Good morning! In this weekly snapshot:

• The unveiling of the Epstein list🏝️

• Apple’s court appeal was rejected📱

• Weekly market update📈

Unveiling the Epstein Scandal: A Closer Look at the Newly Released Court Documents  

The recent unsealing of Jeffrey Epstein's court documents has sent shockwaves through the corridors of power and society. These documents provide a sobering glimpse into the dark underbelly of privilege and power, revealing connections and allegations that implicate several high-profile individuals.  

Background on Epstein's Infamy  

Jeffrey Epstein, a financier whose criminal activities and subsequent death in 2019 have been the subject of intense scrutiny and speculation, leaves behind a legacy marred by scandal and controversy. His connections with the elite across various spheres raised numerous questions about the extent of his influence and the nature of his relationships.  

The Prominent Figures in the Spotlight  

• Prince Andrew: Central to the scandal, the allegations against Prince Andrew have reignited debates about the accountability of the powerful. The documents detail his involvement, setting the stage for potential legal and reputational repercussions.  

• Bill Clinton: The mention of the former president in the documents, alongside his historical denial of involvement, underscores the political dimensions of the scandal.  

• Donald Trump: Notably, the documents do not directly accuse Trump, presenting an interesting contrast in the context of the numerous figures implicated.  

• Stephen Hawking: His brief mention adds a surprising element to the narrative, showcasing the diverse range of Epstein's associations.  

• Alan Dershowitz: A renowned lawyer, Dershowitz's role in this saga is complex, marked by allegations and vehement denials. His response to the accusations provides insight into the intricacies of legal defense in high-profile cases.  

• Jean-Luc Brunel: Brunel's accusations and subsequent suicide add a tragic layer to the unfolding drama, highlighting the far-reaching consequences of Epstein's web.  

• David Copperfield: The inclusion of this prominent figure raises questions about the nature of celebrity connections in Epstein's circle.  

Social and Legal Ramifications 

The reputations and careers of the named individuals hang in the balance as they navigate the fallout from these revelations. The potential legal consequences and the possibility of further investigations loom large, posing significant challenges to those implicated.  

Conclusion: The Epstein scandal, laid bare by these unsealed documents, serves as a stark reminder of the intersection between wealth, power, and justice. It underscores the need for judicial integrity and vigilance in holding influential accountable. As developments continue to unfold, society watches with a critical eye, hoping for a resolution that upholds the principles of justice and equality.  

Apple Court Appeal Rejected 

This week, to prevent billions lost in revenue, Apple attempted to appeal a lawsuit placed against them by Epic Games back in August 2020. The lawsuit was filed with the intention of lifting the vice grip that Apple holds over all in-app payments on their iPhone, which currently allow them to charge significant commission fees for developers. The appeal, conducted in a lower court, had found Apple’s app store purchase restrictions to be unjust competition and a violation of California Law; their appeal this week was rejected.  

Potential Billions to be Lost as Fees are Lifted 

This ruling has now allowed app developers in the United States to place links to other payment options on iPhone apps, something which was previously prevented by Apple. This change allows developers to avoid paying Apple significant fees of up to 30%. These fees can generate annual revenue for Apple of up to US$85 billion as seen last year. Apple is imposing a lengthy approval process for link placement on their apps, in an effort they claim is “to minimize fraud, scams, and confusion”. Epic CEO Tim Sweeney made his opinion on the matter clear, stating: “[Apple’s plan is in] bad faith compliance”. The bitter debate between the two certainly escalated back in 2020 when Apple kicked Epic from their app store after the company attempted to get around Apple’s fees. More debate is certain to stem from the court appeal, which appears to be far from over.  

📈 Market Updates

Economic Pulse 🌐 

In the US, headline inflation accelerated in December, which may lead the Fed to postpone reductions in monetary policy. However, core inflation itself continued to decelerate, as core prices were up 3.9% in December from a year earlier – the lowest rate since May 2021. Elsewhere, in China, a storm of deflation continued during December as consumer prices fell 0.3% from a year earlier. Now at three consecutive months of declining prices, a streak not seen since 2009, China must contend with headwinds against economic activity. Back home, the Canadian CPI yielded December results generally in line with expectations, while a notable jump in airfares reflects strong demand for travel during the past holiday season.

Money Moves 💰️ 

Siding with the U.S. Department of Justice, a federal judge blocked JetBlue Airways' planned $3.8-billion acquisition of ULCC Spirit Airlines, citing that rival airlines slash prices 7% to 11% on average when Spirit moves into a new market. The ruling, which found that the acquisition violated antitrust regulations and would hurt ticket buyers, caused Spirit's shares to nosedive a whopping 47%. In other news, Burger King owner and QSR giant Restaurant Brands International will acquire the fast food chain’s largest franchisee. RBI is taking over Carrols Restaurant Group’s 1,000+ Burger King locations across the US as an annex to facilitate the extension of one of its most prominent brands.

👀Job Opportunities

• TJK is hiring a Summer Market Analyst.

• Bell is looking for an undergraduate student for their Finance Internship Program.

• Labatt is hiring a third year student for their Business Transformation Intern role.

• Ontario Teachers’ Pension Plan is looking to fill their 8-month Business Insights & Analytics Internship.

📞Word on the Street

• Alec Baldwin is indicted for manslaughter.

• Queen’s University’s financial crisis.

• Japan attempts a Moon landing.

Writers: Isaac Moore, Amin Nazari and Simon Ing

Senior Editor: Amyn Dehal

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