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date_saved: 2023-12-16 05:54:26

date_published: 2023-12-15 19:00:00

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PRESENTED BY

Good morning. Today is the 250th anniversary of the Boston Tea Party, when a group of men dumped 342 chests of tea into Boston Harbor, setting off a chain of events that ultimately led to the American Revolution.

What they don’t teach you in the history textbooks: The protest would never have succeeded if the cargo’s security guard, a bear, hadn’t slept through the entire thing on his comfy green chair.

—Matty Merritt, Molly Liebergall, Sam Klebanov, Abby Rubenstein, Neal Freyman

MARKETS

	Nasdaq	14,813.92	+0.35%

	S&P	4,719.19	-0.01%

	Dow	37,305.16	+0.15%

	10-Year	3.914%	-0.8 bps

	Bitcoin	$42,127.00	-2.09%

	DocuSign	$63.11	+12.46%

*Stock data as of market close, cryptocurrency data as of 12:00am ET.Here’s what these numbers mean.

• Markets: The Nasdaq closed at an all-time high yesterday, breaking the record it set in November 2021, as tech stocks continued to rally on the news that the Fed may cut interest rates next year. DocuSign shot up following reports that the $11 billion company whose tech lets you use your signature without a pen could be up for sale.

E-COMMERCE

Temu sues Shein…again

Francis Scialabba

Chinese e-commerce retailers Temu and Shein have both won over the US market with their ultra-low-cost goods. Temu was this year’s ==most downloaded free app in Apple’s App Store, and Shein is gearing up for a monster IPO next year. But they each see a major obstacle keeping them from total domination: the other.==

In their feud’s latest development, Temu ==filed a 100-page lawsuit on Wednesday alleging that Shein has been using “mafia-style” tactics to intimidate suppliers and has brought unfounded copyright claims to curb Temu’s growth in the US.==

The two companies have been here before. In July, Temu filed an antitrust lawsuit against Shein, claiming the company bullied 8,338 suppliers in China into signing loyalty agreements that banned them from making Temu products. Shein countersued, and then both companies dropped the suits in October. But the first legal battle between the two was in December of last year, when Shein sued Temu for allegedly hiring influencers to drag the company.

Now, Temu is acting like the girlfriend who always brings up your last fight during your new one. The most recent lawsuit claims Shein was still coercing suppliers with tactics like keeping them locked in meetings for hours and confiscating their phones.

But Temu has certainly grown

Temu, which became available in the US in September 2022, is currently winning the battle between the two to become the US’ destination for ultrafast fashion and goods.

• In November, Temu had three times more US sales than Shein.
• Data from Q2 shows users spent a daily average of 18 minutes on Temu’s app, almost double the time spent on US-based rivals like eBay and Amazon.

They’re not each other’s only nemesis: With their growth in the US has come scrutiny of how they keep their prices so low, and both Shein and Temu have faced accusations of forced labor. Shein has also come under fire from designers who accuse it of stealing their IP.—MM

PRESENTED BY RAY-BAN META

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From effortlessly preserving moments with your fam to capturing your next adventure to just improving efficiency, it’s all possible with the next generation of smart glasses.

Browse the selection of frames.

WORLD

Tour de headlines

Aris Messinis/Getty Images

Israel accidentally killed three hostages. The Israeli army said yesterday that it had mistakenly killed three Israeli hostages in Gaza after misidentifying them as a threat during ground operations. The military said it was still investigating the “sad and painful event” but that it believed the three had escaped from or been abandoned by their captors. The incident comes as the US has been urging Israel to move on from its broad bombing campaign in the area to a more targeted approach to avoid civilian casualties. Israel’s war in Gaza in response to Hamas’s Oct.7 attack has killed more than 18,700 Palestinians, including both civilians and combatants, according to the Health Ministry in Gaza.

Shipping giants are avoiding the Red Sea. Following attacks on commercial ships by Houthi militants off the coast of Yemen, two of the world’s biggest shipping companies, Maersk and Hapag-Lloyd, said they have ==paused sending their ships through the Red Sea and will reroute around Africa. If you’re asking, “Who are the Houthis?”: They’re a militant group considered part of Iran’s “Axis of Resistance” around Israel, which also includes Hamas and Lebanon-based Hezbollah. Their== Red Sea disruption could have a big economic impact. According to the International Chamber of Shipping trade group, 12% of global trade passes through the Red Sea.

**Rudy Giuliani ordered to pay 148 million for defaming election workers.** A jury found the former NYC mayor should [pay](https://links.morningbrew.com/c/flt?mblid=540b6add6cae&mbcid=33715642.3573266&mid=1f4660240f65a00f40c621ae6f9ce93a) the sum to a pair of Georgia election workers he falsely accused of tampering with ballots to rig the 2020 election, including 75 million in punitive damages. Giuliani had already been found liable for defamation by a judge, so the jury trial this week only addressed what damages he should pay. The former lawyer for Donald Trump, who likely lacks the funds to cover the verdict, vowed to appeal, saying, “The absurdity of the number really underscores the absurdity of the entire proceeding.”

TRAVEL

Mexico cuts the ribbon on a controversial train line

Medios y Media/Getty Images

You may already feel like the only person you know who didn’t post a photo from Tulum this year, but Mexico wants to make it even easier to visit the Yucatán Peninsula with a new railroad whose first segment just officially opened for business—even though many have protested its construction over fears of an environmental disaster.

Yesterday, Tren Maya embarked on its first 295-mile journey from Campeche to Cancún, the vacation hot spot more than 5 million Americans visited last year. President Andrés Manuel López Obrador—who has pinned some of his reelection hopes on completing this and other infrastructure projects—says the rest of the railroad’s 950-mile loop around jungle, colonial cities, and archeological sites will start running in February.

**Once it’s fully chugging…**the train is expected to greatly improve tourist mobility, which in turn will create almost a million jobs in the region by 2030 and double economic growth in railroad-adjacent areas, the UN estimated in 2020.

At what cost? The Mexican government shelled out about $29billionforthelocomotive(morethantriplethe$7.5 billion it was supposed to need). Environmentalists argue there will be a higher price to pay, especially since the project’s timeline was rushed from 15 years to five: The tracks pass over honeycomb-like underground caverns, prompting concerns that the train line will pollute crucial subterranean freshwater or even collapse.—ML

TOGETHER WITH LABCORP ONDEMAND

Use ’em or lose ’em. End the year on a healthy note—and use those leftover FSA funds—with Labcorp OnDemand’s health tests. Get your health questions answered quickly with the same convenient lab tests your doctor orders and trusts. Use code HEALTH10 through 12/31 for $10 off. Exclusions apply.

COMMODITIES

People are obsessed with Costco’s gold bars

Illustration: Francis Scialabba, Photo: Getty Images

If high-purity gold is on your shopping list alongside a 48-pack of Fruit by the Foot, Costco has you covered.

The bulk emporium recently began carrying 1-ounce gold bars, and apparently, many folks like their investment assets to feel weighty in their hand. Costco customers bought $100 million worth of gold bars last quarter, CFO Richard Galanti said on an earnings call this week.

Where the gold at?

The South African-made bars were going for $2,069.99 as of yesterday, just about 35 bucks above the price at the time of writing for 1 ounce of gold on the market. But before you rush to the nearest Costco location…

• The bullion is available exclusively online, and only Costco members can order them.
• There’s a limit of two per person, and, unlike many other Costco goodies, you can’t return them.

If you decide to seek out this treasure, don’t wait around: They typically sell out fast and are often out of stock.

Zoom out: The price of gold briefly breached $2,100/ounce for the first time ever earlier this month as analysts expect that the Fed might start cutting interest rates in the spring and that the dollar will weaken. The precious metal often attracts investors in times of dropping yields on savings accounts and bonds.—SK

GRAB BAG

Key performance indicators

The Simpsons/20th Television via Giphy

Stat: While baby boomers have a reputation for criticizing younger people’s work ethic, they might want to direct those complaints in the other direction, since it looks like boomers are working harder—or at least longer—than the generations before them. The share of Americans age 65+ working this year was almost double that of 35 years ago, according to the Pew Research Center (19% in 2023, compared to 11% in 1987). The flexibility that technology allows, as well as changes to Social Security and the shift from pensions to 401(k)s, are all believed to have contributed to boomers staying in the office longer rather than moving to Boca.

Quote: “I’ve been told that slaying dragons will get you burned. But in light of today’s victory and the importance of doing what is needed for a free and honest press—it’s a worthwhile price to pay.”

Best-selling author Prince Harry waxed poetic after scoring a legal win against his sworn enemy, the UK tabloids. A London court ruled that Mirror Group Newspapers had illegally hacked Harry’s phone to get information for stories it published, and awarded him damages. The ruling comes as a part of a sprawling case against the tabloid publisher, during which Harry became the first senior member of the royal family to testify in court in 130 years. He still has other privacy cases pending against UK publishers.

Read: Inside the mad dash to buy your Walmart and Amazon returns. (Washington Post)

NEWS

What else is brewing

• Friends star Matthew Perry died of “acute effects of ketamine” and subsequent drowning, an autopsy report said.
• GM will lay off 1,300 workers in Michigan early next year because it’s ending production of the vehicles they make.
• Amazon, Target, and Walmart are suspending sales of water beads marketed to children because the superabsorbent colorful balls pose a safety risk when swallowed.
• Greek yogurt-maker Chobani has purchased coffee company La Colombe for $900 million in a rare deal involving two brands we really like.

RECS

Watch: An expert explains how to wrap gifts.

Play: Here’s how to find Grand Theft Auto and other games on Netflix.

Enter the octagon: These literal brand battles are the sport you never knew you needed.

Always revise: Learn about the lyric changes that turned “Have Yourself A Merry Little Christmas” from a dirge into a Yuletide classic.

Conquer the day: Start it right—the Vitafusion way. Vitafusion’s delicious, specially crafted gummy vitamins are designed by the experts. There’s one for everyone, so you can do anything. Yes, please.*

*A message from our sponsor.

GAMES

The puzzle section

Brew crossword: The Sleepytime bear could complete today’s crossword in his, er, sleep, but you can take all the time you want. Play it here.

Open House

Welcome to Open House, the only newsletter section that has embraced a new decor style: postmodern zoo enclosure. We’ll give you a few facts about a listing and you try to guess the price.

Brendhan Springe, Sotheby’s International Realty/Zillow

Today’s home was recommended by Brew reader Ryan and has the vibe that you prioritize your iguana’s comfort over anyone else’s. The 1,953-square-foot home is in Indio, California, and has a backyard that’s begging for a pool. Amenities include:

• 3 beds, 2 baths
• Ferns, as far as the eye can see
• Home office with NYC skyline

How much for the updated Flintstones crib?

ANSWER

$599,000

Word of the Day

Today’s Word of the Day is: bullion, meaning “uncoined gold or silver in bars or ingots.” Thanks to Hannah from Minneapolis for the sparkling suggestion. Submit another Word of the Day here.

Written byNeal Freyman, Matty Merritt, Molly Liebergall, Sam Klebanov, and Abigail Rubenstein

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Highlights

Chinese e-commerce retailers Temu and Shein have both won over the US market with their ultra-low-cost goods. Temu was this year’s most downloaded free app in Apple’s App Store, and Shein is gearing up for a monster IPO next year. But they each see a major obstacle keeping them from total domination: the other.

In their feud’s latest development, Temu filed a 100-page lawsuit on Wednesday alleging that Shein has been using “mafia-style” tactics to intimidate suppliers and has brought unfounded copyright claims to curb Temu’s growth in the US. ⤴️

Temu, which became available in the US in September 2022, is currently winning the battle between the two to become the US’ destination for ultrafast fashion and goods.

• In November, Temu had three times more US sales than Shein.
• Data from Q2 shows users spent a daily average of 18 minutes on Temu’s app, almost double the time spent on US-based rivals like eBay and Amazon. ⤴️

They’re not each other’s only nemesis: With their growth in the US has come scrutiny of how they keep their prices so low, and both Shein and Temu have faced accusations of forced labor. Shein has also come under fire from designers who accuse it of stealing their IP.—MM ⤴️

Shipping giants are avoiding the Red Sea. Following attacks on commercial ships by Houthi militants off the coast of Yemen, two of the world’s biggest shipping companies, Maersk and Hapag-Lloyd, said they have paused sending their ships through the Red Sea and will reroute around Africa. If you’re asking, “Who are the Houthis?”: They’re a militant group considered part of Iran’s “Axis of Resistance” around Israel, which also includes Hamas and Lebanon-based Hezbollah. Their ⤴️

According to the International Chamber of Shipping trade group, 12% of global trade passes through the Red Sea. ⤴️