July 7, 2022

On this day in 1928, sliced bread was sold for the first time. Apparently, the internal combustion engine, created in 1798, was a more obvious invention than a divided loaf. The question remains what the best thing was before sliced bread. We would like to propose the "mousetrap pistol." 

In today's edition:

• Ice cream wars
• Italian mobster returns
• Origins of the "Laughing Cow"

 Key Stories

Ben & Jerry's Sues Parent Company

Ben and Jerry’s is suing Unilever, its owner, to block the sale of its ice cream in the West Bank

• Last year, Ben and Jerry’s stopped selling its ice cream in parts of the West Bank to protest Israel’s occupation of the territory, which Palestinians claim as their own. Israel has occupied the West Bank since 1967
• To skirt the protest, Unilever sold Ben and Jerry’s Israeli business to a different licensee, thereby reopening sales in the disputed territory
• Ben and Jerry’s says the sale violated the company’s “brand and social integrity.” Its board voted 5-2 to sue; Unilever called the sale a “done deal”

• Ben & Jerry's was founded by Ben Cohen and Jerry Greenfield in Burlington, Vermont in 1978. Since its founding, it has advocated "a progressive, nonpartisan social mission." Last year's ban on ice cream sales in the West Bank elicited fierce criticism from many pro-Israel organizations

EU Confronts Big Tech

EU lawmakers passed sweeping regulations on some of the largest tech companies

• The regulations, comprised of 2 separate laws, punish anticompetitive behavior and increase tech companies’ responsibility for moderating content
• The laws are the most comprehensive effort yet by Western countries to regulate Big Tech. They target a handful of the largest companies, and will require them to share more data, stop preferring their own products, and moderate more content
• Punishments include fines of up to 20% of annual revenue. However, enforcement may be difficult

• In June 2021, US lawmakers proposed 5 bills to curb anticompetitive behavior and increase tech companies' responsibility for content; however, due to disagreements about their purpose and scope, none of the proposed laws have made it to a vote in Congress yet

US Dollar Value Climbs Against Euro

The euro (€), the currency of 19 European countries, is almost worth the same as the US dollar ($)

• The euro, which came into use in 1999, has only fallen below the value of the US dollar once before. At its peak in June 2008, the euro was worth approx. $1.60
• As of July 6, the euro is worth $1.02. Analysts believe that recession fears, combined with fuel shortages due to sanctions against Russia, are driving the value of the euro down to 20-year lows against the dollar
• The dollar has gained against most currencies due to higher US interest rates and expectations that it will be a safer currency during a recession

• The dollar may yet grow stronger if the economy enters a recession or the Federal Reserve increases interest rates 

EU/ UK Operation Targets Smugglers

900+ police conducted dozens of raids against human trafficking organizations across Europe

• The raids – which took place across Germany, the UK, France, Belgium, and the Netherlands – targeted smuggling rings accused of bringing 10,000+ migrants into the UK
• Record numbers of migrants are illegally crossing the English Channel into the UK. This year, 12K+ people have crossed by boat, the most ever by July
• Trafficking boats often sink while crossing the Channel. Police say traffickers make up to $76,000 for bringing a migrant from France to the UK

• You're a Panther, Baker: The Cleveland Browns have traded QB Baker Mayfield to the Carolina Panthers for a 2024 draft pick
• Netflix and spinoff? Netflix announced a future spinoff of Stranger Things as part of a larger deal with its most popular show's creators
• Driving me nuts! Anti-speeding technology is now mandatory for new European cars. Drivers can easily get around it, though

 What do you think?

See yesterday's results below the Wrap!

 Roca Wrap

In 1865, a French man named Jules Bel founded a small cheese company. After a war and a rebrand, it became one of the most popular in the world. 
 
Jules lived in a tiny town in southern France renowned for its quality cheese. At 23, he decided to become a master cheese refiner. He launched a successful cheese business that his 2 sons – Henri and Léon – would later inherit.
 
When World War I broke out, the 36-yo Léon was assigned to a French army unit that was delivering food to front-line soldiers. Many units were doing the same, which made it confusing about which vehicles were delivering which supplies.
 
To differentiate the various units, soldiers drew humorous symbols on the supply vehicles. The head of Léon’s unit asked one well-known illustrator to design theirs, and he sent back a laughing cow.
 
In French, “laughing cow” is “la vache qui rit.” To the French soldiers, that sounded a lot like “La Wachkyrie,” a famous German opera. The cow became popular among French soldiers who used it to make fun of their German enemies.
 
Léon’s cheese business was struggling after the war, with low demand and backed-up supply. He decided to make 2 changes: He began processing his cheese so it would last longer, and he changed the logo to a laughing cow, hoping that the image’s wartime popularity would help his cheese business stand out. The logo showed a cow with a red coat and cheese box earrings.
 
With the combination of processed cheese and innovative branding, Léon struck gold.

Laughing Cow went on to become one of the world’s most popular cheeses, sold in 120 countries across 5 continents. About 125 portions are sold each second, or about 4B portions each year. The cow has changed a bit since the 1920s – she became redder, while her smile grew and horns shrunk – but her popularity never waned. 

 Roca Clubhouse

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 Final Thoughts

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