More stories

  • in

    Top international health officials worry about new Covid variants that may be able to evade vaccines

    A medical worker injects a man with a dose of the COVID-19 vaccine at a hospital in Accra, capital of Ghana, May 19, 2021.Seth | Xinhua News Agency | Getty ImagesTop health officials in Europe and Africa said Wednesday they are worried about the potential emergence of new Covid variants that could render current vaccines useless.John Nkengasong, director of Africa’s Centres for Disease Control and Prevention, said he is “very concerned” about the emergence of a vaccine-resistant strain as the Delta variant first detected in India continues to spread around the world. Studies have shown that current vaccines work against the new variant, although not as well as they do against the original wild type virus.”It is increasingly concerning that this pandemic will be driven by the cycle of occurrence and reoccurrence of different variants,” Nkengasong said at The Wall Street Journal’s Tech Health conference. “The speed at which these viruses overtake the existing viruses is amazing.”CNBC Health & Science Read CNBC’s latest global coverage of the Covid pandemic:U.S. is in discussions with Moderna on buying Covid vaccine doses for other nationsFauci blasts ‘preposterous’ Covid conspiracies, accuses his critics of ‘attacks on science’ Top international health officials worry about new Covid variants that may be able to evade vaccines  J&J CEO says people will need Covid vaccine with annual flu shot for next several years as variants spreadHalf of Americans 12 and older are fully vaccinated as daily Covid case counts remain low    The Delta variant was first identified by scientists in October and has since spread to more than 62 countries, dominating the U.K. and now responsible for more new infections in the country than the Alpha variant — which was first detected in the U.K.Dr. Sharon Peacock, executive chair of the Covid-19 Genomics U.K. Consortium, said the Delta variant is about 40% to 50% more transmissible than the Alpha variant, formerly called B.1.1.7, a strain that emerged from the U.K. last fall and was more contagious than the original virus.”So, given that level of transmissibility, I would anticipate that (the Delta variant) would’ve actually spread around the world,” she said at the conference. Peacock added the Delta variant is already present in most U.S. states, but the spread is at an early stage.White House senior medical advisor, Dr. Anthony Fauci told reporters Tuesday that the U.S. needs to vaccinate more people before the Delta variant takes hold in the country.The Alpha variant is currently the dominant variant in the U.S., but the Delta variant could soon take over like it did in the U.K. “We cannot let that happen in the United States,” Fauci said Tuesday.”I would be concerned … that this will be something that will be able to out-compete other circulating variants in the way that we’ve observed in the United Kingdom,” Peacock said. She also said that variants are more likely to emerge in partially vaccinated areas. Some states in the U.S. have vaccination rates higher than 70%, while others lag behind at 40%.Scientists in the U.S. are currently sequencing just 1.6% of new infections, Peacock said. She and Nkengasong agreed that increased genomic surveillance is an important way to track the spread of new variants before they take hold. More

  • in

    Many wealthy households support higher taxes on the rich and corporate America, CNBC millionaire survey shows

    An activist calls for an increase of federal taxes on the wealthy and big corporations.Bob Levey | Getty Images Entertainment | Getty ImagesIf the Biden administration gets its way, wealthy households are going to face higher tax rates.Many millionaires appear to be OK with that.More than half — 60% — of individuals worth $1 million or more support a wealth tax on people worth $10 million or more, according to CNBC’s latest survey of millionaires. And almost half (48%) support increasing the capital gains tax.The survey, conducted online in April and May by Spectrum Group on behalf of CNBC, had 750 respondents with investable assets of at least $1 million.While President Joe Biden has not proposed a wealth tax, per se, his requested 2022 budget includes some tax hikes on well-heeled individuals that are intended to help fund the American Families Plan. That proposed legislation would expand the social safety net by subsidizing child care for middle-class families, providing federal paid family leave and expanding child tax credits, among other initiatives.One way Biden wants to finance that proposal is by raising the top marginal income tax rate to 39.6% from the current 37%. It would apply to individuals with taxable income of more than $452,700 and married couples filing a joint tax return with income over $509,300 in 2022, according to the Treasury Department.More from Personal Finance:Wealthy investors are worried about inflation, survey showsWhy student loan forgiveness could still happenHere’s an option to protect your portfolio from inflationBiden also wants to subject millionaires’ capital gains to a 39.6% tax rate.Those gains — the difference between an asset’s value when it’s sold and when it was acquired — currently have a top tax rate of 20% if the asset was held for more than a year (i.e., a long-term gain). Ordinary income tax rates already apply to short-term gains (for assets held a year or less).The rate would apply to taxpayers whose income exceeds $1 million (or $500,000 for couples filing separate tax returns), according to the Treasury Department. Combined with the existing 3.8% net investment income tax that applies to wealthy individuals when appreciated assets are sold, it would mean paying a rate of 43.4% on capital gains.The CNBC survey also showed that 58% of millionaires generally support raising taxes on corporations to fund infrastructure improvements, as floated in Biden’s other ambitious spending package, the American Jobs Plan.Under that proposal, the corporate income tax rate would rise to 28% from the current 21%. That lower rate was enacted under the 2017 Tax Cuts and Jobs Act, a drop from 35%. (Biden has recently indicated a willingness to retreat from that 28%, according to published reports.)Despite many survey respondents agreeing that taxes should rise for the wealthy and for corporations, 73% think their own tax burden is fair — and 21% say they’re paying more than their fair share. Additionally, although most millionaires expect higher taxes under the Biden administration, 62% don’t anticipate making any changes to their finances because of it. More

  • in

    Spirit Airlines plans big Miami debut as airlines battle for Florida

    A Spirit Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada.Ethan Miller | Getty ImagesSpirit Airlines is planning to expand to Miami International Airport later this year, increasing competition among airlines for Florida travelers.Budget airline Spirit, based in Miramar, Florida, said late Tuesday that it plans to offer flights starting in October from 30 cities, including New York, Cleveland and Denver. Others include service to Cali and Medellin, Colombia, Port-au-Prince, Haiti, and Santo Domingo, Dominican Republic.Miami is a major hub for American Airlines, where the carrier has offered robust service to Latin America and the Caribbean, as well as other domestic and international destinations. The Fort Worth, Texas-based airline accounts for more than 5,100 of scheduled Miami flights this month, about 55% of the total, according to aviation consulting firm Cirium.Spirit isn’t the only competitor to plot an expansion into Miami. Southwest Airlines last year unveiled plans to start service there as carriers looked for popular tourist destinations and took advantage of a lull in demand for many other destinations. United Airlines last year launched a host of point-to-point flights into Florida. Airlines’ July capacity in the Sunshine State is the same as 2019, while capacity for the entire U.S. is set to be down next month by about 17% compared with two years ago, according to Airlines for America, an industry group.June capacity at Miami International Airport is up 3% from 2019, according to Cirium data.Spirit said it is not planning to reduce flying at its hub in Fort Lauderdale, Florida.”We are the largest airline at FLL, and we intend to stay that way,” Spirit said. More

  • in

    Op-ed: Why a digital dollar could be just what the economy needs

    Calls for a digital dollar have been on the rise.Gustavo Rezende Dos Santos | EyeEm | Getty ImagesOn Wednesday morning, the Senate Banking Committee Economic Policy Subcommittee under Senators Warren and Kennedy will hold a hearing on the challenges and opportunities of a Digital Dollar. The hearing will undoubtedly note the recent speech by Federal Reserve Governor Lael Brainard outlined potential advantages of a U.S. central bank digital currency (CBDC), including with respect to access, inclusion, and efficiency, and next steps in the Fed’s analysis.  It will also note the speech the week before by Sir Jon Cunliffe, deputy governor of the Bank of England, promising a careful and thorough assessment of the need for some form of “Britcoin” to “meet the needs of modern day life.”We agree with the thoughtful and balanced approach of these public sector leaders. That is why we have similarly called for careful exploration of a U.S. CBDC that we termed – perhaps not creatively – a “Digital Dollar.” And while as former regulators we believe in the prudence of considering what could go wrong with a CBDC, we believe now is a time to equally consider what could go right.There are several possible formats for a digital dollar.  We suggest the form of a tokenized U.S. Dollar issued by the Federal Reserve, distributed through the two-tier banking system, and operating beside physical currency and commercial bank money (those funds you hold in electronic form at your bank).  It would mirror many of the properties of physical cash, but in a digital form.Instead of withdrawing paper money from an ATM and putting it in your wallet, you could withdraw a Digital Dollar into a digital wallet on your smartphone. The promise of such innovation is easier access to money, reduced costs, faster transactions, and enhanced monetary functionality and programmability.Some are rightly concerned with risks of a Digital Dollar, Britcoin and other types of CBDCs, including their impact on fractional banking and financial stability, current payment models, global monetary competition and individual privacy.  These concerns are well worth serious study.Yet, for a moment, let’s think about what could go right.First, with respect to financial stability, there is concern that Digital Dollar might decrease money being held in commercial banks. But, what if the opposite happens?  What if more money moves into the financial services sector, especially if previously unbanked or underbanked individuals shift Digital Dollars into financial accounts because of the newfound ease in doing so? Many digitally wired young people and underserved populations hesitate to set foot in a bank branch to move physical cash into a new account. Mobile devices and “bank-lite” digital wallets may well provide attractive on-ramps to banking services offering interest on deposits and government insurance. And knowing one has the ability to easily convert commercial bank money back into Digital Dollars would not only assure convenience, but perhaps make one less likely to do so in a panic.Second, there is some concern that a Digital Dollar could negatively impact current business models for payments.  But what if it decreases payment transaction costs, benefiting consumers and small businesses currently paying higher fees to process electronic payments?  What if such transactions provide instantaneous settlement, reducing cash flow stress that plagues small businesses and consumers facing costly overdraft and other fees? What if the economic benefit of increased activity that CBDCs foster expands economic opportunity, choice and productivity?  Third, some argue that the U.S. dollar’s status of the world’s primary reserve currency is well entrenched and requires no further innovation.  But, what if digitization further enhances the dollar and, indeed, other trusted reserve currencies, with new functionalities and ease of use, while preserving esteemed competitive advantages: stability, the backing of a robust and strong economy, good governance, openness, and rule of law? And to the extent that monetary innovation becomes increasingly demanded by global consumers, is it not better that the preferred instruments be those issued by strong and sturdy democracies?  Finally, many are rightly concerned about privacy and mass surveillance with CBDC.  The trends in surveillance over existing forms of money are already headed in perilous directions as massive, centralized accounts-based systems managed by governments and commercial entities are gaining scale, while physical cash usage is decreasing globally.  But what if CBDCs issued by democratic governments provide an occasion for citizens to insist that traditional free society norms and privacy rights be built into a digital form of public money? And what if constitutional, legal and due process limitations on government access to financial data help better secure individual privacy with a CBDC and futureproof the competitive advantages that leading reserve currencies hold?Prudence, caution, and thoughtfulness are wholly appropriate when considering transformative new technologies. So too, however, is considering what happens if things go right.  There is only one way to find out.  Only real-world pilots can pressure test the upside and assess the downside. The future of money demands no less.Mr. Giancarlo is Senior Counsel at Willkie Farr & Gallagher, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), and co-founder of the Digital Dollar Project. Mr. Gorfine is former Chief Innovation Officer of the U.S. CFTC, Adjunct Professor at the Georgetown University Law Center, and co-founder of the Digital Dollar Project. More

  • in

    MLB working to combat cheating after sticky baseballs become a concern

    In this articleMELIGerrit Cole #45 of the New York Yankees pitches during the first inning against the Chicago White Sox at Yankee Stadium on May 22, 2021 in the Bronx borough of New York City.Sarah Stier | Getty ImagesIt’s the last thing Major League Baseball needs right now – another cheating situation.MLB has been in the headlines over the past few weeks surrounding sticky baseballs. It’s a long-time practice that benefits pitchers. Foreign substances are applied to baseballs and can help spin rate and ball control during games. But it’s against the rules.After collecting data and warning teams about the matter, MLB officials are planning to crack down on sticky baseballs. Legendary players like Nolan Ryan have spoken about the issue, and current pitchers like New York Yankees’ Gerrit Cole have been pressed about using sticky substances, too.Although using any foreign substance on baseballs is illegal, MLB hasn’t enforced its own rules and could be harming offensive production, leading to a staggering amount of no-hitters. But that’s about to change.The league wants to enforce rules against applying stick substances to baseballs. It will ask umpires to check players and monitor baseballs, and will continue to use ball-tracking surveillance in hopes it will deter players from cheating.The league also sent warning shots to big league players by suspending numerous minor league pitchers for sticky baseballs in an effort to combat the issue among younger players. But how can MLB truly police rules some believe it never cared about? And will the players union help? MLB should be highly cautious about players cheating now more than ever, especially as it navigates the sports gambling space. Consumers could lose tons of money betting on games if players are cheating.”We’re talking about preventing big dollars from coming into the game,” said former MLB executive Marty Conway. “At that point, you have to take action because now it’s crossed the rubicon into the general discussion in public. That’s usually not good for a sport.”Longer suspensions could helpBehind the scenes, the league and MLB Players Association (MLBPA) are acknowledging the issue. The fear of public shaming will help matters, said officials who asked to remain anonymous. Baseball players don’t want to be seen as cheaters. It will surely ruin their legacy and prevent Hall of Fame entry.Should fear of public embarrassment not work, players caught usually face a fine and suspension of up to 10 games. One of the individuals said MLB will explore increasing suspensions to 20 games. MLB plans to unveil its enforcement plan in the next few weeks.So far, it appears to be working.When discussing the matter on Tuesday, Cole, the Yankees pitcher, was asked if he’s used any foreign substances on baseballs. He didn’t confess but he didn’t deny it either. Cole pointed to “customs and practices” that have transitioned from “older players to younger players.” He said he’s open to dialogue that would prevent using sticky baseballs.  “This is important to a lot of people that love the game,” Cole told reporters. He added if the league “wants to legislate some more stuff, that’s a conversation that we can have because ultimately we should all be pointing in the same direction on this.”Conway, who served as a special assistant under former MLB commissioner Peter Ueberroth, said umpires could only do so much to help address the problem.”Ultimately, it’s up to the leadership to establish and re-establish the integrity of the game,” Conway said. “There cameras in every ballpark. I don’t think it’s just up to the umpires to watch the dugouts, bullpens, and everything else. Baseball can police this just as they police sign stealing and other things.””It’s up to baseball to penalize it because I think we’re already seeing some of the data on spin rates of certain pitchers decline,” he added. “The enforcement of the rules will probably eliminate not all but much of what’s going on.”Trevor Bauer #27 of the Los Angeles Dodgers pitches against the San Francisco Giants in the first inning at Oracle Park on May 21, 2021 in San Francisco, California.Thearon W. Henderson | Getty Images Sport | Getty ImagesAre sticky balls hurting the game?In baseball circles, some point to sticky balls as a reason team offenses have suffered this season.There have already been six no-hitters thrown, and that could break the record of eight set in 1884. Hitters are also suffering at the plate with a league-wide .237 batting average after 1,798 games this season. The last time MLB’s season batting average finished that low was in 1968.With less action from pitchers dominating batters, fans end up with a boring product, something MLB doesn’t need. But having umpires frequently check for sticky balls or suspicious players would delay games, making outcomes take longer. And MLB is already trying to increase game speed to make its product more exciting.Speaking to CNBC about pitchers dominating this season, MLB Hall of Famer Ken Griffey Jr. pointed out that batters need to adjust at the plate, too. He said players are looking to mainly get home runs and not aiming to get on base. And defensive shifts have made it challenging as well.Still, the last thing MLB needs right now is more signs teams and players are cheating, especially after the Houston Astros sign-stealing debacle.”That situation caused lead headline stories in non-sports publications about what was happening in baseball,” Conway said. “That prevents commercial sponsorship from activating. I would say to someone running an organization, ‘There is some risk here, so be careful.’ And until they clear this up, [corporations] may not get involved.”The situation remains sticky, but MLB needs to wipe it clean quickly. Commissioner Rob Manfred needs to get back to more significant matters like preventing another lockout, which could ruin his baseball legacy. More

  • in

    College interrupted: Many students chose to take time off instead of remote learning during the coronavirus pandemic

    The Covid-19 pandemic was incredibly challenging for college students and when schools shut down and went to remote classes, many students chose to take time off — a gap year or even a gap semester — instead.Postsecondary enrollments dropped 2.5% in the fall of 2020, nearly twice the rate of decline from a year earlier, according to the National Student Clearinghouse Research Center’s December 2020 report. The NSCRC said the primary driver of that decline was a 3.6% drop in undergraduate enrollment.Many students could no longer afford to enroll. Others didn’t want a diminished college experience as coronavirus forced most universities online and internships, jobs and study abroad opportunities were canceled. Others were simply burned out from the stress of the pandemic.”My family was in a credit crisis … so there were a lot of questions about our livelihood, what’s going to happen to my grandparents [in China]. So there’s a lot of stress in the air,” said Lily Liu, an international student from China in the Stanford University Class of 2022 (formerly ’21). “As the only child in an immigrant family, I think it was really important for me to be able to dedicate my full attention to my family,” Liu said.Lily Liu, an international student from China attending Stanford University, was supposed to be studying abroad in Paris when the pandemic hit. Instead, she took a year off and moved back home.Source: Lily LiuNicolas Montoya, a student in the Harvard College Class of 2024 (formerly ’23), said he found it hard to adjust when campus was closed and students were sent home.”I chose to take a gap year mainly because I didn’t have the best experience with the spring semester of 2020, when we decided to go virtual. Being [a] first-gen [college student], it was really hard to find work-life balance and find a place to study at home,” said Montoya.Marco Balestri, an American History major at Columbia University, had been studying abroad in Buenos Aires, Argentina and was there for less than three weeks when the pandemic hit and all students were sent home.”I had not started the semester there and decided to withdraw from school for the semester just because I really could not think of the prospect of doing five months of online school,” Balestri said.More from College Voices:Latinx college students faced family, financial challenges during the pandemicTikTok, Bumble, others are hiring college students as brand ambassadorsI want to move to New York after college graduation. Can I afford it?Gap years are common as some high school students take a year off to travel or volunteer before  college. But that increased dramatically with the pandemic as many incoming freshmen, when faced with the prospect of starting their college life online, opted to take time off instead. Freshman enrollment in college fell 13.1% in the fall of 2020, compared with a drop of just 1.4% in the fall of 2019, according to the NSCRC. Some colleges, like Princeton, Harvard, and Tufts University actually encouraged incoming freshman to consider deferring those admission offers and take a gap year before beginning college. Around 340 Harvard students, or 20% of the incoming freshman class, opted to defer enrollment in fall 2020 – that’s more than double the 90 to 130 students they have defer in a typical year.Other campuses saw similar jumps in both incoming and current students taking time off.  But gap years during the pandemic were not the same: With borders closed and lockdown orders imposed because of the global spread of Covid-19, gap year students had to find new ways to gain experience and make an impact during 2020.”I spent my entire year at home. It was kind of a no-brainer because most of the activities I engaged with were unpaid,” said Liu, who just returned to Stanford recently. Liu was initially supposed to study abroad to Paris, but instead, spent her year at home working on her senior thesis, completing a remote internship, writing music, and working on two different research projects with post-doctoral scholars — one of which investigated the use of technology by local police and was published during the height of the George Floyd movement last summer.Montoya worked full-time as a Covid-19 case investigator and volunteered with an education nonprofit focused on increasing the graduation rate for Hispanic high school students.”Both of my opportunities are completely remote, so I just do them from my childhood bedroom,” he explained.Nicolas Montoya, a Gates Scholar at Harvard University majoring in social studies in global health and health policy, took a gap year for family reasons as well as to gain real-world experience.Source: Steven Garcia-MachucaBalestri landed two back-to-back field organizer jobs for Democratic Senate campaigns in Maine and Georgia during the 2020 election.”Going into the summer, I realized that I was very much interested in taking that fall semester off. I hadn’t committed fully, but I had known I would only do it if I got a full-time position on a campaign,” Balestri said. “And for me, I had always known campaigns are one of the best ways for young people, especially college students, to break into politics and government and get a lot of hands-on experience in leadership that you can’t get from internships with major corporations, Congress, or your state legislature.”For some students, taking a gap year or semester gave them time to think about what they really wanted to do with their futures.”When I was enrolled, I was just kind of going through the motions of like, ‘I should be taking this class to be on track or I should be doing that,'” Montoya said.  I was actually pre-med when I was enrolled, and now I don’t think I’m pre-med anymore. And this is actually something I’ve determined doing this gap year, working in health care, and just seeing what it really takes to be a doctor and maybe that isn’t for me.”It also gave students chances to network and explore fields they’re interest in.When I’m moving 200 mph, it’s impossible for me to take a step back and think about things,” said Liu. “This year, because of the free time, I was able to talk to professionals and people whose work I really admire and from there I decided I want to do a master’s [degree] in sustainability. That was not my intention at all before.”Balestri said his high-stakes and hands-on work in politics actually had an impact on his studies.”It’s really made me want to dive deeper into the studies I’m working on,” Balestri said. “I’m currently writing a thesis on the origins of the voter-registration system in New York State in the early 1900s — so much of that was influenced by my experience working with voter registration on these campaigns.”Marco Balestri, a history major at Columbia University, was studying abroad in Buenos Aires when the pandemic hit. After being sent home, he withdrew from the spring 2020 semester and worked on congressional campaigns.Source: Marco BalestriThe coronavirus pandemic hit Black and Hispanic families harder and that was reflected on college campuses: The number of Black and Hispanic students taking leaves of absence during the spring semester, when the pandemic first hit, increased by 206% and 287%, respectively, compared to a 70% increase for white students and 59% for Asian students, according to a report from the NSCRC.For some students who decide to take time off because of financial or other hardships, there is a very real concern they may not return to college.”Research has shown, for Latinx students in particular, the longer they take gap years, the less likely it is that they are going to return back to campus. So that is something to be very cognizant of, that institutions should be aware of how to support students if they do choose to take a gap year— whether it is by force or voluntarily,” said Edgar Lopez, a PhD candidate in Urban Education Policy at the University of Southern California.Those interruptions and delays have Lopez and other higher education experts worried that the pandemic will delay college graduation for students of color and exacerbate existing inequalities in higher education.If a student doesn’t complete their college degree, it can have a serious ripple effect on the rest of their life — it will be tougher to get a job and they will make less money. The median weekly earnings for someone with some college but no degree is $415 less than that of someone with a bachelor’s degree, according to the U.S. Bureau of Labor Statistics. That money compounds when you consider earning, saving and investing.So, whether a student chooses to take time off or is forced to for financial or other reasons, experts say it’s crucial that they do so with a serious intent to return to campus the next semester or next year.CNBC’s “College Voices” is a series written by CNBC interns from universities across the country about getting their college education, managing their own money and launching their careers during these extraordinary times. Christian Rodriguez is a student in the Columbia University Class of 2022, majoring in Latin American and Iberian cultures and European history, politics, and society. He was a spring 2021 intern with CNBC’s assignment desk and is currently a summer analyst at Goldman Sachs.The series is edited by Cindy Perman.SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.CHECK OUT: 9 jobs in demand right now — including one that pays more than $80,000/year via Grow with Acorns+CNBC.Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. More

  • in

    Morgan Stanley has a new pipeline into college athlete compensation

    In this articleMSSignage is displayed outside Morgan Stanley & Co. headquarters in the Times Square neighborhood of New York.Michael Nagle | Bloomberg | Getty ImagesMorgan Stanley said its sports division has positioned itself in the college sports compensation space with a new partnership with Altius Sports Partners.Altius is an advisory firm that offers guidance around name, image and likeness strategies. Financial terms of the partnership, which includes Australian-based investment bank Macquarie, were not provided. But in this collaboration, which emulates a educational-related sponsorship, Morgan Stanley will provide its financial resources to Altius, which will in turn promote educational programs for college athletes.Legislation protecting athletes’ name, image and likeness is set to be adopted by multiple states on July 1. Such NIL laws essentially allow college players to get paid for their intellectual property. The U.S. Supreme Court will also rule on the issue after hearing arguments on whether current NCAA rules around compensating student-athletes violate antitrust laws. And U.S. senators will hold a NCAA Athlete NIL Rights hearing Wednesday to discuss federal proposals.Hence, the signs suggest NIL will soon take effect and change the college sports landscape. And Morgan Stanley now has a presence.In an interview Tuesday, Morgan Stanley executive Sandra Richards told CNBC the firm is “thinking ahead” as it prepares for a new generation of potential clients via NIL. Altius already has deals with top NCAA football schools, including Texas, LSU, and the University of Georgia. So Morgan Stanley’s brand will be introduced to younger athletes who could now earn large sums of money.”The NIL space is just another lever that we need to be conscious of and also figure out we can also be helpful now that this new piece is in play,” said Richards, Morgan Stanley’s managing director of global sports and entertainment.Sandra Richards, Head of Morgan Stanley Global Sports & EntertainmentSource: Morgan StanleyMorgan Stanley said it will offer “financial literacy essentials” to the student athletes, which Richards described as investing, budgeting, understanding the stock market and “building the right team.””And that includes lawyers, public relations, and things they never thought to be thinking about when they are freshman and sophomores. This is something they need to start planning earlier in their [college] career,” added Richards.Morgan Stanley’s global sports division has more than $100 billion under management. Last August, it aligned with the National Football Players Association in an agreement that allows the company to add advisors capable of managing NFL players’ money. Altius has a lineup of experienced executives in the pro sports landscape. It’s led by CEO Casey Schwab, a former NFLPA executive, and advisors include sports marketing executive Jene Elzie, NFL chief revenue officer Renie Anderson, and sports business professor Kenneth Shropshire.”It was pretty compelling to look at that advisory board and the people they have involved,” Richards said of aligning with the firm.Richards said Morgan Stanley would also offer experts to help athletes capitalize on revenue opportunities via social media accounts like Twitter and Instagram. “That’s one of the ways these student athletes are going to be able to monetize their brand,” she added.Asked how Morgan Stanley investors should view this NIL-related sponsorship, Richards said: “That we’re helping them [student athletes] build wealth. That’s part of what you should see as an investor — us taking the obligation seriously and not because it’s a money opportunity but an opportunity to navigate this next generation of people that will be influencers in their own right. When they do well, we all do well.”Correction: This story has been updated to reflect that Morgan Stanley’s financial resources will be used for Altius’ financial education programs for college athletes. More

  • in

    Half of Americans 12 and older are fully vaccinated as daily Covid case counts remain below 15,000

    A 12-year old girl receives the Pfizer-BioNtech vaccine in New York City on May 14th, 2021.Adam Jeffery | CNBCHalf of Americans aged 12 and older are now fully vaccinated, according to data published by the Centers for Disease Control and Prevention on Tuesday. The CDC signed off on expanded usage of Pfizer and BioNTech’s Covid-19 vaccine for 12- to 15-year-olds in mid-May, widening the age range of the population eligible for a shot.The seven-day average of daily U.S. infections held below 15,000 as of Tuesday, according to data compiled by Johns Hopkins University, a level not seen since the early days of the pandemic.U.S. share of the population vaccinatedAbout 52% of the U.S. population has received at least one dose of a Covid vaccine and 42% is fully vaccinated, CDC data shows.Those numbers jump to 61% with one shot or more and 50% fully inoculated for the eligible 12 and older population.Zoom In IconArrows pointing outwardsOn Tuesday, White House chief medical advisor Dr. Anthony Fauci said that more Americans need to get vaccinated in order to avoid the Delta variant becoming the dominant strain in the U.S. after the variant surpassed the Alpha strain in new infections in the United Kingdom.U.S. vaccine shots administeredThe U.S. is reporting just over 1 million shots per day on average over the past week, according to the CDC.Zoom In IconArrows pointing outwardsThough the pace has ticked upward in recent days — which may represent a rebound from a dip over Memorial Day weekend — average daily shots have been falling somewhat steadily from peak levels in mid-April. At that time, the country was reporting more than 3 million daily vaccinations.U.S. Covid casesAbout 14,400 daily cases are being reported in the U.S. on average over the past week, Hopkins data shows. That figure is down 17% from a week ago.Zoom In IconArrows pointing outwardsIn a sign of the changing nature of the outbreak, Florida and Alabama will no longer report daily Covid cases and fatalities as vaccinations rise and states begin shifting to the “next phase” of the pandemic.U.S. Covid deathsThe U.S. is reporting 427 daily Covid deaths, based on a seven-day average of Hopkins data.Zoom In IconArrows pointing outwardsMore than 598,000 total deaths have been reported in the U.S. over the course of the pandemic.CNBC Health & Science Read CNBC’s latest global coverage of the Covid pandemic:U.S. is in discussions with Moderna on buying Covid vaccine doses for other nationsFauci blasts ‘preposterous’ Covid conspiracies, accuses his critics of ‘attacks on science’ Top international health officials worry about new Covid variants that may be able to evade vaccines  J&J CEO says people will need Covid vaccine with annual flu shot for next several years as variants spreadHalf of Americans 12 and older are fully vaccinated as daily Covid case counts remain low     More