Raphael Stevens

Breakthrough Energy, a non-profit founded by Gates in 2016, announced Monday that it has secured investments from Microsoft, BlackRock, General Motors, American Airlines, Boston Consulting Group, Bank of America and ArcelorMittal.
The Washington-headquartered firm said the money will be used to fund its “Breakthrough Energy Catalyst,” a project launched earlier this year that’s aiming to finance, produce, and buy the new solutions that will help underpin a zero-carbon economy.
Bill Gates said in a statement that a “new industrial revolution” is required if the world is going to avoid a climate disaster.

Bill Gates at Munich Security Conference on February 17, 2017 in Munich, Germany.
Michael Gottschalk | Getty

Bill Gates has raised hundreds of millions from seven large U.S. companies to develop clean technologies that could play a key role in the fight against climate change.
Breakthrough Energy, a non-profit founded by Gates in 2016, announced Monday that it has secured investments from Microsoft, BlackRock, General Motors, American Airlines, Boston Consulting Group, Bank of America and ArcelorMittal.

The overall size of the investments was not disclosed but they reportedly amount to over $1 billion. Breakthrough Energy did not immediately respond to a CNBC request for comment.
The Washington-headquartered firm said the money will be used to fund its “Breakthrough Energy Catalyst,” a project launched earlier this year that’s aiming to finance, produce, and buy the new solutions that will help underpin a zero-carbon economy.
Gates said in a statement that a “new industrial revolution” is required if the world is going to avoid a climate disaster.
“Half the technology needed to get to zero emissions either doesn’t exist yet or is too expensive for much of the world to afford,” said the Microsoft co-founder. “Catalyst is designed to change that and provide an effective way to invest in our clean technology future.”
He added: “By working with this growing community of private and public partners, Catalyst will take a global view of the energy innovation landscape – the key technologies, leading-edge companies, financing partners, and pivotal policies – and fund the projects that will have the greatest positive impact for our planet.”

The program will initially focus on direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel.
BlackRock has pledged $100 million over five years through its charitable foundation, while Microsoft, American Airlines and ArcelorMittal have committed the same amount. The others did not disclose the size of their investments.

Corporate giants back climate action

Larry Fink, the CEO and chairman of BlackRock, said in a statement that the transition to a net-zero world is “the shared responsibility of every citizen, corporation, and government,” adding that a global energy transition will require $50 trillion.
Despite what world leaders and CEOs say, the so-called energy transition is not actually happening just yet. Global fossil fuel use is accelerating and it’s set to get even worse, exacerbating the risk of a climate catastrophe.
“It is absolutely the case that the transition is moving too slowly from the climate perspective, but what is important to recognize is that it is primarily a matter of political will and economic choices,” Carroll Muffett, chief executive at the non-profit Center for International Environmental Law, told CNBC in April.
A highly anticipated report by the U.N.’s climate panel warned in August that limiting global warming to close to 1.5 degrees Celsius or even 2 degrees Celsius above pre-industrial levels “will be beyond reach” in the next two decades without immediate, rapid and large-scale reductions in greenhouse gas emissions.
“Our partnership with the Catalyst program represents a five-year philanthropic commitment to invest in cutting-edge science that will help bring vital clean energy solutions forward,” Fink said.
Aditya Mittal, CEO of ArcelorMitta, the largest steel manufacturer in North America, said in a statement that initiatives like Breakthrough Energy Catalyst are “critical” for the company and the wider steel industry.
“The steel industry knows how to decarbonize – essentially what is missing is the availability of clean energy at competitive prices that provides the foundation for us to really accelerate,” he said.
Gates isn’t the only tech billionaire trying to tackle climate change. Elsewhere, Amazon founder Jeff Bezos has set up the $10 billion Bezos Earth Fund, while Tesla CEO Elon Musk pledged to invest $100 million in new carbon capture technologies.
Some argue that it’s the least the tech billionaires can do as they themselves are one of the leading causes of climate change. Others have questioned whether they’re focusing their climate change mitigation efforts on the right areas.
— Additional reporting by CNBC’s Sam Meredith. More

Shares of Malaysia’s Top Glove, the world’s largest medical glove maker, have fallen by more than 50% this year as the rollout of Covid-19 vaccinations worldwide dampened demand for gloves.
The company on Friday announced a 48% year-on-year drop in net profit to 608 million Malaysian ringgit ($145.11 million) in the June-to-August period.
Lee Kim Meow, Top Glove’s managing director, said the company is still keen on to list in Hong Kong.

Shares of Malaysia’s Top Glove, the world’s largest medical glove maker, have fallen by more than 50% this year as the rollout of Covid-19 vaccinations worldwide dampened demand for gloves.
“Like in every business, there’re always highs and lows. And you cannot expect super profits to continue for a long, long time. So, we’re glad that we had a good run last year,” Lee Kim Meow, Top Glove’s managing director, told CNBC’s “Street Signs Asia” on Monday.

The company on Friday announced a 48% year-on-year drop in net profit to 608 million Malaysian ringgit ($145.11 million) in the June-to-August period. Revenue was around 2.1 billion ringgit, 32% lower than a year ago.
The results “were softer on the back of normalising demand, following mass vaccine rollout on a global scale, leading to lower sales volume and [average selling prices], which were not matched by a corresponding reduction in raw material prices,” Top Glove said in its financial statement.

Like in every business, there’re always highs and lows. And you cannot expect super profits to continue for a long, long time.

Lee Kim Meow
Managing Director, Top Glove

In addition, the company’s sales were hit by a U.S. import ban due to allegations of forced labor practices. The ban was lifted earlier this month.  
Top Glove shares in Malaysia fell more than 8% on Monday, extending its year-to-date losses to over 54%.
Other Malaysian glove stocks also declined, with Hartalega, Supermax and Kossan registering losses of between 4% and 6% on Monday.

In comparison, the benchmark stock index FTSE Bursa Malaysia KLCI Index dropped 1.3% on the same day.
Last year, Top Glove shares jumped 290% as it reported record sales and profits, thanks to surging demand for gloves during the pandemic.

Hong Kong stock listing

Top Glove delayed a plan to seek a “dual primary listing” to raise $1 billion on the Hong Kong Stock Exchange after the company was slapped with the U.S. import ban.
Lee told CNBC the company still wants to go ahead with the listing. Top Glove already has a primary listing in Malaysia and a secondary listing in Singapore.
“We felt that for the purpose of long-term business, for the purpose of moving ahead and looking at the advantages of having a listing in Hong Kong, we felt that it’s something that we have to go through,” said the managing director.
“A listing exercise in Hong Kong will put us in a good spot to be where we want to be in order to thrive for our dream to be a Fortune Global 500 company in the year 2030,” he added.

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Singapore confirmed 1,009 new infections on Saturday, and 1,012 new cases on Sunday, according to data from the health ministry.
That’s the highest number since April 23, 2020, when 1,037 cases were reported. Infections hit a record high of 1,426 on April 20, 2020.
Authorities have shied away from new restrictions in recent weeks, and warned that Covid cases would surge as the country seeks to live with the virus.

People wearing face masks as a preventive measure against the spread of Covid-19 in Singapore.
Maverick Asio | SOPA Images | LightRocket | Getty Images

SINGAPORE — Singapore reported more than 1,000 Covid cases for two straight days over the weekend —the first time infections breached that level since April 2020, at the height of the pandemic.
The Southeast Asian country confirmed 1,009 new infections on Saturday, and 1,012 new cases on Sunday, according to data from the health ministry.

That’s the highest number since April 23 last year. At that time, majority of Singapore’s cases were detected in migrant worker dormitories. Infections hit a record high of 1,426 on April 20, 2020.
Authorities have shied away from new restrictions in recent weeks, and ministers previously warned that Covid cases would surge past 1,000 as the country seeks to live with the virus. The approach stands in contrast to the government’s earlier strategy, where measures were tightened with cases in the low double digits.

A major wave of infections and an exponential rise in daily cases is “almost like a rite of passage,” Health Minister Ong Ye Kung said on Friday in a virtual press briefing.
But more than 80% of Singapore’s population has already been vaccinated, and that makes the situation different from what other countries went through, he pointed out.
There is no doubt the country would have seen numerous deaths and an overwhelmed health-care system if the population had not been vaccinated, Ong said.

“We have avoided that thus far because of our very high vaccination coverage,” he said.
The government is now focusing its attention on severely ill patients and deaths, which have remained relatively low at 60 deaths since the start of the pandemic.
Over the past 28 days, 98.1% of infected people were asymptomatic or had mild symptoms, according to the health ministry’s daily update.
Out of 7,144 active cases as of Sept. 19, 118 people require oxygen supplementation and 21 people are in critical condition in the intensive care unit (ICU).
The health ministry previously said it can ramp up the ICU capacity to 1,000 beds if needed.
— CNBC’s Yen Nee Lee contributed to this report.

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Toyota unveiled its new 2022 with a bolder look, new technologies and more power. But the additional power will not from a new V-6 twin-turbo hybrid engine instead of a traditional V-8.
Using twin-turbo V-6 engines has proven successful in pickup trucks, including Ford’s F-150.
While the Detroit automakers dominate pickup truck market in the U.S., Toyota has consistently sold more than 100,000 of the vehicles each year.

2022 Toyota Tundra Limited

Toyota Motor on Sunday unveiled its new 2022 Tundra pickup with a bolder look, new technologies and more power. But what may surprise many truck owners is the additional power will not be from a V-8 engine.
Instead of exclusively offering the pickup with a V-8 engine, the Japanese automaker will offer two versions of a 3.5-liter twin-turbo V-6 engine, including a hybrid that can produce up to 437 horsepower – 56 more than the current V-8 – and 583 foot-pounds of torque, a 45% increase than the 2021 Tundra.

“We took a fresh, transformational approach to our truck development and had to rethink many things we’d previously done,” Mike Sweers, senior vice president of Toyota’s product development office, said in a statement.

2022 Toyota Tundra TRD

Using twin-turbo V-6 engines has proven successful in pickup trucks. Ford Motor stunned many by introducing such as engine, which it calls EcoBoost, into its best-selling F-150 pickup in 2011. The engine was a surprise hit, with Ford adding other Ecoboost engines to its truck lineup.
Automakers have increasingly started to offer alternative powertrain options ahead of an influx of all-electric pickups in the market in the coming years. Ford offers a hybrid F-150 and a standard hybrid on its new small Maverick pickup, while Ram Trucks offers a mild hybrid on its 1500.
“Buyers in general are becoming a little bit more accepting of alternative, powertrains” said IHS Markit principal automotive analyst Stephanie Brinley. “If the engine and the propulsion system gives you what you need to operate your truck, and do what you need to do with that truck. they’re accepting alternatives to V-8s.”
Aside from the new engine, the Tundra offers a far more rugged design than the current pickup. Most notably, a massive front grille that takes up a majority of the front of the vehicle. It also features sleeker headlights and a boxier design.

2022 Toyota Tundra TRD

On the interior, the Tundra has an available 14-inch touchscreen and increased safety and convenience features, including a new infotainment system.
While the Detroit automakers dominate the full-size pickup truck market in the U.S., Toyota has achieved some success, consistently selling more than 100,000 of the vehicles each year. That compares with sales of Ford’s F-Series, which includes the F-150 and larger versions, at around 800,000-900,000 pickups in recent years.
“The Tundra can do well, but it’s going to be No. 3 [in the market]. They don’t necessarily have the capacity to really go after Ram or Chevrolet volumes,” Brinley said.
Toyota did not release fuel economy or pricing for the 2022 Tundra, which is expected to go on sale later this year. The vehicle’s starting pricing currently ranges from about $34,000 for a base model to $50,000 for an off-road TRD PRO. Fuel economy is 13 miles per gallon in the city and 17 mpg highway.
Toyota produces the Tundra alongside the Tacoma midsize pickup at a plant in San Antonio, Texas.

2022 Toyota Tundra TRD

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Inside E-commerce

South Korean pop-star Jessica Jung might be best known for being a former member of K-pop band Girls’ Generation, but she’s now branched into the business world as the owner of her own fashion label, Blanc & Eclare.
Jung said it can sometimes be challenging to be a social media influencer, especially when looking for a break from work. “Social media is so fast-paced that you just need to kind of keep up.”

Former member of Girl’s Generation, singer and actress Jessica Jung is seen arriving to the Palm Angels Fashion Show during New York Fashion Week on February 09, 2020 in New York City.
Gilbert Carrasquillo | GC Images | Getty Images

South Korean pop-star Jessica Jung might be best known for being a former member of K-pop band Girls’ Generation, but she’s now branched into the business world as the owner of her own fashion label, Blanc & Eclare.
Describing herself as an “explorer,” the 32-year-old singer-turned-entrepreneur said the transition from entertainment to fashion was “natural,” adding that she “had a great following in the fashion world.”

With over 9.9 million Instagram followers to her name, being a social media influencer proved to be a full-time commitment.
Her secret?
“You have to be genuine, and you have to have a character for yourself. Then there’s a connection that’s made between you and your followers. That’s how it grows,” she told CNBC’s Inside E-commerce.
Jung gave her fans credit for her success as well. “I’m very lucky because my career actually started in an era where social media just began setting its roots. My fans and I started building it together.”

Social media influencer

Jung said it can be challenging at times, especially when looking for a break from work. “Social media is so fast-paced that you just need to kind of keep up.”

When it comes to being the face of a brand, maintaining a personal connection with followers is crucial for Jung, who was named global brand ambassador for cosmetics company Revlon in 2020.

She said a good mix of branded content and personal content on social media helps.
“If I have branded content that I need to post, I post that. Then I would definitely post a couple of genuine daily activities and daily fashion, things that my fans and my followers would really want to see,” Jung said.
According to a “Social Salary Calculator” by music licensing platform Lickd.co, social media influencers with over 100,000 followers on Instagram can typically earn over $4,000 per Instagram post.

You have to be genuine, and you have to have a character for yourself. Then there’s a connection that’s made between you and your followers.

Jessica Jung
former member of K-pop band Girls’ Generation

Jung has her concerns about social media as well.
“It can cause some insecurities for people,” she said referring to the “like” button on social media platforms. “I’ve seen it happen to a lot of people around me.”

Life during the pandemic

As for her life during the pandemic, Jung said that her travelling lifestyle has been put on hold and she is now based in South Korea.
“I used to constantly be traveling and I was back in Korea to just pack my things and leave again. But now I’m here — full time,” Jung said.
This change has led to the launch of her first Seoul flagship store for Blanc & Eclare in January 2021, a luxury fashion brand which sells classic wear and accessories, like sunglasses, for women. She also opened her own restaurant, Clareau, on the second floor of the flagship store, which serves contemporary cuisine.
Despite not being able to travel as much as before, she has enjoyed being in South Korea. “I didn’t think that I would like it this much, but I actually love it because I didn’t know I missed home this much. I had time to take care of myself — mentally and physically.”
Jung will be releasing new singles throughout the year that will lead to an album, something that was initially delayed due to Covid-19.
As for other projects, she confirmed with CNBC that a new season of her reality show with her sister Krystal of K-pop girl group f(x) will air in late September.
Jung said her book “Bright,” a sequel to her New York Times’ Bestseller “Shine,” is set to be released mid-2022. More

Dr. Anthony Fauci defended the Food and Drug Administration’s decision to reject offering booster shots of Pfizer’s Covid-19 vaccine to the general U.S. population.
Fauci said he would support a third dose if future data shows it’s effective.
Last month, President Joe Biden announced plans to roll out booster shots to all Americans beginning the week of September 20.

Top infectious disease expert Dr. Anthony Fauci responds to accusations by Sen. Rand Paul (R-KY) as he testifies before the Senate Health, Education, Labor, and Pensions Committee on Capitol hill in Washington, D.C., July 20, 2021.
J. Scott Applewhite | Pool | Reuters

Dr. Anthony Fauci defended the Food and Drug Administration panel’s decision to reject offering a third booster shot of the Pfizer-BioNTech Covid-19 vaccine to the general U.S. population.
 “I don’t think they made a mistake,” the White House chief medical adviser told CNN’s “State of the Union” on Sunday.

Fauci added that he would support a third dose if future data shows it’s effective. As the FDA continues to gather new information on boosters, convincing unvaccinated Americans to get vaccinated remains the priority.
The comments from Fauci come after the FDA advisory committee on Friday voted against giving third shots of Pfizer’s Covid-19 vaccine to all Americans, although they recommended booster doses for people 65 and older and those with underlying conditions.
The FDA panel’s decision added to the confusion about booster shots, after President Joe Biden last month said boosters would become available to all Americans beginning the week of September 20.
“I understand why there might be confusion because I think people were not understanding the difference of planning for something and actually what element of that, what proportion of it you’re actually going to roll out, and that’s exactly what happened,” he told NBC’s “Meet the Press.”
He later told ABC’s “This Week” that the administration set the September 20 deadline as a placeholder, contingent on input from the FDA and Centers for Disease Control and Prevention.

“The plan was that we have to be ready to do this as soon as a decision is made,” he said. “And when you have a plan, you put a date on it, and you say, ‘We want to be able to get ready to roll out on the week of September the 20th.'”
Recent data from Israel suggests that while the vaccine’s effectiveness diminishes over time, a third shot of Pfizer six months after a second dose could restore protection from infection to 95%.
As of September 18, more than 181 million Americans have been fully vaccinated. More than 670,000 people have died from Covid-19 nationwide.
Data on boosters from Moderna and Johnson & Johnson is expected in the coming weeks, Fauci said. He also told “This Week” there will “certainly” be a vaccine for children this fall.

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