Business

Going After Google

Two companies teaming up to take on the search engine giant.

Google was ruled a monopoly earlier this year by the Department of Justice. And now, two upstarts are teaming up in attempt to seize an opportunity.

The Berlin-based Ecosia, which donates its profits to tree planting, is teaming up with its Paris-based competitor Owant to take on Google in the search engine game. The two sides announced the joint venture this week, dubbing it the European Search Perspective, which will be based in Paris. The idea is to reduce the reliance on Google and bing and to serve results that are better tailored for their companies’ missions and Europeans’ tastes.

In regards to the former idea, Ecosia’s CEO, Christian Kroll, said they “could derank results from unethical or unsustainable companies and rank good companies higher.”

Now, these two will have their work cut out for them, as Microsoft and Google combined to own nearly 95% of the global search industry (outside of China). Ecosia only holds about 1% of the search market share in France and Germany, but holds 20 million users worldwide. Meanwhile, Qwants reports about six million users.

However, with ChatGPT and TikTok already altering how users search, new startups like this one can put more pressure on Google and Microsoft to continue to upgrade and attempt to stay ahead.

And this team-up might make sense, as Ecosia’s sales were down 8% through the first nine months of this year, compared to the same time frame from a year ago. So they might be in need of a little boost. 

Meanwhile, for Google, they’ve been accused of destroying evidence in their monopoly court case, which is a little different than your Uncle Frank cheating at the board game on holidays.

Toy Maker Puts P*** site on Wicked Toys

For real, right on there on the box.

Someone really screwed up - toy manufacturer Mattel had to apologize this week for accidentally printing the address for a porn website on the packaging of some of their dolls. Mattel said they “deeply regret” the mistake.

The affected dolls were Mattel’s new product, inspired by the new Wicked movie, which stars Ariana Grande. However, consumers quickly noticed (and then posted the images to social media) that the boxes had a pornography website listed on them instead of the website for the movie. The website was placed on the box under the Universal Pictures logo, which is the film studio behind the upcoming movie, set to be released on November 22nd. 

The film is set in the Land of Oz before Dorothy’s arrival from Kansas. The movie covers the first act of the musical. These Mattel Wicked dolls also have the ability to sing. 

In their apology statement, Mattel called it an “unfortunate error” and advised parents that the misprinted website “is not appropriate for children.” Mattel also said that they are “taking immediate action to remedy” this situation and that most of the dolls were sold in the U.S. 

“Consumers who already have the product are advised to discard the product packaging or obscure the link and may contact Mattel customer service for further information,” the company explained.

Talk about a wicked mistake. 

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Politics

Trump is Lining Up His Cabinet

Marco Rubio, Tulsi Gabbard, and Kristi Noem are some names in the mix.

Newly-elected President Donald Trump is starting to line up his staff for his second term. 

Military veteran and Florida House member Michael Waltz was chosen by Trump as national security adviser - a key role that advises the president on the US response to foreign threats. Trump praised him as an “expert on threats posed by China, Russia, Iran and global terrorism” and called him a “strong champion of my America First Foreign Policy agenda.”

Meanwhile, Senator Marco Rubio is expected to be the secretary of state, according to CBS News. However, that hasn’t been confirmed yet. The two were opponents in the race for the Republican nomination in 2016, developing a bitter rivalry along the way. You might recall that Trump referred to Rubio as “little Marco”, while Rubio mocked Trump’s “small hands.” 

Since then, Rubio endorsed Trump and campaigned for him ahead of this past election and was also a possible Vice President candidate for Trump. So the two have seemed to have buried the hatchet. 

Furthermore, Trump said that he wants South Dakota Governor Kristi Noem to play a significant role as homeland security secretary. He also made Susie Wiles his chief of staff, former immigration official Tom Homan was named Trump’s “border czar” and New York Congresswoman Elise Stefanik was nominated to be his future ambassador to the United Nations. 

Pete Hegseth has been nominated to serve as defense secretary. Most recently, you might know Hegseth from his role on “FOX & Friends Weekend,” where he has served as a co-host since 2016. However, prior to that, Hegseth was an Army National Guard who served tours in Iraq and Afghanistan. Trump said that Hegseth is “tough, smart and a true believer in America First. With Pete at the helm, America’s enemies are on notice. Our Military will be Great Again and America will Never Back Down.”

Also, Trump named Elon Musk and Vivek Ramaswamy to lead his government efficiency department. Trump said these two “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures and restructure Federal Agencies.” Their work is scheduled to conclude by July 4, 2026. Musk also attended Trump’s first post-election meeting with House Republicans in D.C. yesterday.

A president-elect, such as Trump, is responsible for about 4,000 political appointments. It took President Trump months to assemble his cabinet for the first time around. 

Around the Hill:

🤜 Mar-a-Lago, ‘Uncle’ Elon Musk Puts His Imprint on the Trump Transition

🇺🇸 Trump picks Tulsi Gabbard for Director of National Intelligence

Finance

To The Moon 🚀🚀🚀

Coinbase CEO looks forward to coming regulatory clarity.

One big winner in last week’s election seems to be Cryptocurrency. Bitcoin, for example, has hit a record high, climbing nearly 11% to surge past $87,000 post-election. The second-largest cryptocurrency, Ether, jumped up 6%. Litecoin increased by 4% and dogecoin by 25%.

The dogecoin jump was also boosted by the aforementioned DOGE started by President Trump this week: Department of Government Efficiency, led by Elon Musk.

The growth in the crypto world far outpaced the U.S. Stock Market, as the S&P 500 ticked up 0.25%, the Dow Jones Industrial Average climbed 0.75% and the Nasdaq increased just 0.1%.

It’s correlated to President Trump being re-elected, as he has vowed to bolster the cryptocurrency sector and ease regulations that were enforced by the Biden administration. Trump had said back in July that he wants to turn the U.S. into the “crypto capital of the planet.”

Trump promised to weaken federal oversight of cryptocurrency and establish the federal government's first National Strategic Bitcoin Reserve. Trump also said he would replace Securities and Exchange Commission Chair Gary Gensler, whom many in the crypto space dislike because of his robust approach to crypto regulation.

Coinbase has increased more than 60% since the election and its CEO, Brian Armstrong, announced that he is starting Coinbase 50 Index - which will represent the top 50 digital assets listed on the coinbase exchange. Armstrong joined CNBC’s “Squawk Box” to discuss the future of crypto under President Trump.

Wall Street Dips

New data causes some big moves in the market.

 While crypto has already seen the advantages of a Trump presidency, the stock market hasn’t had the same luck. The three major indexes closed lower again on Tuesday, as many investors wait anxiously for U.S. inflation data that is due this week.

Following the indexes rallying to record highs after the presidential election, due to the proposed tax cuts and prospect of easier regulatory policies, they began to fall once again this week. In large part because of concerns about whether the next administration’s policies will actually exacerbate inflation. 

European Central Bank policymakers warned that increased tariffs from President Trump will hamper global growth.

After some big gains following the election (rising nearly 40%), Tesla closed down 6% on Tuesday. The Russell 2000 index fell 2% on Tuesday after closing at a three-year high on Monday. 

The data many are keeping their eyes on this week include the consumer price inflation data, producer prices inflation data and retail sales data. These could provide clues about the U.S. Federal Reserve’s policy path moving forward. 

From the Street:

📊 Markets See 80% Chance of December Fed Cut After Inflation Data

🚀 Galaxy's Novogratz Says Bitcoin Could Hit $500,000

Global News

The Dutch Are Going After Shell

In a landmark case the Dutch appeals court rules against Shell.

A Dutch appeals court overturned a landmark ruling this week, which had ordered Shell to cut its carbon emissions by net 45% by 2030, compared to 2019 levels, because “protection against dangerous climate change is a human right.”

The original 2021 ruling was a victory for the climate. But the decision to overturn was a big defeat for the Dutch arm of Friends of the Earth and fellow environmental groups. The civil ruling can be appealed to the Dutch Supreme Court.

Friends of the Earth director in the Netherlands, Donald Pols, said “this [ruling] hurts. At the same time, we see that this case has ensured that major polluters are not immune and has further stimulated the debate about their responsibility in combating dangerous climate change. That is why we continue to tackle major polluters, such as shell.”

Pols also said that the fight against climate change “is a marathon, not a spring, and the race has just begun.”

In the decision to overrule the 2021 ruling, the court said that Shell has a duty of care to limit its emissions, but it annulled the lower court’s decision because it was “unable to establish that the social standard of care entails an obligation for Shell to reduce its CO2 emissions by 45%, or some other percentage.”

The court continued: “There is currently insufficient consensus in climate science on a specific reduction percentage to which an individual company like Shell should adhere.”

According to the Carbon Majors Database, Shell has emitted 36,528 million tons of carbon dioxide since 1854, which is 2.1% of global emissions.

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