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    Earth-imaging specialist Planet details more powerful line of Pelican satellites

    Earth-imaging and data specialist Planet Labs on Thursday unveiled details of its new line of Pelican satellites.
    Planet expects to begin launching the Pelican satellites in early 2023, with the constellation consisting of up to 32 spacecraft.
    “Pelican stacks right up to the highest resolution of what is commercially available today,” Planet co-founder and Chief Strategy Officer Robbie Schingler told CNBC.

    A graphic rendering of a Pelican satellite.

    Earth-imaging and data specialist Planet Labs on Thursday unveiled details of its new line of Pelican satellites, as the company looks to further expand and improve its space-based imagery capabilities.
    Planet expects to begin launching the Pelican satellites in early 2023, with the constellation consisting of up to 32 spacecraft. The Pelican satellites will boast the ability to capture images up to a resolution of 30 centimeters, meaning each pixel shows more detail than the 50 centimeter resolution of Planet’s current 21 SkySat satellites in orbit.

    “Pelican stacks right up to the highest resolution of what is commercially available today. The difference is the number that we can have, the more revisits that we can have and the real-time connectivity – and then also what you get with Planet as an unclassified source,” Planet co-founder and Chief Strategy Officer Robbie Schingler told CNBC.
    The number of Pelican satellites planned will also boost another key metric for Planet: the revisit capability of its higher imagery products. Revisit is essentially how frequently a company’s satellites can image a targeted location on the ground.
    Schingler says the Pelican constellation will be able to revisit up to 10 times per day for most of the globe, but up to 30 times per day at mid-latitudes – where the majority of people live on Earth. For comparison, Planet competitor Maxar advertises revisit of up to 15 times per day for its new WorldView Legion satellites.
    Schingler emphasized that the Pelican’s spacecraft base “is built for speed of upgrade-ability,” and features inter-satellite links to further boost data delivery through the network. Planet is building the Pelican inter-satellite links in house.
    The company has “a number of partnerships” with companies that operate satellite communications networks, Schingler said, to distribute Pelican data. Planet declined to specify which satellite communications companies.
    Planet went public via a SPAC merger and began trading on the public market late last year. The stock has slid since that debut, however, with Planet shares at $5.70 as of Wednesday’s close – down nearly 50% since closing its merger.

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    Stocks making the biggest moves premarket: American Airlines, Blackstone, AT&T and more

    Check out the companies making headlines before the bell:
    American Airlines (AAL) – American soared 10.5% in premarket trading after reporting a smaller-than-expected loss and predicting profitability for the current quarter.

    United Airlines (UAL) – United lost an adjusted $4.24 per share for the first quarter, 2 cents more than expected, and the airline’s revenue was also slightly below forecasts. However, United said it expects a return to profitability this quarter as travel demand surges, and the stock rallied 8.3% in the premarket.
    Blackstone (BX) – The private equity firm’s shares jumped 4% in the premarket after reporting better-than-expected profit and revenue for the first quarter, helped by strong results from its real estate and credit operations.
    AT&T (T) – AT&T earned an adjusted 63 cents per share for the first quarter, 4 cents above estimates, and beat on the top line as well. Those numbers exclude the results of the now spun-off WarnerMedia unit, with AT&T benefiting from an increase in wireless revenue. AT&T added 1.4% in premarket action.
    Tesla (TSLA) – Tesla surged 7.4% in premarket trading after reporting record quarterly profit and beating Wall Street’s top and bottom-line estimates. Tesla cautioned that production would be constrained for the remainder of the year due to shortages of computer chips and other parts, but it expects to increase deliveries.
    Xerox (XRX) – Xerox tumbled 7.3% in the premarket after reporting an adjusted quarterly profit of 12 cents per share, 1 cent below consensus. The office equipment maker was hurt by inflation pressures and supply chain issues.

    Dow Inc. (DOW) – The chemical maker’s stock added 2.1% in the premarket after beating estimates on both the top and bottom lines, helped by strong demand and higher prices.
    Sleep Number (SNBR) – Sleep Number shares tanked 10.6% in premarket trading following a top and bottom-line miss for its latest quarter. The mattress company earned 9 cents per share, well short of the 33-cent consensus estimate, with supply chain issues impacting its results.
    Carvana (CVNA) – Carvana lost $2.89 per share for its latest quarter, wider than the $1.44-per-share loss analysts were anticipating. Revenue beat estimates, but the online auto seller saw its first-ever quarterly sales decline. Carvana fell 5.1% in the premarket.
    Lam Research (LRCX) – Lam Research fell 11 cents short of estimates with adjusted quarterly earnings of $7.40 per share, and the chipmaker’s revenue also fell short of Wall Street forecasts. Lam’s expenses increased as it spent more to deal with supply chain disruptions. Lam lost 1.3% in the premarket.
    CSX (CSX) – CSX beat estimates by 2 cents with quarterly earnings of 39 cents per share, and the railroad operator’s revenue also topped forecasts. CSX handled fewer shipments, but that was more than offset by an increase in shipping rates. CSX rose 2.1% in premarket trading.

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    Erik ten Hag: Manchester United appoint Ajax boss as new manager

    Ajax boss Erik ten Hag, pictured here at the final cup match at the Johan Cruijff Arena on April 15, 2022 in Amsterdam, has been appointed as the new manager of Manchester United.
    Bsr Agency | Getty Images Sport | Getty Images

    Manchester United have appointed Ajax boss Erik ten Hag as their new manager, to replace interim Ralf Rangnick at the end of the season.
    Sky Sports News reported on March 31 that Ten Hag was in pole position to land the job over Mauricio Pochettino, with sources close to the manager and Ajax revealing compensation is below £2m.

    The 52-year-old has signed a three-year deal with the option of a further 12 months. He told United’s website: “It is a great honour to be appointed manager of Manchester United and I am hugely excited by the challenge ahead.
    “I know the history of this great club and the passion of the fans, and I am absolutely determined to develop a team capable of delivering the success they deserve.

    Read more from Sky Sports

    “It will be difficult to leave Ajax after these incredible years, and I can assure our fans of my complete commitment and focus on bringing this season to a successful conclusion before I move to Manchester United.”
    John Murtough, United’s football director, added: “During the past four years at Ajax, Erik has proved himself to be one of the most exciting and successful coaches in Europe, renowned for his team’s attractive, attacking football and commitment to youth.
    “In our conversations with Erik leading up to this appointment, we were deeply impressed with his long-term vision for returning Manchester United to the level we want to be competing at, and his drive and determination to achieve that.”We wish Erik the best of luck as he focuses on achieving a successful end to the season at Ajax and look forward to welcoming him to Manchester United this summer.”

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    Chelsea takeover: Lewis Hamilton and Serena Williams join Sir Martin Broughton consortium

    Sir Martin Broughton is leading one of three remaining bids for Chelsea after Roman Abramovich put club up for sale.
    Lewis Hamilton and Serena Williams understood to have committed £10m each to bid.
    Steve Pagliuca and Todd Boehly also head consortiums in race to buy club.

    Chelsea’s stadium, Stamford Bridge is seen through trees in London on March 10, 2022, as Chelsea’s Russian owner Roman Abramovich was hit with a UK assets freeze and travel ban, throwing his plans to sell the European and world club champions into disarray.
    Justin Tallis | Afp | Getty Images

    Lewis Hamilton and Serena Williams are committing millions of pounds to one of the bids vying to become the new owners of Chelsea.
    Sky News can exclusively reveal the full line-up of investors backing the takeover offer for the club being spearheaded by Sir Martin Broughton, the former Liverpool and British Airways chairman – the most prominent of whom are the seven-times Formula 1 world champion and the former women’s world tennis No 1.

    Sources close to the group said that Hamilton and Williams – the highest-profile members of any of the three remaining consortia – had pledged an estimated £10m each to the bid.
    Both Hamilton, who will compete for Mercedes at the Emilia Romagna Grand Prix at Imola this weekend – live on Sky Sports – and Williams, who has won 23 Grand Slams including seven Wimbledon titles, have become established investors in their own right in recent years.
    Serena Ventures, the tennis star’s venture capital fund, this week announced an investment in Opensponsorship, a British-based sports technology start-up, while Hamilton has backed a range of early-stage companies such as Zapp, the London-based rapid grocery delivery app.
    Their involvement in the Chelsea auction is unexpected – not least because Hamilton is an Arsenal fan.
    Hamilton and Williams have, however, been in talks with the group spearheaded by Broughton for several weeks.

    It was unclear on Thursday morning which corporate entities would be used by the pair to invest in the Blues.
    The consortium is uniquely British-led among the trio of shortlisted bidders and features another UK sporting icon in the form of Sebastian Coe among its backers.
    A source close to the group said the addition of Hamilton and Williams was a serious investment decision because of their experience at building global sports brands.
    They also pointed out that the involvement of the pair was not the first time famous athletes had backed a Premier League club – NBA star LeBron James has been a small shareholder in Liverpool for more than a decade.
    Under the consortium’s plans, Harris Blitzer Sports & Entertainment (HBSE), the holding company headed by American private equity billionaires Josh Harris and Dave Blitzer, would hold a controlling stake in Chelsea – although they will need to divest their minority shareholding in Crystal Palace prior to completing a deal.
    Their involvement with the ownership and running of Crystal Palace since 2015 is also a distinctive factor among the remaining bidders for Chelsea.

    Read more stories from Sky Sports

    The Broughton-led group’s other investors include: Canada’s Rogers family, which holds a big interest in the media and telecoms company Rogers Communications; John Arnold, who chaired the Houston 2026 FIFA World Cup bid committee; and Taiwan’s Tsai family, which owns the Taipei Fubon Braves and Fubon Guardians baseball teams.
    As Sky News reported on Monday, Alejandro Santo Domingo, an heir to one of the world’s biggest brewing fortunes and an investor in several North American sports franchises, is also investing in the bid.
    Sources close to the offer led by Broughton said the diversity of its roster of global investors was among the factors that had persuaded Hamilton and Williams to become involved.
    One insider suggested that Hamilton was likely to play a formal role in Chelsea’s future efforts to promote diversity, equity and inclusion if the bid is successful.
    He and Williams have been advocates in their respective sports and beyond in promoting equality, lending their names to numerous anti-discrimination initiatives.
    That issue was thrown into sharp focus earlier in the Chelsea sale process when one of the bidders – a consortium headed by the Chicago Cubs-owning Ricketts family – was forced to distance itself from historical Islamophobic remarks.
    Broughton’s consortium is said to believe that it is best-placed of the remaining consortia to navigate the complexities of owning Chelsea, including the prospective redevelopment of its Stamford Bridge home.

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    Crypto exchange Binance removes Twitter emoji that resembled a swastika after outcry

    Binance launched an emoji on Twitter depicting a block with the company’s logo surrounded by four pixelated arms each bent at a right angle.
    The emoji drew outcry from Twitter users, who pointed out its resemblance to a swastika.
    “Well that was obviously really embarrassing,” the company wrote on Twitter.

    The logo of cryptocurrency exchange Binance.
    STR | NurPhoto via Getty Images

    Cryptocurrency exchange Binance removed and redesigned an emoji on Twitter, after outcry from users who pointed out it looked like a swastika.
    Twitter sometimes lets brands design their own custom emojis to include in hashtags in order to promote their business. In this case, Binance launched an emoji for several hashtags, including #Binance, #BNB and #BitcoinButton.

    The associated emoji for these hashtags depicted a block with Binance’s logo surrounded by four pixelated arms each bent at a right angle, similar to the swastika symbol.
    Twitter users were quick to pick up on its resemblance to a swastika. “The new Binance logo is a literal swastika emoji,” one user wrote.
    Other users highlighted the significance of the day Binance chose to launch the emoji: Apr. 20, Adolf Hitler’s birthday.
    The Binance symbol wasn’t tilted, suggesting it may have been inspired by Asian symbolism — it is used to represent spirituality in the Hindu and Buddhist religions — rather than the emblem of the German Nazi party which was abolished in 1945.
    Binance has since removed the emoji and replaced it with a new one that looks more like a coin.

    “Well that was obviously really embarrassing,” the company wrote on Twitter.
    “We’re not sure how that emoji got through several layers of review without anyone noticing, but we immediately flagged the issue, pulled it down, and the new emoji design is being rolled out as we speak,” Binance said.
    Founded in 2017 by Chinese-Canadian entrepreneur Changpeng Zhao, Binance is the world’s largest digital currency exchange, handling more than $18 billion in trading volumes in a single day, according to CoinGecko data.

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    As the U.S. 10-year Treasury yield keeps climbing, here's what it means for China

    The rapid rise in the U.S. 10-year Treasury yield to three-year highs has erased its gap with its Chinese counterpart, something that hasn’t happened for more than a decade.
    The narrowing gap reflects diverging monetary policy between the two countries, analysts said.
    Investors are watching the implications of the narrowing yield gap for the Chinese yuan.

    Jason Lee | Reuters

    BEIJING — The U.S. 10-year Treasury yield has risen rapidly to three-year highs, and erased its gap with its Chinese counterpart, something that hasn’t happened for more than a decade.
    As the yields cross paths – the U.S. one rising above China’s – that theoretically reverses an investment strategy that bought Chinese bonds for the greater return they offered relative to U.S. Treasurys.

    It’s not immediately clear whether the move is sustained and big enough to have large-scale implications, but the development is a market signal that investors are watching.
    The U.S. 10-year Treasury yield traded near 2.857% as of Wednesday night, slightly below the Chinese 10-year government bond yield of 2.873%, according to Refinitiv Eikon data. The U.S. yield climbed above its Chinese counterpart early last week for the first time since 2010, and has tried to hold onto a small premium in the last few days.

    The market development reflects diverging monetary policy between the two countries, analysts said.
    The People’s Bank of China is loosening monetary policy and cutting rates, while the U.S. Federal Reserve is tightening monetary policy and raising rates.
    China and the U.S. also face different inflation dynamics, with surging producer prices in both countries, but smaller consumer price increases in China.

    Chinese yuan in focus

    Investors are watching the implications of the narrowing yield gap for the Chinese yuan. A worry is that if the yuan weakens too much, that could lead to capital outflows.
    “Currently, there is no sign China or the United States will shift their monetary policy focus,” Gao Xiang, bond analyst at Hangzhou-based Nanhua Futures, said in a Chinese statement translated by CNBC.
    “Both sides’ interest rates will continue to exhibit relative independence,” Gao said. “In this process, the yuan exchange rate will play an important role as a buffer, and also be an important indicator for the future.”

    In the last few months, the yuan has traded near three-year highs against the U.S. dollar, and weakened slightly in recent weeks. The onshore yuan traded near 6.37 versus the greenback Tuesday afternoon, 0.38% weaker for the year so far.
    But right now, China’s high trade surplus more the offsets the impact of the narrowing yield gap on the yuan, Larry Hu, chief China economist at Macquarie, said in an email.
    The Chinese yuan will face more depreciation pressure from a decline in China’s trade surplus, Hu said. To him, the convergence in the U.S. and China 10-year yield is not that big of a deal since the gap has been narrowing for more than a year.
    A country has a trade surplus if its exports exceed its imports. China reported a trade surplus of $47.38 billion in March, down sharply $115.95 billion in the January to February period.

    Read more about China from CNBC Pro

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    Embattled hedge fund Melvin Capital weighs unwinding current fund to start new one, sources say

    Melvin Capital, the embattled hedge fund run by its once high-flying founder Gabe Plotkin, has been discussing a novel plan with its investors under which the firm would return their capital, while giving them the right to reinvest that capital in what would essentially be a new fund run by Plotkin.
    Plotkin, according to people familiar with his plans, has committed to keeping his “new” fund at or below $5 billion in capital and returning to a focus on shorting stocks.

    Gabe Plotkin, chief investment officer and portfolio manager of Melvin Capital Management LP, speaks during the Sohn Investment Conference in New York, May 6, 2019.
    Alex Flynn | Bloomberg | Getty Images

    Melvin Capital, the embattled hedge fund run by its once high-flying founder Gabe Plotkin, has been discussing a novel plan with its investors under which the firm would return their capital, while giving them the right to reinvest that capital in what would essentially be a new fund run by Plotkin.
    Under the terms being discussed, Plotkin would unwind his current fund at the end of June. That fund was down 21% at the end of the first quarter.

    Plotkin would then start what would essentially be a new fund on July 1 with whatever money his investors decided to reinvest, but he would do so without having to bring those investors back to even on their invested capital before he could earn a performance fee.
    This so-called high water mark, which requires hedge fund managers to return their investors’ capital to par prior to earning fees, is virtually impossible for Plotkin to meet on much of the capital in Melvin, given the fund’s losses of 39% last year and at least 21% so far this year.
    Plotkin, according to people familiar with his plans, has committed to keeping his “new” fund at or below $5 billion in capital and returning to a focus on shorting stocks, a talent for which he was known for many years prior to suffering significant losses during the meme stock craze of early 2021.
    The plan would essentially give Plotkin a do over after 18 months of very poor performance, allowing him to keep his employees, many of whom might otherwise choose to leave given his lack of performance fees from which to pay them.

    Melvins’ strong track record of success, prior to its horrid recent performance, was often due to Plotkin’s ability to make significant profits by shorting stocks. But as his fund grew in size that ability was muted.

    Investors, who include Point72 founder Steven Cohen, are being presented with the prospect of getting a chance to have Plotkin run their money in a smaller fund focused on his strength of shorting stocks, but forever giving up the hope of having him work to get them back to even on their current funds.
    It’s unclear how that plan will be received and how much capital Plotkin’s investors will be willing to reinvest with him.
    While a number of well-known hedge fund managers, faced with onerous high water marks have chosen to shut down and then re-opened a new fund as soon as a year later, this would be a unique transition from one fund to another with the immediate elimination of the high water mark.
    Representatives for Plotkin could not be reached for comment and officials at Point72 declined comment.

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    Ford unveils Lincoln Star electric SUV concept as it readies to add four new EVs by 2026

    Ford Motor plans to introduce four new electric vehicles into its Lincoln lineup by 2026.
    The new vehicles were announced Wednesday night alongside the unveiling of a new concept EV called the Lincoln Star.
    The concept vehicle marks new technological and design direction for the brand, according to officials.

    Lincoln Star concept electric vehicle

    DETROIT – Ford Motor plans to introduce four new electric vehicles into its Lincoln lineup by 2026, as the once-dominant American luxury brand reinvents itself to focus on EVs.
    The new vehicles were announced Wednesday night alongside the unveiling of a new concept EV called the Lincoln Star. The concept marks new design and technology directions for the brand, according to company executives.

    “As Lincoln enters the next chapter in our transition to a zero-emissions future, the Lincoln Star Concept will lead the way for our portfolio of fully electric vehicles,” Lincoln President Joy Falotico said in a release. “It is an excellent example of how we are redefining luxury for the next generation as we work to transform the vehicle into a third space — a true place of sanctuary — for our clients.”

    Lincoln Star concept electric vehicle

    The Lincoln Star is a crossover SUV with a smooth exterior design and panoramic windows. Much of the vehicle’s badging is in lights rather than traditional physical logos. Its silhouette is reminiscent of a Land Rover Range Rover SUV.
    The interior is where the vehicle is especially different compared with Lincoln’s current lineup of vehicles, which includes the large Navigator SUV and several crossovers in the U.S.
    The Star, like many new luxury vehicles from competitors, includes a large screen across the instrument panel and a retractable steering wheel that can be stowed away. The two front seats of the vehicle can rotate to face the rear seats, providing a lounge-like setting.
    The Star also features three “rejuvenation moods” that change the audio, lighting and even smell of the vehicle’s cabin. The moods are Coastal Morning, Mindful Vitality and Evening Chill.

    Lincoln Star concept electric vehicle

    Automakers routinely use concept vehicles to gauge customer interest or show the future direction of a vehicle or brand. The vehicles are not meant to be sold to consumers.
    The new Lincoln EVs could provide a much-needed boost for the brand. Lincoln expects EVs to make up more than half of its global volume by mid-decade and 90% of its North American sales by 2030.
    “Now is our moment,” Falotico said during a media briefing. “This is just the start of our electric journey.”
    Lincoln has failed to gain much traction in the U.S. in recent years outside of its large Navigator SUV. Sales for the brand recently peaked at about 112,000 units in 2019. Amid supply chain problems, its sales dropped to about 87,000 vehicles last year.
    Lincoln has found some success in China, though, leading the brand to report its best global retail sales last year in 21 years. The brand’s retail sales were just under 190,000 vehicles, up about 7% compared with 2020.

    Lincoln Star concept electric vehicle

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