
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GOLD
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1,824.80
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- 0.11%
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10-YR
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1.210%
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+ 4.30 bps
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OIL
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59.73
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+ 2.56%
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*As of market close.
Here's what these numbers mean.
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Markets: Optimism abounds. Investors trimmed their cash holdings and injected
a record $58 billion into stock funds this week, according to the
Financial Times. The major US indexes ticked higher for the week and
posted record closes.
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Government: During the impeachment
trial yesterday, lawyers for former President Trump presented their
arguments for several hours, then the Senate conducted a Q&A session for reps of both sides.
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Carl Court/Getty Images
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You might
think that running 100 meters in under 10 seconds or landing a Double
McTwist 1260 would be the hardest things to do at the Olympics. But
corporate sponsors are navigating an even bigger challenge: the delicate
geopolitical and social issues surrounding the next two Olympics, in
Tokyo and Beijing.
- More than 180 rights groups have called for a boycott of the 2022 Beijing Winter Olympics, citing the Chinese government’s many reported human rights violations.
- And yesterday, the president of the Tokyo Olympic organizing committee, Yoshiro Mori, resigned
after facing major blowback over his suggestion that women talk too
much in meetings. Part of that blowback: Corporate sponsors started to
rethink their involvement with the Games, according to Japanese media.
It’s left brands between a scandal and a hard place
When China’s economy bounced back from the pandemic more quickly than Western countries, businesses became even more reliant
on Chinese consumers. Nike, for instance, grew revenue 24% in China
last quarter, compared to just 1% growth in North America.
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What happens when you do speak out against China? Look
at the NBA. It just returned to air in China nearly a year after former
Houston Rockets GM Daryl Morey threw the league’s business relationship
with Beijing into chaos after tweeting support for Hong Kong's
pro-democracy protests.
Plus, many
advertisers are desperate for the eyeballs and brand association that
come from having their logo next to a hand-springing Simone Biles. Live
TV viewership was way down during Covid, and the Olympics were supposed
to be a bounce-back moment for television advertising. But now the
picture is murkier...
- ...especially because the pandemic isn’t over. Japan won’t start vaccinating citizens until the end of February, and the Olympics are scheduled to start in July.
Bottom line: For Beijing 2022, brands might get cover from the US government. The Biden administration has signaled that it doesn't support a boycott of the Games.
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Hollie Adams/Getty Images
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The UK economy just posted its largest annual drop since Sir Isaac Newton was figuring out why things drop.
According to
the Bank of England, 2020’s 9.9% contraction was the biggest blow to
output since 1709, when the economy tanked 13% due to the “Great
Frost”—the coldest European winter in the last 500+ years.
- The 9.9% decline is more than double the GDP shrinkage that occured in 2009 following the financial crisis.
- It’s also a steeper drop
than most other wealthy countries, including the US—whose economy fell
3.5% in 2020. Analysts say that could be because Britain’s economy
relies more on face-to-face contact and recreation.
And despite
tight restrictions on movement and business, the UK’s population still
suffered greatly from the coronavirus, recording the highest death toll
in Europe.
Looking ahead...the
UK could see a Ted Lasso-style turnaround in 2021. It’s outraced its
peers in approving and distributing vaccines, and consumers appear ready
to open their wallets once the pandemic dies down (hopefully) by the
summer.
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Giphy
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L’Oréal must
have been sticking to a consistent skincare routine, because the French
cosmetics giant is positively glowing after reporting better than expected Q4 earnings yesterday.
- Sales in
the last three months of the year grew 4.8% on a like-for-like basis,
despite the broader luxury goods market taking a pandemic nosedive.
The two main drivers of higher sales? E-commerce and China. Well, actually, more like e-commerce in China. Chinese online sales gained 56% (and total China revenue grew 27% in 2020).
But like the
Bucs when they signed Tom Brady, L’Oréal thinks the best is yet to
come. The next years will “be like the Roaring 20s, there will be a
fiesta in makeup and in fragrances,” L’Oréal CEO and Chairman Jean-Paul
Agon predicted when discussing the company's results. “People will be happy to go out again, to socialize,” he said.
Bottom line:
The cosmetics industry was surprisingly resilient in 2020 as homebound
people realized that Zoom’s touch-up-appearance feature could only do so
much.
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And it sounds like this credit card. And it tastes like 3% back at restaurants (yes, takeout included). And it feels like an extra $200 in your piggy bank when you sign up.
But what does it smell like? Well, let’s just say it smells like the best dang cash back credit card that's ever graced your wallet.
Here are just a few of the perks this card offers:
- Easy-to-earn $200 sign-up bonus: You only need to spend $500 on purchases in the first three months to receive this $200 bonus.
- No annual fee: You get money back on your spending and the card itself doesn't cost a dime.
- 0% intro APR: For the first 15 months, this card has a 0% APR on purchases.
Just beware—you may experience cash back sensory overload from all of the generous benefits this card offers.
Learn more here.
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Giphy
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Yesterday, Hasbro’s animatronic Baby Yoda won the Toy Association’s Toy of the Year award.
But the real winners? Toy companies. Hasbro and Mattel both reported strong earnings this week that reflected the broader industry’s 16% increase in sales in 2020.
- “There is
no question that the pandemic drove demand with kids staying at home.
With the lockdowns, parents spent money on their children,” Mattel’s
CEO, Ynon Kreiz, told the FT.
- Another
symbol of the Covid era: Mattel’s online sales grew more than 50% and
now account for more than a third of its global retail sales.
Two categories boosted the industry
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Board games: Hasbro’s game sales
jumped 15% last year, led by Operation, Monopoly, and...a Baby
Yoda-themed version of Monopoly. Hasbro also acquired Magic: The Gathering, a card game with a cult following that’s grown during the pandemic, especially online. Uno cards sold well for Mattel.
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Dolls: Mattel’s doll sales grew 13% to $709 million, led by Barbies, American Girl, and Star Wars plushies (yes, featuring Baby Yoda).
2022 prediction: Disney spins off Baby Yoda as its own public company worth $150 billion.
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Chartr
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Our friends at Chartr put together this infographic that shows the "buzzworthiness" of certain social media platforms over time.
Reddit 
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12 Senate Republicans urged financial regulators to reject the Nasdaq’s proposed rules on corporate diversity.
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Maryland lawmakers approved the US’ first tax on digital ad revenue.
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Mario Draghi, the former president of the European Central Bank, formed the new Italian government yesterday (which he’ll lead).
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Amazon
sued the New York state attorney general’s office to block an
investigation into a labor dispute over coronavirus health measures at a
Staten Island warehouse last spring.
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Jay-Z
and Twitter + Square CEO Jack Dorsey have established an endowment to
fund bitcoin development, and poured in 500 bitcoin (worth almost $24
million) to kick it off.
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Lunar New Year: Watch this silent film footage from 1954 of a celebration in San Francisco, and if you’re in the Bay Area yourself, eat through this list of local restaurants.
Weekend conversation starters:
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Francis Scialabba
Today’s
crossword, created by Brew reader Anika Vincent, is a real doozy. We
won’t give too much away, but the longest Across answer left us feeling a
bit hungry…
Try the puzzle here.
+ Think you have what it takes to make your own crossword? Spoiler: You do. Check out our tutorial, and then be sure to submit. If we select your crossword, we'll also send you the iconic Brewneck sweatshirt.
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February 13
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| FEATURED BIOGRAPHY
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| Grant Wood
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| FEATURED EVENT
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| 1689
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| William and Mary crowned
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SEE ALL BIOS ON THIS DAY
| MORE EVENTS ON THIS DAY
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2002:
The Scottish Parliament passed the Protection of Wild Mammals Bill,
which made it illegal to hunt wild mammals with dogs, effectively
outlawing foxhunting in Scotland.
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SATURDAY 2.13.2021
BREAKING NEWS
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| ADVERTISEMENT |
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