Raphael Stevens

“We are looking closely at the data and we won’t be implementing our plan B of contingency measures at this point,” U.K. Health Secretary Sajid Javid said Wednesday.
He acknowledged the health service was seeing greater pressure and Covid cases could yet climb as high as 100,000 per day.
It comes shortly after the National Health Service Confederation warned some Covid restrictions must be reintroduced “without delay” if the government is to keep people healthy and prevent hospitals from becoming overwhelmed this winter.

LONDON — U.K. Health Secretary Sajid Javid on Wednesday said that the government won’t be implementing the so-called plan B strategy of its fall-winter Covid plan, defying warnings from health leaders that the country risks “stumbling into a winter crisis.”
“We are looking closely at the data and we won’t be implementing our plan B of contingency measures at this point,” Javid said, speaking at the government’s first coronavirus news conference in more than a month.

“But we will be staying vigilant, preparing for all eventualities while strengthening our vital defenses that can help us fight back against this virus.”
Javid said the NHS was “performing with distinction,” acknowledging that the health service was seeing greater pressure but rejected the suggestion that it was unsustainable.

Commuters, some wearing face coverings to help prevent the spread of coronavirus, ride a Transport for London (TfL) underground train in London on October 20, 2021.
TOLGA AKMEN | AFP | Getty Images

“We will do what it takes to make sure that this pressure doesn’t become unsustainable and that we don’t allow the NHS to become overwhelmed.”
Javid said that winter poses the “greatest threat” to the recovery from Covid, adding that cases could yet climb as high as 100,000 per day.
It comes shortly after the National Health Service Confederation, which represents organizations across the U.K. health-care sector, warned some Covid restrictions must be reintroduced “without delay” if the government is to keep people healthy and prevent hospitals from becoming overwhelmed this winter.

This is because the NHS is seeing a “worrying” increase in Covid cases in hospitals and the community as it prepares for a busy winter period, they added.

Britain’s Health Secretary Sajid Javid speaks during a press conference at Downing Street on October 20, 2021 in London, England.
Toby Melville | WPA Pool | Getty Images News

The U.K. recorded 49,139 new Covid cases on Wednesday, according to the latest government data, and 179 deaths within 28 days of a positive test.
The seven-day average of new Covid cases in the U.K. has jumped from around 34,000 at the beginning of October. Meanwhile, the number of people in the hospital who have Covid has surged by 11% in a week.
To date, the U.K. has recorded more than 8.5 million Covid cases and 139,265 deaths, according to data compiled by Johns Hopkins University. The U.K. ranks among the countries with the highest death tolls worldwide.
Making matters worse, potentially, is a new mutation of the delta variant that British experts are watching closely.
Downing Street said earlier this week that it was closely monitoring rising cases, but the Cabinet had not yet discussed contingency measures.
Business Secretary Kwasi Kwarteng told Sky News on Wednesday that it was not yet time for the government’s so-called Plan B strategy, saying the focus should be on administering more booster shots instead.
Kwarteng also ruled out the prospect of another national lockdown.

Rising cases across Europe

Officials from the World Health Organization on Wednesday noted the rise in cases across Europe, including in the U.K., blaming it at least in part on the easing of Covid restrictions.
“The Northern Hemisphere is heading into another winter, and just need to be a little concerned about that uptick across Europe as we enter the late, late, deep autumn,” Dr. Mike Ryan, head of the WHO’s emergencies programs, said in a Q&A. “As societies are opening up, we’re seeing those numbers rise, and in a number of countries, we’re already seeing the health system begin to come under pressure, we’re seeing the number of available ICU beds decreasing.”
Last month, the government outlined its fall-winter plan for tackling the coronavirus crisis, setting out a series of measures designed to avert the need for more lockdowns. These include vaccine uptake, test, trace and isolate, supporting the NHS and social care, government guidance and communication, and embracing an international approach to the pandemic.

CNBC Health & Science

If the NHS was deemed to be at risk of coming under unsustainable pressure, Javid said those contingency measures could kick in across England. That includes the possibility of making masks mandatory in certain settings, vaccine passports for events and encouraging remote working.
Health and care policy is devolved across the U.K., with different provisions made in Wales, Scotland and Northern Ireland.

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Many critics praised Denis Villeneuve’s precise storytelling and sprawling scale of “Dune,” while others faulted it for being long, slow and ending just as the story was getting interesting.
Audiences should be aware that the film, which has a two hour and 35 minute run time, only covers half of Herbert’s novel. Warner Bros. has not officially greenlit a sequel to handle the second half of the novel.
The film currently holds an 87% “Fresh” rating on Rotten Tomatoes from 174 reviews.

Timothee Chalamet stars in Warner Bros.’ “Dune.”
Warner Bros.

“Dune” has long been considered unfilmable, but director Denis Villeneuve seems to have cracked the code on how to bring this sweeping narrative to the big screen.
Previous versions of Frank Herbert’s 1965 science-fiction novel have struggled to capture the scope and nuance of the source material, which focuses less on the technology of the future and more on the politics of humanity.

“Dune” centers on the House of Atreides, a family that is assigned leadership over a planet named Arrakis by the sovereign ruler of the known universe, Padishah Emperor Shaddam IV. This planet is an inhospitable desert, but is the only source of a priceless and exclusive substance known as “spice.” This substance can extend human youth, vitality and lifespan.
Shaddam actually sees House Atreides as a potential rival and a threat and conspires with House Harkonnen, who had been in charge of harvesting spice on Arrakis, to destroy the family.
The novel and film center on Paul Atreides (Timothee Chalamet), the heir apparent of House Atreides, as he navigates his family’s relocation to Akkrais, the betrayal of the Padishah Emperor and his assimilation into the planet’s native population.
“It might help to think of the whole thing as a kind of Mafia turf war, set in space: Enemies and treachery are everywhere,” wrote Michael O’Sullivan in his review of the film for The Washington Post.
Many critics praised Villeneuve’s precise storytelling and sprawling scale of the film, while others faulted it for being long, slow and ending just as the story was getting interesting.

Audiences should be aware that “Dune, which has a two hour and 35 minute run time, only covers half of Herbert’s novel. Warner Bros. has not officially greenlit a sequel to handle the second half of the novel.
“Villeneuve’s ‘Dune’ is both dazzling and frustrating, often spectacular and often slow. It’s huge and loud and impressive but it can also be humorless and bleak,” wrote Steve Pond in his review of the film for The Wrap. “Though on the whole, it tries valiantly to address the problems of taking on Herbert’s complex epic, which requires a director to spend lots of time setting things up and explaining the world before they can even get the damn thing off the ground.”
The film currently holds an 87% “Fresh” rating on Rotten Tomatoes from 174 reviews.
Here’s what critics thought of “Dune” ahead of its debut in theaters and on HBO Max Friday:

Steve Pond, The Wrap

Those unfamiliar with “Dune” will need to be prepared for a film that unfolds slowly, Pond writes in his review of the film.
“Villeneuve has to spend a good 45 minutes of his film essentially laying the groundwork, using voiceover to describe the planet Arrakis, then finding a variety of ways to tell Timothee Chalamet’s Paul Atreides, and by extension the audience, what he’s getting himself in for,” he said.
The world of “Dune” is huge and Villeneuve spends time fleshing that out on screen.
“This version of ‘Dune’ sometimes feels as if it aims to impress you more than entertain you,” Pond wrote. “It’s grim on a staggering level, ditching most of the fun of sci-fi yarns in favor of a worldview that feels more like Villeneuve’s ‘Sicario’ or ‘Prisoners’ than his ‘Arrival.’ But it’s also a formidable cinematic accomplishment, a giant mood piece that can be exhilarating in its dark beauty.”
Read the full review for The Wrap.

Josh Brolin, Oscar Isaac and Stephen McKinley Henderson star in Warner Bros.’ “Dune.”
Warner Bros.

Soren Andersen, The Seattle Times

“So just see it. It’s remarkable,” wrote Soren Andersen in his review of the film for The Seattle Times.
“Himself a fan of the novel, Villeneuve made the picture for fellow fans,” he wrote. “But not only for them. He made it, too, for people who have never read the book. And now they won’t have to. The movie has captured the book with amazing fidelity.”
Many critics noted how faithful Villeneuve was to the novel when adapting “Dune.” Andersen praised the director’s “mastery” of the story’s visual elements as well as the casting of Chalemet as Paul.
“In an act that could be called either courageous or foolhardy, [Villenueve] opted not to make ‘Part Two’ until after ‘Part One’ is released,” he wrote. “Whether ‘Part Two’ is ever made depends on how well this movie does at the box office. It’s about [two and a half] hours long, but it doesn’t feel like it. If it succeeds, get ready for ‘Part Two’ somewhere down the line.”
Read the full review from The Seattle Times.

Michael O’Sullivan, The Washington Post

Michael O’Sullivan also addressed the length and breadth of the film in his review for The Washington Post.
“There’s a lot going on here — a quasi-biblical space opera, part ‘Lawrence of Arabia’ and part mobster movie — and spreading it out over two movies has allowed [Villeneuve] to take his time with the story and tell it richly, and without rushing,” he wrote.
For comparison, he pointed to David Lynch’s 1984 film adaptation as one that felt “overly condensed and frenetic.”
O’Sullivan praised the ensemble cast, which includes cinema heavyweights like Josh Brolin, Jason Momoa, Javier Bardem, Oscar Isaac and Stellan Skarsgard alongside Chalamet.
“Chalamet is well cast: an almost too pretty slip of a man who harbors hidden strengths and intensity,” O’Sullivan wrote. “When at last he learns to harness it, it lands with satisfying heft, even if it makes you wait, in a mix of frustration and fulfillment, for the next chapter.”
Read the full review from The Washington Post.

Timothee Chalamet and Rebecca Ferguson star in Denis Villeneuve’s remake of “Dune.”
Warner Bros.

David Rooney, The Hollywood Reporter

“Unless you’re sufficiently up on Frank Herbert’s 1965 sci-fi classic to know your Sardaukars from your Bene Gesserit, your crysknife from your hunter-seeker, chances are you’ll be glazing over not too far into ‘Dune,'” wrote David Rooney in his review of the film for The Hollywood Reporter.
While Villeneuve’s iteration has cinematic spectacle, Rooney noted that the film “keeps throwing arcane details at you” that don’t pay off because the film ends before completing the story.
“Perhaps the biggest issue with ‘Dune,’ however, is that this is only the first part, with the second film in preproduction,” he wrote. “That means an awful lot of what we’re watching feels like laborious setup for a hopefully more gripping film to come — the boring homework before the juicy stuff starts happening.”
“Whether audiences will choose to return for more after this often ponderous trudge through the desert is an open question,” he added.
Read the full review from The Hollywood Reporter.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Rotten Tomatoes.

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Pedestrians carry Nike shopping bags in San Francisco on Sept. 16, 2021.
David Paul Morris | Bloomberg | Getty Images

Nearly 1 in 3 Americans expect to take on debt this holiday shopping season, a survey from Credit Karma found.
The Covid-19 pandemic took a toll on many people’s finances, leaving them financially unprepared for the coming holiday season, according to the survey, which polled 1,020 U.S. adults in October.

On top of that, concerns about low inventory this year has shoppers starting early, and potentially missing out on deals.
“With supply chain shortages and shipping delays increasing prices for all shoppers this season, it will be important for consumers to be thoughtful about their spending to ensure they don’t start the new year in the red,” Colleen McCreary, consumer financial advocate and chief people officer at Credit Karma, said in a statement.
Here are steps to take to help you set a budget for holiday shopping.

Talk to family and friends

You may not be the only one facing a budget crunch. Instead of buying gifts for everyone on your list, have conversations with family and friends about alternatives. That could mean perhaps picking a name out of a hat so that everyone in each group buys just one gift.
“You would be surprised how many people are relieved,” said Jamila Souffrant, creator of financial education podcast “Journey To Launch.”

“It takes someone bringing it up.”

Make a list

Sit down and figure out who you want to buy gifts for, what you want to get and put a dollar amount around it.
“Seeing it on paper can be a good exercise,” Souffrant said “You really see how much you are going to spend.”
After coming up with a total budget, you can make adjustments from there. It may mean spending less per person this year or cutting down your list.

Be honest with friends and family if this is a source of stress, McCreary told CNBC.
“Start setting expectations that this might not be the holiday you will be able to provide,” she said.

Start saving now

While supply chain concerns have consumers worried about out-of-stock must-haves, if you wait to make purchases you can start socking away some money each week to pay for the gifts.
“Let’s just say you’re making a plan over the next six weeks,” Souffrant said. “Are there things in your current budget that you can cut out to make room for these purchases?”
On the flip side, waiting too long can result in high prices for those hard-to-find gifts. If you see a good deal now, buy it and store it away until the holidays.

Use credit cards wisely

Oscar Wong | Moment | Getty Images

Ideally, you don’t want to rack up debt. Yet it’s a reality for many Americans. Fully 49% of those surveyed by Credit Karma planned to pay for gifts this holiday season with credit cards.
If you need to use a credit card, do so wisely.
First, look at your current credit-card balances. If you have debt you can’t get ahead of, you may have to make some sacrifices and be intentional about what you’re buying for the holidays, Souffrant said. Also have an understanding of what your debt payment plan will look like.
More from Invest in You:Here’s why you should holiday shopping start early this yearDid you blow your budget? Here’s how to get back on trackHere’s the budget this millennial used to save $100,000 by age 25
When you plan on carrying debt with your credit card, use the one with the lowest interest rate. If you are going to use one without the lowest rate, choose the one that is going to give you the best deal, such as cash back or points towards travel, McCreary said.
You can also use that credit card on apps or browser extensions that have coupons and rewards for shopping, such as Honey or Rakuten, she advised.
However, people often get excited about the cash back instead of the debt they are collecting, McCreary noted.
“Only purchase what you need, especially if you are going to be paying this off over time,” she added. “You want to make sure you’re looking at payments you can pay down as quickly as possible.”
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Tesla will go down in history as a key player in driving the auto sector and world to accelerated use of electric vehicles and renewable energy, and the company reported record profits and sales on Wednesday in its latest earnings report.
But Elon Musk’s company receives relatively low ESG ratings and that is because “E” is only one-third of the equation, and climate only a piece of that third.
Labor relations, corporate governance, product and passenger safety, and diversity and inclusion are among other issues where the company’s track record is mixed.

Tesla CEO Elon Musk and Christian Democratic Union (CDU) party leader Armin Laschet visit the construction site of Tesla’s Gigafactory in Gruenheide near Berlin, Germany, August 13, 2021.
Patrick Pleul | Reuters

Tesla CEO Elon Musk has said the fundamental good the electric car maker does will be measured in the acceleration of the world to sustainable energy.
Tesla’s role in the auto industry’s move to electrification is undeniable. Many major automakers are now investing billions in EV and battery manufacturing, and consumer interest in EVs continues to grow. While a Pew Research Center survey this summer found only 7% of U.S. adults currently had an electric or hybrid vehicle, 39% said they were considering an electric vehicle to be the next car they bought. 

“One of the many things he did is he pushed the industry toward taking EV seriously,” former Ford CEO Mark Fields said of Musk.
Tesla didn’t surpass 1% share of new car sales until 2018, but during the first half of 2021, Tesla’s share of the all-electric segment of the auto market stood at about two-thirds.
“Profitability as a pure EV maker is an accomplishment in and of itself,” said Driss Lembachar, manager of transportation and infrastructure research at Morningstar’s Sustainalytics.
Tesla’s stock price, now near-$900, and its rise to a near-$1 trillion company, shows that investors have been rewarded for sticking with a company that five years ago traded under $50 amid constant reporting on financial struggles.
But for ESG analysts including Lembachar, “There is some room for improvement.”

Beyond Tesla earnings and sales

As Tesla reported record profits and sales in its third-quarter earnings on Wednesday and demand for its EVs show continued growth, its balance sheet becomes less volatile, and it ramps up manufacturing around the globe — including operations in Europe and China — its success is also an indication that Tesla has passed beyond its roots as a California start-up (where it is no longer even based). It’s becoming a more mature automaker. That is one reason ESG experts are watching closely to see how Musk’s company evolves in relation to investor concerns about environmental, social and governance issues.
Yana Kakar, global managing partner emeritus at Dalberg, said when the ESG debate is boiled down to a choice between whether the product a company produces is good, such as a Tesla EV, or the way it produces the product is good, that is a mistake.
“That’s a false dichotomy,” she said. “There is no necessary tradeoff. It is not a zero-sum game.”
How a company produces its products can be a reflection of the same values in the products it creates, and “that is entirely achievable,” Kakar said. 
This debate over Tesla has a parallel to the rise of Silicon Valley companies that are “revolutionizing” industries and, as a result, have to keep their focus on that primary goal and not ESG.
“That attitude has been particularly prevalent in Silicon Valley,” said Jaakko Kooroshy, head of sustainable investment research at FTSE Russell. “But investors have come around to the view that a company can continue ‘saving the world’ and also have decent sustainability disclosures, and those disclosures do matter in the context of the company trying to save the world.” He added, “The line from Tesla for a very long time was ‘we are busy here saving the world so who cares about our emissions disclosures and corporate governance mechanisms.”

Tesla shareholders are pressing company on ESG

The recent Tesla annual shareholder meeting showed how investor pressure is being applied to the company, with a measure for diversity, equity and inclusion reporting approved by shareholders over management objections. The vote came shortly after a legal case in which a former Tesla contract worker sued over a hostile work environment and was awarded $137 million.
ESG experts say it is a sign that Tesla shareholders are making their voices heard, but it will be another year before ESG experts and shareholders can assess any changes made by Tesla in response to the shareholder measure. Shareholder measures are non-binding, and though corporate management often enacts changes in response to shareholder wins, it is not always with the scope or comprehensiveness that shareholders expected.

To date, in spite of all of the “good” the company is doing related to climate change, Tesla has not had the best ESG track record.
Paul Tudor Jones’ ESG firm JUST Capital ranks Tesla among the bottom 10% of all companies on ESG — its ESG methodology is weighted more heavily to broad social issues than climate specifically.
FTSE Russell has Tesla ranked last among carmakers globally on ESG issues.
Tesla did not respond to a request for comment on its ESG philosophy.

Environment and climate

ESG rating agencies, in the early days of the industry, don’t yet agree on how to assess Tesla even on the “E” of environment with which it is synonymous.
Lembachar said on the environmental pillar in ESG, “They are one of the best … it goes without saying they produce only cars without emissions, and they have been credited for that.”
But in 2018, FTSE Russell gave Tesla a “zero” on environment because even though its revenue sources are green and its cars are non-emitting, the company didn’t disclose its own operational emissions.
Historically, Tesla did not provide transparency in terms of reporting its Scope 1 and Scope 2 carbon emissions, water use, or waste management. But Tesla has improved as investors pressed for more information and it has started publishing more corporate disclosures in recent years, said Kooroshy, which has led to an improvement in Tesla’s environmental ranking in the FTSE Russell ESG analysis.

How Tesla deals with the waste it generates and its water usage, particularly as it is starting to scale around the world and provide millions of vehicles, does matter, he said. There are many ways to produce EVs, some cleaner and some more problematic, and supply chains and sourcing of raw materials such as cobalt, which goes into batteries, and human rights and labor issues in regions where minerals are sourced, need to be considered by investors as risk factors.
“What is clear is that Tesla has made some improvements, but compared to many of its peers in the auto industry, its environmental reporting is still fairly rudimentary,” Kooroshy said. “They are conscious of, and made commitments to disclose more data points in future, and as they do, when they do, we will see it reflected in those ratings.” 

Labor

On balance, social and governance issues remain the major hurdles for Tesla. MCSI places Tesla above average in its rankings, but not as an ESG leader.
“If you look at labor management or product safety quality, we see some issues there,” said Arne Klug, vice president of ESG research at MSCI. “We couldn’t say that the company’s programs, in terms of labor management, or product safety, quality, are really aligned with its growth strategy based on our assessment.”
In March, the National Labor Relations Board ruled that Tesla violated federal labor laws while United Auto Workers and other unions tried to organize at its original plant in Fremont, California. The NLRB also found Tesla guilty of “coercively interrogating” three employees over unionizing activities, illegally firing another and disciplining another.
For JUST Capital, worker issues are one of the primary reasons Tesla gets “tripped” up in its rankings, Whittaker said. How a company supports local communities, what is it doing on diversity, and what it is doing on fair pay and worker issues, are all issues that JUST weighs more heavily than climate alone in its overall ESG rankings because Whittaker said, “the public weighs them highly.”
The labor issues will pose a material risk to Tesla as it expands around the world, Lembachar said, as they do for any company with global operations where a confrontation with a labor force at one site can increase the risk of more general strikes.
“Workforce issues can have more of an effect now that the company is getting out of this start-up stage and expanding around the world and in Europe, where there is a really strong union tradition,” he said. “The company must be prepared for labor-related risks and, according to us, must have stronger labor-related programs prepared to tackle issues related to the expansion of its workforce engine around the world.”

Autopilot as an ESG issue

Tesla is facing investigations from the National Highway Traffic Safety Administration regarding Autopilot, the automated driving technology currently in Tesla’s Models 3, S, X and Y in 2021.
While it may at first not seem obvious how self-driving is an ESG issue, it in fact falls within traditional categories that date all the way back to the days of Ralph Nader and “unsafe at any speed”: product safety and passenger safety.
Lembachar said Tesla’s full self-driving (FSD) is something his firm receives a lot of questions about as an ESG scoring metric, but he says it is simple: “Anything related to passenger safety is product governance and falls under the ‘Social’ pillar. Everything related to recalls, accidents, defects, responsibility of company is product governance.”
He was quick to point out that if self-driving works it may ultimately cut down on accidents by as much as 90%, and Tesla is potentially far ahead of competitors with the technology. But in a period of time when it is being scrutinized as the cause of accidents and fatalities, self-driving remains a product governance negative, and that metric has a heavy weighting for the auto industry. That hits other companies, too, such as GM after its recent recall on electric cars due to battery fire risk. And Lembacher said these issues have a material cost: for GM, more than $1 billion in the case of the recalls. “That is a very material issue,” he said.

Corporate governance and Tesla’ ESG future

Even though tweets may seem ephemeral, Musk’s confrontation with the Securities and Exchange Commission over controversial tweets can negatively impact the company’s corporate governance score.
“In terms of corporate governance, we see the confrontation between Musk and the SEC as problematic,” Lembacher said. “Tweets are problematic when they change the share price and that can be harmful for shareholders … and that’s why the SEC has been flagging it. There is a risk that the regulator at some point will sanction the company and since we are running a risk rating product, we have to flag this issue.”
Questions also remain about the company’s acquisition of SolarCity, which was controlled by Musk’s cousins (a legal case is ongoing brought by shareholders).
The corporate governance issues raise a bigger question about Musk’s impact on ESG ratings.
“It is not enough to say the company is being run by a ‘genius’ and as a result, ‘please don’t ask us too many questions,” Kooroshy said. “There is no doubt about the achievements of this company, particularly about accelerating the transition to sustainable energy. This is stuff for the history books, but at the end of the day, for investors trying to understand how much of a portfolio to invest in this company … not enough, he said. “It’s still not a free pass. … Making these disclosures doesn’t stop them from innovating.”
Kakar said Tesla’s mission of accelerating the transition to sustainable energy, and its focus on that as an argument in its defense, is implicitly a relative statement comparing itself to other automakers, and that is where the false tradeoff comes in. “It is terrific they are making EVs … but relative to the next guy is not the important point, and doesn’t obfuscate responsibility.” 
Many ESG investors and ESG investment products today accentuate the “E” and climate specifically. “That’s where the action is at and investors have seen it as a good story, and if you think about environmental performance and climate as the big opportunities, you see Tesla as a big solution and will be attracted to it,” Whittaker said.
But as any company grows in scope and scale, the range of issues they have to contend with changes and investors will ask more about the “how” behind the growing business. And ESG experts stress that any rating they provide isn’t a buy or sell rating on a company, but a risk rating to be factored into an investor’s broader analysis.
“That’s what is going to happen with Tesla as people become more aware of the social risk of how it operates,” Whittaker said. “It is bound to become more of an issue for investors and more of an operational risk for the company if it doesn’t perform well … more prominent in the overall calculus of company competitiveness and success.”
“That is not to say it won’t do well,” he added. “Musk is an incredible entrepreneur and business leader and I am sure if it becomes an issue he thinks will affect the value of the company or brand, he will respond accordingly. I expect it will become more of an issue for the management team to have to deal with.” More