Raphael Stevens

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Ukrainian President Volodymyr Zelenskyy is speaking to a group of European capital cities as Russia presses its invasion of his country.

The speech comes as international outrage has grown over Russia’s shelling of Ukraine cities.

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Shoppers can use “buy now, pay later” on just about anything.
However, nearly a third of users say they’ve struggled to keep up with the installment payments, according to one report.

You can use buy now, pay later for just about everything these days.
Since the start of the pandemic, installment payments have exploded in popularity along with a general surge in online shopping.

In some cases, spreading out the cost of a big-ticket purchase — like a Peloton, for example — makes financial sense, especially at 0%. Yet consumers can run into trouble if they are juggling too many payment plans at once.
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These days, most consumers will see a buy now, pay later option when shopping online at retailers like Target, Walmart and Amazon, and many providers are introducing browser extensions, as well, which you can download and apply to any online purchase. Then there are the apps, which let you use installment payments when buying things in-person, too — just like you would use Apple Pay.
Nearly 45% of shoppers have now signed up for at least one buy now, pay later plan, according to a survey by DebtHammer.org — a 41% jump since April of last year.
Of those who’ve used the installment payment plans, 22% regret their decision, the report found.

Roughly 30% said they’ve struggled to keep up with the payments and have had to skip paying an essential bill to avoid defaulting.

Miss a payment and there could be late fees, deferred interest or other penalties, depending on the lender.
Afterpay, for example, charges an initial $10 late fee and another $7 if the payment is still outstanding one week later. (CNBC’s Select has a full roundup of fees, APRs, whether a credit check is performed and if the provider reports to the credit scoring companies, in which case a late payment could also ding your credit score.)
Separate studies have also shown that installment buying could encourage consumers to spend more than they can afford on impulse purchases.
“People are buying ‘wants’ not ‘needs,'” said Howard Dvorkin, CPA and chairperson of Debt.com.

Consumers are more likely to tap buy now, pay later on purchases such as jewelry or clothing, for example, rather than an appliance repair, he said. However, those discretionary purchases should be made only if you have the cash on hand, he added.
“At the end of the day, you shouldn’t be buying things you don’t have money for.”
The Consumer Financial Protection Bureau said it is opening an inquiry into popular buy now, pay later programs Afterpay, Affirm, Klarna, PayPal and Zip.

The financial watchdog said it is particularly concerned about how these programs impact consumer debt accumulation, as well as what consumer protection laws apply and how the payment providers harvest data.
“Buy now, pay later is the new version of the old layaway plan, but with modern, faster twists where the consumer gets the product immediately but gets the debt immediately, too,” CFPB Director Rohit Chopra said in a statement.
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CVS filed to trademark its pharmacy and health clinics in the metaverse.
The drugstore chain looks to patent its stores as well as sales of virtual goods including prescription drugs, wellness, beauty and personal care products.
CVS’ filing also includes the concept of offering non-emergency medical services, as well as nutrition and wellness counseling.

Nikolas Kokovlis | Nurphoto | Getty Images

CVS Health is looking to be the first pharmacy in the metaverse. 
The drugstore and health services company filed for a trademark to sell virtual goods, NFTs and provide health care services, joining major retailers like Walmart and Nike.

In its filing with U.S. Patent Trade Office, CVS is looking to trademark its logo and to provide an online store, as well as downloadable virtual goods, including “prescription drugs, health, wellness, beauty and personal care products.”   
CVS filed its application Feb. 28. It was made public Friday on the U.S. Patent Office website.
CVS also seeks to bring the health services it provides in its in-store clinics and its telehealth platform to the virtual setting. In the filing, the company points to providing nutrition and wellness coaching, “namely, non-emergency medical treatments services, wellness programs, advisory services related to nutrition, providing health lifestyle and nutrition services… and counseling.”
Trademark attorney Josh Gerben said there has been a flurry of corporate metaverse filings since Facebook announced it was changing its name to Meta. 
“All these Fortune 500 companies are making trademark filing with the idea of ‘How are we going to play on this platform?'” said Gerben, founding partner of Gerben Perrott law firm. But, he added, “I don’t think I’ve seen anything in the last couple of months that’s been like this CVS filing as a virtual healthcare clinic.”
CNBC has reached out to CVS for comment.

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“You have to be sure that, whatever you do when you run a company, that you get the results as well,” Paul Polman, speaking during a panel discussion at the Mobile World Congress, says.
With concerns about sustainability, the environment and climate change mounting, the discussion and debate surrounding ESG has become increasingly high profile.
Polman says “hard data” is showing that “more gender diverse companies perform better, companies that internalize climate challenges and reduce those perform better.”

The ex-CEO of British consumer goods giant Unilever has shared his view on how businesses should operate in the years ahead, namechecking Elon Musk’s Tesla, Danish energy firm Orsted and Beyond Meat in the process.
In comments made during a discussion moderated by CNBC’s Karen Tso at Mobile World Congress in Barcelona, Paul Polman suggested that a company’s performance can be boosted by factors relating to environmental, social and governance (ESG).

“You have to be sure that, whatever you do when you run a company, that you get the results as well,” said Polman at the panel on Tuesday.
“But increasingly, I think we have the evidence that operating under a more inclusive, multi-stakeholder, longer-term model gives you a better chance to get the shareholder return over time.”
Polman said that although short-term shareholders — who he called speculators — will always be around, a significant shift was underway.

Read more about clean energy from CNBC Pro

Polman added that “hard data” was showing that “more gender diverse companies perform better, companies that internalize climate challenges and reduce those perform better.” This also applied to firms addressing “human rights issues” in their value chain.

‘Higher market value’

Expanding on his point, the executive — who is the co-founder and co-chair of the social venture Imagine — said that from airlines to food and mobility to shipping, “the companies that more actively try to mitigate these negative externalities actually have a higher market value.”  

“Although the accounting standard systems have not caught up yet, the financial market is already able to value these, what some people call, ‘immaterial’ issues,” he said. “They are material and they’re incredibly important for the future of a company.”He cited energy firms Vattenfall and Orsted as examples of companies moving in this direction.
“Or you have the Teslas, or you have the Beyond Meats that go to alternatives for food. They are significantly higher valued than the incumbents, who have a harder time to change.”
Tesla specializes in the production of electric cars, a technology many regard as crucial when it comes to reducing urban air pollution.
While Tesla is focused on something that could have a key role to play in the planet’s shift to more sustainable forms of transport, it is not immune from criticism.
In February, a California civil rights agency sued the company, alleging racist harassment of and discrimination against Black workers that has persisted for years at the company’s car assembly plant and other facilities in the state. Tesla has called the lawsuit “misguided.”

Sustainability debate

With concerns about sustainability, the environment and climate change mounting, the discussion and debate surrounding ESG has become increasingly high profile. Polman’s comments reflect a growing trend toward ESG, which has its fair share of proponents and detractors.
Last summer, the CEO of Credit Suisse told CNBC that the coronavirus pandemic had “substantially accelerated the trend towards ESG and sustainability.”
“The demand that we see — both from our private clients, but also institutional clients — for ESG compatible products is ever increasing,” said Thomas Gottstein, who was speaking to CNBC’s Geoff Cutmore. “It’s clearly seen as, also, an opportunity to improve returns.”
“There is no contradiction of sustainable investments and sustainable returns, quite the opposite actually,” Gottstein added. “In many cases, sustainable investments are actually higher returning than non-sustainable investments.”
Indeed, many corporations around the world are attempting to burnish their sustainability credentials by announcing net-zero goals and plans to reduce the environmental footprint of their operations.
In some quarters, however, there is a significant degree of skepticism about many of the sustainability-related claims businesses make, given that concrete details are often hard to come by and the dates for achieving these targets are sometimes decades away.
This often leads to accusations of greenwashing, a term environmental campaign group Greenpeace UK has called a “PR tactic” used “to make a company or product appear environmentally friendly without meaningfully reducing its environmental impact.”
—CNBC’s Lora Kolodny contributed to this report More

A 105,000-square-foot Los Angeles megamansion known as “The One” sold at a bankruptcy auction for $141 million.
It was built by Nile Niami, who promoted it as the “biggest and most expensive modern home in America,” with an eventual asking price of $500 million.
The megamansion was placed into receivership last year.
Real estate executives speculate the buyer may be another developer who plans to improve and change the property, get the proper permits and eventually resell it.

The rear of the home opens to a massive lawn framed by a moat-like water feature and a 400 ft. running track just below it.
Marc Angeles

A 105,000-square-foot Los Angeles megamansion that was listed for $295 million sold at a bankruptcy auction for $141 million, ending a 10-year saga of soaring debt and failed dreams.
The auction for the property, known as “The One,” ended Thursday night with the highest bid at $126 million. Including the buyer’s premium, the final sale price will be $141 million, according to Laura Brady, CEO of Concierge Auctions, which auctioned the home.

The price makes it the third-most expensive home ever sold in Los Angeles, behind Marc Andreessen’s $177 million purchase last year of a Malibu compound and Jeff Bezos’ purchase of the former Jack Warner Estate in Beverly Hills for $165 million.
The One is also the most expensive home ever sold at auction in the U.S. and the world  — far surpassing the $51 million price for a home auctioned last year in Beverly Park.
“It was a very competitive bidding process,” Brady said. “We had a strong field of bidders, with bidders from multiple countries.” Brady declined to comment on the buyer, who is expected to be revealed to the bankruptcy court in the coming days.

“The One” is situated on 3.8 acres with much of the residence surrounded by a moat-like water feature.
Marc Angeles

The sale brings to a close, at least for now, one of the most controversial high-end real estate projects ever. It was built by Nile Niami, the charismatic and ambitious former Hollywood producer who turned to building some of the most lavish mansions in Beverly Hills and Bel Air to sell for profit. When he started The One more than a decade ago, Niami, touted the property as his “life mission” and “the biggest, most expensive home in the urban world,” with an eventual asking price of $500 million.
Rising like a spaceship from the manicured hills of Bel Air, The One sits on 3.8 acres and features 21 bedrooms and 42 bathrooms. It has views of the Pacific Ocean, downtown Los Angeles and the San Gabriel Mountains. It has seven water features, including a massive moat that runs around the property. It has a nightclub, a full-service beauty salon, a wellness spa, a home theater that seats 40, a bowling alley, a 10,000-bottle wine cellar, 30-car garage and a 400-foot private outdoor running track.

The formal dining room includes seating for 20 and an over-sized glass wine cellar for displaying large-format bottles.
Marc Angeles

Yet as building costs soared during construction, so did the problems. Niami’s debt grew to more than $190 million. The property was placed into receivership last year and then went into bankruptcy. As part of a bankruptcy agreement, it was listed for $295 million and, if no buyer emerged, put up for auction.
The hammer price is about $60 million less than the total debt on the house, meaning several lenders may still end up losing money on the home. The biggest lender was Los Angeles subprime lending magnate Don Hankey, who loaned more than $125 million to the project. People familiar with the sale said Hankey, who could have used his loan to “credit bid,” was not the final buyer.

Developer Nile Niami (left) walks with CNBC’s Robert Frank (right) during a 2017 interview at “The One” while the megahome was under construction.

Whoever purchased The One will also have to contend with a thicket of potential improvement and legal issues. According to the receiver’s report and an engineering study, the house has cracks in and around many of the pools and stonework, as well as signs of mold. It has several outstanding building and occupancy permits, and a local homeowner’s association is challenging its construction.
Real estate executives speculate that the buyer may be another developer who plans to improve and change the property, get the proper permits and eventually resell it.
Niami couldn’t immediately be reached for comment Thursday.

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Billionaire Russian oligarch Roman Abramovich has embarked on a fire sale of his most valuable U.K. assets, including Chelsea soccer club.
The English Premier League club is expected to sell for around $4 billion, while the properties could fetch a combined $266 million.
It comes as Vladimir Putin’s inner circle seek to distance themselves from their wealth amid growing U.S. and European sanctions over the Ukraine war.

Roman Abramovich, owner of Chelsea, waves at fans after the UEFA Champions League Final between Manchester City and Chelsea FC at Estadio do Dragao on May 29, 2021, in Porto, Portugal.
Alex Livesey – Danehouse | Getty Images Sport | Getty Images

Billionaire Russian oligarch Roman Abramovich has embarked on a fire sale of his most valuable U.K. assets in the latest move by Vladimir Putin’s inner circle to distance themselves from their wealth as Western sanctions begin to bite.
The 55-year-old mogul on Wednesday announced the sale of his prized Chelsea soccer club in England, the crown jewel in a string of listings worth billions of dollars that have so far escaped the net of sanctions cast by Western governments in a bid to stem Putin’s war.

The club, which Abramovich bought for £140 million in 2003, is expected to sell for around £3 billion ($4 billion). The billionaire is said to be writing off £1.5 billion in debt owed to him by the club.
Meanwhile, a portfolio of London properties, including a Kensington mansion valued at £150 million and Chelsea Waterfront penthouse bought for £22 million in 2018, could reportedly fetch a combined £200 million.
The sale came a day before Western allies on Thursday added new names to their lists of sanctioned oligarchs, with both the U.S. and the U.K. targeting Alisher Usmanov, among others with close ties to the Kremlin. The sanctions will see their assets frozen and travel restricted.
In a statement released Wednesday, Abramovich — who has thus far avoided taking a political stance on Russia’s invasion of Ukraine — said the move was in the “best interest of the club,” and added that all net proceeds from the sale would be donated to victims of the war. That follows his move last week to transfer stewardship of Chelsea to a charitable foundation.
The timing of the sale is notable, however, with British opposition Labour party lawmaker Chris Bryant saying that Abramovich is “terrified of being sanctioned,” and is liquidating his assets.

Going after oligarchs’ assets

Abramovich, whose $12.5 billion fortune originally derives from the sale of Russian state assets following the fall of the Soviet Union, has so far avoided the type of sanctions that have hit some of his peers.
But there are signs the tide may be turning as Western authorities strengthen their resolve to target Russia’s wealthy elite as the war enters its second week.

A property being sold by Russian billionaire Roman Abramovich in the Kensington district of London on March 2, 2022.
Bloomberg | Bloomberg | Getty Images

On Thursday, French officials seized a yacht they say is linked to Rosneft boss Igor Sechin as part of Europe’s ongoing efforts to identify and capture luxury assets. The U.S. has similarly launched a task force to seize the yachts, luxury apartments and private jets of wealthy Russians with ties to Putin.
Still, the clock is ticking as targeted oligarchs shift their assets to overseas territories and shore up their wealth in cryptocurrencies.
Vagit Alekperov, president of Russia-based Lukoil, is sailing his yacht to Montenegro, according to CNBC analysis, while at least three yachts owned by other Russian billionaires are getting closer to the Maldives.

Not moving quickly enough

The government in Britain — a country home to vast sums of Russian wealth — has come under pressure domestically for not acting quickly enough on sanctions.
Hours before the sale of Chelsea was announced, opposition Labour leader Keir Starmer called on Prime Minister Boris Johnson to impose sanctions on Abramovich.
“We must stand up to Putin and those who prop up his regime. He’s a person of interest to the Home Office because of his links to the Russian state and his public association with corrupt activity and practices,” Starmer said of Abramovich.
But officials from the Home Office and National Crime Agency have warned of the legal and investigative challenges of identifying Russian assets and then linking them to Putin, telling The Times newspaper that it could take “weeks and months.”
According to The Guardian’s analysis, oligarchs already under U.S. and EU sanctions have links to almost £200 million worth of property across London and the surrounding home counties. Britain is currently seeking to fast track a new law that would make it harder for U.K. property to be used as a store for dirty money.
Viewings of Abramovich’s properties and talks with prospective Chelsea buyers are ongoing.

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Mobile World Congress

South Korea’s Samsung and China’s Oppo were among several smartphone makers showing off devices that can fold in various ways, often doubling a user’s screen size in an instant.
One obvious omission from the flexible device market is Apple, but it’s only a matter of time, according to CCS Insight Chief Analyst Ben Wood.
Last May, renowned Apple analyst Ming-Chi Kuo, reportedly said in a note to investors that Apple is planning to launch a foldable iPhone with an 8-inch display in 2023.

The Samsung Galaxy Fold 5G phone is presented at the hall of Samsung at the IFA consumer tech fair in Berlin, Germany, September 6, 2019.
Hannibal Hanschke | Reuters

BARCELONA – The vast majority of new smartphones on display at this year’s Mobile World Congress — an event that tech giants use to showcase their latest handsets — looked remarkably similar to the rectangular slabs we’re accustomed to. But there were a handful with a difference.
These were folding phones — or flip phones — which appear to be making something of a comeback roughly two decades after the style first hit the market.

“We’re starting to see the emergence of foldable devices,” CCS Insight Chief Analyst Ben Wood told CNBC, adding that more are on the way. “There’s all shapes, all sizes, lots of experimentation, and for me, that’s an exciting time.”
South Korea’s Samsung and China’s Oppo were among several smartphone makers showing off devices that can fold in various ways, often doubling a user’s screen size in an instant. Samsung had its Galaxy Z Fold range on display, while Oppo was showing off its Fold N.

Apple next?

One obvious omission from the folding device market is Apple, but it’s only a matter of time before the iPhone maker launches such a product, according to Wood. “I have every confidence that Apple has had flexible display technology in their labs for more than a decade,” he said.
Apple doesn’t like to rush, he added; “They will wait and see how the market evolves.” Apple did not immediately respond to a CNBC request for comment.

Apple’s iPhones and iPads are so successful that the company doesn’t need to deviate at this point in time, Wood said. When the time is right for Apple to launch a flexible product, Wood expects there to be “some sort of convergence” between the iPhone and iPad.

Last May, renowned Apple analyst Ming-Chi Kuo reportedly said in a note to investors that Apple was planning to launch a foldable iPhone with an 8-inch display in 2023.
Anshel Sag, principal analyst at Moor Insights and Strategy, told CNBC that Apple will likely launch a flexible device when when durability is no longer an issue and the display technologies have come down in cost.
“I think we’re probably still a year or two away from that point right now, even though we’re really seeing Samsung and others solving many of the pain points that used to exist,” Sag said.
He added: “If Apple were to come to market with a flexible device I think it would very much look like a ‘flip’ rather than a ‘fold’ device, because it improves the portability of the device and seems much more targeted towards consumer.”

More of the same

Beyond the folding phones, however, Wood said stressed that “not a lot has changed” when it comes to the majority of handsets on display at MWC.
“The rectangular black touchscreen is the dominant form factor. It’s a sea of sameness,” he said.
Some of the new devices at MWC had a slightly better camera or faster charging, but hardware updates on the whole have been fairly incremental, Wood added. More