☕ I’m sailing away

Can Ikea help turn around SF’s fortunes? August 23, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Cariuma]( Good morning. Morning Brew is offering a new course that will have managers running their teams as smoothly as a Nic Cage-led expedition to steal a historical document. You think Benjamin Franklin Gates just guesses when he assigns someone a task? That he tells the computer guy who looks like Ed Snowden to knock some skulls? Or fails to utilize Dr. Abigail Chase’s archival expertise? Of course not. Gates knows that everyone on his team brings a different skill set to the table and puts them in the right seats for success. To get your team to that level of execution, check out [Building High-Performance Teams](. It’s a one-week virtual course to help managers build trust among their reports, hire the right people to fill gaps, and provide useful feedback. It begins on Aug. 28, so don’t miss out. [Learn more here](. —Cassandra Cassidy, Matty Merritt, Sam Klebanov, Neal Freyman MARKETS Nasdaq 13,505.87 +0.06% S&P 4,387.55 -0.28% Dow 34,288.83 -0.51% 10-Year 4.329% -0.7 bps Bitcoin $25,777.40 -1.35% Nike $101.46 -1.36% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: A rough August for the S&P 500 [didn’t get any better]( yesterday. Shares of US banks fell after several regional lenders were hit with a credit downgrade. And retailers, which you’ll read about in a bit, have a glut of products that aren’t selling. In a sign of those consumer worries, Nike shares notched their longest losing streak ever, falling for the ninth straight day.  ENVIRONMENT [Japan to send treated radioactive water into the ocean]( [Photo of the Fukushima power plant]( Air Rabbit/Getty Images Tomorrow, Japan will begin a decadeslong [process]( of releasing treated wastewater from the Fukushima nuclear plant into the Pacific Ocean. Japanese officials say it’s a necessary step to decommission the plant, which was wrecked in the 2011 earthquake and tsunami there and suffered a nuclear disaster. For the past 12 years, hundreds of underground tanks have stored roughly 1.34 million metric tons of contaminated water from the nuclear plant and releasing the water into the ocean is considered the most feasible option. It’s become a major controversy in the region. In July, the UN’s nuclear watchdog, the International Atomic Energy Agency (IAEA), cleared the Japanese government’s plan to dump the water in the ocean. But neighboring countries, environmental activists, and the seafood industry are urging Japan to find an alternative. - In Japan, which exported $2 billion worth of fish in 2022, seafood workers are worried that this move will cause reputational harm and cost them their livelihoods. - South Korea and China, the biggest importers of Japanese seafood, have already banned fish imports from Fukushima. Baby, there’s tritium in the water Japan says it’s filtered out all the radioactive elements in the water…except one: tritium. This element that can’t be filtered (only diluted) has become the main point of tension around the plan. Opponents warn of the potential harm of releasing tritium, which emits radiation, but supporters say that disposing of nuclear wastewater with minimal amounts of tritium has been done before in Japan and other countries. - The [released water]( will contain 190 becquerels of tritium per liter, far below the World Health Organization’s safety limit of 10,000 becquerels per liter for drinking water, according to the Tokyo Electric Power Company. - Two plants in the UK release between 400 and 2,000 terabecquerels of tritium into the ocean every year. Plants in Japan also discharged terabecquerels of tritium before the Fukushima accident. But critics, including the US National Association of Marine Laboratories, argue that there are still unanswered questions and a lack of evidence about the safety of the water. Looking ahead…after the discharge begins, Japan plans to test seawater and fish near the plant starting as early as next month. But disposing of all the water is expected to take between 30 and 40 years.—CC   PRESENTED BY CARIUMA [Cop the shoes with 40k+ 5-star reviews]( [Cariuma]( Attention sneakerheads, shoe legends, and everyone in between: There’s a fresh pair of kicks on the scene. With celebs like Jon Hamm and Helen Mirren lacing up, you know these instant classics are the real deal. Want the deets? We’re talkin’ about [Cariuma, the buzzy, sustainable (yep, B Corp-certified)]( sneaker brand that’s earned over 40k 5-star reviews and cleared a 104k waitlist. They’re great for every season—so call off your search for the perfect pair of autumn kicks. [Cariuma has it all, really](. Aside from being super comfortable with a broken-in feel straight outta the box, each purchased pair plants 2 trees in the Brazilian rainforest to directly aid in restoration and preservation. These don’t go on sale (even for Labor Day), but [MB readers can get 20% off with code BREWAUGUST](. WORLD [Tour de headlines](#) [Dick's sporting goods store]Nurphoto/Getty Images Dick’s had its worst day ever. The sporting goods retailer lost nearly a quarter of its value after it warned that [increased theft]( and slowing sales of outdoor gear would result in lower-than-expected profits for the rest of the year. Only pickleball players can save you now, Dick’s. Meanwhile, Macy’s also posted a [sad excuse for a quarter]( reporting shrinking sales across the board and particularly dramatic declines in categories like activewear and casual apparel. Macy’s CEO said consumers are spending less on goods and more on experiences this summer (see: Barbie’s $1+ billion at the box office). Biden’s student loan repayment plan went live. The Biden administration is [now allowing sign-ups]( for its Saving on a Valuable Education (SAVE) plan for student loans, which it says can slash some borrowers’ monthly payments by 50% and eliminate all obligations for others. The typical borrower could save $1,000 per year under the new plan, the White House and the Dept. of Education said, though some benefits won’t kick in until next summer. Biden is trying to find ways to provide relief to student borrowers after the Supreme Court blocked his debt wipeout initiative in June. The first Republican presidential debate is tonight. Front-runner Donald Trump is [skipping]( the event, but eight other candidates, including Florida Gov. Ron DeSantis, ex-NJ Gov. Chris Christie, and entrepreneur Vivek Ramaswamy, will attempt to dunk on each other and President Biden to make up some ground in the polls. The debate, which is taking place in Milwaukee at 9pm ET, will be moderated by Fox News Channel hosts Bret Baier and Martha MacCallum and broadcast on various Fox channels and streaming platforms. RETAIL [Can Swedish meatballs revive San Francisco?]( [Tower in San Francisco being build via Ikea instructions.]( Francis Scialabba Ikea is banking on it. Today, the furniture seller is [opening]( a smaller-scale format of its iconic store in a downtown SF mall even after dozens of other retailers have said to the struggling area. Like the company’s relationship-ending nightstand assembly directions, its 2020 announcement that it would occupy a three-floor store in an abandoned mall was hard to comprehend. At least 150,000 office workers abandoned San Francisco during the pandemic, and nearly 40 stores have shut down in the city’s Union Square area over the last three years, according to Coresight. Still, the new store’s manager [told]( the WSJ, “We do feel it’s a viable place.” Trust the process: The new SF store is one of at least 17 stores Ikea plans to open in the US by 2026 in a $2.2 billion expansion push. Some of those locations will be mini Ikeas in downtowns that focus on selling Tvärfot table lamps to impecunious unpaid interns who don’t have much apartment space to fill. - These compact stores are performing well in cities like London, Mumbai, and Paris, Ikea said. - But in December 2022, the company shuttered its Queens, NY, location—its first attempt at a store in a dense, urban environment in the US. Ikea’s arrival is a relief for a city that some critics say could enter a “doom loop.” But signs of life are popping up: The excitement around AI is starting to [bring workers back]( into SF’s desolate offices.—MM   TOGETHER WITH FACET [Facet]( How do you $tack up? Wonder how your finances compare to your fellow Brew readers? Peep the status of your financial “health” by taking Facet’s free, 5-minute [Financial Wellness Quiz](. You’ll receive your [Financial Wellness Score]( which unlocks key personalized insights about the current state of your finances. How do you think you’ll score? [Stellar. I’m definitely on the Brew leaderboard.](. I’m making strides toward the top.](. I’ve had some hiccups, but I should be in the average range.]( in the opposite direction*.]( CLEANTECH [A wind-powered cargo ship has set sail]( [Cargo ship with sails]( Cargill Sailing the high seas may give off Master and Commander vibes, but it’s coming back in 2023 as an innovative way to lower commercial shipping’s carbon footprint. A cargo ship retrofitted with solid wing sails [embarked]( on a trial voyage earlier this week, chartered by food giant Cargill for a fuel-efficient journey from China to Brazil. A UK company started by yacht racing pros, BAR Technologies, designed the so-called WindWings tech. How it works: - Two [foldable sails]( made from wind-turbinelike material were installed atop the bulk cargo vessel Pyxis Ocean and stand 123 feet above deck when raised. - Those sails enable a ship to harness sea wind for propulsion, reducing fossil fuel use by up to 20%. The concept could be a game changer for the shipping industry, which relies primarily on oil-powered vessels and spits out [around 3%]( of global carbon emissions. That existing ships can be modified to breeze along with the winds is particularly promising for making old gas guzzlers cleaner. But this tech faces some headwinds. It’s unclear whether WindWings will be commercially viable before we all hit the age when a cruise becomes the go-to vacation: Cargill [expects]( it’ll take at least seven to 10 years for fuel savings to surpass the cost of installing the sails on the Pyxis Ocean.—SK   GRAB BAG [Key performance indicators](#) [A house with lots of bedrooms]Francis Scialabba Stat: American homes are increasingly looking like your college dorm. Of the more than 1 million new single-family houses built in the US last year, [48% contained at least four bedrooms]( the highest share since the US Census started keeping track in 1973. The bedroom explosion comes at a time when American houses are [getting considerably smaller]( and builders are cutting out dining areas, living rooms, and bathtubs from their blueprints, per the WSJ. Only 33% of existing US homes have four or more bedrooms, but the work-from-home era jacked up demand for a home office (which is presumably what all those extra bedrooms are for…). Quote: “Literally subsisting on bread and water…sometimes peanut butter.” In a hearing yesterday, Sam Bankman-Fried’s lawyers [decried]( their client’s living conditions in a Brooklyn jail where he was sent after a judge revoked his bail earlier this month. SBF’s lawyers said his requests for his prescription medication (Adderall and an antidepressant) were denied, and, if that continues, SBF will be “severely negatively impacted in his ability to assist in his own defense.” SBF’s fraud trial over the collapse of the crypto exchange he founded, FTX, is set to begin in October. Read: On social media, Italian culture gets flattened to the lowest common denominator. ([The Baffler]( NEWS [What else is brewing](#) - [UPS members]( of the Teamsters voted to ratify a five-year contract agreed to by the company and union leaders last month, averting a strike and guaranteeing them pay raises and other benefits. - [Threads]( Meta’s X rival, finally began rolling out its desktop version. - [India]( will attempt to land its Chandrayaan-3 spacecraft on the moon’s south pole this morning, days after Russia’s try failed. - [Pakistani commandos]( saved eight people, including six children, who were trapped on a cable car that was stuck hundreds of feet in the air. - [Scooter Braun]( the music manager who became infamous for his spat with Taylor Swift over her masters, lost his two biggest clients: Ariana Grande and Demi Lovato. RECS [Wednesday to-do list] Listen: This website will play the [sounds of space]( such as Mercury’s solar wind and the merging of two black holes. Look: [Panorama views]( of scenic places in the world. Watch: One of the best traditions in sports is the [Elaine dance contest]( at the Brooklyn Cyclones’ annual Seinfeld Night. Read: [24 books]( to look forward to this fall. Sound like a pro: [Horizon AX hearing aids]( are earning rave reviews from audiologists nationwide. The 2-chip processing system from [hear.com]( out the noise so you can hear what matters. [Start your no-risk trial]( *A message from our sponsor. GAMES [The puzzle section](#) Word Search: Australia’s isolation has resulted in the evolution of unique critters. See if you can identify the Australian wildlife in today’s [Word Search](. Air travel trivia In today’s “revenge of the geography nerds” trivia, we’ll give you a US airport and you have to name the most popular domestic destination from that airport (as of May 2023). Example: If we said Salt Lake City, the correct answer would be Denver. 1. Boston Logan International 2. Detroit Metro Wayne County 3. Houston’s George Bush Intercontinental 4. Los Angeles International 5. Newark Liberty International 6. Philadelphia International 7. Charlotte Douglas International SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER - Washington, DC (DCA) - Atlanta, GA - Denver, CO - New York City (JFK) - Orlando, FL - Orlando, FL - Orlando, FL Word of the Day Today’s Word of the Day is: impecunious, which means “having very little or no money usually habitually.” Thanks to Troy in Orange County for the submission! [Submit another Word of the Day here](. ✳︎ A Note From Facet Facet Wealth, Inc. (“Facet”) is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. Written by [Neal Freyman]( [Matty Merritt]( [Cassandra Cassidy]( and Sam Klebanov Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money Scoop](  [Money With Katie](  [Raise]( Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. Please Note: We've recently updated our Privacy Policy. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011