Raphael Stevens

Shanghai, which emerged from a two-month lockdown early this month, said Thursday that seven of its 16 districts would conduct mass testing, according to state media. Those areas included financial and downtown districts.
Since Thursday, at least three districts in Beijing have ordered bars and some other entertainment venues to close until further notice.

People wait in line for nucleic acid tests to detect COVID-19 at a testing site on June 9, 2022, in Beijing, China. China says it has generally controlled recent outbreaks in Beijing after hundreds of people tested positive for the virus in recent weeks.
Kevin Frayer | Getty Images News | Getty Images

BEIJING — China’s two largest cities are tightening some Covid measures again, just days after loosening them as the virus appeared under control.
Shanghai, which emerged from a two-month lockdown early this month, said Thursday that seven of its 16 districts would conduct mass testing this weekend, according to state media. Those areas included financial and downtown districts.

During the testing period, residents in affected areas will need to stay home until the testing is over, the city said in the comments section of an official release.
It was not clear to what extent other restrictions on business would be applied during the testing. Implementation of Covid restrictions can also vary by apartment neighborhood. Factories can generally remain in operation if their workers live on-site or otherwise operate in a bubble.
Minhang, one of the seven districts and located near the outskirts of Shanghai, told residents Thursday to stay home during virus testing on Saturday.
Since Thursday, at least three districts in Beijing have ordered bars and some other entertainment venues to close until further notice. After the city reported one new confirmed Covid case for Wednesday, a handful of subsequent cases were tied to bars and nightclubs.
Beijing allowed restaurants on Monday to resume serving customers inside stores, after only permitting takeout or delivery for about a month. The latest outbreak in the capital city began in late April.

Read more about China from CNBC Pro

Mainland China reported 30 new confirmed Covid cases for Thursday, including 15 in Inner Mongolia, where a small city locked down last week after a few new Covid cases.
Universal Beijing Resort said earlier this week it planned to reopen on June 15 after closing temporarily in early May.
Shanghai Disneyland and Disneytown have been closed since late March. Some Shanghai Disney Resort retail and park areas reopened Friday.
Disclosure: NBCUniversal is the parent company of Universal Studios and CNBC.

WATCH LIVEWATCH IN THE APP More

Travelers planning a golfing vacation to prestigious courses in the United Kingdom may need to act fast.
Some of the U.K.’s top venues are selling out, not just this year, but for spots — or tee times — in 2023, due in part to growing confidence in international travel among wealthy Americans.

Travelers are attracted by the chance to tee off at venues played by some of the game’s top players, and premium courses in proximity to one another make Scotland a particularly hot ticket.
Gordon Dalgleish, a Scot who has run U.S. tour operator PerryGolf for nearly four decades, says he’s never seen so much demand from Americans wanting to play upscale courses in Britain, such as the Old Course at the seaside town of St. Andrews and Muirfield, east of Edinburgh.
“These are the courses which are filling up far quicker than I have seen in 38 years. Some are already full,” he told CNBC by email.
PerryGolf has almost sold out of 2023 spots to play the Old Course, which hopes to host Tiger Woods at the 150th Open Championship in July. The star said in a tweet that he had pulled out of next week’s U.S. Open due to health issues, adding that he plans to be ready for the U.K. event.
Dalgleish said travelers are booking trips months earlier than usual, especially those who accumulated cash during the pandemic and are ready to spend.

“If you look at the kind of typical demographic of the American golfer, maybe mid to later in life in age, they’ve got vastly more money, and they’ve got less time than they had two years ago,” he told CNBC by phone.
Now, even well-known people with money to burn are being turned away, Dalgleish said. He said “A-list businesspeople” contact him but “simply don’t understand that [bookings] aren’t available,” he said.
It’s estimated that nearly 67 million people worldwide played 9- or 18-hole courses in 2021, a record high, and a figure that rose during the pandemic as people headed outdoors to sharpen their handicaps, according to The R&A, which governs the rules of golf for most of the world.

Scotland’s top courses

St. Andrews Old Course
St. Andrews is home to seven courses, and the “Old Course” is where the sport of golf is said to have originated around 600 years ago. Jack Nicklaus won the Open Championship, or “Open,” there in 1970 and 1978, and it’s known for features like the 700-year-old Swilcan Bridge and the 7-foot deep sand trap Hell Bunker.
The best way for overseas travelers to get a spot on the Old Course is via an authorized provider. U.S. firms PerryGolf and SGH Golf are on the list, as are others including the Scottish-based DP&L Golf.

Jack Nicklaus won the 1970 Open Championship held on the Old Course at St Andrews, Scotland. The course remains one of the most popular with American visitors.
R&A Championships | R & A | Getty Images

However, if you’re prepared to take a risk, the Old Course operates a ballot for tee times 48 hours ahead of play. With half of spots allocated this way, the lottery system “enables golfers who are in the area to still have the opportunity to play,” according to its website.
Another option is to go solo. Single golfers, who show up on the day of play, are sometimes grouped with two or three other players.
Ian Murphy, a Brit who lives in the south of England and who said he takes three or four short golfing vacations a year, recommends contacting hotels or tourist boards like Visit Scotland to see whether they have available tee times. If not, it’s possible to soak up the atmosphere of the Old Course without playing it, he said.

What is a “links” course?

“Links” courses are the original style of golf course, originating in Scotland. The term “links” comes from the Old English word “hlinc,” which means ridge or rising ground, and refers to golf courses on the Scottish, Irish or English coast that are sandy and undulating. Such courses tend to be hard to play, as they are exposed to the elements, and differ from manicured parkland courses, which often have trees and man-made features.

“You can actually just walk around the golf course, and that’s nearly as good as playing it,” he said. “You can stay at a nice guest house in St. Andrews, spend half an hour just watching people tee off on the Old Course [and] have lunch at the clubhouse.”
Murphy — who has managed to play the Old Course three times in the past two years due to a lack of overseas bookings related to the pandemic — also recommends booking tee times out of season. Besides, he said, the weather in Scotland can be unpredictable, so going in high summer doesn’t guarantee sunshine.
Trump Turnberry
Trump Turnberry, on the west coast of Scotland and the first course to host the Open in 1860, is a favorite of U.S. club professional Kyle Phelps.
“It is a layout that is challenging but allows you to be rewarded if you are playing well. The views are amazing and the fact that the halfway house is a lighthouse is absolutely spectacular,” he told CNBC via email.
The course has tee times available this summer, although some weekend spots have sold out, according to the club’s website.
The lighthouse stands among the ruins of the 13th-century Turnberry Castle, and Phelps, who is head golf professional at Rhode Island Country Club, said part of the appeal of Scottish courses is that their topography is different from the manicured courses in the United States.

The lighthouse at the Ailsa Course at the Trump Turnberry Resort. The Trump Organization bought the course in 2014.
David Cannon | Getty Images

Courses might feature burns, or streams, plus vast swaths of heather plants, double greens — which have two holes to play rather than one — and pot bunkers, which are small and deep unlike shallower sand bunkers, Phelps said.
The Trump Organization has owned Turnberry since 2014, and it claims to have spent 200 million pounds ($253 million) on its restoration. The ownership is not without controversy: Days after the attacks on the U.S. Capitol, the R&A, which organizes the Open, said it would not hold the championship at the club while it is owned by the former president’s company.
Muirfield
Dating to 1744, Muirfield will host the Women’s Open Championship in August. Reports have suggested that tee times for summer 2023 are fully booked, but a representative told CNBC that while May through September are in “high demand,” there are still some slots during this period, as well as in April and October of next year.

A woman plays golf at Muirfield, Scotland, in 2019, as the club opened its doors to women for the first time. It will host the Women’s Open Championship in August.
Jeff J Mitchell | Getty Images

Playing multiple courses in one trip

Perry Golf’s clients on a six-night tour can take in multiple top courses, such as the Royal Troon Golf Club, which is set to host the Open in 2024, Carnoustie Golf Links — where golfing legend Ben Hogan first played links golf in 1953 — and Kingsbarns Golf Links, where U.S. swimmer Michael Phelps made a “monster” 153-foot putt in 2012.
Such a tour might cost around $12,000 per person, including airfare and expenses, Dalgleish said. “Our demographics are folks that are members of multiple clubs that are spending significantly to join clubs … and that’s just part of their lifestyle,” he explained.

U.S. Olympic swimmer Michael Phelps at the Alfred Dunhill Links Championship at Kingsbarns Golf Links on Oct. 5, 2012 .
Ian MacNichol | AFP | Getty Images

Kyle Phelps said being able to stay at one hotel and play a number of venues is the best part of golfing in the U.K.
“On a long weekend you can play The Old Course, Carnoustie & Kingsbarns,” he said. “In the U.S., that would be equivalent to playing Pine Valley, Merion and Pebble Beach on consecutive days.”

Insider picks 

Royal Dornoch
Another course in high demand is one of Murphy’s favorites: the Royal Dornoch in the Scottish Highlands in the northeastern part of the country. Being so far north, the sun sets about an hour later than in London which provides “spectacular” views for longer, Murphy said.

Scottish golf course Royal Dornoch has seen “unprecedented demand” from those wanting to play in 2022, according to its website.
Lucinda Lee / Eyeem | Eyeem | Getty Images

“It’s just stunning in terms of views over the Dornoch Firth and onto the North Sea, and the town itself is a beautiful Highland Scottish town with an old cathedral,” said Murphy. The course is “right in the center of the village as well, so it’s a central part of the community.”
But because of “unprecedented demand,” bookings for the club’s “Championship Course” are closed this year, per the club’s website, and golfers are advised to register online for future availability.
Murcar Links
Just outside Aberdeen in northeast Scotland is Murcar Links, a “hidden gem” with a “warm, friendly” environment, according to Murphy.
“It’s right on the coastline, with views of the oil rigs and the wind turbines in the sea in the background,” he said, calling it a “lovely, quirky little golf course.”
It’s nine miles from Aberdeen Airport, and has bookings available for this summer, which start at around 130 pounds.
Castle Stuart Golf Links
Close to Inverness Airport is Castle Stuart, opened in 2009 and designed by the late developer Mark Parsinen and architect Gil Hanse, both Americans.

Sweden’s Alex Noren plays at the Scottish Open at Castle Stuart Golf Links on July 8, 2016. He went on to win the tournament.
Kevin C. Cox | Getty Images

Murphy likes the course for its service: “Everyone knows your name right from the time you arrive … Everything runs so smoothly between the arrival, the check-in, the meal in the clubhouse, the trip to the driving range, the visit to the first tee, the man serving you drinks at halfway … It’s more like American service, but at a personal level,” he said.
The course is currently promoting packages for October and November, and golfers are advised to email for availability. More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer said Thursday he expects a “tech exodus” from California in the future, with one of the drivers being tech leaders’ dissatisfaction with their younger employees.
“They’re tired of the San Francisco workforce, which they think is full of spoiled nitwits who are there one day and gone the next,” Cramer added.

CNBC’s Jim Cramer on Thursday said that he expects a “tech exodus” from California in the future, with one of the drivers being tech leaders’ dissatisfaction with their employees.
Cramer, who has spent the week in San Francisco, said he’s hearing that “many of the CEOs out here have had it with younger workers who’re telling them what to do and when and where they want to work.”

“They’re tired of the San Francisco workforce, which they think is full of spoiled nitwits who are there one day and gone the next,” Cramer added. He did not name these executives whom he said he talked to off-air.
The “Mad Money” host said that such frustration could end up benefiting other parts of the country, with tech firms “moving to areas of the country where they can hire talented people for way less money — people who will have more loyalty to the business and accountability to the CEO, if only because they’ll have fewer options to jump ship.”
However, Cramer noted that upper management’s issues with their employees are not the only reasons technology companies are planning to relocate away from Silicon Valley. Real estate in San Francisco’s metro area has a hefty price tag, Cramer pointed out, adding he’s “heard Atlanta mentioned several times, Austin is always in the mix, and of course Florida” as potential places to move.
Cramer also said he heard that there will be layoffs in the tech sector, rivaling those since after the dot-com bubble of the mid-to-late 1990s burst. At the time, highly speculative internet stocks helped propel the Nasdaq up more than 500% from 1995 until it all ended in March 2000. The tech-dominated index had traded above 5,000 before it then tumbled by nearly 80% to a multidecade low of 1,108 in October 2002.
Tech stocks tumbled on Thursday along with the rest of the market. The Nasdaq has been mired in a terrible bear market, defined by declines of 20% or more from prior highs. In fact, as of Thursday’s close, the index was down more than 25% from its most recent all-time high back in November 2021.

“Remember, the industry loves to pay people with stock options,” Cramer said. “But that’s not an enticing form of compensation when the stocks keep getting pulverized.”

WATCH LIVEWATCH IN THE APP More

The PGA Tour has suspended 17 golfers, including major championship winners Phil Mickelson and Dustin Johnson, who are competing in the Saudi-backed LIV Golf event near London.
The PGA Tour will also suspend any future tour players who play in LIV events, an internal memo says.
LIV Golf in a statement called the decision “vindictive” and said it “deepens the divide between the Tour and its members.”

The PGA Tour has suspended 17 golfers, including major championship winners Phil Mickelson and Dustin Johnson, who are competing Thursday in the Saudi-backed LIV Golf event near London. The suspensions are indefinite.
The players “did not receive the necessary conflicting event and media rights release — or did not apply for releases at all,” according to an internal PGA Tour memo. The PGA Tour will also suspend any future tour players who play in LIV events, says the memo, which is dated Thursday.

“These players have made their choice for their own financial-based reasons,” the memo reads. “But they can’t demand the same PGA TOUR membership benefits, considerations, opportunities and platform as you.”

Phil Mickelson plays on the 18th during the Pro-Am at the Centurion Club, Hertfordshire ahead of the LIV Golf Invitational Series.
Steven Paston | PA Images | Getty Images

Mickelson, who’s about to turn 52, has been a major recruiter for LIV Golf, which is funded mainly by Saudi Arabia’s Public Investment Fund. He hasn’t participated in a golf tournament since February. His deal with LIV is reportedly worth about $200 million. Johnson’s deal is worth about $125 million, The New York Post reported.
Mickelson, who has won six major golf championships, is second behind Tiger Woods on the PGA Tour’s career money leader list with nearly $95 million. Johnson is third with about $74 million. (Woods declined a massive offer to join LIV, according to Greg Norman, another former PGA star who serves as the CEO of LIV Golf Investments.)
Norman, Mickelson and others have taken heat for aligning with the venture despite the Saudi government’s past human rights abuses, including its involvement in the killing of Washington Post columnist Jamal Khashoggi. (A Saudi court sentenced several people to prison terms over the killing.) In February, Mickelson told his biographer that he believes it’s “scary” to be involved with the Saudis, but said there were other factors at play.
Read the PGA Tour memo here.

“They execute people over there for being gay. Knowing all of this, why would I even consider it? Because this is a once-in-a-lifetime opportunity to reshape how the PGA Tour operates,” he said at the time.
Mickelson didn’t immediately respond to a request for comment from CNBC. Johnson said he had no comment.
As for whether the players will be able to rejoin the tour later, the PGA Tour memo said, “Trust that we’re prepared to deal with those questions and we’ll approach them in the same way we have this entire process: by being transparent and respecting the PGA TOUR regulations that you helped establish.”
LIV Golf in a statement called the decision “vindictive” and said it “deepens the divide between the Tour and its members.”
“It’s troubling that the Tour, an organization dedicated to creating opportunities for golfers to play the game, is the entity blocking golfers from playing. This certainly is not the last word on this topic. The era of free agency is beginning as we are proud to have a full field of players joining us in London, and beyond,” the organization said.
The LIV event in England is the first of eight scheduled tournaments. Five of them are set for the United States, including two on courses owned by former President Donald Trump.
Here is the list of players. The asterisks denote players who have already told the PGA Tour that they’re resigning their memberships. You can read the full internal memo here.

Sergio Garcia*
Talor Gooch
Branden Grace*
Dustin Johnson*
Matt Jones
Martin Kaymer*
Graeme McDowell*
Phil Mickelson
Kevin Na*
Andy Ogletree
Louis Oosthuizen*
Turk Pettit*
Ian Poulter
Charl Schwartzel*
Hudson Swafford
Peter Uihlein
Lee Westwood*

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

Several categories of e-commerce are seeing price decreases and support the expectation that digital shopping among consumers will hold strong, Adobe chief executive Shantanu Narayen told CNBC’s Jim Cramer on Thursday.
“What’s happening is actually you’re seeing some price decreases in elements like electronics or things that are happening with games,” Narayen said in an interview on “Mad Money.”

Several categories of e-commerce are seeing price decreases and support the expectation that digital shopping among consumers will hold strong, Adobe chief executive Shantanu Narayen told CNBC’s Jim Cramer on Thursday.
“When you look at the total expense, in addition to the macroeconomic, where there may be a little bit more concern, what’s happening is actually you’re seeing some price decreases in elements like electronics or things that are happening with games,” Narayen said in an interview on “Mad Money.”

Grocery inflation is still high, he added.
The CEO’s comments come a day before the May consumer price index, which measures data mostly from nononline outlets, is set to come out. Wall Street nervously looked forward to the data on Thursday as a measure of the state of inflation, with stocks declining for the day.
Narayen also noted that consumer spending increased by $1 billion from April to May, according to Adobe’s newest digital economy index. 
“Nothing’s going to change as it relates to people saying, ‘I want to do digital engagement, I want to perhaps buy digitally, pick up physically and you know, the multichannel thing,” he said.
Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer

Questions for Cramer?Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer’s world? Hit him up!Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
Questions, comments, suggestions for the “Mad Money” website? [email protected]

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

CNBC’s Jim Cramer reminded investors to own profitable, recession-proof stocks rather than conceptual ones after major tech stocks tumbled on Thursday.
“If you own the tangible stocks I’ve been highlighting, you have an opportunity to buy more into weakness,” the “Mad Money” host said.

CNBC’s Jim Cramer reminded investors to own profitable, recession-proof stocks rather than conceptual ones after major tech stocks tumbled on Thursday.
He noted that while the stocks took a hit, they’re still “terrific” and stand out from uninvestable names for two main reasons.

Investable stocks “have a defined downside because of that dividend and their lack of sensitivity to interest rates. … The other reason: They’re mature companies that have gotten through recessions before and come out the other side even stronger,” he said.
“If you own the tangible stocks I’ve been highlighting, you have an opportunity to buy more into weakness. If you’re stuck with the conceptual stocks that I’ve warned you away from, you have a crisis,” he added.
Some of the tech names that tumbled include Facebook-parent Meta, Amazon and Apple. The rest of the market also declined as investors look forward to May’s consumer price index to shed light on the state of inflation.
Cramer took the day’s declines as an opportunity to remind investors of his mantra for owning stocks.
“As I’ve said over and over again, you want to own companies that make real things and do real stuff and turn a profit in the process, with relatively cheap stocks and good dividends or buybacks,” he said. “That group is … losing money, but it’s held up.”

Disclosure: Cramer’s Charitable Trust owns shares of Apple, Amazon and Meta.

WATCH LIVEWATCH IN THE APP More

Monday – Friday, 6:00 – 7:00 PM ET

It’s that time again! “Mad Money” host Jim Cramer rings the lightning round bell, which means he’s giving his answers to callers’ stock questions at rapid speed.

Loading chart…

Portillos Inc: “We’re going to have to save that one for later and lower.”

Loading chart…

Berkshire Hathaway Inc: “I’ve been recommending that stock ever since the week that [Mad Money] began. … Berkshire Hathaway is for me.”

Loading chart…

Loading chart…

Loading chart…

Six Flags Entertainment Corp: “If you get bad weather … you’re going to end up getting hurt. So, I’m going to have to say no to Six Flags.”
Disclosure: Cramer’s Charitable Trust owns shares of Constellation Brands.

WATCH LIVEWATCH IN THE APP More

The push comes after the United Kingdom, Italy, Greece and others have lifted similar requirements as pandemic restrictions ease around the world.
The U.S. still requires all travelers flying into the country to provide proof of a negative Covid-19 test or proof that they recovered from Covid, regardless of their vaccination status or citizenship.
Executives say they haven’t been given a timeline of when the requirement might end.

Travel and hospitality CEOs are stepping up pressure on the Biden administration to scrap a requirement that anyone flying into the U.S. present a a negative Covid-19 test before departure, saying the rule is discouraging visitors and hurting the country’s tourism industry.
The push comes after the United Kingdom, Italy, Greece and others have lifted similar requirements as pandemic restrictions ease around the world.

In the U.S., health officials still require travelers flying into the country to provide proof of a negative Covid-19 test, regardless of their vaccination status or citizenship. People can also present proof that they recovered from Covid. Other countries including South Korea and Japan also require travelers to present a negative Covid test.
“Requiring pre-departure testing creates uncertainty for travelers, one more hurdle that may lead them to choose a destination with less friction,” Marriott CEO Tony Capuano said in a statement to CNBC. “The U.S. will miss out if we don’t eliminate those unnecessary barriers.”
Nearly 40 U.S. mayors including from San Francisco and Miami also sent a letter this week to Dr. Ashish Jha, the White House Covid-19 coordinator, urging him to lift the requirement. The letter said American cities are still struggling to regain international visitors.
Travel industry executives also met with Jha last week, but say they didn’t get a timeline for when the requirement might end.
“They are unable to cite when predeparture testing will be lifted,” Tori Barnes, president of the U.S. Travel Association, told CNBC after the meeting.

The White House did not respond to a request for comment.
“Predeparture testing is holding international travelers back from bookings a trip to the U.S.,” said Jon Bortz, CEO of Pebblebrook Hotel Trust, which owns 54 hotels around the country.
Glenn Fogel, CEO of the world’s largest online travel operator, Booking Holdings, said the test requirement is pushing people to visit other countries. In other cases, he noted people just find ways around the requirement.
“We also see instances of people simply avoiding the restriction by flying into Canada or Mexico and driving across the border,” Fogel said in a statement.
In a note to investors Wednesday, Morgan Stanley analyst Jamie Rollo wrote that the testing requirement is becoming especially concerning for cruise travelers, who worry about being stuck on a ship testing positive.
Keith Barr, CEO of InterContinental Hotels Group, expressed frustration with the country’s testing requirement on CNBC’s “Closing Bell” Tuesday.
“It’s out of step with the rest of the world,” he said.

WATCH LIVEWATCH IN THE APP More