Raphael Stevens

Mobile World Congress

The metaverse is a buzzword that’s being hyped up as the next big thing in tech.
Broadly speaking, the concept refers to a seamless virtual world where people can work, shop and play with their colleagues, friends and family.
Mark Zuckerberg, Meta’s founder and CEO, said “creating a true sense of presence in virtual worlds delivered to smart glasses and VR headsets will require massive advances in connectivity.”

Mark Zuckerberg, CEO of Facebook, speaks during the virtual Facebook Connect event, where the company announced its rebranding as Meta, in New York on Oct. 28, 2021.
Michael Nagle | Bloomberg | Getty Images

Meta, formerly Facebook, has said that its grand ambition of building the ultimate “metaverse” won’t be possible if there aren’t drastic improvements in today’s telecoms networks.
The metaverse is a buzzword that’s being hyped up as the next big thing in tech. Broadly speaking, the concept refers to a seamless virtual world where people can work, shop and play with their colleagues, friends and family.

Dan Rabinovitsj, VP of connectivity at Meta, told CNBC at the Mobile World Congress tech event Monday that home networks and cellular networks aren’t yet ready for the metaverse.
“We’re working closely with our colleagues to think about what’s the next step in terms of innovation,” he said, adding that Meta is also working with cellular partners.”If you really look at the pace of innovation in the telecom world, compared to other markets, it’s been harder to go faster in this space,” Rabinovitsj said. “One of the things that we’ve tried to change is that trajectory of innovation.”
While a true metaverse does not exist yet, there are some early projects underway that give an insight into what it’s all about. Meta’s Oculus virtual reality headsets have been hailed as a gateway to some of these new metaverse experiences. But the experiences require low latency and higher upload and download speeds.
“We need to develop a common language around the performance of networks,” Rabinovitsj said. “We’re actually big believers in measurement as foundational in this next phase of work.”
Mark Zuckerberg, Meta’s founder and CEO, said in a statement Sunday that “creating a true sense of presence in virtual worlds delivered to smart glasses and VR headsets will require massive advances in connectivity.”

Zuckerberg said this will need to be “bigger than any of the step changes we’ve seen before,” adding that things like wide-scale immersive video streaming will take entirely new types of networks. 
In response, AT&T Executive Vice President David Christopher told CNBC that 5G is being deployed faster than 4G was, adding that there is “massive investment across operators.”
He claimed that networks already offer low latency, consistent speeds and high capacity. “This will only improve over this next decade to support many use cases across many industries, including immersive and metaverse-like experiences,” Christopher said.
“However the Metaverse develops, it will depend on innovation and interoperability across many sectors, with advanced connectivity from 5G as an essential element.”    More

Some of Russia’s ultra-wealthy have begun speaking out against his invasion of Ukraine.
While none have directly referenced the president, the rare sounds of dissent from high-profile allies signal widening resistance to Putin’s war.
Billionaire Mikhail Fridman became the first Russian businessman to speak out, calling for an end to the “tragedy” and “bloodshed.”

Alfa Group Supervisory Board Chairman Mikhail Fridman attends the 2017 Atlases Russian Business Forum at the Crocus City Hall.
Artyom Geodakyan | Tass | Getty Images

As Europe and the U.S. ratchet up sanctions on the yachts and mansions of Russia’s oligarch elite, some of Vladimir Putin’s ultra-wealthy inner circle have begun speaking out against his invasion of Ukraine.
While none have directly referenced the Russian president, the rare sounds of dissent from his high-profile allies — many of whose fortunes have close ties to the Kremlin — signal the widening fissure among Russian voices.

Mikhail Fridman, founder of Russia’s largest private bank Alfa Bank and one of the country’s richest men, became the first Russian businessman to speak out against the conflict Friday, calling for an end to the “tragedy” and “bloodshed.”
In a letter to staff at his London-based private equity firm LetterOne, the Ukrainian native, whose parents still live in the country, said he was “convinced” that “war can never be the answer.”
“I am deeply attached to Ukrainian and Russian peoples and see the current conflict as a tragedy for them both,” he wrote in the letter first seen by the Financial Times.
“I do not make political statements,” he continued, “I am a businessman with responsibilities to my many thousands of employees in Russia and Ukraine. I am convinced however that war can never be the answer. This crisis will cost lives and damage two nations who have been brothers for hundreds of years.”

Fridman’s gamut of businesses include mobile carrier Veon, whose CEO Kaan Terzioglu told CNBC Monday that the war should be “stopped as soon as possible.”

“I really believe that this madness should stop as fast as possible,” he said, adding that the company is providing internet connectivity to Ukrainians fleeing the conflict.

Russia’s oligarchs face further sanctions

The European Union on Monday placed sanctions on Fridman personally along with his business partner Petr Aven, steel magnate Alexei Mordashov, and a number of other ultra-wealthy Russians.
Fridman responded Tuesday saying that he did not know whether there would be a backlash in Russia against the invasion but said that a blanket ban on Russians doing business in the world seemed unfair.
Mordashov, meanwhile, called the fighting a “tragedy of two fraternal peoples” that should be stopped but added that he should not be a target of international sanctions.
“I have absolutely nothing to do with the current geopolitical tensions. I don’t understand why sanctions have been imposed against us,” he said.
Separately, metals mogul Oleg Deripaska, who has been the subject of U.S. sanctions, wrote on Telegram last week: “Peace is very important! Negotiations must begin as soon as possible!”
Meanwhile, Oleg Tinkov, the billionaire founder of Tinkoff Bank who is currently undergoing cancer treatment, described the conflict “unthinkable and unacceptable,” calling for states to spend money on cancer research “not on war.”
Roman Abramovich, the billionaire owner of English soccer team Chelsea, has not spoken out publicly but he handed “stewardship” of the team to a charitable foundation. He was also reportedly involved in talks in Belarus on Monday after Ukraine asked for his help in reaching a “peaceful resolution.”

High profile dissenters

The comments from Russia’s wealthy elite join those of other high profile figures, including actress Liya Akhedzhakova and Nobel Peace Prize laureate Dmitry Muratov, who have called for an end to hostilities.
And they are not insignificant. Few if any oligarchs have spoken out against Putin in the almost two decades since Mikhail Khodorkovsky, Russia’s then richest man, was imprisoned for funding opposition parties.
Still, they are but a handful among the wealth of Russian oligarchs who have remained silent, and many have questioned the sincerity of their motives as they face potential further sanctions.
Already, some of Russia’s ultra-rich have seen their net worth’s almost half, resulting in estimated combined losses of $83 billion so far this year, as the Russian economy remains in freefall.
Meantime, others have queried what influence if any they have on the powerful Russian leader, who has shown little sign of backing down despite defiance from within Ukraine and wide-reaching measures from its Western allies.

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103,900 Hong Kongers have applied to move to Britain in the year since it launched a new visa program, the U.K. home office said Thursday.
The British National Overseas (BNO) visa grants Hong Kongers the right to live, work and study in the U.K.
BNO visa holders CNBC spoke to praised the speed and ease with which applications were processed, but they said the challenges of U.K. resettlement were many.

Hongkongers held demonstrations in ten different cities in the UK to protest against the one year anniversary of the promulgation of the Hong Kong National Security Law and the Centennial anniversary of the Chinese Communist Party.
SOPA Images | LightRocket | Getty Images

LONDON — It’s been nine months since Adrian Leung and his family packed up their lives in Hong Kong in search of a brighter future in Britain.
The 51-year-old teacher was on course to move to Canada with his wife and son, fleeing political turmoil back home. But when Prime Minister Boris Johnson’s government announced a new visa program granting Hong Kong citizens the right to residency — and eventual citizenship — in the U.K., he said his choice was clear.

“Compared to Canada’s scheme, the criteria of Britain’s scheme is much lower: We just need to live in the country for five years. To me, it’s much easier,” Leung told CNBC.
Many in Hong Kong are angry at what they see as China’s encroaching grip on the semi-autonomous region in the wake of a new national security law passed in June 2020.
The law, which aims to prohibit secession and subversion of state power, has been widely condemned by Western governments and human rights watchdogs as undermining the “one country, two systems” principle under which the former British colony was transferred to China in 1997.
That prompted Britain to offer refuge to those born in Hong Kong prior to its handover. While it’s unclear how many have left due to the security law, Britain’s offer for refuge came for that specific purpose and was timed accordingly. The U.K. has said it will help those born in Hong Kong prior to its handover, citing “China’s failure to live up to its international obligations with respect to Hong Kong.”

For the future of my son, I thought we had to leave.

Adrian Leung

A spokesperson for Hong Kong’s information services department said it “deplores and opposes” the launch of the U.K. visa, while the Chinese embassy in London said that the scheme “interferes in Hong Kong affairs, which are China’s internal affairs.”

China has separately dismissed claims that the law undermines local freedoms, saying it was a necessary measure to curtail the chaotic mass protests that dogged Hong Kong in 2019.
Leung, some of whose students were prosecuted and, in certain cases, imprisoned for demonstrating, is one of tens of thousands of Hong Kongers to have emigrated to Britain in the past year.
“It seemed to me, after June 2019, that Hong Kong is not going to be under the rule of law,” said Leung, referring to the start of the protests. “For the future of my son, I thought we had to leave,” he told CNBC.

Britain welcomes more than 97,000 Hong Kongers

The British National (Overseas), or BNO, visa program was launched to great pomp in January 2021, with Johnson declaring his pride over a program designed to honor Britain’s “profound ties of history and friendship with the people of Hong Kong.”
The U.K. government said at the time that the program would open the door to an estimated 300,000 to 500,000 Hong Kongers (though up to 5.4 million are eligible) and generate up to £2.9 billion ($3.9 billion) of net benefit to the U.K. economy over five years.

Adrian Leung moved to Durham, U.K. with his wife and son in June 2021, shortly after the government opened its BNO visa scheme for Hong Kong nationals.
Adrian Leung

In the 12 months since, the U.K. received 103,900 applications for the visa program, which entitles holders and their dependents to five years of residence with a pathway to citizenship. More than 97,000 applications have so far been successful, according to data released Thursday by the U.K.’s home office.
The majority of those applicants are highly skilled and working in professional or managerial roles.
In a survey of 500 people granted the visa, the home office found seven in 10 (69%) were university educated and three-quarters (76%) had professional occupations. Almost all (96%) were of working age, with two in five (21%) aged under 35.
The findings suggest a win for the U.K. government as it seeks to position itself as a magnet for international talent, even as it closes its doors to EU workers after Brexit. Yet the experience of Hong Kong emigres who spoke to CNBC has been far more nuanced.

A personal and financial price

While BNO visa holders praised the speed and ease with which applications were processed (typically around six weeks), some said the personal costs of making the move have been high — not least financially.
The five-year visa costs £250 ($340) in addition to a mandatory NHS surcharge of £3,120 for adults and £2,350 for children. A family of four could expect to fork out £11,940 in fees before they even enter the United Kingdom.
That as Britain faces its worst cost of living crisis in decades amid spiraling house, food and energy prices.
Leung and his wife sold their apartment, cashed in their pensions and used their savings to fund their move to Britain. They recently bought a home in Durham, in the northeast of England, but not everyone has been as fortunate.

KT, a nurse from Hong Kong, relocated to the Nottingham, England in December 2020, during the height of the U.K.’s coronavirus lockdowns.

One BNO visa holder, who spoke to CNBC anonymously due to fear of a backlash or being identified by new colleagues in Britain, arrived in Nottingham, England, in December 2020 — during the height of the U.K.’s coronavirus lockdown.
The source quickly found himself in a catch 22; unable to rent a home without a bank account and unable to open a bank account without a home address.
After six weeks in an Airbnb, the 45-year-old finally found a landlord who would house him and his family in exchange for six months’ advanced rent. His pension, meanwhile, remains held in Hong Kong under dispute.
“Money or salary is not our top priority,” said the source, who, along with his wife, left their permanent nursing jobs in Hong Kong seeking “democracy, rule of law, civil liberties and respect.”
The Chinese embassy in London and Hong Kong’s information services department did not immediately respond to a CNBC request for comment.

Swapping professional security for political stability

Like so many other highly skilled Hong Kong migrants in Britain, the source found himself sacrificing financial and professional stability for political security. He now works under contract at a hospital while his wife works part-time in a warehouse.
“I had a gap year later in life,” he said, adding that he and his family are using savings to make ends meet.
Meanwhile, a second CNBC source found himself overqualified for most available work. The Ph.D.-educated university lecturer decided to leave Hong Kong when its “human rights situation deteriorated” to the point, he said, where it threatened his children’s future and his own mental health.
After a “nightmare” six-month job search, the 51-year-old secured part-time work at a popular central London fast food chain, where he works nights.
“If I did not have children, my consideration might be different because, coming here, I have had to give up everything — work, money, friends, status,” the second source said, who also spoke on condition of anonymity.

Settling into the community

BNO visa holders are not eligible for welfare benefits, except under extreme circumstances. Instead, the government said it set aside £43 million for integration projects for the Hong Kong diaspora, including support to access housing, work and education.
Though the second anonymous source said better provisions might have been made for the sudden influx of Hong Kong workers, he still considers himself “lucky.”
Within weeks of arriving in June 2021, he secured a place for his son, 14, and daughter, 11, at a “very good state school” in outer London, where they and his wife are living with a friend.

Adrian Leung, who left Hong Kong in hope of a brighter future, said his son, 10, is enjoying more freedoms in Britain.
Adrian Leung

“My initial mission was to help the children to adjust. It turns out they’ve actually adjusted better than me,” noting that his children quickly settled into local friendship groups.
One year into the program, competition for school spaces is heating up. Reports suggest some schools, particularly Britain’s elite public schools, have had to turn away Hong Kong students amid record enrollment and interest. Some three-quarters of BNO visa holders arriving in Britain are married or with long-term partners, while two-thirds have children.
“We’re fortunate that we’re a bit earlier settled,” the first anonymous CNBC source agreed. “It can be more difficult for newcomers — especially to secure school places.”

Hopes of a brighter future

Challenges aside, the BNO visa holders who spoke to CNBC said they were grateful for the program, which, while not necessarily an obligation, was certainly a “responsibility” of the U.K. government. Most of all, they praised the prospect it presents for a brighter future.
“After coming here, my son enjoys a lot more freedom, [including] the freedom to run,” said Leung, adding that he and his family have adjusted well to the lifestyle, neighborhood and working environment in Durham.
An overwhelming 96% of those granted BNO visas say they have no plans to return to Hong Kong, according to Home Office data. BNO visa holders are eligible to apply for permanent residence and indefinite leave to remain after five years at a cost of £2,389. The following year, they can apply for British citizenship at £1,206.

Definitely U.K citizenship is our ultimate goal since I am in line with the values of this country.

Adrian Leung

“Definitely U.K citizenship is our ultimate goal, since I am in line with the values of this country,” Leung said, noting that elderly relatives are one of his few remaining ties to Hong Kong. “If I could choose, I would live here permanently.”
That potentially spells bad news for Hong Kong, which, aside from losing many skilled locals, also faces an expat exodus as overseas workers tire of the city’s Beijing-led zero-Covid policy.
“I don’t think it will get better,” the second CNBC source said. “Hong Kong’s space now is closely tied to the politics in China. That means increasing authoritarianship.”

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Airbus A321 Aeroflot official carrier Manchester United. Aircraft to Fiumicino Leonardo da Vinci Airport. Fiumicino, November 11th, 2021
Massimo Insabato | Mondadori Portfolio | Getty Images

WASHINGTON — President Joe Biden announced Tuesday that the United States will ban Russian aircraft from flying through U.S. airspace.
The announcement came in Biden’s first State of the Union address and came on the heels of similar moves by the European Union and Canada.

“We will join our allies in closing off American air space to all Russian flights – further isolating Russia – and adding an additional squeeze –on their economy,” Biden said.

The move would prohibit planes that are owned or registered by Russians from flying over the United States, the latest coordinated approach between U.S. and its allies amid the Kremlin’s war in Ukraine.
“The United States stands with our allies across the world in responding to Putin’s unprovoked aggression against the people of Ukraine,” U.S. Transportation Secretary Pete Buttigieg wrote in a Tuesday statement.
The ban will take effect by the end of day Wednesday.
Russian President Vladimir Putin previously retaliated against the European ban by canceling flights from European airlines over Russian territory.

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President Joe Biden said Americans will be able to get Covid antiviral pills for free if they test positive at a pharmacy.
The administration will launch hundreds of sites nationwide this month at CVS, Walgreens and Kroger as well as community health centers, a White House official said.
Biden said Americans can also order more free Covid tests at the government’s website, covidtests.gov, next week.

Paxlovid, a Pfizer’s coronavirus disease (COVID-19) pill, is seen manufactured in Ascoli, Italy, in this undated handout photo obtained by Reuters on November 16, 2021.
Pfizer | Handout | via Reuters

President Joe Biden on Tuesday said the Americans who test positive for Covid-19 can receive antiviral pills for free at local pharmacies and community health centers under a new program that launches this month.
“We’re launching the ‘Test to Treat’ initiative so people can get tested at a pharmacy, and if they’re positive, receive antiviral pills on the spot at no cost,” Biden said during his State of the Union speech Tuesday.

The administration will launch hundreds of sites nationwide at CVS, Walgreens and Kroger as well as community health centers this month, a White House official said. Biden said Americans can also order more free Covid tests at the government’s website, covidtests.gov, next week. Households are eligible for four free Covid tests per order. Families are limited to two orders starting next week based on residential address.
The president said Pfizer is working to deliver 1 million courses of its Covid treatment pill, Paxlovid, this month. Paxlovid was 89% effective at preventing hospitalization among people who were at risk of developing severe illness during clinical trials.

CNBC Health & Science

Biden said the U.S. has reached a new moment in the pandemic, with cases of severe illness down to their lowest level since July. The omicron Covid variant upended the country in December and January, causing an unprecedented wave of infection that pushed many hospitals to the brink.
The president said most Americans are now safe to go about their lives mask free under new guidance issued by the Centers for Disease Control and Prevention last week. Biden said more of the country will also meet CDC guidelines to go mask free in the next two weeks.
 “With 75% of adult Americans fully vaccinated and hospitalizations down by 77%, most Americans can remove their masks, return to work, stay in the classroom, and move forward safely,” the president said.  

Biden said the U.S. is prepared for new Covid variants, with the ability to deploy new vaccines within 100 days if needed.
“I cannot promise a new variant won’t come. But I can promise you we’ll do everything within our power to be ready if it does,” he said.   

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“If necessary, we’ll be able to deploy new vaccines within 100 days instead of many more months or years,” President Joe Biden said during his State of the Union speech.
“I cannot promise a new variant won’t come, but I can promise you we’ll do everything within our power to be ready if it does,” Biden said.
However, Biden said the U.S. has reached a new moment in the pandemic, with severe cases of Covid declining to a level not seen since July.
The president also said Americans can order more free Covid tests, at covidtests.gov, starting next week.

U.S. President Joe Biden delivers the State of the Union address during a joint session of Congress in the U.S. Capitol’s House Chamber March 01, 2022 in Washington, DC.
Win Mcnamee | Getty Images

President Joe Biden on Tuesday said the U.S. stands ready to rapidly deploy new vaccines in the event another Covid variant emerges, while reassuring Americans the U.S. is moving toward normalcy after two years of disruption caused by the virus.
“I cannot promise a new variant won’t come, but I can promise you we’ll do everything within our power to be ready if it does,” Biden said during his first State of the Union speech Tuesday evening. “If necessary, we’ll be able to deploy new vaccines within 100 days instead of many more months or years,” the president said.  

The omicron variant upended the U.S. in December and January, rapidly sweeping the nation and causing an unprecedented surge of infections that pushed many hospitals across the country to the brink. Pfizer and Moderna are both working on vaccines that target omicron.
However, Biden said the U.S. has reached a new moment in the pandemic, with severe cases of Covid declining to a level not seen since July. The president said most Americans can now go about their lives mask free under new guidelines issued by the Centers for Disease Control and Prevention last week. Biden said more of the country will also meet CDC guidelines for safely ditching masks in the next two weeks.

The president sought to reassure Americans who are still working that they can safely return to the office. The majority of federal employees will work in person again, Biden said.
“With 75% of adult Americans fully vaccinated and hospitalizations down by 77%, most Americans can remove their masks, return to work, stay in the classroom, and move forward safely,” the president said.  
People who get tested at a pharmacy and are positive for Covid will be able to receive antiviral pills on the spot at no cost, Biden said. The administration will launch hundreds of sites at CVS, Walgreens, and Kroger this month as well as community health centers, a White House official said. The president also said Americans can order more free Covid tests, at covidtests.gov, starting next week.

Biden also sought to reassure parents of children under 5-years-old that scientists are working diligently to authorize the Covid vaccine for their kids. He said the U.S. will have enough vaccines ready when the authorization does come through. Children under 5 are the only age group left in the U.S. that is not eligible for the vaccine.
The Food and Drug Administration had sought to rapidly approve the first-two doses of Pfizer and BioNTech’s vaccine for children six months to 4-years-old last month. However, the FDA delayed those plans because the data didn’t meet expectations. The drug regulator is now waiting for data on Pfizer’s third dose, which is expected in April.

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Salesforce co-CEO Marc Benioff told CNBC’s Jim Cramer on Tuesday that the company just reported “maybe the best quarter we’ve ever had.”
“You can really see it not just in the quarterly guidance, but where we’re looking for next fiscal year,” Benioff said on “Mad Money.”

Salesforce co-CEO Marc Benioff on Tuesday broke down the enterprise software giant’s latest financial results, telling CNBC’s Jim Cramer it was “maybe the best quarter we’ve ever had.”
Shares of Salesforce, which have struggled mightily over the past three months, jumped 3% in extended trading Tuesday, as Wall Street reacted to the company’s fourth-quarter figures. Both revenue and per-share earnings topped estimates, while full-year outlook for fiscal 2023 also is better than analysts expected.

“This was an extraordinary quarter, maybe the best quarter we’ve ever had, and you can really see it not just in the quarterly guidance, but where we’re looking for next fiscal year,” Benioff said, noting San Francisco-based Salesforce is expecting revenues between $32 billion and $32.1 billion in fiscal 2023.
That’s above the $31.78 billion that analysts surveyed by Refinitiv had projected.
Salesforce saw revenues of $26.49 billion in fiscal 2022, so the high end of its revenue 2023 guidance would represent an increase of just over 21% year-over-year.
“We’re leaving the $20 billions behind, and the $30 billions are now ahead of us,” said Benioff, who co-founded Salesforce in 1999.
He said Salesforce’s next leg of growth continues to be propelled by the digital transformation and its customers needing a broad range of tools to support their own clients. That’s why Salesforce has worked to stitch together all of its recent acquisitions, Benioff said, pointing to data analytics firm Tableau, integration software provider MuleSoft and chat app Slack.

Benioff also said he’s pleased with Salesforce’s operating cash-flow performance and projections. The company reported $6 billion for fiscal 2022, up 25% year over year, and with expectations of 21% to 22% growth in fiscal 2023.
Dow-component Salesforce shares are up 7% over the past five sessions, but they remain down nearly 27% over the past three months as investors have rotated away from growth-oriented technology companies toward more defensive parts of the market.
Disclosure: Cramer’s charitable trust owns shares of Salesforce (CRM).
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