🐤 Go take a hike!

🏦 Markets: 2023 might present an opportunity for a fresh start, but most investors seem to believe that we’re likely to see a lot of the same stock market losses that defined 2022 on Wall Street. Nevertheless, there are some significant events this week that will help shape the first few days of the year.

The market is closed today, but Labor Department jobs data and information about the Federal Reserve’s December meeting are coming out later in the week, so stay tuned.

🏈 Playoff highlights: The past few days have been filled with college football news as #1 ranked Georgia prepares to take on #3 Texas Christian University in the upcoming National Championship game. Georgia narrowly defeated #4 Ohio State in the Peach Bowl while the TCU Horned Frogs clinched an upset 51-45 victory over #2 Michigan in the Fiesta Bowl. Georgia quarterback Stetson Bennett IV came through with less than a minute on the clock to make contact with wide receiver Adonai Mitchell, who scored the pivotal touchdown. Although TCU quarterback Max Duggan threw two interceptions and completed fewer than half of his 29 passes, it was good enough to earn the team its first-ever spot in the College Football Playoff National Championship next Monday.

📅 New year, new laws: Each Jan. 1 brings with it a host of legislation that will go into effect in jurisdictions nationwide. Among the most significant recently passed laws are those that revise marijuana restrictions and increase the hourly minimum wage. More than half of all states approved minimum wage hikes that were official as of yesterday — ranging from an increase to $9.95 per hour in Montana to $15.74 in Washington. Some municipalities opted to give workers even more than the state minimum, including New York City where a $15 minimum wage is nearly a dollar more than the state’s $14.20 per hour. Along with D.C., 21 states also passed laws that will expand the availability of marijuana for medical or recreational use.

🤑 Big money: Tonight could be a windfall for the owner of one lucky lottery ticket. The Mega Millions jackpot grew to a whopping $785 million after the most recent drawing didn’t result in a win. Of course, that’s still not anywhere close to the astronomical $1.6 billion Powerball jackpot that set a world record back in November. That marked the fifth time in as many years that the lottery crossed the nine-figure threshold. It remains to be seen how high the Mega Millions prize will grow — but if you’re feeling lucky in 2023, this could be your opportunity to test your good fortune.

🇧🇷 Lula’s return: Brazil officially has a new president after Luiz Inacio Lula da Silva was sworn in to replace the controversial Jair Bolsonaro, who lost his re-election campaign last year. The new leader previously served a presidential term that spanned from 2003 and 2010 and he won the most recent race by a slim margin of less than 2%. Although he has been a high-profile political figure for decades and was previously a widely popular president, he’s got his work cut out for him this time around as Brazil remains mired in a deep division.

There are many ways that people across the United States and around the world ring in each new year, but one celebration has gained significant popularity in recent years.

Going for a hike has become an annual tradition for a number of people who enjoy participating in a group endeavor that can help them set the year off on an active note.

It all dates back to 1992

There are now so-called First Day Hikes held at public parks in every U.S. state, but the very first occurred at Blue Hills Reservation more than three decades ago. The park, which is located near Boston, Massachusetts, was the site of a 1992 hike that includes just under 400 participants.

From there, the movement began to spread and people from all walks of life decided that hiking is a great way to celebrate the beginning of another year.

The inaugural hike was the brainchild of Blue Hills' former supervisor Patrick Flynn. Although he is no longer around, his legacy lives on and thrives 31 years later.

As Massachusetts Department of Conservation and Recreation Deputy Commissioner Priscilla Geigis explained, Flynn “wanted a way to bring people into the parks in the wintertime because so many people think of parks as just a summertime place.”

A range of motivations

There seem to be as many reasons for taking part in a First Day Hike as there are hikers who participate each year. Some do it as a way to spend quality time with friends and loved ones. Others see it as an opportunity to kickstart their New Year’s resolution to get more exercise.

For Texas Parks and Wildlife Department Director Rodney Franklin, the benefits extend beyond a hiker’s limited expectations.

“It’s all about mind, body, and soul,” he said.

During the pandemic, a growing number of people turned to apps like DoorDash and Grubhub to deliver meals directly to their homes. While the convenience factor is high, anyone who has used such platforms extensively has certainly noticed there are some surcharges and fees that make the service a lot more expensive than simply ordering take-out.

Now, a group of Grubhub customers will be splitting a $3.5 million settlement in a suit that alleged that it charged hidden fees and engaged in deceptive marketing.

Details of the lawsuit

Most of the impacted customers reside in Washington, D.C., where $2.7 million will be paid out to individuals. D.C. Attorney General Karl Racine explained that individuals “with active Grubhub accounts will receive a refundable credit and if the credit is not used within 90 days the money will be sent to customers in the form of a check.”

He alleged that the company “used every trick in the book to manipulate customers into paying far more than they owed, and even worse, they did so at the height of a global pandemic when District residents were already struggling to make ends meet.”

An industry-wide issue

While Grubhub might be in the news for its practices, there’s plenty of evidence that delivery apps are simply far more expensive than you might think. Of course, it makes sense that the cost of labor, gas, and other expenses should be built into the cost — but here are all of the fees that are included in just about any order.

• The cost of the food
• A service fee
• Applicable taxes
• A delivery fee
• Gratuity for the driver

Restaurants pay their own fee to partner with these apps, so the food itself often costs more in delivery orders than regular menu prices.

Security concerns, questionable labor practices, supply chain interruptions, and human rights violations have all combined to make China a lot less attractive for global manufacturing needs than it has in previous years.

As a result, many companies and governments are looking for other nations that are capable of providing cost-effective manufacturing services — and Mexico seems poised to emerge as a top contender.

Why Mexico?

From a United States perspective, there’s a clear advantage to ordering from a country that shares a lengthy border. Walmart highlighted the possible upside to doing more business with Mexico recently when it split a major order of employee uniforms between its ordinary Chinese connections and an apparel company headquartered in Mexico.

Fewer things can go wrong when shipping across a shared border instead of the complex process of transporting goods around the world.

COVID-19 exposed a number of the costs and chaos that can result from supply chain disruptions. Furthermore, the rising cost of fuel over the past year has confirmed the need for shorter routes. It all combines to paint Mexico in a very appealing light.

An expanding industry

Since the time frame for delivery from Mexico to the U.S. can be less than half that of a typical delivery from China, there’s a huge incentive for American companies of all types to start dealing directly with Mexican suppliers. Of course, it might not be easy for businesses that have a long history of working with Chinese manufacturers to make the switch.

That’s where companies like Zipfox come in. The firm specializes in forming connections between U.S. businesses and factories south of the border.

The $382 billion in Mexican exports to the U.S. between January and October is more than 20% higher than in the same period in 2021.