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    Skittles owner sues THC-laced copycat Zkittlez for trademark infringement

    Skittles logo at the entrance to the supermarket trading floor.Igor Golovniov | SOPA Images | LightRocket | Getty ImagesMars Inc.’s Wrigley unit, the owner of Skittles, Starburst and Life Savers candies, filed complaints against Terphogz, the maker of THC-infused candy Zkittlez, on the grounds of trademark infringement.Lawsuits were filed Monday in U.S. federal courts Illinois and California and in Canada seeking to halt the sale of Zkittlez goods, drug paraphernalia, clothing and merchandise.”At Mars Wrigley we take great pride in making fun treats that parents can trust giving to their children and children can enjoy safely. We are deeply disturbed to see our trademarked brands being used illegally to sell THC-infused products, and even more so to hear of children ingesting these products and becoming ill,” a Mars company spokeswoman said in a email.THC is the psychoactive compound in cannabis.One of the complaints filed in the U.S. District Court for the Northern District of Illinois named Terphogz and five Illinois-based companies that purchase, advertise and resell Zkittlez in the state.In the court filing, the Skittles maker seeks damages from Terphogz and its resellers and asks the court to place a permanent injunction on the sale of any products using Zkittlez marks and hand over any products or merchandise using the marks.Additionally, Wrigley is hoping to have the Zkittlez website transferred to it and all social media accounts be disabled and that Terphogz withdraw its trademark application for the brand.”Terphogz’s Zkittlez Marks are substantially identical in sight, sound, meaning, and commercial impression to Wrigley’s Skittles Marks,” the filing states, citing the red packaging as an example.Wrigley said it is concerned the similar product names are confusing to consumers, and it could hurt the company’s reputation.Terphogz did not immediately respond to a request for comment. More

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    Under Armour hikes full-year outlook, sees demand returning

    In this articleUAAShoppers pass an Under Armour store in White Plains, New York.Scott Mlyn | CNBCUnder Armour on Tuesday raised its sales and profit outlook for the full year, as the sports apparel maker sees demand for its brand roaring back with shoppers returning to its stores.It reported first-quarter sales growth of 35%, topping analyst expectations. The company is lapping a period a year earlier when its stores were temporarily shut, and Under Armour had to turn to layoffs and other cost-cutting measures to fight through the health crisis.”On a two-year stack, that is skipping over 2020, we’re running a better, higher quality and more profitable business,” CEO Patrik Frisk said during an earnings conference call.Under Armour’s stock was recently down around 3.5% after jumping more than 3% in premarket trading.Here’s how the company did during its quarter ended March 31 compared with what analysts were anticipating, based on a Refinitiv survey:Earnings per share: 16 cents adjusted vs. 3 cents expectedRevenue: $1.26 billion vs. $1.13 billion expectedUnder Armour’s net income grew to $77.8 million, or 17 cents per share, compared with a loss of $589.7 million, or $1.30 per share, a year earlier.Excluding one-time charges, the company earned 16 cents per share, better than the 3 cents that analysts were anticipating, based on Refinitiv estimates.Sales rose to $1.26 billion from $930.2 million a year earlier, beating estimates for $1.13 billion.In North America, sales were up 32%, while they grew 58% in Under Armour’s smaller international division, boosted by recoveries in markets that include China.Online sales rose 69% across the business.Frisk said the company is seeing strong demand for the brand, as business rebounds across Asia and North America. In the year-ago period, Under Armour’s sales tumbled more than 20%, as its business took a blow from the coronavirus pandemic and its stores were forced shut, freezing its turnaround efforts. The company has also worked on managing its inventories and reducing its reliance on discounting to get rid of dated merchandise. Frisk said those efforts are paying off and helping to boost profits.BMO Capital Markets analyst Simeon Siegel said he expects demand at Under Armour to be a beneficiary from “the current trifecta of stimulus, vaccines and light industry-wide inventory.””We believe margin growth is very real and sustainable,” Siegel said in a note to clients Tuesday.In its second quarter, Under Armour said sales should rise upwards of 70%, led by the strongest growth in North America and Latin America, as the company laps additional pandemic-related closures in 2020.The company expects to realize roughly $35 million to $40 million in restructuring charges during the quarter. With these improved trends, Under Armor raised its annual forecast. It now expects full-year revenue to rise by a high-teen percentage rate, compared with a previous outlook of a high-single-digit increase. Analysts had been looking for 10.1% growth, according to a Refinitiv survey.It’s calling for 2021 adjusted earnings per share to be in the range of 28 cents to 30 cents, compared with a prior range of 12 cents to 14 cents. Analysts had been calling for earnings per share of 20 cents.On Monday, Under Armour said it agreed to pay the Securities and Exchange Commission $9 million to settle charges that it mislead investors from 2015 to 2016 by recording $408 million in sales that it expected to complete in future quarters.The retailer settled the charges without admitting or denying the findings in the SEC’s order. Under Armour had also been responding to requests for documents and information from the U.S. Department of Justice, and said Monday that it hasn’t received any requests from the DOJ since the second quarter of 2020.As of Monday’s market close, Under Armour shares are up more about 40% year to date. The company has a market cap of $10 billion.Find the full earnings press release from Under Armour here.WATCH LIVE: Under Armour CEO Patrik Frisk will join CNBC’s Closing Bell for an exclusive TV interview on Tuesday at 3 p.m. More

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    CVS Health earnings top estimates as Covid vaccinations, testing boost drugstore sales

    In this articleCVSPeople walk by a CVS Pharmacy store in the Manhattan borough of New York City.Shannon Stapleton | ReutersCVS Health on Tuesday reported a strong first quarter and raised its full-year forecast, as customers came to its stores for Covid-19 vaccinations, tests and prescriptions.The company has been a major provider of Covid-19 vaccines and recently began offering same-day appointments for the shots.Shares of the company were up nearly 2% in premarket trading.Here’s what the company reported for the fiscal first quarter ended March 31, compared with what analysts were expecting, based on a survey of analysts by Refinitiv:Adjusted earnings per share: $2.04 vs. $1.72 expectedRevenue: $69.1 billion vs. $68.39 billion expectedThe health-care company and drugstore chain reported net income of $2.22 billion, or $1.68 per share, up from $2.01 billion, or $1.53 per share, a year earlier.Excluding items, it earned $2.04 per share, more than the $1.72 per share expected by analysts surveyed by Refinitiv.Revenue rose to $69.1 billion from $66.8 billion a year earlier. That outpaced analysts’ expectations of $68.39 billion.The company raised its guidance for the year. It said it expects 2021 earnings will range between $6.24 and $6.36 per share, and after adjustments between $7.56 and $7.68 per share.It reiterated that its full-year cash flow from operations is projected to range from $12 billion to $12.5 billion.The drugstore chain faced challenging year-over-year comparisons in the quarter in its retail business. During the period a year earlier, customers rushed to fill prescriptions early and stock up on other health- and personal-care items prior to shelter-in-place orders. Virtual visits and home deliveries of prescriptions spiked — and customers tossed more items from the front of the store such as soap and shampoo into their baskets in stores and online.CVS said Tuesday it had lower front store sales in the first quarter of this year because of accelerated demand in March 2020 and a weak cough, cold and flu season.Same-store sales across its pharmacy and front store combined were up just 0.4% compared with growth of 9% a year earlier. Same-store sales for the front store fell 11.4%.However, its revenue got a lift from Covid-19 testing and vaccinations. CVS has given the shots at its stores and at long-term care facilities. Prescriptions filled were about the same from a year earlier on a 30-day equivalent basis.CVS has administered over 23 million Covid tests and over 17 million vaccines through April, CEO Karen Lynch said on an earnings call. She said those services have helped the drugstore chain attract customers, too. Among those new to CVS who got Covid testing, she said it had about a 9% conversion rate filling a new prescription at its pharmacy.CVS, which owns health insurer Aetna, has focused on weaving together different pieces of its business into a health-care ecosystem. For example, many Aetna members can visit Minute Clinics for no co-pay or a low co-pay. Those with one of those medical benefits plans are about 50% more likely to visit one of the urgent care clinics, which are inside of CVS stores, Lynch said.The company has turned about 800 of its stores into HealthHubs, a store model that includes more services like sleep apnea testing and mental health appointments with clinical social workers.As of Monday’s close, shares of CVS were up nearly 14% this year. They closed at $77.69 on Monday, bringing the company’s market value to $101.97 billion.Read full release here. More

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    The market for shares of pre-IPO giants is surging. This company is reaping the rewards

    Forge CEO Kelly Rodriques.Source: ForgeThe surging fortunes of a generation of giant start-ups like Robinhood and Chime has sparked a race to create the biggest marketplace to trade shares of private companies.One company with an early lead appears to be Forge, a San Francisco-based start-up originally backed by noted technology investors including Peter Thiel and Tim Draper.Forge is the largest of the new venues that have cropped up in recent years to facilitate trading in private companies, including rivals like JPMorgan Chase-backed Zanbato and EquityZen, according to Forge CEO Kelly Rodriques. Forge has gone from handling roughly $700 million in trades in 2018, when he joined as CEO, to matching that volume on a quarterly basis this year, Rodriques said in a recent interview.”We’re absolutely the biggest by the number of trades, the volume of trades on larger numbers of companies, by revenue, and just the pure liquidity we offer,” Rodriques told CNBC. “We’re approaching a billion dollars a quarter of volume, and we’ll start doing that kind of volume on a monthly basis in the next couple of quarters.”While trading shares of private companies has traditionally been difficult, as start-ups postponed going public for a decade or longer, the need for employees and investors to sell their private shares has grown. That’s coincided with heightened demand from institutional investors for stock in pre-IPO companies. Venture-backed firms were worth more than $2 trillion last year, according to PitchBook data.That dynamic has resulted in the rise of Forge and other players, which hope to ultimately bring standardization, more data and easier, faster trades to the private market – blurring the traditional divisions between the public and private realms.The growth cited by Rodriques has attracted investors betting that a few players will eventually dominate the nascent market. Forge recently raised $150 million from investors, including Wells Fargo and Temasek, the Singaporean sovereign wealth fund, CNBC learned. Forge is worth approximately $700 million after the latest fundraising round, triple its 2018 valuation, according to people with knowledge of the situation.It’s also attracted attention from the world’s dominant investment banks. Last year, JPMorgan lured Andrew Tuthill from Forge to lead the bank’s new private stock trading business, and Goldman Sachs recently poached a business development head from Forge named Jack Fowler for its own efforts.Like many of the fast-growing companies it lists on its trading platform, Forge is on a steep upward trajectory, according to its CEO. It’s been helped by central banks that have unleashed trillions in stimulus after the coronavirus, buoying public equity markets and forcing yield-hungry investors into private companies.   “In the last three quarters, we’ve had spectacular growth, 30% beyond even my big projections,” Rodriques said. “This is a business that’s going to be a unicorn in 2021, given our valuation trajectory and several hundred million dollars of revenue visibility in the next couple of years.”Part of that growth comes from acquiring a rival platform. Under Rodriques, Forge acquired another San Francisco-based platform for trading private stock called SharesPost last year in a $160 million cash and stock deal. The combined entities have handled more than $9 billion in trades for nearly 400 private companies, according to Forge.Now Forge, which recently got approval to operate as a single broker-dealer with its acquired firm, has 300,000 investors on its platform, the CEO said. About 80% of those users are high-net worth individuals, while 20% are venture capital firms, hedge funds, family offices and trading desks at banks, he said.”This is going to be a race to who’s got more liquidity than anybody else in the world,” Rodriques said. “If you want to buy or sell a private stock, if you don’t check on Forge, there’s a high likelihood you’re either going to sell too low or buy too high, just based on the number of names we have available.”Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

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    Could a vaccine passport soon be your ticket to a quarantine-free vacation?

    Yagi Studio | DigitalVision | Getty ImagesNeeding documents to travel is nothing new — after all, checking in for a flight requires some form of ID and, if you’re bound for somewhere foreign, it’ll have to be a passport. The same goes for car or train trips that cross the U.S. border, where from 2023 you’ll need that iconic blue booklet or a state-issued Real ID.But a passport to simply check into a hotel or board a cruise ship? It’s a distinct possibility in this age of pandemic-related restrictions. The idea of so-called vaccine passports proving inoculation against Covid-19 is gaining momentum in some quarters, as consumer interest in travel and tourism picks up along with the pace of vaccination.Nearly half, or 46%, of vaccinated Americans plan to travel this summer, according to marketing software company Redpoint Global. And once more travel restrictions are lifted, 79% of them plan to travel as often or more as they did pre-pandemic. With more than 105 million Americans fully vaccinated, according to the Centers for Disease Control and Prevention, that means that more than 48 million could be traveling soon.More from Personal Finance:How travelers could benefit from hotel industry strugglesWhat to expect as live music events take to the stage againState Dept. says 80% of world is unsafe. What to know”We have heard anecdotally about increased demand from some of our travel and hospitality customers,” said John Nash, chief marketing and strategy officer for Redpoint Global. “Vaccine passports may prove to be very important to travel growth, but only time and consumer requirements will tell.”The vaccine passport concept is a simple one, according to Molly Fergus, general manager of travel website TrippSavvy.”So far, the vaccination passports I’ve seen are [smartphone] apps that verify a user’s vaccination or negative Covid-test status,” she said. “These have QR codes or other identification features that allow passport holders to securely enter restaurants, bars, concerts or other shared spaces — all depending on the regulations of the city, state or country.”The Biden Administration has gone on record as saying there are no plans for a national vaccine passport or certificate of vaccination for the entire U.S.Individual jurisdictions, however, may decide differently; New York State, for instance, issues Excelsior Passes to residents who have been vaccinated or tested negative for Covid so they can gain admittance to certain venues and events. Florida’s Gov. Ron DeSantis, on the other hand, signed an executive order April 2 banning such vaccine passports in the Sunshine State.”It doesn’t seem like there’s going to be one specific vaccine passport for use in the U.S.,” said Victoria Walker, senior travel reporter with travel website The Points Guy. “The White House has pretty much said ‘we’re leaving this up to the private sector.'”The European Union, on the other hand, is developing a so-called digital green certificate that would enable those among its nearly 500 million citizens who have been vaccinated or recently recovered from Covid to travel freely among the 27 member nations and avoid quarantine. And Israel, which currently has the world’s highest vaccination rate, requires fully immunized residents to furnish a paper or digital “Green Pass” to access public places like gyms, theaters and hotels.The new EU certificates might apply to U.S. and U.K. citizens who can prove vaccination, as well; European Commission President Ursula von der Leyen told The New York Times on April 25 that the EU as soon as summer would unconditionally admit travelers inoculated with vaccines approved by the European Medicines Agency.”Other countries that have health-care concerns, high possibility of transmission or reemergence of cases might consider this passport as a way to be protective to the native citizens,” Dr. Jessica Shepard, chief medical officer at health website Verywell Health, told CNBC. “It is a way to easily access proof of immunization.”That said, there’s all sorts of controversy swirling around the topic of vaccine passports. Some health experts and rights groups question the value and fairness of such documents in light of the uncertain duration of the protection vaccines afford and a lack of enough access to them in poorer nations. And a U.K. poll released in late April showed that 1 in 5 unvaccinated people said they’ll resent those who are if they don’t get their shots in time for summer vacation.The global vaccination process will take a significant amount of time and we should not discriminate against those who wish to travel but have not been vaccinated.Gloria Guevarapresident and CEO of The World Travel and Tourism CouncilControversies and concerns aside, development of vaccine passport apps continues apace.The International Air Travel Association, advocating for about 290 airlines worldwide, is testing its IATA Travel Pass, an initiative to design and test an app to help air passengers manage travel and prove they’ve been vaccinated against or tested for Covid-19. At last count, 29 carriers — none from the U.S. — are participating in a trial.Other efforts include the Vaccination Credential Initiative backed by Microsoft and the Mayo Clinic, which hopes to roll out its passport technology this month.The World Health Organization came out against vaccine passports earlier this year. In a Jan. 15 statement, the WHO said that “at the present time, do not introduce requirements of proof of vaccination or immunity for international travel as a condition of entry, as there are still critical unknowns regarding the efficacy of vaccination in reducing transmission and limited availability of vaccines.” It added that proof of vaccination should not exempt travelers from taking other Covid-related health and safety precautions.The World Travel and Tourism Council, meanwhile, agrees with the WHO about vaccination but welcomed initiatives that would help the industry recover amid pandemic restrictions. Pointing to what promises to be a busy summer travel season this year, Gloria Guevara, president and CEO of the London-based WTTC said “it should not be required that a person be inoculated in order to travel.””The global vaccination process will take a significant amount of time and we should not discriminate against those who wish to travel but have not been vaccinated, such as those in different age groups or from less advanced countries,” she added. However, Guevara said efforts like the EU certificate that prove inoculation, positive antibodies or a negative Covid test allow “safety precautions to prevail while taking a major step towards recovery of the travel and tourism sector.”The WTTC is also calling for testing on departure and arrival, mandatory masking and enhanced health and hygiene protocols to “allow the safe resumption on international travel, avoid the risk of transmission, save jobs and help fill the gap in the global economy.”James Ferrara, co-founder and president of Delray Beach, Florida-based InteleTravel — a network of some 60,000 home-based travel advisors — said he doesn’t think “it’s the travel industry’s place to regulate vaccination.”While vaccination being required for access to certain places where it’s possible to maintain a bubble after boarding — “possibly on an airplane, possibly on a cruise ship,” said Ferrara — there’s no way to guarantee that all travelers and the people they’re mingling with have been inoculated. He doesn’t foresee tour operators or resorts requiring shots, for instance.Redpoint Global customer Xanterra Travel Collection is requiring vaccination for passengers on sailings by its Windstar Cruises yachts, said Nash. The cruise line also provides free antigen testing prior to boarding.Fergus at TrippSavvy, however, said she can’t imagine domestic U.S. airlines trying to enforce vaccination rules. “Without a federal passport standard, it would be a nightmare to enforce between states,” she said. “International travel is more likely to require this type of proof, though I predict that passport and immigration control — not the airlines themselves — will be enforcing the entry requirements.”Ferrara, for his part, added that the large numbers of people averse to vaccination against Covid-19 must be acknowledged. “In a certain community, there are very real fears and concerns about vaccination,” he said. “So all of that has to be dealt with.”While TrippSavvy has not itself measured Americans’ support for vaccine passports, Fergus pointed to a poll from the de Beaumont Foundation that shows terminology might be playing a role. “The word ‘passport’ itself decreases Americans’ trust, while terms like ‘verification’ or ‘certificate’ are more likely to garner support,” she said. “Americans want to be in places that are safe and Covid-free, but they don’t want to feel like their privacy is at risk.” Political orientation is also a factor, as CNBC has reported.In addition, Walker at The Points Guy noted that vaccine access is uneven worldwide and may remain so for years. “The good-faith argument I have seen is that requiring [passports] could serve as a barrier to people who are not necessarily are anti-vaxxers but don’t have access to an actual vaccine,” she said. “If not done correctly, it could really lead to a kind of ‘haves vs. have-nots’ in terms of travel.”A screen full of passports?LeoPatrizi | E+ | Getty ImagesBut what can those who do get vaccinated and need to prove it, whether it be to border agents or hotel general managers, use? In some cases, the vaccination card issued by the CDC that immunized people are given after their shots currently will do.Iceland, for example, is admitting Americans with CDC cards proving full immunization; they also must test on arrival, however, and briefly quarantine until the results are available. A looser policy might be implemented from June 1, according to the Icelandic government. (On Sunday, the first Delta Air Lines flight from the U.S. to Iceland this year — a nearly full flight from Boston — landed at Keflavik airport, outside capital city Reykjavik. Daily service from Boston starts May 20, followed by Minneapolis a week later.)There is, unfortunately, growing traffic in fake CDC cards and other types of bogus vaccination documentation, so international regulations like Iceland’s might have to be adjusted.Ultimately, individual travel product and service providers might end up furnishing customers with their own vaccine passport-type apps featuring those QR codes, said Walker at The Points Guy. “Think of it as you would about your travel pre-Covid,” she said. “Many people with smartphones kept a travel folder on their home screen, [where] you would have your various airlines, different hotels and rental car companies, and what-have-you.”Once we hit herd immunity, I don’t see us using vaccine passports.Molly Fergusgeneral manager of TrippSavvyFor at least the next year or two, Walker said, Americans will likely have to juggle various vaccine passport or digital health certificate apps. “If you’re flying on one airline, you might use one specific passport; if you’re then arriving into a specific country, you might use another specific passport,” she added. “It doesn’t seem that we’re going to see one streamlined pass for use among Americans, at least for now.”The good news is, according to industry figures, that vaccine passports likely won’t be necessary, at least domestically, in the long run. “Once we hit herd immunity, I don’t see us using vaccine passports to enter stadiums or eat in restaurants,” said TrippSavvy’s Fergus. “But for traveling internationally, a reliable worldwide standard that proves vaccination status — for many types of vaccines — could be incredibly useful.”In the meantime, if you’re heading out on vacation, research and download any local passes, she said. “They’re typically free, won’t hurt you, and they could make your trip simpler and more fun.” More

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    Firefly Aerospace becomes the latest space unicorn after $175 million raise

    The company prepares its first Alpha rocket for launch at Vandenberg Air Force Base in California.Firefly AerospaceFirefly Aerospace raised $175 million in private capital, the Texas-based space company announced on Tuesday, as it prepares for the inaugural launch of its Alpha rocket.”This gives us runway to have multiple successful Alpha [rocket] launches, successfully execute a lot of the main milestones for the Blue Ghost [lunar] lander program,” Firefly co-founder and CEO Tom Markusic told CNBC.The company’s latest financing was led by DADA Holdings, a private investment firm that largely holds positions in metals and mining companies. The round was joined by several other investors, including Astera Institute, which will have Jed McCaleb join as a representative on Firefly’s board of directors. McCaleb is most well known for his roles in the cryptocurrency landscape.Markusic declined to specify what Firefly’s valuation is after this raise, only noting that it’s “just over a billion dollars” – and therefore making it the latest space company to reach unicorn status. Firefly’s fundraise was also unique in that the company itself offered $75 million in equity, while its majority investor Noosphere Ventures sold $100 million of its stake. Noosphere – based in Menlo Park, California but led by Ukrainian investor Max Polyakov – now owns less than 50% of Firefly.”It just makes business sense to have a more diverse cap table,” Markusic said, emphasizing the addition of U.S. investors into Firefly.Firefly also outlined its intention to raise an additional $300 million later this year, after it launches its inaugural Alpha rocket. While the $175 million finances its near-term development plans, the company wants to expand its services across the space industry. Firefly is most well known for its launch business, with the Alpha and the planned Beta, but it is also working on a lunar lander called Blue Ghost and a space utility vehicle – also known as a “space tug,” to transport satellites into unique orbits after a launch.”From the beginning we architected the company code in a completely different way,” Markusic said. “We’re not a rocket company, we’re not a launch vehicle company. We are an end-to-end space transportation company.”A rendering of the Genesis lunar lander.Firefly AerospaceThe company is evaluating whether its second fundraise this year will be another private round or possibly a SPAC deal, a route other space companies have taken to raise significant amounts of capital. Markusic said Firefly will “figure that out” in the next few months, but emphasized that he wants to hit more milestones before then.A SPAC, or special purpose acquisition company, raises capital in an initial public offering and uses the proceeds to buy a private firm and take it public.”I think a company, before it goes public, should have established a steady revenue stream; should have proven the fundamental technology that undergirds the business plan of the company,” Markusic said.Inaugural Alpha rocket launchInside Firefly’s launch control center at Vandenberg Air Force Base.Firefly AerospaceIn the meantime, Firefly is focused on its first Alpha rocket launch, which has been delayed since late last year.Standing at 95 feet tall, Firefly’s Alpha rocket is designed to launch as much as 1,000 kilograms of payload to low Earth orbit – at a price of $15 million per launch. This puts Firefly in the “medium-lift” category of rockets, pitting it against several other companies including Richard Branson’s Virgin Orbit, ABL Space and Relativity Space.Markusic said that Firefly “ran into some problems with readiness of the launch site” at Vandenberg Air Force Base in California, and also had a significant delay from a supplier of the rocket’s flight termination system – a key piece required for the rocket to launch.”Just from our side, we did not get the launch site ready as quickly as we thought we could. We kind of miscalculated on where we were in readiness and that’s on us. This is something we didn’t do well,” Markusic said.The CEO added that Firefly hopes to launch Alpha by mid-June, but emphasized that an inaugural launch comes with “a lot of unknowns.””We’re going to keep working through the problems, and we will launch eventually,” Markusic said.On the regulatory approval side, Firefly received its Federal Aviation Administration launch license a few weeks ago, which Markusic declared to be the “biggest hurdle in getting approvals” to launch.Additionally, a Federal Communications Commission filing in November noted that Firefly’s FCC license was requested for review from the U.S. Department of Justice’s Foreign Investment Review Section, with the DOJ saying it would take a look at Firefly’s license application “for any national security and law enforcement concerns.”Markusic “didn’t really hear much” more about that review, saying the DOJ “dropped” the review and that Firefly received its FCC license earlier this year. Notably, Firefly is waiting for a second FCC license after the company made an adjustment to the trajectory of the Alpha launch, but Markusic expects to receive approval for that one “any day now.””From a regulatory perspective, I think we’re in good shape,” Markusic said.Markusic – who worked at Elon Musk’ SpaceX, Jeff Bezos’ Blue Origin and Branson’s Virgin Galactic before Firefly – sees the space industry as more cooperative than competitive.”We’re all kind of brothers in arms, ushering in a new space revolution, and in some way we’re all on the same team – making space accessible,” Markusic said.More broadly, he believes there is “a lot of mutual respect that goes around” given the difficulty of what companies are each trying to achieve in space.”This is really, really hard stuff. There are a lot easier ways to make money in the world,” Markusic added. “It’s like the most difficult technical problem, and the financial problem is about the most difficult financial problem you can solve as well.”Become a smarter investor with CNBC Pro.Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. More

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    Biden's business allies are helping the White House coax the private sector into backing climate change push

    In this articleMSUS President Joe Biden delivers remarks and participates in the virtual Leaders Summit on Climate Session 5: The Economic Opportunities of Climate Action from the White House in Washington, DC, on April 23, 2021.Jim Watson | AFP | Getty ImagesPresident Joe Biden’s allies in the business community have been helping the White House try to coax the private sector into supporting the administration’s climate change agenda.Several business leaders who are working with the White House told CNBC that the effort is a major divergence from what they saw during the Trump administration.For instance, executives say are less worried about a tweet from the president if they try to make a push for new climate policies. Former President Donald Trump was known to target corporations that appeared to oppose him on key issues.”There’s no longer the fear of the tweet, which I think was a legitimate fear from a lot of the business leaders in trying to speak out on these issues,” Hugh Welsh, president of DSM North America whose company is a member of the group CEO Climate Dialogue, told CNBC on Monday.Biden has proposed a more aggressive climate change policy than his predecessor did. Trump pulled the United States out of the Paris climate agreement in 2017 and lifted Obama era regulations on methane gas, among other initiatives that could end up hurting the environment. Biden brought the U.S. back into the the Paris climate agreement on his Inauguration Day.Biden has also made addressing climate change a key part of his $2 trillion infrastructure plan. Biden’s proposal pushes for a $174 billion investment in the electric vehicle market. It’s all part of the president’s goal to get the country to net-zero carbon emissions by 2050.Tom Steyer, a billionaire who ran for president during the Democratic primary, is among several business leaders who have been actively engaging the White House and administration leaders on their climate proposals.Steyer has been speaking with Treasury Secretary Janet Yellen and White House climate advisor Gina McCarthy on the need to work with the private sector on what will likely be one of the president’s most expensive initiatives, according to a person with direct knowledge of the matter.Steyer spent millions to defeat Trump and has invested in climate change initiatives. He has a net worth of $1.4 billion, according to Forbes.Steyer was also a speaker at Morgan Stanley’s annual climate conference, this person noted. Steyer told executives and investors at the meeting that they shouldn’t invest in fossil fuel companies, as a way to combat climate change.This person declined to be named in order to discuss private matters. Representatives for Morgan Stanley did not return requests for comment. The White House did not respond to a request for comment before publication.The Chamber of Commerce and the CEO Climate Dialogue have also been engaging the White House on climate initiatives. The Chamber opposes Biden’s plan to raise corporate taxes, but it backs an infrastructure overhaul.The CEO Climate Dialogue has almost two dozen members including companies from Wall Street and the energy sector. The goal of the organization is to promote the use of the private sector and a more market-based approach to securing net-zero emissions by 2050.Welsh, of CEO Climate Dialogue, told CNBC that the group has been in touch with the Biden White House to help improve relations with corporate leaders.”The group has been involved with Gina McCarthy and some of the others in I guess rebuilding relationships with the White House after the last four years,” Welsh said.Marty Durbin, the president of the U.S. Chamber of Commerce’s Global Energy Institute, told CNBC that the group has been in touch with McCarthy and Energy Secretary Jennifer Granholm.Durbin said the Chamber has been trying to encourage Granholm and members of Congress to fully fund climate based research and development projects. The group also has been looking to encourage the new administration to work with the private sector on green policy proposals.”We’ve got to figure out how do we allow the private sector to be in a position to finance, deploy and commercialize these technologies. That’s how we are going to see emission reductions at the end of the day,” Durbin said.Members of a fundraising group called Clean Energy for Biden are also acting as a bridge to the private sector. Dan Reicher, a co-chairman of the organization, told CNBC that he helped outline a spending proposal to increase energy output from the nation’s dams.The document, which was sent to the White House and endorsed by nearly a dozen organizations and trade associations, argues that only 2,500 of the approximately 90,000 dams in the United States generate electricity. The proposal’s is estimated to cost over $60 billion over the course of 10 years.”If fully enacted, this $63.07 billion proposal for spending, over 10 years, will create approximately 500,000 good-paying jobs, restore over 20,000 miles of rivers enhancing their climate resilience, and secure more than 80 gigawatts of existing renewable hydropower and 23 gigawatts of electricity storage,” the proposal says.It also calls for Biden to order the creation of a committee to coordinate on dam improvements and regulatory issues.Reicher says the outline was sent to Phil Giudice and David Hayes, two of Biden’s climate policy advisors, and members of Congress, among others.The Clean Energy for Biden group is evolving into 501(c)(3) and a 501(c)(4) nonprofits, both called Clean Energy for America, Reicher added. The Clean Energy for America website said that while backing Biden’s climate agenda it will also be “supporting candidates at federal, state, and local level through fundraising, mobilizing the clean energy workforce, and serving as an early resource.” More

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    Singapore says it's detected the 'double mutant' Covid variant from India in its community, tightens restrictions

    Shoppers wearing protective masks walk past the Ion Orchard Mall at Orchard Road in Singapore, on Tuesday, April 13, 2021.Lauryn Ishak | Bloomberg | Getty ImagesSINGAPORE — Singapore on Tuesday said the “double mutant” coronavirus variant first detected in India has been found among locally transmitted cases in the city state.The B.1.617 variant is widely blamed for India’s second wave of infections that has seen total cases surge above 20 million. The World Health Organization classified it as a variant of interest last week.As of Monday, Singapore has detected 10 local cases of the variant from India. Seven of these infections are in three active clusters, the country’s multi-ministry taskforce for Covid-19 said in a press release.”All necessary public health actions have been taken promptly to isolate and ringfence all cases,” the ministry said.”Given the possible increased transmissibility of the new virus variants, it is necessary to take tighter measures reflective of the heightened alert to mitigate the risk of further transmission in Singapore,” it added.Heightened Covid rulesSingapore also announced tighter measures in a bid to stem the spread of the coronavirus in the city as local infections climb.From May 8, travelers arriving from higher risk countries will have to be quarantined for 21 days, up from 14 days previously.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:Pfizer plans to file for full FDA approval of Covid vaccine at the end of this monthSingapore says it detected the Covid variant from India in its community, tightens restrictions India reports more than 357,000 new Covid cases as total crosses 20 million WHO is closely monitoring 10 Covid variants as virus mutates around the world Domestically, new restrictions will be imposed from May 8 until May 30. The measures include limits on the size of social gatherings, pre-event testing for large gatherings and the closure of gyms.The country on Tuesday reported five new locally transmitted cases, all of which are linked to a cluster that began in a local hospital. There were also 12 cases detected during mandatory quarantines for people entering the country from overseas.On Monday, the ministry of health said the number of new cases in the community jumped from 10 cases in the week before, to 60 cases in the past week.Details on local restrictions from May 8 to May 30 include:Social gatherings to be limited to five, down from eight previously. Each household will also be able to receive five guests per day, instead of eight guests.No more than 50% of employees are allowed to return to their workplaces at any time, down from 75%.Pre-event testing will be required for certain gatherings including weddings, worship services, live performances and conferences, depending on the number of attendees.Indoor gyms and fitness studios will be closed.Museums, public libraries and attractions to operate at 50% capacity.These measures take the city one step back in its phased reopening that began in June 2020. Singapore has reported a total of 61,235 confirmed cases since the pandemic began. More