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    Yellen says she has discussed Fed chair with Biden, praises Powell for doing a 'good job'

    Treasury Secretary Janet Yellen said she has discussed with President Joe Biden how he should proceed on naming a Fed chairman.
    Yellen told CNBC that she thinks current Chairman Jerome Powell has done a “good job.”

    Treasury Secretary Janet Yellen said she has discussed with President Joe Biden how he should proceed on naming a Federal Reserve chairman and praised the current holder of the position.
    She did not disclose any specific plans Biden has, though Yellen said she gives solid marks to Chairman Jerome Powell.

    “I talked to him about candidates and advised him to pick somebody who is experienced and credible,” Yellen told CNBC’s Ylan Mui. “I think that Chair Powell has certainly done a good job.”
    Appointed to the top post by former President Donald Trump, Powell’s term expires in February. Biden is expected to name someone soon, and Powell is widely expected on Wall Street to be renominated.
    However, the Powell Fed has come under criticism in recent weeks following disclosures that regional presidents — and Powell himself — had been buying and selling securities tied to the stock and bond markets at a time when Fed policy was underpinning Wall Street.
    Two regional presidents resigned shortly after the disclosures. Powell faced some criticism over the matter in a recent congressional appearance, and leading progressive Sen. Elizabeth Warren, D-Mass., said she would vote against Powell if he is nominated for a second term. The Fed has since established an edict barring policymakers and senior officials from owning anything other than mutual funds in most cases.
    Despite the controversy, Yellen said Powell has led the Fed well during an extraordinary time. Yellen was Powell’s immediate predecessor as the Fed chair.

    “He responded very admirably to the crisis that we saw after the pandemic, and he’s established with his colleagues a new framework that is very focused on achieving full employment,” she said.
    The Fed meets this week and is widely expected to announce that it soon will start slowly withdrawing the unprecedented economic help it has been providing since the early days of the pandemic.

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    Amazon plans to launch its first internet satellites in late 2022

    “There is no substitute for on-orbit testing, and we expect to learn a lot given the complexity and risk of operating in such a challenging environment,” Amazon vice president of technology Rajeev Badyal said in a statement.
    Called KuiperSat-1 and KuiperSat-2, Amazon said the satellites will launch with rocket builder ABL Space on its RS1 vehicle.

    A rendering of ABL Space’s RS1 rocket launching Project Kuiper satellites for Amazon.

    Amazon aims to launch its first Project Kuiper internet satellites in the fourth quarter of 2022, the company announced Monday.
    The technology giant filed a request with the Federal Communications Commission to launch and operate its first two prototype satellites, called KuiperSat-1 and KuiperSat-2. Amazon said the satellites will launch with ABL Space on its RS1 rocket.

    “We’ll soon be ready to see how [the satellites] perform in space,” Amazon vice president of technology Rajeev Badyal said in a statement. “There is no substitute for on-orbit testing, and we expect to learn a lot given the complexity and risk of operating in such a challenging environment.”
    Project Kuiper is Amazon’s plan to build a network of 3,236 satellites in low Earth orbit to provide high-speed internet to anywhere in the world. The FCC last year authorized Amazon’s system, which the company says it plans to “invest more than $10 billion” in Kuiper. Early service from Kuiper is set to begin once Amazon has 578 satellites in orbit.
    Amazon last week announced a partnership with Verizon, to collaborate with the telecom giant in the increasingly competitive field of high-speed satellite internet.
    Kuiper is poised to go toe-to-toe with SpaceX’s Starlink network, which is the furthest along in the latest generation of broadband satellite systems. A variety of other networks are in various stages of development, including those of British-owned OneWeb, BlackRock-backed Astranis, satellite-to-smartphone specialist AST SpaceMobile, Lockheed Martin’s partnership with start-up Omnispace and Canadian satellite operator Telesat’s Lightspeed.
    The Project Kuiper team has grown steadily at Amazon, which now has more than 750 people and “hundreds more” expected to be hired in the next year. Amazon built a 219,000 square-foot facility in Redmond, Washington to test and manufacture the satellites, and plans to add another 20,000 square-foot facility.

    The prototype satellites

    Launching and testing KuiperSat-1 and KuiperSat-2 a year from now represents one of the next major milestones in the development of Amazon’s system.
    The pair of satellites are intended to test Amazon’s communications and networking infrastructure, connecting with the company’s ground stations based in Texas, South America and Asia-Pacific.
    “KuiperSat-1 and KuiperSat-2 will include much of technology and sub-systems that power the production version of our satellite design – phased array and parabolic antennas, power and propulsion systems, custom-designed modems and more,” Amazon said in a blog post.
    Amazon also plans to test early customer satellite dishes at the location in McCulloch, Texas. The company described the antenna as a “low-cost customer terminal” that will provide “reliable service at a more affordable price than legacy antennas,” having conducted early testing of prototype equipment late last year.
    According to Amazon’s filing, the satellites are expected to connect to the Texas antennas for as long as four minutes, up to five times per day.

    A Project Kuiper engineer sets up a a prototype antenna for a test.

    The impact of networks with hundreds or thousands of satellites on the night sky has been a topic of concern for systems like Kuiper. Similar to the “sun visors” that SpaceX added to Starlink satellites to reduce brightness, Amazon said one of the two prototype Kuiper satellites “will include a sunshade to help us understand whether it is an effective way to reduce reflectivity and thereby mitigate its impact on ground-based optical telescopes.”
    “We will collect data to compare reflectivity between the two spacecraft, and share any learnings with the astronomy community following the mission,” Amazon said.
    Additionally, to combat the risk of adding space debris in orbit, Amazon emphasized its Kuiper prototypes are designed to entirely burn up in the atmosphere at the end of their lifespan.

    Another deal with a rocket builder

    An RS1 rocket booster is shipped out of the company’s headquarters in El Segundo, California.

    Amazon plans to send up the satellites on separate ABL launches, which will lift off from Cape Canaveral Space Force Station in Florida. The companies have been working together “for several months,” Amazon said, with two design reviews complete.
    ABL continues to work toward the inaugural launch of its RS1 rocket from Alaska by the end of this year. The company has previously announced plans to launch from Vandenberg Space Force Base in California and Pacific Spaceport Complex in Alaska, making Cape Canaveral its third planned launch site to date. ABL has not yet announced which launch complex it plans to utilize in Florida.
    The Amazon missions add to ABL’s contract backlog, which the rocket builder says features 14 customers so far.
    “Amazon will play a central role in the next generation of space infrastructure, and we’re proud to have been selected as a Kuiper launch partner, particularly for these critical early flights,” ABL CEO Harry O’Hanley said in a statement.
    The deal with ABL is the second Amazon has signed with a launch provider, having earlier this year contracted United Launch Alliance for nine Kuiper launches.

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    Covid vaccines for kids are coming soon — some families are counting the minutes

    Some parents are preparing their kids for a return to “normal” as the Biden administration begins assembling doses of Pfizer’s and BioNTech’s Covid vaccine for children ages 5 to 11.
    The FDA authorized the doses for those kids on Friday, and a CDC panel is expected to issue a recommendation on the doses Tuesday.
    Although kids are less likely than adults to suffer from severe disease, a small portion of them do.

    Florida parent Judi Hayes said she can’t wait to get her 10-year-old son, Will, back in the classroom. However, she’s holding out until he can get vaccinated.
    “He’s sad. He misses his friends and his teachers and special Olympics tennis,” said Hayes, whose child has Down syndrome and has been doing virtual learning since the onset of the pandemic in spring 2020.

    Hayes said she opted her son out of in-person learning because his Down syndrome puts him at a greater risk for complications from Covid-19. She and a handful of other parents are currently suing Gov. Ron DeSantis and state education officials over the governor’s ban on mask mandates in schools. Will’s 13-year-old brother is vaccinated and goes to class, albeit masked.

    Parents walk their children on the first day of school, amid the coronavirus (COVID-19) pandemic, at West Tampa Elementary School in Tampa, Florida, U.S., August 10, 2021.
    Octavio Jones | Reuters

    “He doesn’t really understand why his brother gets to go school and he doesn’t,” Hayes said. “That’s where the vaccine comes in. We will get him vaccinated the second it is possible and hopefully he’ll be able to get back to school, maybe in January.”
    As the Biden administration begins assembling and shipping doses of Pfizer’s and BioNTech’s Covid vaccine for children ages 5 to 11 for immunizations as early as this week, some parents say they are preparing their kids for a return back to “normal” – in-person learning, sports and other extracurricular activities that were largely put on hold due to the pandemic.
    Even though the daily number of Covid cases in the U.S. is falling, the virus still infects an average of more than 72,000 Americans per day, according to a CNBC analysis of data from Johns Hopkins University. Children are beginning to make up a greater share of new infections.
    Kids ages 5 to 11 made up 10.6% of all reported Covid cases nationwide in the week ending Oct. 10 even though they represent about 8.7% of the U.S. population, according to data compiled by the Centers for Disease Control and Prevention. Although kids are less likely than adults to suffer from severe disease, a small portion of them do. At least 5,217 kids have suffered from multisystem inflammatory syndrome in children, or MIS-C, a rare but serious Covid-related complication.

    Fully vaccinating 1 million kids ages 5 to 11 would prevent 58,000 Covid infections, 241 hospitalizations, 77 ICU stays and one death, according to a modeled scenario published by the Food and Drug Administration last week. Up to 106 kids would suffer from vaccine-induced myocarditis but most would recover, according to the agency.

    A student attends an online class from home in Miami, Florida, U.S., on Thursday, Sept. 3, 2020.
    Eva Marie Uzcategui | Bloomberg | Getty Images

    Children are generally infected less severely, but “they can be infected to the point that they suffer and are hospitalized and die,” said Dr. Paul Offit, a pediatrician at Children’s Hospital of Philadelphia and a member of the FDA’s Vaccines and Related Biological Products Advisory Committee.
    Offit joined his FDA committee colleagues last week in recommending Pfizer’s vaccine for young kids. “The benefit of vaccinating kids is clear,” he said.
    The White House said it has procured enough doses to vaccinate all 28 million 5- to 11-year-olds in the U.S., and said it began the process Friday of moving 15 million doses from Pfizer’s freezers and facilities to distribution centers. The FDA authorized the doses on Friday, and a CDC panel is expected to issue a recommendation on the doses Tuesday. CDC Director Dr. Rochelle Walensky could sign off soon after.
    The doses will include different directions and packaging to help medical providers avoid confusing the shots with the company’s doses for individuals over 12, officials said. The vaccine will be given to kids in smaller doses, a third the dosage for teens and adults.
    States are already preparing. California health officials, for example, said Wednesday the state will have 4,000 sites ready to administer 1.2 million Covid shots to children 5 to 11 years old as soon as the vaccines receive clearance from federal regulators.
    Katie O’Shaughnessey, an educator and parent of three who lives in Connecticut, said her 10-year-old daughter, Maeve, asked to get her shot for her birthday in a couple of weeks. She said they’re already trying to make an appointment with a local pediatrician.
    Besides attending school and a few extracurricular activities, O’Shaughnessey said she and her wife haven’t allowed their daughter to do much else. While she acknowledged kids are generally at lower risk for severe Covid, they’re not taking any chances.
    “For her, this is her freedom,” she said. “We have not allowed her to go to a restaurant. We haven’t gotten to see a show. A neighbor of ours was in a show at the theater, like a professional tour, and we wanted her to get to see her friend and we were like, ‘sorry, you can’t go.'”
    O’Shaughnessey said she isn’t aware of any parents who say they are hesitant about getting their child vaccinated – although surveys show many parents in the U.S. are reluctant.
    According to a survey published Thursday from the Kaiser Family Foundation, a third of parents in the U.S. say they will not get their children ages 5 to 11 vaccinated right away, and would wait and see how the vaccine rollout went. Parents’ main concerns with vaccinating their kids have to do with “potential unknown long-term effects and serious side effects of the vaccine,” Kaiser said.
    Pfizer says its study, which included more than 3,000 children who received the vaccine, found the shots were well tolerated, with the most common side effects being mild and comparable to those seen in a trial of teens and adults ages 16 to 25. Common side effects for teens and adults include fatigue, headache, muscle pain, chills, fever and nausea, according to the CDC.

    A boy rides a bicycle past a sign at Pershing School in Orlando advising that face masks are required for students through October 30, 2021.
    Paul Hennessy | LightRocket | Getty Images

    Still, federal regulators say they are monitoring for rare heart inflammation conditions, myocarditis and pericarditis, which have appeared in a very small number of young adults who received either the Pfizer or Moderna vaccine. There were no cases of myocarditis in Pfizer’s trial for kids, but officials said the trial may have been too small to detect the rare heart condition.
    Dr. Theodore Ruel, chief of pediatric infectious disease at the University of California, San Francisco, said parents’ concerns are understandable, especially since the mRNA vaccines are relatively new technology that many people are unfamiliar with.
    “But at the end of the day, it’s kind of just the same as a normal vaccine, which is you get this protein from the virus and your body reacts to it,” he said. “I fear some of the innovation angle might have overly mystified it even though it works the same way other vaccines do.”
    Lora Vail, a parent in Florida, said she isn’t hesitant about getting her 6-year-old son, Cooper, vaccinated. She and her husband are already fully vaccinated with the Pfizer vaccine, and she has an appointment to get a booster dose.
    “We’re looking forward to when we can get our son vaccinated as well so he will be protected, and can protect others,” she said.
    She said many children don’t really get seriously sick from Covid but it “doesn’t discount the children that do get sick, end up in the ICU and unfortunately die.”
    “It makes me wonder, like, how many is too many,” she said. “For me, it’s one.”
    South Carolina parent Shirley Grace said she’s looking forward to going on “adventures” again with her 6-year-old son, Michael, once he’s vaccinated. They used to go to weekly farmers markets, museums, the zoo and libraries before the pandemic hit.
    “Even though I’ve only limited our outings to places with Covid precautions in place, having more protection for him gives his Dad and me a peace of mind we can have to go out and about again,” she said.

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    Kids Covid vaccination program will be 'fully up and running' next week, White House says

    “Starting the week of Nov. 8, the kids vaccination program will be fully up and running,” White House coronavirus response coordinator Jeff Zients said.
    The Biden administration has already begun transferring 15 million vaccine doses from Pfizer to facilitate immunizations at pediatricians’ offices, pharmacies, hospitals and health centers.
    Vaccinations for 5- to 11-year-olds could begin this week, Zients said.

    Pfizer/BioNTech’s new pediatric COVID-19 vaccine vials are seen in this undated handout photo.
    Pfizer | Reuters

    The federal Covid-19 vaccine distribution program for children ages 5 to 11 will be “fully up and running” next week if the Centers for Disease Control and Prevention approves Pfizer and BioNTech’s doses for that age group, White House coronavirus response coordinator Jeff Zients said Monday.
    The Biden administration has already begun transferring 15 million vaccine doses from Pfizer to facilitate immunizations of younger children at pediatricians’ offices, pharmacies, hospitals and health centers, Zients said at a White House Covid briefing. Vaccinations for 5- to 11-year-olds could begin this week, Zients said. However, the CDC must first authorize the shots after the agency’s advisory committee meets Tuesday to discuss Pfizer’s vaccine data for young children.   

    “Starting the week of Nov. 8, the kids vaccination program will be fully up and running,” Zients said. “Parents will be able to schedule appointments at convenient sites they know and trust to get their kids vaccinated.”
    The U.S. has acquired enough Pfizer doses to vaccinate all of the country’s 28 million children ages 5 to 11 against the virus, Zients said. The administration is working with more than 20,000 health providers to distribute the shots, Zients said, adding that the process will launch with 15 million shots before “millions of more doses” become available each week.

    CNBC Health & Science

    The Food and Drug Administration approved Pfizer’s Covid vaccine for 5- to 11-year-olds on Friday, reporting that 146 children in that age group had died from the coronavirus as of Oct. 17. Pfizer researchers told the FDA’s advisory committee that their product was more than 90% effective at blocking symptomatic Covid cases in young kids, and the shots are a third of the dosage that adults receive.
    CDC officials said during a presentation before the FDA’s advisory panel that obesity, lung disease and neurological conditions were some of the comorbidities in children that could cause dangerous Covid complications. Covid outbreaks have led to more than 2,000 school closures – impacting more than 1 million children and 68,000 teachers – nationwide since August, they said.
    Children ages 5 to 11 represent approximately 9% of the country’s reported Covid cases, according to FDA data presented to the panel.

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    Backdoor Roth, a tax strategy favored by the rich, survives in Democrats’ latest plan

    The House Ways and Means Committee passed a measure in September to kill the “backdoor” and “mega backdoor” Roth individual retirement account.
    The strategies allow wealthy Americans to funnel more money into Roth IRAs. The accounts allow for tax-free investment growth and future withdrawals, and don’t require distributions after age 72.
    The $1.75 trillion Build Back Better framework issued by the White House on Thursday preserves the strategies — for now.

    Bill Koplitz | Moment | Getty Images

    A retirement tax strategy favored by the wealthy survived in Democrats’ latest social and climate spending plan, after an earlier version had it on the chopping block.
    So-called backdoor Roth strategies are a way for the rich to skirt income and savings limits that apply to Roth individual retirement accounts.

    At its simplest, the strategy involves an investor contributing money to a non-Roth account and then converting it to a Roth IRA.
    More from Personal Finance:Joining the ‘Great Resignation’? Here’s how to handle your 401(k)Where to get the best rates on emergency savings amid rising inflation3 big ways Democrats’ social plan would expand health coverage
    Roth IRAs yield two big benefits for the affluent: Neither investment growth nor account withdrawals are taxable if funds are pulled out after age 59½, and there are no required minimum distributions starting at 72, as there are with traditional retirement accounts.
    “The reason rich people do this is they don’t want to pay taxes on their investments,” said Albert Feuer, a tax and employee benefits attorney in Forest Hills, New York. “The fact they don’t have any RMD rules supercharges [the accounts] even further.”
    The House Ways and Means Committee proposed ending the loopholes as part of a broad package of reforms to make the tax code fairer and raise money for Democrats’ social and climate agenda (which was then envisioned at up to $3.5 trillion). The Committee passed the measures in September.

    However, a $1.75 trillion Build Back Better framework issued Thursday by the White House — the result of months of negotiating between moderate and progressive lawmakers — would keep the loopholes intact.

    Until we actually have a law, we can’t be sure what’s going to be in it.

    Albert Feuer
    tax and employee benefits attorney

    The new vision of tax reforms also omits many other retirement measures included in the House package, such as new RMD rules for accounts of more than $10 million.
    However, negotiations are ongoing and retirement rules may re-emerge — especially if Democrats add measures that raise the legislation’s total price tag and need to find new funding sources.
    Those may include, for example, changes to the current $10,000 cap on a federal tax deduction for state and local taxes.
    “Until we actually have a law, we can’t be sure what’s going to be in it,” Feuer cautioned.

    Backdoor Roth

    Current law disallows any contributions to Roth accounts for single taxpayers whose annual income exceeds $140,000. (The limit is $208,000 for married couples filing a joint tax return.)
    However, the law allows higher earners to convert funds in a pre-tax IRA — which doesn’t have an income limit — to a Roth IRA. (They must pay income tax on the converted funds.) Such pre-tax IRAs may hold a substantial sum of money from a 401(k) plan whose funds were rolled over.

    (While there isn’t an income limit for contributions to pre-tax IRAs, high earners can’t claim a tax deduction for those contributions beyond a certain income. The threshold varies according to whether the person does or doesn’t have a workplace retirement plan.)  
    The House tax proposal would have disallowed conversions of IRA and 401(k) funds to a Roth account. It would have applied in 2032, for single taxpayers with taxable income of more than $400,000 or married taxpayers filing jointly with income above $450,000.

    Mega backdoor Roth

    Current law also allows for a “mega backdoor Roth” strategy to get even more money into a Roth IRA.
    IRAs have an annual $6,000 contribution limit. (People over age 50 can put in an extra $1,000 a year.)
    But 401(k) and other workplace plans have much higher limits. In certain cases, workers can save up to $58,000 a year (or $64,500 for those over age 50) by making “after-tax” contributions.

    Unlike Roth accounts, investment growth in this after-tax savings is taxable. However, wealthy investors generally avoid tax by quickly converting this after-tax money to a Roth IRA — the so-called mega backdoor strategy.
    The House tax proposal would have prohibited all after-tax contributions from employees and barred after-tax contributions being converted to a Roth account. The measure would have applied for all income levels starting in 2022.
    (Just 1 in 5 of 401(k) plans currently allow for these after-tax contributions, according to the Plan Sponsor Council of America.)

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    Prince Charles calls for 'war-like footing' in speech at pivotal COP26 climate change summit

    The Road to COP26

    The Prince of Wales was speaking in front of world leaders at the opening ceremony of the COP26 climate change summit.
    Monday’s remarks represent Prince Charles’ latest attempt to galvanize action related to the environment and sustainability.
    In September 2020, he called for a “Marshall-like plan for nature, people and planet.”

    The Prince of Wales delivers a speech during the opening ceremony of the UN Climate Change Conference COP26 in Glasgow, Scotland, on November 1, 2021.
    Yves Herman – WPA Pool | Getty Images News | Getty Images

    LONDON — Prince Charles issued an urgent call for action at the opening ceremony of COP26 on Monday, telling those attending the climate change summit that time had “quite literally run out.”
    Speaking in front of world leaders in Glasgow, Scotland, the heir apparent to the British throne said the Covid-19 pandemic had “shown us just how devastating a global, cross border threat can be.”

    “Climate change and biodiversity loss are no different,” he said. “In fact, they pose an even greater existential threat to the extent that we have to put ourselves on what might be called a war-like footing.”
    COP26 is being hosted by the U.K. between Oct. 31 and Nov. 12. A lot is riding on the summit: The U.K.’s official website for COP26 states it will “bring parties together to accelerate action towards the goals of the Paris Agreement and the UN Framework Convention on Climate Change.”
    Described by the United Nations as a legally-binding international treaty on climate change, the Paris Agreement aims to “limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.”

    Addressing those in front of him, Charles said “the eyes and hopes of the world are upon you to act with all dispatch, and decisively — because time has quite literally run out.”
    The Prince of Wales said a recent report from the Intergovernmental Panel on Climate Change had provided “a clear diagnosis of a scale of the problem — we know what we must do.”

    Expanding on his point, Charles said emissions needed to be cut urgently and action taken to “tackle the carbon already in the atmosphere, including from coal-fired power stations.”
    “Putting a value on carbon, thus making carbon capture solutions more economical, is therefore absolutely critical,” he said, going on to call for an acceleration of nature-based solutions, among other things.
    Collaboration was also key, Charles said. “As we tackle this crisis, our efforts cannot be a series of independent initiatives running in parallel,” he said.

    Read more about clean energy from CNBC Pro

    “The scale and scope of the threat we face call for a global systems level solution based on radically transforming our current fossil fuel based economy to one that is genuinely renewable and sustainable.”
    He went on to plea for “countries to come together to create the environment that enables every sector of industry to take the action required. We know this will take trillions, not billions of dollars.”
    Monday’s remarks represent Prince Charles’ latest attempt to galvanize action related to the environment and sustainability. In September 2020, for instance, he called for a “Marshall-like plan for nature, people and planet.”
    A longstanding advocate for the environment, Charles recently told the BBC: “My old Aston Martin, which I’ve had for 51 years, runs on, can you believe this, surplus English white wine and whey from the cheese process.” More

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    Coca-Cola buys full control of Bodyarmor for $5.6 billion in its largest-ever brand acquisition

    Coca-Cola announced Monday it has bought full control of sports drink maker Bodyarmor for $5.6 billion, making it the company’s largest brand acquisition to date.
    Owning Bodyarmor helps Coke gain market share in the sports drink category, although PepsiCo’s Gatorade is far and away the market leader with roughly 70% market share.
    Coke bought a 15% stake in Bodyarmor in 2018, becoming its second-largest shareholder.

    Ryan Blaney, driver of the #12 BodyArmor Ford, celebrates in the Ruoff Mortgage victory lane after winning the NASCAR Cup Series Coke Zero Sugar 400 at Daytona International Speedway on August 28, 2021 in Daytona Beach, Florida.
    Jared C. Tilton | Getty Images

    Coca-Cola announced Monday it has bought full control of sports drink maker Bodyarmor for $5.6 billion, making it the company’s largest brand acquisition to date.
    The beverage giant bought a 15% stake in Bodyarmor in 2018, becoming its second-largest shareholder. At the time, basketball legend Kobe Bryant was its third-largest shareholder after investing in Bodyarmor in 2013, just two years after its founding. Bryant’s estate will receive more than $400 million from the sale, according to the Wall Street Journal.

    The deal for the remaining 85% of Bodyarmor isn’t entirely unexpected. Coke first said in February that it intended to buy a controlling interest in Bodyarmor later this year in a pre-acquisition filing with the Federal Trade Commission.
    Owning Bodyarmor helps Coke gain market share in the sports drink category, although PepsiCo’s Gatorade is far and away the market leader with roughly 70% market share. By positioning itself as a healthier sports drink, Bodyarmor has surpassed Coke’s Powerade to become the second-largest player in the category. According to Coke, the sports drink brand’s retail sales are more than $1.4 billion, up about 50% this year.
    As part of the deal, Bodyarmor co-founder Mike Repole will collaborate on the company’s still beverages portfolio. Repole also founded Vitaminwater, Smartwater and Energy Brands, all of which are now owned by Coke. Repole and BodyArmor President Brent Hastie will also stick around to help Bodyarmor in its quest to overtake Gatorade.
    Ahead of the deal’s confirmation, Credit Suisse analyst Kaumil Gajrawala wrote in a note to clients Friday that he expects the acquisition will be positive for Coke, citing Body Armor’s brand equity and the potential for Coke to distribute its sports drinks globally, like it did for Monster.
    Coke has been overhauling its own portfolio since the start of the pandemic, killing off drinks that haven’t been selling well. That includes its short-lived Coca-Cola Plus Energy drink in North America this spring. At the same time, under CEO James Quincey, the company has been striving to offer a wider array of beverages.

    The Bodyarmor deal is Coke’s largest brand acquisition, topping its purchase of Costa Coffee in 2018 for $5.1 billion.
    Shares of Coke have risen 3% this year, giving it a market value of $244 billion.

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    A little-known cryptocurrency spiked 400% after Facebook changed its name to Meta

    Little-known cryptocurrency mana surged to an all-time high over the weekend amid excitement over Facebook changing its name to Meta.
    Mana is the native digital token of Decentraland, a self-proclaimed metaverse platform where users can buy and sell virtual properties.
    Crypto investors view Facebook’s rebrand as a sign of growing acceptance of the metaverse trend.

    A smartphone with Facebook’s logo is seen in front of displayed Facebook’s new rebrand logo Meta in this illustration taken October 28, 2021.
    Dado Ruvic | Reuters

    Mana, a little-known cryptocurrency used for buying and selling virtual land, saw its price spike over the weekend amid excitement over Facebook’s rebrand.
    The price of mana hit an all-time high of $4.16 on Saturday evening, according to CoinMarketCap data, up 400% from where it was trading shortly after Facebook announced it was changing its name to Meta. It has fallen since, having last changed hands at around $3.16.

    Facebook’s rebrand was aimed at shifting the embattled social media company’s focus toward the “metaverse,” a kind of shared virtual reality in which multiple users can interact with each other and digital objects.
    Launched in 2017, mana is the native digital token of Decentraland, a self-proclaimed metaverse platform where users can buy and sell virtual properties. Ownership of the land is purchased through nonfungible tokens, a type of digital asset meant to track who owns what. It runs on Ethereum, the blockchain network behind ether, the world’s second-largest digital currency.

    Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno, said mana and other metaverse-focused cryptocurrencies were rallying on the back of Facebook’s rebrand, which is being seen as a sign of growing acceptance of the metaverse trend.
    “I read it as an interpretation of a vote of confidence amongst both speculators and investors that this concept of a metaverse is now taking a serious turn in terms of reaching mainstream consciousness and — soon — adoption,” Ayyar said.
    Other cryptocurrencies, including the tokens of blockchain-based games Axie Infinity and The Sandbox, have also seen solid gains the past few days.

    Investors are looking to smaller alternative cryptocurrencies, or “altcoins,” as interest in bitcoin has begun to peter out after the world’s largest digital coin hit a record high of nearly $67,000 last month, according to Luno’s Ayyar.
    “Typically, once Bitcoin crosses an all-time high, we see money flow into other altcoins,” he said.
    Last week, shiba inu — a “meme token” challenging dogecoin — rallied sharply amid speculation over whether Robinhood could add the coin to its trading platform. It now ranks ahead of dogecoin, with a market capitalization of more than $39.6 billion.

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