Raphael Stevens

A document outlining the European Commission’s aims for the REPowerEU plan was published on Wednesday.
It highlighted the importance of energy savings, the diversification of energy imports and speeding up what it called “Europe’s clean energy transition.”
The EU’s desire to wean itself off Russian hydrocarbons means it will need to find oil and gas from other parts of the world to plug supply gaps.

A wind turbine and coal in Lower Saxony, Germany. The EU’s desire to wean itself off Russian hydrocarbons means it will need to find fossil fuels from other parts of the world to plug supply gaps.
Mia Bucher | Picture Alliance | Getty Images

The European Commission has fleshed out details of a plan to ramp up the EU’s renewable energy capacity and reduce its reliance on Russian fossil fuels, at the same time acknowledging that existing coal facilities may have to be used for “longer than initially expected.”
A document outlining the Commission’s aims for the REPowerEU plan was published on Wednesday, highlighting the importance of energy savings, the diversification of energy imports and speeding up what it called “Europe’s clean energy transition.”

In total, it envisages extra investment of 210 billion euros ($220.87 billion) between 2022 and 2027. When it comes to renewables’ share in the EU’s energy mix, the Commission has proposed that the current target of 40% by 2030 should be increased to 45%.
The Commission’s proposals came on the same day the governments of Denmark, Germany, the Netherlands and Belgium said they would aim for a combined target of at least 65 gigawatts of offshore wind capacity by 2030. By the middle of the century, they are aiming for 150 GW of capacity.

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On the fossil fuel front, the situation is a challenging one. Russia was the biggest supplier of both petroleum oils and natural gas to the EU last year, according to Eurostat.
The EU’s desire to wean itself off Russian hydrocarbons following the latter’s invasion of Ukraine means it will need to find oil and gas from other parts of the world to plug supply gaps.
The Commission said as much as 1.5 to 2 billion euros of investment would be needed to secure oil supply. To import enough liquefied natural gas and pipeline gas from other sources, an estimated 10 billion euros will be needed by 2030.

All the above comes at a time when the EU has said it wants to be carbon neutral by 2050. In the medium term, it wants net greenhouse gas emissions to be cut by at least 55% by 2030, which the EU calls its “Fit for 55” plan.
The Commission said REPowerEU could not work without what it called “a fast implementation of all Fit for 55 proposals and higher targets for renewables and energy efficiency.”
In this new reality, gas consumption in the EU would “reduce at a faster pace, limiting the role of gas as a transitional fuel,” the Commission said.
“However, shifting away from Russian fossil fuels will also require targeted investments for security of supply in gas infrastructure and very limited changes to oil infrastructure alongside large-scale investments in the electricity grid and an EU-wide hydrogen backbone,” it added.
“In parallel, some of the existing coal capacities might also be used longer than initially expected, with a role for nuclear power and domestic gas resources too,” the Commission said.

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During a press conference on Wednesday the EU’s climate chief, Frans Timmermans, admitted that using less natural gas in a transitional phase would mean “you might use coal a bit longer — that has a negative impact on your emissions.”
“But if at the same time, as we propose, you rapidly speed up the introduction of renewables — solar, wind, biomethane — you then have the opposite movement,” he said.
Timmermans, who is the European Commission’s executive vice president for the European Green Deal, went on to stress the importance of finding a middle ground.
“If we can actually do what I say — reduce our energy consumption in combination with a speedier introduction of renewables — we will bring down our emissions even quicker than before,” he said.
“And then, of course we will have slightly higher emissions if people stick a bit longer to coal, but we need to strike the balance so that, on balance, we do not increase our emissions — we hopefully even decrease them more.”
Coal has a substantial effect on the environment, with Greenpeace describing it as “the dirtiest, most polluting way of producing energy.”
Elsewhere, the U.S. Energy Information Administration lists a range of emissions from coal combustion, including carbon dioxide, sulfur dioxide, particulates and nitrogen oxides.
The European Commission announcement drew criticism from a number of environmental organizations.
“These plans are supposed to fast-track the clean energy transition — but the European Commission’s latest strategy gives with one hand and takes with the other,” Eilidh Robb, an anti-fossil fuels campaigner at Friends of the Earth Europe, said.
“So-called REPowerEU contains useful and necessary strides towards renewable solutions but it simultaneously enables almost 50 fossil fuel infrastructure projects and expansions,” Robb said. More

The Centers for Disease Control and Prevention’s independent experts overwhelmingly recommended a Pfizer booster dose for kids ages 5 to 11.
CDC Director Dr. Rochelle Walensky signed off on the recommendation, giving health-care providers the green light to start administering the shots.
The recommendation comes as infections and hospitalizations are rising across the U.S.

Alden Lee, 6, gets first dose of Pfizer-BioNtech Covid-19 vaccine at Children’s Hospital Arcadia Speciality Care Center on Saturday, Jan. 8, 2022 in Arcadia, CA.
Irfan Khan | Los Angeles Times | Getty Images

The Centers for Disease Control and Prevention on Thursday recommended a Pfizer Covid booster shot for children ages 5 to 11 at least five months after their primary vaccination series, as infections are on the rise across the country and immunity from the first two doses wanes off.
The CDC’s panel of independent vaccine experts voted overwhelmingly in favor of boosters for kids in the age group after reviewing and discussing the data during a five-hour public meeting. CDC Director Dr. Rochelle Walensky signed off on the recommendation later in the evening, giving pharmacies, doctors’ offices, and other health-care providers the green light to start administering the shots.

The CDC is rolling out boosters for 5- to 11-year-olds even though most of the kids haven’t received their first two doses yet, with only 29% of the age group fully vaccinated. Walensky, in a statement Thursday, sought to reassure parents that the shots are safe and encouraged them to get their kids vaccinated.
“Vaccination with a primary series among this age group has lagged behind other age groups leaving them vulnerable to serious illness,” Walensky said. “I encourage parents to keep their children up to date with CDC’s COVID-19 vaccine recommendations.”
Though Covid is generally less severe in children than adults, more kids ages 5 to 11 have been hospitalized during the omicron wave than at any other point during the pandemic, according to CDC data. Since the start of the pandemic, more than 4.8 million kids in the age group have caught Covid, more than 15,000 have been hospitalized and more than 180 have died, according CDC data.
Public health officials are also concerned about children developing long-term health conditions such as long Covid and multisystem inflammatory syndrome, MIS-C for short, a serious condition associated with Covid infection that impacts multiple organ systems.
“The impact and severity of long haul Covid on kids is substantial, and while we might not see it in the medical care setting, it is absolutely affecting the lives of individuals who are impacted,” said Dr. Grace Lee, the committee chair and professor of pediatrics at Stanford University School of Medicine.

More than 8,000 children have developed MIS-C since the start the pandemic, with kids ages 5 to 11 most commonly affected at 46% of reported cases, according to CDC data. Sixteen children in the age group have died from MIS-C, 23% of the 68 total reported fatalities across kids of all ages.
Dr. Keipp Talbot, the sole vote against the booster recommendation, said the U.S. needs to focus its resources on vaccinating the overwhelming majority of kids in the age group who have not received their first round of shots, rather than moving forward with a third dose.
“Very few have gotten the first two doses, and I think that’s incredibly important to focus on before we start boostering them,” said Talbot, an internist and infectious disease specialist at Vanderbilt University.
Currently, the U.S. is reporting more than 99,000 new infections a day on average as of Tuesday, a 22% increase over the week prior, according to CDC data. Hospitalizations have also increased 22% over the past week, with more than 3,000 people admitted with Covid a day on average, according to the data.
As cases increase, the immune protection provide by the vaccines against infection has waned off as more time has elapsed since people got their first two shots. Omicron and its subvariants are also adept at evading the antibodies that block infection.
In the 5 to 11 age group, Covid vaccination was 43% effective against infection 59 days after the second dose during the period when omicron became the dominant Covid variant, according to CDC data. However, vaccination was 74% effective at preventing hospitalization in 5 to 11-year-olds against all virus variants.
Pfizer presented data from a small group of 30 children ages 5 to 11 showing that a third dose boosted infection-blocking antibody levels against omicron 22 fold one month after administration compared to two doses. Dr. Charu Sabharwal, Pfizer’s director of vaccine clinical research, said the increased antibody levels should confer real-world protection against the omicron variant, though the company did not present efficacy data during Thursday’s meeting.
Sabharwal said most reactions to the third dose among a broader group of 401 kids were mild to moderate, with fatigue and headache the most common. The rate of fevers was low with none of the kids reporting a temperature great than 104 degrees Fahrenheit, or 40 degrees Celsius. There were no cases of myocarditis or pericarditis, or inflammation of the heart. Ten kids had swollen lymph nodes, but the cases were mild and resolved within a week after onset, according to Pfizer’s data.
More than 18 million Pfizer doses have been administered to 5 to 11-year-olds in the U.S. since the two-dose vaccination series was authorized for the age group in November. The overwhelming majority of reactions to the vaccine, 97%, were not serious, according to CDC data. The most common side effects from the shots were fever, vomiting, headache, dizziness and fatigue.
Myocarditis following the second Pfizer shot is rare in boys ages 5 to 11 with 2.7 cases reported per million doses administered, which is far lower than boys ages 12 to 15 who reported 48 myocarditis cases per million doses, according to data from the CDC’s Vaccine Adverse Event Reporting System.
Dr. Sara Oliver, a CDC official, said the rate of myocarditis in kids ages 5 to 11 would likely be even lower following a booster dose given that is the case with other age groups.
The CDC has verified 20 cases of myocarditis, an inflammation of the heart, in kids ages 5 to 11 as of April following Pfizer vaccination. The overwhelming majority of the myocarditis patients were boys, 17 were hospitalized and 1 died. The boy who died had no evidence of viral infection, developed a fever 12 days after dose 1 followed by stomach pain, vomiting and death on day 13.
The CDC, in a large study published in April, found that the risk of myocarditis is higher after Covid infection than vaccination with Pfizer and Moderna’s shots.

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CNBC’s Jim Cramer on Thursday told investors that he’s optimistic that stocks of “amazing businesses” will make a comeback once the stock market faces better conditions,.
“As much as I can recite the negatives about these five stocks in my sleep, I remain unshakable in my belief that after the smoke clears, they will be higher, not lower,” the “Mad Money” host said.

CNBC’s Jim Cramer on Thursday told investors that he’s optimistic that stocks of “amazing businesses” will make a comeback once the stock market faces better conditions, highlighting five names in particular.
“Over the long haul, I think the best way to make money is by believing, not disbelieving, by owning, not renting, by taking the pain and engaging. Not slamming the door and hiding in the bedroom. That’s why I’m here,” the “Mad Money” host said.

“In the end, as much as I can recite the negatives about these five stocks in my sleep, I remain unshakable in my belief that after the smoke clears, they will be higher, not lower,” he said.
Here is the list of five stocks:

Apple
Nvidia
Costco
AMD
Alphabet (Google)

“At times, these companies will not do well. But they’re amazing businesses with amazing management. I’ll give them another chance to have amazing stocks, too, because historically that’s been the right call,” Cramer said.
The major indices took smaller losses on Thursday than the day before, as investors continue to shed their holdings over concerns that a recession is pending due to the Federal Reserve’s upcoming interest rate hikes.
Such fears, along with other headwinds including Russia’s invasion of Ukraine, Covid shutdowns in China and more have left stocks across many industries battered. Disappointing quarters from companies including Target and Cisco this week have further spurned the market’s tailspin.

Still, Cramer maintained that he’s remaining optimistic about finding winners in the market – though he did warn investors against betting on false hope earlier this week.
“I can still see a way to make things work. I’m not ready to throw in the towel,” he said.
Disclosure: Cramer’s Charitable Trust owns shares of Apple, Nvidia, Costco, AMD and Alphabet.

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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.

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PLBY Group Inc: “This company’s losing money. … I don’t want to touch money losers.”

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DraftKings Holdings Inc: “I know if California and Florida come on, you’re going to say why not buy it at $14, but there’s a lot of capacity in that industry.”

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Cloudflare Inc: “The business is very good. … I am fine with Cloudflare.”

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CNBC’s Jim Cramer said Thursday that he’s bullish on the defense industry and has four stocks in mind that he believes are investable.
“The Russian invasion of Ukraine is a game-changer for the defense industry, and you’d really have to be clueless not to notice,” the “Mad Money” host said.

CNBC’s Jim Cramer said Thursday that he’s bullish on the defense industry and has four stocks in mind that he believes are investable.
“There’s at least one industry that’s booming right now, and it will keep booming regardless of what happens with the [Federal Reserve] in particular or U.S. economy in general. I’m talking about the defense industry, which is on fire,” the “Mad Money” host said.

“The Russian invasion of Ukraine is a game-changer for the defense industry, and you’d really have to be clueless not to notice,” he later added.
Here is Cramer’s list of four investable defense stocks:

Raytheon
Lockheed Martin
AeroVironment
Northrop Grumman

Cramer also noted that the iShares US Aerospace & Defense ETF and the Invesco Aerospace & Defense ETF have year-to-date declines of around 4% and 5%, respectively, while the S&P 500 has plunged around 18%.
“This is just the beginning. If the defense contractors can hold up this well during the worst tape in years, I bet they can soar when the market gets a little less hostile,” he said.
He added that the United States and countries in Europe will likely look to invest more in defense. 

The U.S., which on Thursday passed a $40 billion security assistance package for Ukraine, will have to spend to replenish its own stockpiles of military equipment while continuing to send aid to the warring country, Cramer said.
Citing Sweden’s and Finland’s recently launched bids to join NATO, Cramer predicted that the two countries will have to increase their military spending.
“If Sweden and Finland do join, they’ll have to substantially boost their defense spending as part of their treaty obligations — but then again they’d probably do it anyway given that they live right next door to Russia,” he said.
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U.S. officials confirmed a case of the monkeypox virus in Massachusetts, according to the CDC.
Monkeypox is a viral illness that typically starts with flu-like symptoms and progresses to include a rash on the face and body.
The agency is urging medical professionals to watch out for rash illnesses that have features similar to monkeypox.

Health officer uses a thermal head to detect a monkeypox virus on arriving passengers at Soekarno-Hatta International Airport in Tangerang near Jakarta, Indonesia on May 15, 2019.
Jepayona Delita | Future Publishing | Getty Images

U.S. health officials late Wednesday confirmed a case of the monkeypox virus in Massachusetts, the first to be reported across the nation this year. 
The Centers for Disease Control and Prevention and Massachusetts health officials are investigating a case, which was identified in a man who recently traveled to Canada. 

The patient is hospitalized and in “good condition,” and officials are working to find people who may have been in contact with him while he was infectious, the Massachusetts Department of Public Health said. The department emphasized that the case poses no risk to the public.
Monkeypox is “a rare but potentially serious viral illness” that begins with flu-like symptoms and the swelling of lymph nodes, according to Massachusetts officials. The infection eventually progresses to include a rash on the body and face and typically lasts two to four weeks. 

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The virus reemerged in Nigeria in 2017 after four decades without a single confirmed case, according to the CDC. Since then, 450 reported cases of monkeypox have been reported in Nigeria and at least eight more have been reported internationally, the public health agency said. 
Last year, Texas and Maryland each reported a case in people who had recently traveled to Nigeria, according to the Massachusetts officials. 
More cases have emerged globally during the last two weeks, including in Portugal, Spain and the United Kingdom, the CDC said. It is unclear how people in those countries were exposed to monkeypox, but the agency noted that cases include individuals who self-identify as men who have sex with men. 

The CDC urged clinicians to look out for patients with rash illnesses consistent with monkeypox, regardless of their sexual orientation or whether they have traveled. People suspected of having the virus should be isolated in a negative pressure room — spaces used to isolate patients — and staff should wear appropriate personal protective equipment around them, according to the agency. 
“Many of these global reports of monkeypox cases are occurring within sexual networks. However, health-care providers should be alert to any rash that has features typical of monkeypox,” said Inger Damon, director of CDC’s division of high-consequence pathogens and pathology, in a statement.
“We’re asking the public to contact their health-care provider if they have a new rash and are concerned about monkeypox,” Damon added.
The CDC said the virus can spread through contact with body fluids, the sores of a person with monkeypox and shared items that have been contaminated with the virus. Monkeypox can also spread through respiratory droplets in a close setting, such as the same household, the agency said. 
Common household disinfectants can kill the monkeypox virus, the CDC added.

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