Raphael Stevens

In this articleIBE-ESOffshore wind farm.davee hughes uk | Moment | Getty ImagesThe U.S. offshore wind sector took a major step forward Tuesday after authorities gave the green light for the construction and operation of the 800 megawatt (MW) Vineyard Wind 1 project.In a statement, the U.S. Department of the Interior described the development, which will be located in waters off the coast of Massachusetts, as “the first large-scale, offshore wind project in the United States.”The Vineyard Wind project, it said, was expected to generate 3,600 jobs and “provide enough power for 400,000 homes and businesses.”The DOI added that a Record of Decision had granted Vineyard Wind “final federal approval to install 84 or fewer turbines off Massachusetts as part of an 800-megawatt offshore wind energy facility.”According to the Vineyard Wind team, the facility will use GE Renewable Energy’s huge Haliade-X turbines, which will mean only 62 will actually be required.Vineyard Wind is a 50-50 joint venture between Copenhagen Infrastructure Partners and Avangrid Renewables. The latter is a subsidiary of Avangrid, which is part of the Iberdrola Group, a major utility headquartered in Spain.Iberdrola says investment in the project will amount to 2.5 billion euros ($3.03 billion). If all goes to plan, it could enter into service in 2023.In a phone interview on Tuesday, Jonathan Cole, who is global managing director of offshore wind at Iberdrola, told CNBC that the project’s approval was “extremely significant.””This is the permit needed to now allow us to go ahead and build the project,” he said.”This is the first of its kind in the U.S. and it’s expected to be followed by many other projects, so this is really the one which is going to kick off, in earnest, the U.S. offshore wind sector.”  “So it’s a huge moment for this project and for our companies, but it’s also a huge moment for the whole of the U.S. offshore wind sector.”Cole’s views were echoed by a number of organizations, including the National Ocean Industries Association.Its president, Erik Milito, described the greenlighting of the Vineyard Wind project as “an American energy milestone.””American offshore wind is a generational opportunity, and its outlook is more certain with the Vineyard Wind Record of Decision,” he went on to add.Elsewhere, Heather Zichal, who is CEO of the American Clean Power Association, hailed “a historic day for clean energy and for our country that has been over a decade in the making.””Now is the time to push forward on offshore wind, catch up to global competitors, and decarbonize our electric grid, so that the U.S. can deliver economic and environmental benefits to our citizens and combat climate change,” she added.Tuesday’s news represents the latest shot in the arm for America’s fledgling offshore wind sector.In March, the Departments of Energy, Interior and Commerce said they wanted offshore wind capacity to hit 30 gigawatts (GW) by 2030, a move the Biden administration hopes will generate thousands of jobs and unlock billions of dollars in investment over the coming years.If this target is realized it would represent a significant expansion for the U.S. While America is home to a well-developed onshore wind industry, the country’s first offshore wind facility, the 30 MW Block Island Wind Farm, only started commercial operations in late 2016.Preliminary figures from the U.S. Energy Information Administration show that, for 2020, wind’s share of utility-scale electricity generation came to 8.4%.By contrast, natural gas and coal’s shares were 40.3% and 19.3% respectively. Overall, fossil fuels had a 60.3% share while nuclear and renewables had shares of 19.7% and 19.8%.Looking at the global picture for offshore wind, the U.S. still has a ways to go before it catches up with more mature markets, such as the one found in Europe.Last year, the sector there attracted over 26 billion euros (around $31.5 billion) of investment, a record amount, according to figures from industry body WindEurope. In 2020, 2.9 GW of offshore wind capacity was installed in Europe. More

In this articlePFE22UA-DEA student gets her first Pfizer Biontech COVID vaccine at Ridley High School, May, 3, 2021 as part of a clinic for students age 16-18.Pete Bannan | MediaNews Group | Daily Times via Getty ImagesA key CDC advisory panel is scheduled to vote Wednesday on whether to recommend expanding usage of Pfizer’s and BioNTech’s Covid-19 vaccine to kids ages 12 to 15.The endorsement from CDC’s Advisory Committee on Immunization Practices, which is widely expected, is the last step before U.S. officials give states the thumbs up to open vaccinations to millions of adolescents as early as Thursday.Allowing adolescents to get the shots will accelerate the nation’s efforts to drive down infections and return to some form of normalcy, public health officials and infectious disease experts say. It also allows states to get middle school students vaccinated before summer camps begin and school starts in the fall.The Centers for Disease Control and Prevention panel’s meeting comes two days after the Food and Drug Administration announced it approved Pfizer and BioNTech’s request to allow their vaccine to be given to young teens on an emergency use basis. The vaccine is already authorized for use in people 16 and older. It will be administered in adolescents in two doses, three weeks apart, the same regimen for 16 years of age and older, the FDA said.Here’s what to expect.When are they voting?The meeting is scheduled to run from 11 a.m. ET to 5 p.m. ET, according to a draft of the agenda. The vote typically happens toward the end.Before the vote, medical experts will assess Pfizer and BioNTech’s clinical trial data and offer their opinions on the vaccine, including whether the benefits outweigh the risks for use in adolescents. The companies said in late March that the vaccine was found to be 100% effective in a clinical trial of more than 2,000 adolescents. Side effects were generally consistent with those seen in adults, they added.What happens next?Dr. Peter Marks, director of the FDA’s Center for Biologics Evaluation and Research, told reporters on Monday that he expected the first shots for young teens to be administered as soon as Thursday, pending the panel’s endorsement and approval from the CDC director.Vaccine distribution will vary in the U.S., officials told reporters, because states have different regulations on who can administer shots to younger age groups. The Biden administration has said it plans to send vaccines directly to pediatricians’ offices and make doses available at other sites like community centers.Is the vaccine safe?In a statement Monday, acting FDA Commissioner Dr. Janet Woodcock assured parents that the agency “undertook a rigorous and thorough review of all available data” before clearing it for use in younger teens.The FDA said side effects in adolescents were consistent with those reported in clinical trial participants who were 16 and older. It noted the vaccine should not be given to anyone with a known history of severe allergic reactions, including anaphylaxis, a severe and potentially life-threatening allergic reaction.The most commonly reported side effects were pain at the injection site and in joints and muscles, tiredness, headache, chills and fever, according to the FDA. With the exception of pain at the injection site, more adolescents reported side effects after the second dose than after the first, the agency said. Side effects generally lasted one to three days.When will younger kids get access?Trials are underway testing Covid vaccines in kids under age 12, but researchers expect those trials to take longer because they are gradually studying younger age groups and experimenting with lower doses after the vaccines prove to be safe in older kids.Approval by the FDA for kids under age 12 could come in the second half of this year. In a slide presentation that accompanied the company’s earnings release on May 4, Pfizer said it expects to apply for authorization for its vaccine for use in toddlers and young children in September and infants in November.Moderna and Johnson & Johnson, whose vaccines are authorized for people 18 and older, are also testing their shots in younger age groups.Will kids need shots for school and activities?Possibly. Schools, for example, can legally require students to get vaccinated, according to Dorit Reiss, a law professor at UC Hastings College of Law.Several colleges and universities have already said they are requiring Covid vaccinations for students returning in the fall. It is possible vaccinations will be required to participate in after-school extracurricular activities such as sports, art and other in-person activities.It’s unlikely the federal government will mandate vaccines for kids or any other group, public health experts say.The CDC has already said schools can safely reopen without vaccinating teachers or students. The Biden administration has said it would pour $10 billion into Covid testing for schools in an effort to hasten the return to in-person classes across the country this fall. More

Are any airline stocks worth buying on sale?Two traders grappled with that question on Tuesday as the group slid on concerns around a fuel shortage stemming from this weekend’s cyberattack on a major U.S. pipeline.The U.S. Global Jets ETF (JETS), a basket of 39 airline stocks, ended trading down more than 1.5% on Tuesday. It is down about 8% from its recent highs made in March.”Not all airlines are created equal,” said Nancy Tengler, chief investment officer at Laffer Tengler Investments.”Southwest is in a unique position to come out of this stronger,” she told CNBC’s “Trading Nation” on Tuesday, noting the company’s “strong history in hedging oil prices.”Southwest has hedges in place that become profitable when crude oil prices reach $65 and $70-80 a barrel. Another “really aggressive hedging program” will begin in 2022, Tengler said. Crude oil prices rose to just over $65 a barrel on Tuesday.Southwest also announced that it will start hiring new flight attendants for the first time since before the Covid pandemic put a pause on the economy on account of strong demand.”Once the pipeline gets back on track, this is a company that you would want to take advantage of the weakness in because it’s going to be a strong medium and long-term player,” Tengler said. “Mostly leisure travel. Doesn’t need to wait for business travel to come back. We’re owners and we would be buyers in here.”Southwest found another fan in Bill Baruch, founder and president of Blue Line Capital and Blue Line Futures.”I’m very bullish on crude oil. I think crude oil can get to $100 over the next 18 months and I think that’s going to be a headwind down the road for airlines. Southwest is very good, very well positioned in that given their hedges,” Baruch said in the same interview.Having recently broken above a key trend line, the stock would be a buy on a pullback to around $54 a share, Baruch said, citing a chart.Zoom In IconArrows pointing outwardsSouthwest shares ended trading down over 2.5% at $59.78 on Tuesday.Baruch’s other pick was fellow low-cost carrier Spirit Airlines.”I own Spirit Airlines and I like Spirit Airlines,” he said, adding that he’d be “very hesitant” about investing in airlines other than Spirit and Southwest.With travel picking up again, consumers will likely be willing to shell out for vacations in the months ahead, Baruch said.”I think Spirit Airlines is going to be well positioned to capitalize [on] that,” he said. “On a technical basis, I do think that you’ve seen a good rally out of the hole here in Spirit.”Zoom In IconArrows pointing outwards”The $36 area has been very sticky, and although there’s a lot of resistance there, it’s holding that resistance and almost building sort of a flag-like pattern, which I find very bullish,” Baruch said.Spirit Airlines shares closed down nearly 3% at $33.48 on Tuesday.Disclosure: Tengler and Laffer Tengler Investments own shares of Southwest Airlines. Baruch owns shares of Spirit Airlines.Disclaimer More

France’s the Cote d’Azur.Frédéric Soltan | Corbis News | Getty ImagesLONDON — The European economy looks like it will shine a little brighter this year.The European Commission presented Wednesday a more upbeat assessment of how the 27 economies will perform this year, citing an improved vaccination campaign and the expectation that EU-wide fiscal stimulus will kick in the second half of 2021.The Brussels-based institution now foresees a gross domestic product rate of 4.2% for the EU in 2021, and of 4.4% for next year. In February, it said GDP would be 3.7% this year and 3.9% in 2022.The prospects for the 19 countries that share the euro have also improved. Growth is now estimated at 4.3% this year, instead of 3.8% as forecast in February. The European Central Bank said in March that GDP would reach 4% in the euro area this year.”The shadow of Covid-19 is beginning to lift from Europe’s economy,” European Commissioner for Economic Affairs Paolo Gentiloni said in a statement, adding that the “unprecedented fiscal support has been — and remains — essential in helping Europe’s workers and companies.””And of course, maintaining the now strong pace of vaccinations in the EU will be crucial — for the health of our citizens as well as our economies,” Gentiloni also said.The latest forecasts come at an important moment for many EU nations as they announce — or in some cases, implement — a lifting of Covid-19 restrictions.Greece is welcoming tourists from Friday onward. Belgium said on Tuesday that it intends to end almost all restrictions on June 9. The land border between Portugal and Spain has also reopened.These are just some examples of how the economies are opening up ahead of the summer season, when many tourism-dependent nations will be hoping to attract more foreign visitors than last year.Peak debtHowever, there are structural issues still to address.As a result of the vast level of government support in the wake of the pandemic, the Commission expects the aggregate EU ratio of public debt-to-GDP to peak at 94% this year, before falling slightly next year.But, this number masks the individual picture.Greece’s public debt pile is set to reach 209% this year, Italy’s at 160%, and France’s at 117.4%.The European Commission, however, recognizes that the outlook is uncertain.”The risks surrounding the outlook are high and will remain so as long as the shadow of the Covid-19 pandemic hangs over the economy,” the institution said in a statement.There are concerns about how the virus might mutate and whether vaccines will continue to prove efficient. But there are also worries about how much consumers will be willing to spend in the coming months and when to dial back stimulus policies.People walking on the beach during the first day after the state of emergency was lifted.SOPA Images | LightRocket | Getty Images More

A Covid-19 coronavirus patient rests inside a banquet hall temporarily converted into a Covid care centre in New Delhi on May 10, 2021.Arun Sankar | AFP | Getty ImagesIndia’s daily Covid-19 death toll hit another record high on Wednesday, as the World Health Organization said the country accounted for half the total reported cases in the world last week.Health ministry data showed that at least 4,205 people died over a 24-hour period — the largest single-day increase in fatalities reported by the South Asian country since the pandemic began. However, reports have suggested that the death toll in India is being undercounted.Total reported cases in India topped 23 million and more than 254,000 people have died.The World Health Organization said that India accounted for half of all cases reported globally last week as well as 30% of global deaths.India has reported more than 300,000 daily cases for 21 consecutive days. On Tuesday, however, the health ministry said its data showed a net decline in the total active cases over a 24-hour period for the first time in 61 days.The second wave began around February and accelerated through March and April after large crowds were allowed to gather, mostly without masks, for religious festivals and election rallies in various parts of the country.India’s health-care system is under tremendous pressure due to the spike in cases despite an inflow of international aid, including oxygen concentrators, cylinders, and generation plants as well as anti-viral drug Remdesivir.To alleviate some pressure on health-care workers, India is recruiting 400 ex-medical officers from the armed forces, the defense ministry announced on Sunday.WHO’s update on India, South AsiaIn its latest weekly epidemiological update on the pandemic, the U.N. health agency said it was observing “worrying trends” in India’s neighboring countries, where cases are also rising.For example, in Nepal, almost 50% of all individuals tested for Covid-19 are reportedly infected as the landlocked country struggles with a second wave. It is said to have run out of vaccines as India suspended its exports in light of the situation at home.WHO recently classified the Covid variant B.1.617 that was first detected in India as a variant of concern, indicating that it’s become a global threat. The variant has three sub-lineages “which differ by few but potentially relevant mutations in the spike protein as well as prevalence of detection globally,” WHO said in the report.India’s Covid crisisRead CNBC’s latest coverage of India’s battle with the coronavirus pandemic:WHO labels a Covid strain in India as a ‘variant of concern’ — here’s what we knowIndia’s worsening Covid crisis could spiral into a problem for the worldIndia is the home of the world’s biggest producer of Covid vaccines. But it’s facing a major internal shortageIndia’s economy will likely contract this quarter as Covid cases soar, economists warnIndia’s dramatic surge in cases has raised questions on the role played by Covid variants like the B.1.617 as well as the B.1.1.7 that was first detected in the United Kingdom.The international health body said it conducted a recent risk assessment of the situation in India and found that the resurgence and acceleration of Covid-19 transmission in the country had several likely contributing factors: That includes the presence of Covid variants that have potentially increased transmissibility as well as mass gatherings and reduced adherence to public health and social measures.”The exact contributions of these each of these factors on increased transmission in India are not well understood,” WHO said.Elsewhere, Prime Minister Narendra Modi will not attend a G-7 Summit in person in the U.K. next month due to the Covid-19 situation at home, the Indian foreign ministry said. Modi was invited by British Prime Minister Boris Johnson to attend the event as a special invitee, according to the ministry. More