A Business News Blog

Royal Caribbean International said Tuesday that it will require all guests over the age of 16, traveling from U.S. ports, except those in Florida, to be fully vaccinated. Travelers aboard ships leaving from Florida ports are strongly recommended to be fully vaccinated, but not required to be. Florida Governor Ron DeSantis signed an executive order preventing businesses from asking customers whether they have been vaccinated for Covid-19 or not, preventing the cruise industry from mandating proof of vaccination. However, the company said Tuesday that passengers leaving from Florida ports from Aug. 1 to Dec. 31 who are not vaccinated will be required to have travel insurance. The policies must cover all unvaccinated guests over the age of 12 with at least $25,000 per person in medical expense coverage and $50,000 per person for quarantine and medical evacuation related to a positive Covid-19 test result. The guests will also be required to pay for Covid-19 testing. By Aug. 1, it ext...

The stock market has already picked a winner in the race to mass electric-vehicle production, one market analyst says. Tesla's lofty valuation — 137 times forward price-to-earnings as of Tuesday's close — speaks volumes about where investors are placing their bets as legacy auto manufacturers rush to develop their own EV projects, TradingAnalysis.com founder Todd Gordon told CNBC's "Trading Nation" on Tuesday. UBS Global Research weighed in on the competition in a Tuesday note, saying Volkswagen, General Motors and Hyundai were "likely to emerge as best EV re-rating stories." The firm also cut its price target on Tesla's stock to $660 from $730 and upped its targets for GM and Ford. Ford is having its best year since 2009, and GM its best since 2013. Tesla is having its worst year since 2016. The legacy automakers "will certainly gain market share in the near term on Tesla," Gordon said. "But if you look at the billions of miles...

Ford started resuming vehicle production in the U.S. on May 18, 2020 with new coronavirus safety protocols such as health assessments, personal protective equipment and facility modifications to increase social distancing. Ford DETROIT — Leaders of the Detroit automakers and the United Auto Workers union have agreed to make face masks optional for employees who are fully vaccinated against Covid -19. Workers for the companies, including non-salaried employees, won't have to show proof of vaccination, according to officials with the UAW and General Motors, Ford Motor and Stellantis (formerly Fiat Chrysler). The Tuesday announcement comes after a task force between the companies and the union reviewed medical experts' reports, Centers for Disease Control and Prevention guidelines and Occupational Safety and Health Administration standards on how to safely work through the pandemic. The UAW and automakers last month lifted some Covid-19 protocols but not the masks, ...

Institutional investors rushing in to buy properties is not a main reason for the ultra-hot U.S. housing market, Coldwell Banker CEO Ryan Gorman told CNBC on Tuesday. In an interview on "The Exchange," the real estate executive acknowledged the potential for institutional buyers to add further pressure on prices, as they look for potential hedges against inflation, for example. "Today, though, it's a very, very small percentage of the overall market," said Gorman, whose company, Coldwell Banker, is part of Realogy Holdings Corp. "Yes, cash offers are very high, but the vast majority of cash offers — even in multiple-offer situations — are coming from individuals who are looking to occupy the home and own the home just as they would any other." In the first quarter, investor home purchases rose on a year-over-year basis for the first time since the start of the Covid pandemic, according to a May report from real estate brokerage Redfin. Gorman sai...

SpaceX was seconds away from launching its 20th mission of this year Tuesday when the countdown was halted due to an aircraft entering the launch range, delaying the mission by at least a day. Elon Musk took to Twitter to voice his frustration about the delay, reiterating prior criticisms he has made about regulations around the business of launching rockets. "An aircraft entered the 'keep out zone', which is unreasonably gigantic," Musk wrote in a tweet. "There is simply no way that humanity can become a spacefaring civilization without major regulatory reform. The current regulatory system is broken," he added. Musk has ratcheted up his criticism of launch regulations this year, with SpaceX firing off Falcon 9 rockets at a blistering pace – with launches going up an average of every nine days – and also flying multiple development tests of its Starship prototype rockets. After a Starship test was delayed in January, Musk similarly criticized the Fede...

Shaquille O'Neal Scott Mlyn | CNBC Shaquille O'Neal is firing back at Lebron James over his criticism of the league and its schedule this year. In an interview with CNBC, the former Lakers star and TNT broadcaster said he thinks players need to stop complaining about the busy playing schedule this season. "When you're living in a world where 40 million people have been laid off and I'm making $200 million, you won't get no complaining from me," O'Neal said. "I'd play back to back to back to back to back," he added. "I'm not knocking what anybody said, but me personally, I don't complain and make excuses because real people are working their tail off and all we gotta do is train two hours a day, and then play a game for two hours at night and make a lot of money...So my thought process is a little different." O'Neal's comments come after James' criticism that the schedule was at fault for the plet...

United Airlines pilots wearing protective masks walk inside a terminal at San Francisco International Airport (SFO) in San Francisco, California, on Monday, Aug. 31, 2020. David Paul Morris | Bloomberg | Getty Images United Airlines plans to add 25,000 union jobs by 2026, a hiring spree aimed at supporting a massive jetliner order it announced Tuesday as the industry's worst-ever crisis starts to fade. United has about 68,000 unionized workers currently, the airline said. The new jobs would be a more than 36% increase. The airline is planning to add 500 jets in the coming years, including 270 Boeing and Airbus planes it announced on Tuesday, along with new interiors that have seat-back screens, larger overhead bins and other amenities. The jobs will be focused at United's major hubs like those at Newark, where it will add 5,000 positions, as many as 4,000 at San Francisco, 3,000 in each Washington Dulles, Chicago, Denver and Los Angeles. United and other carriers ...

A diabetic draws insulin from vial. CNBC | Adam Isaak Walmart said Tuesday it will offer a less expensive version of insulin that could better fit into the budgets of millions of Americans who don't have health insurance or struggle to pay for the lifesaving diabetes drug. Starting this week, the retailer will sell an exclusive private-label version of analog insulin, ReliOn NovoLog, to adults and children who have a prescription. The drug will be available at its membership-based Sam's Club in mid-July. The insulin will cost about $73 for a vial or about $86 for a package of prefilled insulin pens. The insulin is the latest addition to Walmart's private brand of diabetes products, ReliOn. It already sells a low-price version of insulin for about $25 as part of the line, but that is an older formulation that some doctors and advocates say is not as effective at managing blood sugar swings as newer versions of insulin, called analogs. With the move, Walmart will...

DUBAI, United Arab Emirates — Abu Dhabi will deny entry into nearly all public spaces, as well as schools, to people who are unvaccinated against the coronavirus, the emirate's government announced late Monday night. The oil-rich United Arab Emirates announced its consideration of the plan in April, but did not impose the restrictions. Now, they are set to be enacted in its capital of 1.5 million people beginning on Aug. 20. "The Abu Dhabi Emergency, Crisis and Disasters Committee has approved allowing only those vaccinated to enter some public places, after vaccinating 93 per cent of target groups in the emirate and to preserve public health," a tweet from the Abu Dhabi media office read. The entry restrictions will apply to shopping centers, restaurants, cafes, gyms, recreational facilities, sports activities and all other retail businesses that aren't within shopping centers or malls. An exception will remain for entry to "essential" businesses like ...

Aiden Arthurs receives the Pfizer-BioNTech Covid-19 Vaccine from Pharmacist Andrew Mac (R) at the Jewish Federation/JARC's offices in Bloomfield Hills, Michigan, on May 13, 2021. Jeff Kowalsky | AFP | Getty Images The delta variant is the most closely watched coronavirus mutation yet and with good reason: It's more contagious than previous variants and there's evidence it increases the risk of hospitalization and is more resistant to vaccines. The delta variant, first discovered in India late last year where it caused a second wave of infections and thousands of deaths, is now rapidly spreading throughout the world. Last week, the World Health Organization warned that delta is the fastest and fittest coronavirus strain yet, and it will "pick off" the most vulnerable people, especially in places with low Covid-19 vaccination rates. The U.K. is being closely watched by other countries, particularly the U.S., because it has seen the delta variant become ...

Stephen Curry #30 of the Golden State Warriors drives to the basket against the Los Angeles Lakers during the 2021 NBA Play-In Tournament on May 19, 2021 at STAPLES Center in Los Angeles, California. Adam Pantozzi | National Basketball Association | Getty Images The National Basketball Association made a record $1.46 billion in sponsorship revenue in its 2020-21 regular season, according to estimates by IEG, a sports partnerships consultancy firm. IEG said the figure is up 6% year over year, and up from the $1.2 billion the NBA made from partnerships after its 2018-19 season. IEG tracks sponsorship spending throughout pro leagues, including the National Football League. Its parent company is investment firm Bruin Sports Capital, founded by George Pyne, a well-respected sports executive and former NASCAR chief operating officer. The NBA saw 13 new deals during its 72-game campaign, including from Microsoft. The tech sector helped the league bring in roughly $115 million per...

South Korea is looking to open up its economy and work on travel bubble programs given its relative success in controlling the spread of Covid-19, its deputy prime minister told CNBC in an exclusive interview. The government plans to boost consumption and further stimulate the economy in the second half of this year — and policies will be in place to achieve that goal, said Hong Nam-ki, who is also South Korea's minister of economy and finance. "I would say that the current government has been relatively successful in both the infection control and vaccination," he told CNBC's Chery Kang on Friday, according to a CNBC translation of his Korean remarks. "Based on the achievements, the current government now intends to promote economic growth while maintaining such health measures." He said that South Korea is aiming for herd immunity by November, which would mean the virus can no longer spread rapidly as most of the population will either be fully vaccin...

CNBC's Jim Cramer on Monday advised investors to wait for Boeing shares to pull back more before buying the dip on the airplane maker's latest regulatory issue. Boeing shares dropped more than 3% to start the week following reports that the Federal Aviation Administration told the company that approval of its 777X jet could take at least another year, calling attention to multiple technical mishaps with the long-range aircraft. But while Monday's decline was Boeing's biggest one-day drop since May, Cramer thinks the stock can be bought at lower levels. "It looks like the Federal Aviation Administration is taking a very hard line with Boeing's new planes," Cramer said on "Mad Money." "If you like Boeing, please keep your powder dry. I think you can get a better chance to buy it at lower levels." With CFO Greg Smith set to retire, Cramer suggested that Boeing could feel the need to issue additional shares in the company, which could ...

CNBC's Jim Cramer on Monday endorsed getting in on the initial public offering for Didi, the Uber-like Chinese company whose shares are set to start trading publicly in the U.S. this week. "I think the valuation seems imminently reasonable," the "Mad Money" host said. "If you want to speculate on a Chinese IPO, you've got my blessing to bet on Didi. I would try to get as many shares as you can." Didi will list Wednesday on the New York Stock Exchange with the ticker symbol DIDI. The company expects its stock to be priced between $13 and $14 each, which could give the ride-hailing giant a valuation of more than $60 billion. The IPO could raise more than $4 billion for the company, which would make it one of the biggest of 2021. "There are some antitrust concerns here, but as long as they stay on the Communist Party's good side," Cramer said. "I doubt they'll have much trouble with the regulators." Read more abo...

Etsy, the online crafts marketplace, is banking on Latin America to be a growth catalyst for the e-commerce company with the acquisition of the Brazilian online marketplace Elo7. Etsy shares jumped 7% Monday after it announced the $217 million deal to acquire Elo7, which Etsy CEO Josh Silverman called "the Etsy of Brazil." "This is all about growth potential over the medium and over the long term," he said in a "Mad Money" interview. "The opportunity for Brazil's e-commerce sector to grow faster than the U.S., we think, is very meaningful over time." The e-commerce market in Latin America has a penetration rate of less than 10%. The market could produce about $29 billion of revenue this year and is forecast to grow at a 26% clip annually, according to the market research firm Euromonitor. Similar to Etsy, Elo7 allows merchants to set up an online shop and sell items to buyers. The site, among the largest online marketplaces in Brazil, b...

High earners in high tax states cheered the news last week that Sen. Bernie Sanders included relief from the state and local tax cap in his budget. But the numbers suggest Sanders is only considering a partial reduction in the cap. And the latest proposal being discussed in Congress would do little to help the top earners who account for the largest share of SALT deductions. Sanders' $6 trillion budget included $120 billion for SALT relief over five years. The provision boosted hopes in states like New York, New Jersey and California that the progressive wing of the Democratic party is open to eliminating the $10,000 cap on state and local tax deductions. The cap was part of the 2017 Tax Cuts and Jobs Act and created an effective tax hike for many high-earners in high-tax states. Yet Sanders' $120 billion provision would cover only a partial repeal. The Tax Policy Center estimates a full repeal of the SALT cap would cost about $450 billion over the first five years, while ...

A Starbucks location that was closed midday at Dallas-Fort Worth International Airport. Leslie Josephs | CNBC A worker shortage at Dallas/Fort Worth International Airport became so severe last month that one of its top executives sent a message to shops and restaurants: Don't steal each other's employees. "As you know, we are experiencing one of the greatest hiring challenges in the history of DFW Airport," Ken Buchanan, executive vice president of revenue management and customer experience, wrote to concessionaires in a May 27 letter reviewed by CNBC. "As we prepare for a busy summer, please continue to practice DFW Airport's high standards of hiring operations and refrain from soliciting employees from other DFW operations ('poaching')." After more than a year of coronavirus pandemic lockdowns, travelers busting out of their homes for vacation have been met with long security lines, hourslong hold times with airlines and fewer optio...

Packages of Juul mint flavored e-cigarettes are displayed at San Rafael Smokeshop on November 07, 2019 in San Rafael, California. Juul, a leading e-cigarette company, announced that it is halting sales of their popular mint flavor e-cigarette after the release of two studies that showed a surge in teen use. Justin Sullivan | Getty Images News | Getty Images Juul Labs has agreed to pay North Carolina $40 million and change its business practices in the state. Regulators and health officials have blamed the company for the surging popularity of e-cigarettes among teens in recent years. In 2019, federal data found that more than 1-in-4 high school students had used an e-cigarette in the past 30 days, up from 11.7% just two years prior. As of 2020, that number fell to 19.6% of high school students amid greater regulatory scrutiny and the coronavirus pandemic. "North Carolina is now the first state in the nation to hold Juul accountable for its instrumental role in creating...

Walgreens healthcare professionals pass to each other the Pfizer-BioNTec vaccine against coronavirus disease (COVID-19) at the Victor Walchirk Apartments in Evanston, Illinois, February 22, 2021. Kamil Krzaczynski | Reuters LONDON — Mixing and matching the coronavirus vaccines made by Pfizer-BioNTech and AstraZeneca-Oxford generates a "robust" immune response against the virus, a study led by Oxford University has found. Researchers running the Com-COV study — which is looking into the feasibility of using a different vaccine for the initial "prime" vaccination to the follow-up "booster" vaccination — discovered that alternating doses of the two vaccines generated strong immunity. However, the study found that the immune responses differed according to order of immunization, with the Oxford-AstraZeneca shot followed by the Pfizer-BioNTech vaccine generating the better immune response out of the two mixed schedules. Doses of the vaccines were g...

Shares of Electric Last Mile Solutions popped on their trading debut Monday on the Nasdaq, adding to a growing list of speculative electric-vehicle start-up companies to go public through deals with special purpose acquisition companies. The Michigan-based company plans to begin production of a small electric commercial van at a factory in Indiana this fall, according to ELMS CEO James Taylor. The updated plant last produced gas-guzzling Hummer SUVs in the mid-2000s. Shares of the company — ticker symbol "ELMS" — opened Monday at $11.10. They jumped by as much as 9.8% before losing most of those gains during morning trading. The stock was trading up by about 7% at about 12:40 p.m. ET. Taylor, a former executive with General Motors, said such pricing volatility is expected until the company can separate itself from other EV start-ups. "We're going to be in the wind that will blow one way, it'll blow another way for the next few months, until we produce evide...