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Sustainable Energy

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In a statement Thursday, Swedish energy firm Vattenfall said some of the wind turbines at the 1.5 gigawatt Hollandse Kust Zuid facility would use Siemens Gamesa’s RecycableBlades.
The issue of what to do with wind turbine blades when they’re no longer needed is a headache for the industry. That’s because the composite materials that blades are made from can be difficult to recycle, which means that many end up in landfills when their service life ends.
With governments around the world attempting to ramp up their renewable energy capacity, the number of wind turbines worldwide only looks set to grow, which will in turn increase pressure on the sector to find sustainable solutions to the disposal of blades.

A wind turbine at the Ormonde Offshore Wind Farm, in the Irish Sea. With governments around the world attempting to ramp up their renewable energy capacity, the number of wind turbines worldwide only looks set to grow, which will in turn increase pressure on the sector to find sustainable solutions to the disposal of blades.
Ashley Cooper | Corbis Documentary | Getty Images

A major offshore wind farm being built in waters off the Netherlands is set to use recyclable blades from Siemens Gamesa Renewable Energy — the latest in a line of companies attempting to tackle an issue that’s proved to be a challenge for the wind energy sector.
In a statement Thursday, Swedish energy firm Vattenfall said some of the wind turbines at the 1.5 gigawatt Hollandse Kust Zuid facility would use Siemens Gamesa’s RecycableBlades. These blades, Vattenfall said, use “a resin type that dissolves in a low-temperature, mildly acidic solution.”

That, it explained, enables the resin to be separated from other components within the blade — carbon fiber, wood, fiberglass, metal and plastic — “without significantly impacting their properties.” The components can then be recycled and used again.
Offshore construction on Hollandse Kust Zuid, which will use 140 wind turbines, began in July 2021. It is jointly owned by Vattenfall, Allianz and BASF and commissioning is planned for 2023.

Industry headache

The issue of what to do with wind turbine blades when they’re no longer needed is a headache for the industry. That’s because the composite materials that blades are made from can be difficult to recycle, which means that many end up in landfills when their service life ends.
With governments around the world attempting to ramp up their renewable energy capacity, the number of wind turbines worldwide only looks set to grow, which will in turn increase pressure on the sector to find sustainable solutions to the disposal of blades.

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Vattenfall is one of several companies looking into recycling and reusing wind turbine blades — an aim that feeds into the idea of creating a “circular economy” in which waste is minimized and products repurposed and reused.  

Earlier in June, Spanish energy firm Iberdrola said it had jointly established a company with FCC Ambito that plans to recycle components used in renewable energy installations, including wind turbine blades. FCC Ambito is a subsidiary of FCC Servicios Medio Ambiente.
In a statement at the time, Iberdrola said the company, known as EnergyLOOP, would develop a blade recycling facility in Navarre, northern Spain.
“The initial objective will be the recovery of wind turbine blade components — mostly glass and carbon fibres and resins — and their reuse in sectors such as energy, aerospace, automotive, textiles, chemicals and construction,” the company said.

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View from the Gulf

Brunches in Dubai are legendary and have always been unapologetic in their sheer extravagance.
Traditionally starting at around 12.30 p.m. and finishing some time after 4.30 p.m., these all-you-can-eat and drink get-togethers bolster Dubai’s image as a Champagne bottle popping, sunshine soaking, lobster cracking, party playground.
Hotels are doing all they can to woo back big-spender brunch clientele and their efforts appear to be paying off.

The UAE is tackling this issue of work-life balance and the government recently rolled out a 4.5-day working week for Emirati government employees.
Laszlo Szirtesi | Getty Images News | Getty Images

They say it’s risky playing with a winning formula — especially when that formula results in massive revenue for Covid-battered restaurants and is one of the pillars of a country’s tourism offering.
So, when the UAE government announced it was shifting its weekend from Friday and Saturday to Saturday and Sunday to align with global markets at the start of the year, Dubai’s hotels were quick to reassure its fun-loving residents that their greatest fear hadn’t been realized — brunches weren’t “over,” they were just moving to Saturday.

Brunches in Dubai are legendary and have always been unapologetic in their sheer extravagance. Traditionally starting at around 12.30 p.m. and finishing some time after 4.30 p.m., these all-you-can-eat and drink get-togethers bolster Dubai’s image as a Champagne bottle popping, sunshine soaking, lobster cracking, party playground.
In reality, brunches are a much-anticipated end-of-week treat for the city’s hardworking residents — and make no mistake, despite the designer labels and bumper to bumper supercars, this is a city where people work extremely hard for their tax-free dirhams.
In a recent study by mobile tech company Kisi, Dubai came out highest for most overworked population in the category of work intensity, meaning full-time employees often work 48 hours per week.
The UAE is tackling this issue of work-life balance and the government recently rolled out a 4.5-day working week for Emirati government employees, meaning they now get a half day Friday with time for worship and family gatherings on the Islamic holy day.
However, most of the expat dominated private sector will still work the full day on a Friday — hence restaurants switching brunches to a Saturday — a change that Dubai’s foodies appear to have adjusted to with a shrug.

In fact, the only serious problem hungry weekenders now have is which brunch to choose from, with lashings of new options right across the emirate such as Bleu Blanc at the newly opened The St. Regis Downtown Dubai. Guests there can tuck into extravagant creations such as a wagyu beef doughnut with truffle mayo and enjoy endless Champagne for 700 UAE dirhams ($191) a head.
Not to mention old school “classic” brunches like Bubbalicious at The Westin Dubai Mina Seyahi resort, where diners can unleash their tastebuds across three restaurants and an enormous outdoor terrace for 695 dirhams with unlimited fizz, including an enormous fresh seafood display topped up with lobster, crab, prawns, mussels, and piles of freshly shucked oysters.
“I don’t think people needed the slightest encouragement to go back to brunches after the weekend change,” David Tully, head of media at Dubai’s Middlesex University, told CNBC.
“They could switch brunches to Tuesdays and folks would find a way — Dubaians just can’t say no to a pricey, excessive smorgasbord. Covid can’t destroy a time-honored tradition, nothing breaks the brunch stride in this town.”
The American expat added: “I think Aristotle called it Catharsis — after the slog of the work week, people need a little Dionysian excess on the weekend to let off some steam.”

Brunches are a much-anticipated end-of-week treat for the city’s hardworking residents.
Karim Sahib | Afp | Getty Images

Meanwhile, Stephanie Hughes, the British managing director of a Dubai communications firm who has been an avid brunch-goer since moving to the UAE in 2014, says the new Saturday brunch is a good thing.
“It’s better because we now go to brunch and enjoy a great day out and then have a relaxed, traditional Sunday roast the next day to recover from the festivities,” she told CNBC.
She added: “There now also seems to be more brunch choice, better quality of food and different timings to choose from.” 
Swedish expat Victoria Stevenson, who goes to brunch most weekends with her Scottish husband, says she’s also noticed Dubai venues have upped their game to pull in the punters.
“I think entertainment has become more a part of the brunches; when we go back to Europe for a visit, we’ll really miss the scene,” she told CNBC.
Although some brunches did continue during the height of the pandemic, most were dramatically pared down and included safety measures such as table spacing, hourly table sanitization, screens, and table service as opposed to the usual buffet set up.
Many of the stricter protocols have now been dropped by Dubai’s hotels — although it may be some time before table service gives way to the usual buffet and multiple food stations set up.
Not that it matters.
Hotels are doing all they can to woo back big-spender brunch clientele and their efforts appear to be paying off with bookings soaring in recent weeks in what appears to be a spinoff of so-called “revenge tourism” — a recent concept that refers to consumers being more eager to travel after lockdown restrictions.
“There has certainly been higher demand this year,” Elif Yazoglu, general manager at DoubleTree by Hilton in Dubai’s beachfront Jumeirah Beach Residence, told CNBC.
“There’s a need for everyone to go back to normal, be social, share a meal with family and friends, have casual conversations, and a lot of laughter — brunch is a relaxed weekend option to do that.”
Yazoglu says the hotel’s brunch moving to a Saturday has been smooth sailing in terms of guest acceptance.
“Since the weekend itself shifted for everyone, those who were previously off work on a Friday but now work that day obviously prefer Saturday brunches.”
She added that after a tough couple of years for the hospitality industry due to Covid, 2022 has been upbeat — supported by great weather, the excitement round Expo 2020, and travel trends going back to normal.
“We have also noticed that there’s a great demand for outdoor spaces — if weather supports — and our biggest advantage is our large garden space with its fabulous views of Ain Dubai [Dubai’s iconic observation wheel] and Bluewaters Island,” she said. More

The rate of cancellations and delays is higher this year than 2019.
Airlines have struggled with bad weather, staffing shortfalls and a surge in travel demand.
Transportation Secretary Buttigieg urged airlines to make sure they fly reliably this summer.

Passengers line up at John F. Kennedy International Airport after airlines announced numerous flights were canceled during the spread of the Omicron coronavirus variant on Christmas Eve in Queens, New York, December 24, 2021.
Dieu-Nalio Chery | Reuters

Transportation Secretary Pete Buttigieg urged airline CEOs on Thursday to ensure they can fly their schedules reliably this summer after a rise in delays and cancellations this year, according to a person familiar with the call.
The secretary asked airlines what steps they were taking to ensure that disruptions that occurred over Memorial Day weren’t repeated during July 4 weekend and the rest of the summer, the person said. Buttigieg also pushed airlines to improve customer service so that passengers can rebook quickly, the person said, describing the call as “productive and collaborative.”

Airlines have struggled with routine disruptions such as weather alongside staffing shortfalls and a surge in travel demand. JetBlue Airways, Delta Air Lines, Spirit Airlines, Southwest Airlines and Alaska Airlines have already scaled back their spring and summer travel schedules to give themselves more room to handle disruptions.
More than 7,100 U.S. flights were delayed and nearly 1,600 were canceled as multiple thunderstorms snarled travel to and from some of the country’s busiest airports, according to flight-tracking site FlightAware.

The Thursday meeting came after Sens. Richard Blumenthal (D-Conn.) and Edward Markey (D-Mass.) earlier this month wrote to U.S. airlines’ industry group, Airlines for America, pressing for more information about disruptions over Memorial Day weekend.
“We appreciated the opportunity to meet with Department of Transportation Secretary Buttigieg to discuss our shared commitment to prioritizing the safety and security of all travelers as they reunite with friends, family and colleagues this summer,” Nick Calio, CEO of Airlines for America, which represents large U.S. carriers, said in a statement.
Airline executives have occasionally placed blame on air traffic control.

The Federal Aviation Administration last month called carriers to Florida for a meeting about recent flight disruptions in the state, where flight hurdles include frequent thunderstorms, military exercises and space launches, as well as a surge in demand.
The FAA, which participated in Thursday’s meeting, had said it would increase staffing at a key air traffic facility in Florida, among other measures.

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CNBC’s Jim Cramer on Thursday warned investors to wait for the market to stabilize before doing some buying.
“You don’t fight the Fed, and you don’t fight the tape, which is heavily influenced of course by the Fed. This tape says everything is vulnerable,” the “Mad Money” host said.

CNBC’s Jim Cramer on Thursday warned investors to wait for the market to stabilize before doing some buying.
“You don’t fight the Fed, and you don’t fight the tape, which is heavily influenced of course by the Fed. This tape says everything is vulnerable, again something that’s highly unusual because there should be a bunch of areas that have stabilized,” the “Mad Money” host said.

“As much as the Fed wants a slower economy and even a lower stock market, the repricing of all equities is creating some opportunities. But until things slow down with the tape, those opportunities would and could lead to more pain,” he added.
All three major indices declined on Thursday, reversing the gains made after the Federal Reserve announced a 75-basis-point rate hike on Wednesday. The Nasdaq and S&P 500 fell deeper into bear market territory, and the Dow Jones Industrial Average traded below 30,000 for the first time since 2021. 
Cramer said that there are companies whose numbers he isn’t worried about, listing AMD, Broadcom, Kroger and more as companies that are getting wrongly pummeled in the current market.
However, he warned investors to stay away from pandemic-era winners whose losses seem to have no end, listing names including DoorDash, Airbnb, Etsy and more.
“If these were crummy companies with no hope to ever turn a profit, then these declines would make sense. … That said, these stocks are kryptonite here,” he said. 

Disclosure: Cramer’s Charitable Trust owns shares of AMD.

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CNBC’s Jim Cramer told investors on Thursday that there are four camps of thinking in the current market but only one worth listening to: the one that stays in the market and bets on the Federal Reserve winning its battle against inflation.
“I wouldn’t cash out. Stay the course, muddle through and eventually work the way through the events that caused inflation — Russia, China, the supply chain mess,” the “Mad Money” host said.

CNBC’s Jim Cramer told investors on Thursday that there are four camps of thinking in the current market but only one worth listening to: the one that stays in the market and bets on the Federal Reserve winning its battle against inflation.
“I wouldn’t cash out. Stay the course, muddle through and eventually work the way through the events that caused inflation — Russia, China, the supply chain mess,” the “Mad Money” host said, referring to the Russia-Ukraine war and Covid factory shutdowns in China.

“Once that happens … you’ll want to have some stock exposure, because when the market turns, it tends to turn on a dime,” he added.
Cramer said that while his mindset is shared by one cohort of investors, there are three more camps of thinking that investors should ignore.
Here are the four camps of market mindsets as explained by Cramer, starting with the one he is a part of and believes other investors should be, too.

Positioning portfolio for a Fed win by year-end

This group, which Cramer is a member of, believes “there’s been tremendous destruction in the stock market already … the likes of which we’ve rarely seen,” he said. “And we’re probably still not done with the pain, but after being way too timid, the Fed has indeed woken up.”

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He added that this camp believes the Fed will win as long as Fed Chair Jerome Powell continues to act aggressively against inflation.

Pessimistic billionaires

Cramer says that it’s not a good idea for the average person to take market advice from this cohort of pessimistic billionaires, who have much more cash to spare than the average person. 
“Some of these guys are very smart, and they sound very convincing, but their analysis only applies if you’re already super rich. If you’re a regular person, you’re going to have a different set of financial priorities,” he said.

Severe recession believers

This cohort believes the Federal Reserve is too late in raising interest rates and that there needs to be a recession for inflation to cool down, or that a recession is inevitable, according to Cramer.
“The maximum pain camp, they refuse to recognize that both the consumer and the enterprise are the healthiest they’ve ever been. …  They’re too binary in their thinking: They can only imagine rampant inflation or a miserable recession, but those are just the most extreme outcomes,” he said.

Stagflation enthusiasts

This group believes the economy will undergo stagflation, which is when inflation remains high while the economy slows down, says Cramer.
“They act like the economy can’t accelerate and inflation’s already totally embedded in the system. … Of course, you either believe Powell or you don’t. I think most don’t, which is why I’m betting the stagflation camp will be the dominant one,” he said.
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