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Global eyewear giant Luxottica, which owns iconic sunglasses brand Ray-Ban and prescription-glasses retailer LensCrafters, is suing JP Morgan. Why? Allegedly, the bank failed to spot multiple fraudulent transactions, allowing thieves to pilfer no less than $272 million from Luxottica’s bank accounts.
Apparently unphased by the optics of casting blame on a client, the banking giant says the theft was the result of an internal-controls breakdown at the eyewear maker. Could Luxottica have been viewing its financial statements through rose-tinted glasses all that time? | | | • | | Boeing fails to find liftoff in its latest earnings report. | | • | | Canada is a surprisingly friendly home to speculative industries. The latest: carbon credits. | | • | | Apple is finally allowing consumers to repair their own products. This won’t save them much money. | | | | |  | Aviation | Boeing Posts Billion Dollar Loss In Latest Earnings Report | | As anyone who has bought airline tickets in the last few months knows (all too well), airlines are successfully passing along higher costs to consumers.
Boeing, on the other hand, cited mile-high costs in both its commercial and defense businesses while posting positively grounded results on Wednesday. | We Are Beginning Our Initial Descent Into the Red | | Boeing’s results were at least as objectionable as an across-the-aisle nature boy removing his moccasins midway through a cross-country flight. Revenue fell 8% year-over-year to $14 billion, significantly below analysts’ estimates of $16 billion.
Even with travel demand increasing and war in Ukraine spurring defense spending the world over, both wings of Boeing’s business struggled to stay afloat. The culprit? Supply chain issues, naturally: | • | | Boeing's 777X, a behemoth twin-engine jet the company says will be the world’s largest and most efficient of its type, is going on a temporary production pause. The planes will now be delivered to customers from 2023 to 2025, and the delay will cost Boeing $1.5 billion in so-called
"abnormal costs." | | • | | The fixed-term nature of defense contracts often leaves Boeing holding the bag for additional costs, and current supply chain woes and inflation are not helping in that department: the company incurred a $367 million charge tied to its contract to deliver a military pilot-training program called T-7A Red Hawk. The company also faces a pretax charge of $212 million, tied to the war in Ukraine. | | | | Air Force None: Boeing lost $600 million on a delay-plagued effort to upgrade two 747 jumbo jets to serve as Air Force One, bringing its total losses on the project to $1.1 billion. CEO Dave Calhoun admitted Boeing "probably shouldn’t have taken" on the risky assignment, negotiated with then-President Donald Trump in 2018. | | | | | | Tech | Carbon Credit Firms Are Listing in Speculative-Friendly Canada | | Canada may be parodied for its purportedly uptight politeness and staid banking culture, yet when it comes to the country’s equity markets, The Great White North has behaved more like the Wild Wild West.
Take the latest example. A growing number of startups sell carbon credits — speculative vehicles that many traditional investors still regard with suspicion. What do Canada’s indexes say? They’re Eh-Okay. | It’s Either Make Believe or Maple Leaf | | According to banking officials who spoke to The Wall Street Journal, roughly a dozen carbon-credit startups are lined up to list their shares on Canadian exchanges. Carbon credits are tradeable permits that companies can buy to offset emissions. The credits are supposed to fund new technologies or the preservation or expansion of environmental reserves in order to fight climate change.
The trading of carbon credits is a stable market valued at hundreds of millions of dollars, yet a substantial concern remains: climate finance consultants, experts, and environmental groups have suggested carbon credits either don’t deliver the amount of carbon reductions promised or end up funding experimental technology that ultimately goes nowhere. Companies then claim credit for activity that does little for the environment, a practice critics call greenwashing.
This is precisely why carbon credits are still seen by many as both speculative and dubious. Which brings us to Canada, a country whose markets have been surprisingly open to industries and companies that might not pass a full background check: | • | | After Canada legalized marijuana in 2018, the five largest Canadian cannabis companies reached $40 billion in value on the promise of a massive new market. They have since lost over half their value. | | • | | The speculative concerns about carbon firms are already materializing. Base Carbon, which listed on Toronto's NEX exchange last month, is down 30%. Carbon Streaming Corp, which listed last year, is down 60% since December. | | | | “We need a lot of capital to develop these carbon-reduction projects that by their nature involve a lot of risk,” Josh Crumb, Base Carbon founder, and former Goldman Sachs commodities strategist, told the WSJ. “That is why we are listing in Canada. You need speculators to invest.”
If Past is Prologue: Evidence suggests regulatory scrutiny of the carbon-credit market could stir trouble. According to the Global Sustainable Investment Alliance, after the EU introduced anti-greenwashing rules, the European market for sustainable investments shrunk by $2 trillion between 2018 and 2020. | | | | | | SPONSORED BY TEGUS | Due Diligence Done Diligently | There’s plenty of M&A teams burning the midnight oil to comb over every detail of a potential investment. They’ll tell you that primary research is a vital part of due diligence, but an expensive and lengthy grind. On that note, they also might tell you they’re looking for a career change. But M&A diligence doesn’t have to be a nightmare. Tegus is flipping the script when it comes to making informed acquisitions, saving you time and effort while turning your due diligence process into overdrive: | | | | | | | | Tech | Apple Has (Kind of) Opened Up to the Right to Repair |  | | On Wednesday, Apple finally opened the door for customers and independent technicians wanting to perform DIY fixes on iPhones and Mac computers. Though only barely enough to let in the light of day.
A new online store run by the Silicon Valley giant will let customers buy the parts and tools they need to repair some Apple products. Still, with the most complex electronic surgeries remaining in the province of authorized technicians, Apple hasn't surrendered its restrictive core values. | The Fix is In | | To be sure, the debut of the Self Service Repair Store heralds a major shift in Apple’s policy, at least symbolically. The company has traditionally restricted the supply of replacement parts, and the privilege of installing them, to its own personnel and a network of Authorized Service Providers. This undemocratic status quo birthed the Right-to-Repair movement, a loose affiliation of consumer advocates, politicians, and economists who argued corporate restrictions on product repairs shortchange consumers. One advocacy organization, The Public Interest Research Group, estimates the cost of restrictions on electronics repairs runs US consumers $40 billion a year.
And so, will Apple’s change open up the floodgates of a DIY revolution? Not quite: | • | | Apple is selling screens, batteries, cameras, and other parts for the iPhone 12, 13, and the 2022 iPhone SE, with parts for proprietary-M1-chip-equipped Macs on the way later this year. The fix stops there, however. Older devices outside this limited range are ineligible for the self-fix. | | • | | A replacement screen for the iPhone 12 Mini costs $226 and you still have to buy the tools to make the repair (Apple will rent them to you for $49 a week) — not to mention, spend precious hours of your life getting it right the first, second or third time. Having the same screen replaced by a technician through the company’s official repair program costs $229. The discount: three bucks. | | | | Cooked in Congress: A kick in the pants from legislators is helping nudge the industry toward greater consumer-friendliness. In March, a bipartisan trio of US senators introduced a right to repair bill that, if passed, would force electronic equipment manufacturers to make spare parts available to owners and independent technicians. Earlier this year, Google and Samsung launched partnerships with phone repair company iFixit, aiming to sell spare parts for their phones. | | | | | | Extra Upside | • | | Twitter deliberately hid tweets about an HBO Documentary that debunked the QAnon conspiracy theory and, more notably, was critical of Twitter. | | • | | Facebook reports a return to user growth. | | • | | Did you sell stocks, crypto, or real estate this year? Then you’ve probably got some big capital gains – and this no-cost guide from Caliber will show you how to reinvest them and put them to work, while unlocking impressive tax incentives. Get immediate access to the guide right here.* *Partner | | | | | | |  | Just For Fun | | | | | Written by Sean Craig and Brian Boyle. | | No longer want to receive these emails? Unsubscribe here. Copyright © 2022 The Daily Upside, LLC., All rights reserved. 1230 York Avenue, Box 154, New York, NY 10065 | | | | |
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