Father knows best

MARKETS

  • A good week for stocks: Last week, the major indexes all posted solid gains. We could be in for a roller coaster with a few busy days on tap (check out our schedule below).
  • Where in the world is President Trump? He left the G-7 on really bad terms with the U.S.' allies, and arrived in Singapore for a major meeting with North Korean leader Kim Jong-un.
  • Crypto: Bitcoin dipped below $7,000 after a South Korean exchange got hacked.

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ENERGY

Have You Heard the One About the Pope and the ExxonMobil CEO?

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No? Okay, here it goes...

This weekend, His Holiness brought dozens of energy and finance bigwigs—including Exxon CEO Darren Woods—to the Vatican to discuss climate change.

And if that sounds like an odd mix of people, take note: Pope Francis has been a leading voice for the environment.

  • In 2015, he wrote a famous letter advocating for greater care of the earth, called "Laudato si'."

So what did the Pope say?

He gave the attendees a little Father-knows-best advice:

  • "Civilization requires energy, but energy use must not destroy civilization."
  • "I invite you to be the core group of leaders who envision the global energy transition in a way that will take into account all the peoples of the earth, as well as future generations and all species and ecosystems."

Reality check: These are the same energy execs whose companies have contributed to rising global temperatures through fossil fuel production. Will this message fall on deaf ears?

Maybe not. Energy companies are talking more about going "green"

Take Exxon for example.

  • It pledged to cut its methane (a greenhouse gas) emissions 15% by 2020, and called the Paris agreement an "important step forward by world governments in addressing the serious risks of climate change." That's a major shift from the more critical stance it took toward environmental issues previously.

But some are calling B.S.

  • In a note to the Pope, Senator Sheldon Whitehouse (D-RI) basically called the energy companies hypocrites.
  • "...it is painfully evident that the oil industry is duplicitous in its public-facing statements as it remorselessly schemes through proxies and agents to obstruct in the United States Congress the very progress it claims to seek."

Bottom line: Oil and gas companies are saying all the right things about climate change. But until their talk translates into concrete action (like diversifying away from oil & gas in a major way), there's every reason to be skeptical.

TELECOM

Verizon’s Got a New CEO

His name is Hans Vestberg, and he'll be replacing Lowell McAdam (the Verizon boss for the last eight years) on August 1.

Thanks to our first-class investigative team, we've managed to get our hands on his resume.

Objective

  • Keep Verizon's focus on wireless technology while many of its competitors (AT&T, Sprint, T-Mobile) are busy shaking things up with M&A.

Past experience

  • Arrived at Verizon a year ago as CTO.
  • Previously the CEO of Ericsson AB (he was there more than 20 years).

Skills

  • Network architecture guru. Good thing, since he'll oversee Verizon's build-out of 5G—the wireless network that'll power autonomous cars and IoT.

Hobbies

  • Kicking his feet up and watching Law & Order: Antitrust Edition. His favorite episode? The one where the DOJ tries to block AT&T's $85 billion acquisition of Time Warner (which would signal major changes for telecom).

TECH

IBM Introduces the Computer of All Computers

While Washington Capitals fans are celebrating the Stanley Cup by climbing light poles in D.C., computer scientists are climbing servers at IBM. The tech company unveiled the world's fastest supercomputer on Friday, finally taking the crown back from China.

It was a long five years without it...

Who's ready for some buzzwords? The supercomputer, called "Summit," consists of more than 4,600 servers, each comprising two IBM Power processors and 6 Nvidia GPUs.

  • What's that mean? (1) It has 80x the processing power of China's "Sunway TaihuLight" computer and (2) it solved a problem in an hour that would have taken a desktop computer three decades to work through.

Not only will it let you play a glitch-free game of Bubble Trouble, Summit will also be used to solve the world's most complex data problems—like sifting through massive medical databases for new insights.

But we wouldn't count China of the picture. It's already on pace to top Summit with its next-gen supercomputer in 2020.

ENTREPRENEURSHIP

Nuclear Summit Means Business Opportunities Galore

Here's one thing you can always count on: people will use any excuse to make an extra buck.

And that's especially true for this week's summit between President Trump and Kim Jong-un in Singapore. CNBC wrote a fun piece describing some of the ways businesses are leveraging the historic summit to promote their products.

Here are a few highlights:

  • Vybes, a startup platform for influencers, hired Trump and Kim impersonators to offer pictures in exchange for app downloads.
  • On its Singapore Facebook page, KFC changed the name on its fried chicken box to a "Four Peace Meal."
  • Marijuana crypto company PotCoin actually sponsored Dennis Rodman, the former NBA star and current Kim Jong-un whisperer, to fly to the summit.

Seriously...we've got proof.
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CALENDAR

The Week Ahead

One of the busiest weeks we can remember. Buckle up.

Monday (June 11): Net neutrality expires; We find out what IHOP's new name, IHOb, stands for.

Tuesday (June 12): President Trump meets with Kim Jong-un in Singapore; Decision time for AT&T-Time Warner trial, E3 expo begins, CPI data

Wednesday (June 13): The Fed is expected to raise interest rates

Thursday (June 14): The World Cup begins in Russia; Ramadan ends; Earnings (Adobe)

Friday (June 15): Incredibles 2 is released; We all take a long nap

WHAT ELSE IS BREWING

  • Ant Financial, Alibaba's fintech affiliate, closed a $14 billion Series C. It's now worth more than Goldman Sachs.
  • The IMF reached a $50 billion loan agreement with Argentina.
  • John Lasseter, the co-founder of Pixar, is not going to return to Disney after going on leave in November.
  • Uber and Lyft officially applied for e-scooter permits in San Francisco.
  • Swiss voters rejected a referendum that would've shaken up the country's banking system.

BREAKROOM

WHAT WE'RE LISTENING TO
New Mindset, Who Dis? We were looking for a different type of podcast, and we found just the right one. No gurus, no fluff, and no preaching of generic life advice...just real and relatable conversations on self-help, wellness, and mindsets. The best part? Weekly episodes that are less than 10 minutes. Get your new mindset.

BREW MD
Don't just take care of your body—take care of your mind. If you or someone you know is struggling with mental illness, here are some resources from the NIH to help.

TRIVIA
Which restaurant chain has the most locations in the U.S.?

(Answer located at bottom of newsletter)

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Breakroom Answers


Trivia
Subway

 
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