New lawsuit delivery to: City Hall [Ivan Pantic via GettyImages]
Hey Snackers,
Taco Tuesday is feeling like a shell of its former self: Taco Bell is testing out a daily taco subscription.
Retail sales unexpectedly jumped in August despite a resurgence of Covid infections, but stocks inched down for the day.
Just got served… And not in a yummy way. DoorDash sued NYC over a law that requires food-delivery apps to give restaurants more data about customers ordering dumplings at 10pm. That would potentially enable your go-to pizza spot to deliver to you directly (hold the Dash). It’s the latest in a food feud simmering between delivery giants and NYC. Quick recap:
The profits are getting cold… Food delivery companies struggled to deliver profits even before the pandemic. Now, their fee-skimming biz model is under fire nationwide. DoorDash and Grubhub were sued by Chicago last month for using deceptive fees, and 70 of the 100+ pandemic-era fee caps across the country are still in place.
Cost effective =/= politically effective… In many cities, business isn’t just financial — it’s political. NYC loves restaurants because they employ thousands of full-time workers, promote consumer spending, and generate tax revenue. NYC doesn’t love delivery platforms’ treatment of gig workers or its funneling of profits to distant corporate HQs. Since DoorDash and Uber are failing politically in NY, they need help from the courts to keep their businesses cooking.
Sustainability is in session… Harvard announced it’s officially ending investment ties to fossil fuels after years of pressure from students, staff, and climate activists. Harvard’s $42B endowment fund is the largest of any school in the US — and is bigger than roughly half of the world’s economies.
ESG Domino Effect… While the sustainability movement appeals to a wide range of people, younger generations have been among the most vocal supporters. During a Harvard vs. Yale football game, 200+ students stormed the field to protest the school’s fossil fuel investments. This year, a student activist group filed an official complaint with the state’s Attorney General. Dominos are falling:
Institutions may have to go green to get peace... Harvard’s landmark decision is yet another example of ESG investing's momentum (Environmental, Social, and Governance). As Millennials and Gen Z are expected to inherit $61T over the next 20 years, companies will need to attract their investment bucks. For higher education, ESG may be one way of satisfying climate conscious students while setting the stage for a new wave of endowments.
Authors of this Snacks own shares of: Apple and Google
ID: 1840790