Raphael Stevens

In this articleNKEPedestrians walk past the American multinational sport clothing brand, Nike store and its logo seen in Hong Kong.Budrul Chukrut | LightRocket | Getty ImagesNike shares surged more than 13% Friday morning, on pace to open at a record high, after the sneaker maker forecast full-year sales topping $50 billion as its North American business rebounds from the lows of the pandemic.And in Greater China sales appear to be improving, with Nike management saying the company is confident about its ability to regain trust with customers there, amid threats to boycott Western brands over their comments expressing concern about alleged forced labor in Xinjiang.”These are times when strong brands can get stronger, and each quarter this reality becomes even more clear,” Nike Chief Executive Officer John Donahoe said during an earnings call Thursday evening.Globally, Nike is seeing shoppers splurge on new sneakers and fashion-forward sweat suits to wear as more people begin to socialize again. The company’s Jordan brand has been a particular bright spot.During the three-month period ended May 31, Nike’s total revenue nearly doubled to $12.34 billion from $6.31 billion a year earlier, topping Wall Street estimates by more than $1 billion. In North America, Nike’s biggest market, sales more than doubled to a record $5.38 billion.Nike, which has a market cap of more than $211 billion, saw its stock hit an all-time high of $147.95 on Dec. 21.Following Nike’s upbeat fiscal fourth-quarter results on Thursday afternoon, Cowen & Co. analyst John Kernan raised his price target to $181 from $145. Kernan said he sees a path for Nike’s market cap to one day surpass $300 billion.”Management’s confidence is hitting an inflection and Q4 results indicate the digitally driven acceleration in the financial model,” he said in a note to clients.According to Telsey Advisory Group analyst Cristina Fernández, Nike is benefiting from its closer connections with customers through its membership program, higher full price selling, greater use of data and a smarter wholesale model with strong partners like Foot Locker.Telsey raised its price target on Nike shares to $180 from $160.”The strong momentum in Nike’s brand globally is more than offsetting pressure in China and supply chain constraints,” Fernandez said in a note to clients.At least 12 brokerages have already raised their price targets on Nike shares, following the company’s fiscal fourth-quarter release.According to FactSet, the median target price of analysts who cover the company is now $176.90.”The company is emerging from the Covid period into the biggest P&L evolutions in our coverage universe,” Credit Suisse analyst Michael Binetti said.Nike warrants “a significant valuation premium” compared with other global apparel and footwear brands, he added. More

The Waveswing device is now ready for testing.A project centered around the development of a subsea wave energy converter has taken another step forward after its two major constituent parts were joined together at a facility in Scotland.According to a statement from AWS Ocean Energy on Wednesday, the assembly, which it described as “a critical milestone”, took place last week. A “final hook-up” of internal systems is now taking place and commissioning and dry testing of the 16 kilowatt device, known as the Archimedes Waveswing, is expected to happen in early July.The plan is to deploy and test the tech at the European Marine Energy Center in Orkney, an archipelago located north of mainland Scotland, later this year. The site for this testing will be in the sheltered waters of Scapa Flow.The Waveswing — which has been described as a “submerged wave power buoy” — weighs 50 metric tons, has a diameter of 4-meters and stands 7-meters tall. The device, AWS Ocean Energy says, “reacts to changes in sub-sea water pressure caused by passing waves and converts the resulting motion to electricity via a direct-drive generator.”Funding for the £3.4 million ($4.73 million) project has come from Wave Energy Scotland, which is itself funded by the Scottish government.Read more about clean energy from CNBC ProInflation is a problem for sustainable investors — but these stocks will ride it out, Bernstein saysWant in on green hydrogen? This bank names six stocks to buy right nowGoldman advises investors to get in on this early stage energy opportunityThe progress update on AWS Ocean Energy’s device comes in the same month that another firm, Mocean Energy, said its Blue X wave machine — which is 20-meters long and weighs 38 metric tons — had started testing. Mocean Energy’s testing is also taking place at EMEC’s Scapa Flow site.In a statement issued on June 14, Cameron McNatt, the firm’s managing director, said: “In the Scapa testing phase, we will test power production, comparing results against our numerical predictions, and we will test operations including towing, installation, removal, and access at sea.””The device is standalone and operated wirelessly,” he added. “A 4G connection allows us to send commands and download data from shore.”Since its inception in 2003, EMEC has become a hub for the development of wave and tidal power, helping to put the U.K. at the heart of the planet’s emerging marine energy sector.A wide range of companies have undertaken testing at the site over the years. These include Scotland’s Orbital Marine Power, which is working on what it describes as the world’s most powerful tidal turbine, and Spain-based tidal power firm Magallanes Renovables. There may be excitement in some quarters regarding the potential of marine energy, but its current footprint is tiny compared to other renewable technologies such as solar and wind. Recent figures from Ocean Energy Europe show that only 260 kW of tidal stream capacity was added in Europe last year, while just 200 kW of wave energy was installed.In comparison, 2020 saw 14.7 gigawatts of wind energy capacity installed in Europe, according to industry body WindEurope. More

Travel writers make a career out of helping tourists navigate unfamiliar places. Still, even the most savvy traveler is prone to making the occasional faux pas while on vacation.Here, CNBC’s travel contributors share the biggest mistakes they see visitors make in the cities they call home.  Strolling through Singapore”Attempting to stroll around Singapore is a big mistake. Covering a distance of even just a couple of kilometers, which you’d happily walk in most cities, and you’ll end up drenched — either as a result of the heat or a tropical downpour. No matter if Google Maps shows your destination isn’t far, take a taxi or the MRT [Mass Rapid Transit] train. They’re both inexpensive and blessedly air-conditioned.”—Christian Barker, AustraliaSeeing it all in New York City”New York is a vast destination with a litany of choices, and that makes any tourist’s time in the city precious. Unfortunately, I’ve found many visitors — especially first-timers — try to squeeze too much into one trip. They dash from their Midtown hotel to walk across the Brooklyn Bridge, then dart uptown to tour part of Central Park before taking in a Broadway show that evening.The view of lower Manhattan from the Brooklyn Heights Promenade.cmart7327 | E+ | Getty Images”Instead of jam-packing an itinerary for 12 hours each day, I recommend picking a handful of sights to explore. And leave some unscheduled blocks of time because those ‘only-in-New-York’ moments you’ve heard about are almost always unplanned.”For instance, don’t attempt to see the Statue of Liberty, Empire State Building and Metropolitan Museum of Art in one day. You’ll be so exhausted — you won’t appreciate any of it. Instead, make the trek to Lady Liberty and then cruise to nearby Ellis Island and its immigration museum. Or dedicate a day to Central Park and the surrounding neighborhoods. The park is brimming with beauty in every nook and cranny of its 840 acres. “Remember, New York isn’t going anywhere. The city will be ready and waiting to welcome you back.”—Tracy Kaler, United States’Sticking to the script’ in Jamaica”I’ve been nesting in Jamaica the last six months and vacationed here many times over the last 20 years. Now that I’ve spent time here, I realize how much I missed — and how much tourists miss.Jamaica is the kind of place where you should go off script.Sheryl Nash-NanceAmerican travel writer”So many come to the island and barely venture beyond their all-inclusive resort or stick to whatever tours the hotel is promoting. Heavy sigh. Jamaica is the kind of place where you should go off script. You haven’t experienced the real Jamaica, if you haven’t gone to a beach that only locals know about, or if your sampling of Jamaica cuisine is limited to the typical jerk chicken or pork. Try a restaurant outside the hotel and the tourist zone.”Dunn’s Rivers Falls is fine, but there are spectacular falls where there are no crowds. Negril and Montego Bay get all the press but make your way off the beaten track to Portland. Jamaica is full of secrets. Do a little digging before your trip, whether it’s from your social media groups or friends of friends. Find an insider to give you the skinny.”—Sheryl Nash-Nance, United StatesBeing a morning person in Melbourne”Stroll around Melbourne city at 9 a.m. on Saturday morning, and you might wonder if aliens had abducted most of the population overnight. The temptation when traveling is to pack the daylight hours, but rising early is not something Melburnians do, unless their jobs dictate it.Melbourne’s most popular coffeehouses tend to get busiest after 9 a.m.Jacobs Stock Photography Ltd | DigitalVision | Getty Images”The only people at museums and galleries at 10 a.m. are families with little kids. Instead, we tend to stack the other end of the day, meeting later — brunch should never begin before 1 p.m. — heading to the footy [football match], lingering over dinner, meeting for drinks, then maybe going to see a show. It’s not unusual for a headline act at a pub … to hit the stage at midnight.”If you got up at 7 a.m. and jammed the day with activities, you’re not making it to the encore. Relax, sleep in and make sure you get to see the best of Melbourne — she shines after dark.”—Carrie Hutchinson, AustraliaMissing the quieter side of Hong Kong”I’ve lived in Hong Kong since 2005 and many international first-time visitors still assume it’s largely a concrete jungle, although it’s actually made up of 261 islands. There are stunning remote hikes, beaches to rival the Cote d’Azur, cascading waterfalls, jungle-clad temples and great snorkeling spots … there’s so much more here than skyscrapers.”—Chris Dwyer, United Kingdom  The view along Dragon’s Back, a popular hiking trail in Sheck O Country Park on Hong Kong Island.Nukorn Plainpan | Moment | Getty Images”Hong Kong was my expat home for 20 years. I always wondered why visitors — be it tourists or business travelers — reduced the city to a shopping and dining paradise. The ‘Pearl of the Orient’ has got so much more to offer. It just requires tourists to hop on the MTR [Mass Transit Railway] or a minibus and get out into one of the many country parks.”After a long time living in the city, I took up sea kayaking to get a fresh and different perspective of the place. There’s a lot more for tourists to explore, discover and enjoy.”—Petra Loho, AustriaWorrying about street food in Bangkok”Bangkok’s reputation as one of the world’s most incredible culinary destinations is largely founded on its options for hawker food. Street ‘chefs’ produce a fantastic array of Thai food classics, whipping up everything from Chinese-inspired stir-fries to spicy salads, pungent curries and grilled meats.A vendor cooks street food in Bangkok, Thailand.Nigel Killeen | Moment | Getty Images”Despite the fame of the street dining scene, some visitors are squeamish about the hygiene standards at these venues. They needn’t be. Any hawker stall worth its prik nam pla — fish sauce infused with blindingly hot bird’s eye chilis — will have freshly cooked food.”Look out for long lines of local diners, and you’ll know that you are onto a good thing.”—Duncan Forgan, United KingdomRead moreSome destinations are shutting out unvaccinated travelers. 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12 years and older New Yorkers are getting vaccinated at the St. Anthony of Padua Roman Catholic Church in Bronx of New York City, United States on June 13, 2021.Tayfun Coskun | Anadolu Agency | Getty ImagesLONDON — The U.K. has one of the highest Covid-19 vaccination rates in the world, yet it’s seeing a new surge in coronavirus cases largely attributed to the delta variant that first originated in India.Experts say that close attention is being paid to the latest data out of the U.K. as it could be a bellwether for others. And there is a fear that where the U.K. now treads, others — like the U.S. — could follow.”All eyes (are) on UK Covid trends,” Kallum Pickering, senior economist and director at Berenberg Bank, said in a note Tuesday.”With its high vaccination rate but a rising number of daily recorded infections, the UK has turned into the test case for whether mass vaccination against SARS-CoV-2 can bring [an] end to the repeated cycles of lockdowns and other harsh social distancing protocols that have wreaked havoc on the global economy ever since the pandemic struck in early 2019,” he said.Pickering noted that medical data suggests that the U.K.’s high rate of vaccination has significantly weakened the link between recorded Covid infections and complications from the disease, supporting the bank’s call that “the U.K. can get through the new wave of infections without having to tighten restrictions and thus with only limited economic damage.”Pickering said the data highlighted that this wave of infections was unlike previous ones with the number of recorded infections rising at a slower pace than during the previous wave, and that there had been no clear rise in deaths despite the rise in cases.Secondly, he noted that new hospital admissions had increased less than recorded infections — and by much less than during the winter wave.Re-opening on track?Deutsche Bank Research Strategist Jim Reid noted on Wednesday that while there is “continued concern” about the spread of the delta variant, “the one good piece of news is that the latest wave has seen the age distribution of cases shift substantially lower relative to previous waves.”Younger age groups are much less likely to be severely affected by the virus than older people. But still, the longer the young remain unvaccinated or partially vaccinated the virus is allowed to spread and potentially more variants can emerge.  So far, the vaccines have proved resilient to new variants, remaining largely effective in preventing serious Covid-19 for fully-vaccinated people. An analysis from Public Health England released last Monday found two doses of the Pfizer-BioNTech or the AstraZeneca Covid-19 vaccines were highly effective against hospitalization from the delta variant.In order to fully vaccinate more people, the U.K. government delayed the removal of remaining Covid restrictions in England until July 19. It has insisted that the lifting of restrictions on that date is still on track despite the spread of the delta variant.”The risk that the re-opening could be reversed remains low,” Berenberg’s Pickering said.CNBC Health & Science Read CNBC’s latest global coverage of the Covid pandemic:Covid is already deadlier this year than all of 2020. So why do many in U.S. think the problem’s over?Delta Covid variant has a new mutation called ‘delta plus’: Here’s what you need to knowMillions could be suffering from long Covid, study suggests CDC group says there isn’t enough data yet to recommend Covid booster shots CDC group finds likely link between rare heart inflammation after Covid shot”The UK is far away from the point at which medical capacities could be stretched to such an extent that new restrictions would be needed,” he noted, adding that the continued rapid rollout of vaccines could even prompt daily infections to plateau in the coming weeks before falling thereafter.”Although the pandemic is far from over, and potential new variants that render the current generation of vaccines ineffective presents a serious risk, recent virus and vaccine developments support our positive economic outlook for the UK and other advanced economies,” he said.  Winter surge?What comes later this year when the flu season kicks in is more uncertain. England’s top medical officer warned last week that the coming winter will continue to be difficult for the country’s health system despite the country’s successful coronavirus vaccination program.In a speech to the NHS Confederation last Thursday, England’s Chief Medical Officer Chris Whitty said the current wave of Covid infections due to the delta variant would likely be followed by another surge in the winter.Covid-19 “has not thrown its last surprise at us and there will be several more [variants] over the next period,” he said, according to Sky News. He added that it would likely take five years before there are vaccines that could “hold the line” to a very large degree against a range of coronavirus variants.And until then, he said that new vaccination programs and booster shots would be needed. Some countries, like the U.S. and U.K., have already signaled that they could roll out Covid-19 booster shots within a year but pressure is building on governments to mobilize booster shot programs — no easy task given the ongoing uncertainties surrounding the pandemic, vaccines and variants. More

A medical staff member checks on Covid-19 coronavirus patients at a hospital’s intensive care unit ward in Bogor on June 18, 2021, as Indonesia’s Covid-19 coronavirus infection rate soars.Aditya Aji | AFP | Getty ImagesMedical workers in Indonesia are grappling with the pressure of caring for Covid-19 patients while quickly vaccinating the country’s residents as infections increase, according to a global health and humanitarian relief organization.”Health care workers in Indonesia are struggling with a double burden,” said Edhie Rahmat, executive director for Indonesia at Project HOPE, short for Health Opportunities for People Everywhere.First, they have to take care of both Covid patients and patients with other diseases. Second, they are “under pressure to rapidly cover a high number of populations that need to be vaccinated,” he told CNBC in an email.Total infections crossed the 2 million threshold on Monday, according to data compiled by Johns Hopkins University. More than 55,594 people have died of Covid-19 in Indonesia. Meanwhile, around 8.9% of Indonesia’s population has received at least one dose of a Covid vaccine, and 4.6% of the country is fully vaccinated, according to Our World in Data.The longer the pandemic lasts and the higher the caseload builds, (it) will impact their workload and make them vulnerable to transmission and infection.Edhie RahmatExecutive director for Indonesia at Project HOPE”The longer the pandemic lasts and the higher the caseload builds, will impact their workload and make them vulnerable to transmission and infection,” he said, noting that there are limited beds in intensive care units and a lack of good quality personal protective equipment in the country.Nearly 980 health-care staff have died from Covid-19, according to data from LaporCovid-19.Medical workers are also at risk of developing mental health problems such as anxiety, depression and post-traumatic stress disorder, Rahmat said.”Most health care workers in Indonesia do not have the experience to deal with long-term crisis situations like this,” Project HOPE’s emergency response specialist for Southeast Asia, Yogi Mahendra, said in a statement.Increase in casesIndonesia’s coronavirus cases have spiked in recent weeks following the Eid holiday in May.”Most Indonesians, regardless of their religion, enjoy this gathering and celebrate with lots of food, handshaking and talking,” said Rahmat.Authorities announced tighter restrictions in 29 infection hot spots this week, in a bid to contain the spread of the virus, Reuters reported.In these so-called “red zones,” religious activities at places of worship have been suspended, while restaurants, cafes and malls can only operate at 25% capacity, Reuters said.The country’s most populous island, Java, has been hit hardest by the second wave, Rahmat said.He also noted that some vaccinated health-care workers have come down with Covid-19, pointing to a report from an official in the district of Kudus, who said 350 such cases have been detected.”We also received a report of a midwife dying in the district next to Kudus and two doctors died in the same period in different districts,” he said.Even if medical workers have mild symptoms, they need to be isolated for 10 days and cannot work in the hospitals at a time when cases are “rocketing,” he added.”This is a serious issue and may ruin the health system,” said Rahmat. More