More stories

  • in

    Covid vaccinations are slowing in the U.S. as supply outstrips demand. How states are targeting who's left

    Zoom In IconArrows pointing outwardsAfter months of a steady climb in vaccinations, the U.S. is experiencing its first true slowdown in the rate of daily shots, an indication that the nation is entering a new phase of its inoculation campaign.More than half of American adults have now received at least one dose, a significant achievement, but getting the second half vaccinated brings a different set of challenges than the first. Vaccinations to date are likely made up largely of groups who most wanted the vaccine and have had greatest access to it, and continued progress is no longer about meeting demand for shots.”We’ve gotten vaccinations to those most at risk and those most eager to get vaccinated as quickly as possible,” White House Covid czar Jeff Zients told reporters last week, “and we will continue those efforts, but we know reaching other populations will take time and focus.”The country is averaging 2.6 million reported vaccinations per day over the past week, Centers for Disease Control and Prevention data shows, down from a peak of 3.4 million reported shots per day on April 13. That number is trending downward even with eligibility now open to all adults in every state.The downturn comes on the heels of lots of positive vaccination news, said Dr. Jennifer Kates, a senior vice president with the nonprofit health policy group the Kaiser Family Foundation. The federal government has secured a large vaccine supply, states have ironed out kinks in their registration systems, and eligibility has opened up to all adults.But now the country is approaching the point where meeting existing vaccine demand is no longer the main challenge, according to Kates.”We feel like we’re getting to the point where the people that are left are very hard to reach and need assistance and more education, or those that are resistant and don’t want it,” she said, adding that “the pent up demand is being met.” The question ahead is what the response to the slowdown will look like. “How does the federal government, state government, and the private sector communicate to the public the importance of vaccination?” Kates asked.States see demand slowdownIn tandem with the nationwide slowdown, many states are seeing their vaccination paces slide. Eleven states have reported a decrease in shots given for three weeks in a row or more, according to a CNBC analysis of CDC data through Sunday.In West Virginia, which got off to a hot start with their vaccination campaign, the state has passed the tipping point of vaccine supply outpacing demand. Weekly doses administered have dropped for four straight weeks.”If you remember, we put a lot of doses in a lot of arms really fast,” said Maj. Gen. James Hoyer, director of West Virginia’s Joint Interagency Task Force for Vaccines, noting that his state was among the first to finish vaccinations among nursing home populations. “It was a lot of people who wanted them and were pushing hard to get out and get a vaccine.”Zoom In IconArrows pointing outwardsNow, Hoyer says, the state has asked the federal government to deliver doses in smaller vials to reduce the risk of wasting vaccines, something that he couldn’t have imagined a few months ago when supply was so short.”We got the doses and we’re really good at administering them,” Hoyer said. “We’re in that phase of educating people who are holding out on getting the vaccine.”For a period of time, New Mexico was leading the country with a larger share of its population fully vaccinated than any other state.But now the state is facing a plateau and finding it tougher to fill mass vaccination events, said Matt Bieber, communications director for the state’s department of health.”We were at a phase for a while with tons of demand and not enough supply, but now at the point where folks who know about the vaccine have gotten it,” he said.Logistical hurdlesThe share of Americans yet to receive a Covid shot is not exclusively made up of those who don’t want one. While some are opposed — in a recent Kaiser Foundation poll, 13% of respondents said they would “definitely not” get a vaccine and another 7% said they would only get one if required to — there are also many groups who have not yet had the means or ability to get vaccinated.”Some people are not able to take time off from work to easily go get vaccinated or may not have transportation,” said Kates, the Kaiser VP, explaining that lack of access is sometimes purely logistical. “They literally lack access in the most fundamental way,” she said.Hoyer said that many West Virginians can’t afford to sacrifice hours of pay to leave work for an appointment. His most successful form of outreach so far has involved offering vaccinations to employees and their families at local workplaces, where people can take 30 minutes off a shift to get a shot. A recent event at a Toyota manufacturing plant in West Virginia’s Putnam County resulted in more than 1,000 vaccinations.CNBC Health & Science Read CNBC’s latest coverage of the Covid pandemic:Fauci says U.S. should see a turning point in the pandemic ‘within a few weeks’U.S. to share 60 million doses of AstraZeneca Covid vaccine with other countriesBiden administration set to relax outdoor mask guidancePhotos show the deadly toll of Covid in India as coronavirus cases top 17 millionBieber in New Mexico has received similar feedback. He heard from community members that a group of grocery store workers want to get vaccinated but they work a shift that lasts past the hours that their local clinic is open. Mobile vaccination units that bring shots to people can help with logistical challenges like this, he said.Lack of internet access is another barrier to getting vaccination appointments that have largely been booked online to date, said Dr. Rupali Limaye, a faculty member at the Johns Hopkins Bloomberg School of Public Health who studies vaccine decision making and has been working with state health departments during the vaccine rollout. This is particularly evident in states with larger shares of Black residents, she said, who have traditionally been less likely to have internet access. Rural communities in West Virginia and New Mexico may also have limited internet access, Hoyer and Bieber said.Community outreachOther barriers to vaccine access include misinformation or lack of education about vaccine safety.For groups facing more than just logistical issues, states are turning to community leaders and organizations for help with outreach and education.New Mexico is working with health-care providers to leverage relationships with patients into conversations about getting vaccinated. It’s also been hosting virtual town halls aimed at answering questions from various community groups, such as the state’s Black and Hispanic residents and its population of agricultural workers. The town halls typically result in a vaccine registration spike, Bieber says, but the progress is slower going compared to the earlier days of the immunization campaign.”As we move from a time where we could easily fill a mass vaccination event, it’s about convincing people by the tens, dozens, or even one by one,” he said.Arkansas, for example, is working with health-care professionals, religious and community leaders, and the chamber of commerce to distribute information about vaccines, according to Dr. Jennifer Dillaha, the epidemiologist and medical director of immunizations with the state health department. Some people want a familiar, trusted environment in which they can raise concerns and have questions answered, she said.In East New York, Brooklyn, vaccines were not initially widely available to residents despite being an area hit disproportionately hard by Covid, according to Colette Pean, the executive director of community organization East New York Restoration.Residents in the neighborhood have high rates of preexisting health conditions like diabetes and asthma, and many are essential workers at grocery stores, nursing homes, and in the transit department. A New York Times database shows about 20% of residents with at least one vaccine dose in East New York compared to 30% citywide, and more than 40% in many parts of Manhattan.People want to get the vaccine, Pean said, but need to know where they can get it, which is better communicated through an in-person approach than a digital one. Her group is working in churches, food pantries, and subway stations to share information on vaccines and public health issues, Covid and otherwise, that exist in the community.Johnson & Johnson pauseEarlier this month, the Food and Drug Administration and CDC asked states to temporarily halt using the Johnson & Johnson vaccine “out of an abundance of caution” following reports that six women had developed rare blood clots. U.S. health regulators last week lifted the pause after 10 days, saying the benefits of the shot outweighed the risk.So did the J&J pause play a role in the drop in vaccinations? Kates, the Kaiser VP, said it’s not enough to explain the full story of the slowdown. Only about 8.2 million of the 237 million total shots given in the U.S. to date have been from J&J, though it was being used for an average of 425,000 reported shots per day in mid-April. The single-shot option, which is also easier to transport and store, has proven valuable for certain situations and communities, such as in mobile vaccination units and for homeless people who have trouble accessing a vaccination site multiple times.Zoom In IconArrows pointing outwards”We know there are some populations who wanted the single dose or were harder to reach and having a single touchpoint is ideal, so it’s possible that some number of people did not get vaccinated because of that,” she said. “But big picture, it’s not enough to be a huge shift.”Indeed, counting Pfizer and Moderna shots alone, the downward trend still holds true. The combination of those two vaccines peaked at an average of 3 million reported daily shots on April 16 and has declined 13% since then.The murkier question, though, is whether the J&J halt hurt confidence in the safety of vaccines more broadly and made Americans less likely to get a dose of any of the three vaccine options. The J&J shot may have been more appealing to those who were hesitant to get a vaccine to begin with. Polling from the Kaiser Family Foundation in March showed that among those who said they want to wait and see how the vaccines are working before getting vaccinated themselves, a larger share would get the J&J one-dose vaccine compared to either of the two-dose options.However, Kates does not believe the J&J pause has caused a major increase in vaccine hesitancy. “From what I can tell, confidence has not been shaken at all,” she said. More

  • in

    Exxon posts a profit, snapping four-quarter loss streak

    In this articleXOM.CRBQXCVXExxon Mobil returned to profitability during the first quarter, beating top- and bottom-line estimates for the period, as the company recovers from the havoc wreaked on the energy sector by the coronavirus pandemic.The oil giant earned $2.7 billion during the period. The company posted earnings per share of 65 cents, excluding items on $59.15 billion in revenue. Wall Street analysts surveyed by Refinitiv expected the company to earn 59 cents per share on $54.6 billion in revenue.In the first quarter a year earlier, the company lost $610 million as the impact of the coronavirus began to weigh. Last quarter, the company posted a $20.1 billion loss, its fourth straight quarter of losses.Shares of Exxon were flat during premarket trading on Friday.”The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” Chairman and CEO Darren Woods said in a statement.”Cash flow from operating activities during the quarter fully covered the dividend and capital investments.”Exxon’s oil-equivalent production rose 3% quarter-over-quarter to 3.8 million barrels per day. The company said the winter storm that hammered the South cost the company $600 million across its businesses.Energy is the top-performing S&P 500 sectors this year, and shares of Exxon are up 43% for 2021 through Thursday’s close.To combat lower oil prices over the last year, the company implemented aggressive cost-cutting measures. Throughout the downturn Exxon maintained its commitment to its dividend, which stands at 5.9%.Chevron also said Friday it returned to profitability during the first quarter.Board battle heats upExxon has faced pressure from shareholders to shake up its board. As a result, the company added three new board members, including activist investor and ESG proponent Jeffrey Ubben.Ubben recently told CNBC that he believes Exxon is integral to a low-carbon future. “If you think about Exxon’s role, it’s to do the hard stuff, and you cannot get to net zero without doing the hard stuff. To use the existing infrastructure and capture the carbon is probably the least expensive and quickest way to net zero,” he said.But some, including activist firm Engine No. 1, believe Exxon hasn’t gone far enough to ensure its place in a low-carbon world. The group has been targeting the oil giant since December, and has proposed its own slate of four new directors.Earlier this week the firm said it won support from large pension funds, including CalPERS, CalSTRS and the New York state pension fund. Among other things, Engine No. 1 cites: failure to position ExxonMobil for long-term value creation, lack of capital allocation discipline and misaligned incentives.D.E. Shaw was also targeting the energy company at one point, but Exxon’s Woods said conversations with the firm have been productive.”I think they’ve been fairly aligned with the discussions that we’ve had, and the direction that we’ve taken and today I’m not aware of any really air between ourselves or gap in terms of how we think we should move forward and what they think we should be doing,” he said Friday on CNBC’s “Squawk Box.”Conversations have been less productive with Engine No. 1. Woods said the firm “wasn’t particularly interested in engaging and understanding” how Exxon can grow shareholder value while transitioning to a low-carbon future.”Frankly they’re pushing us to wind down our investments, wind down the business, move into solar and wind where we don’t really have a competitive advantage,” Woods said.The board vote will take place at the company’s 2021 annual shareholder meeting on May 26.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

  • in

    Chevron posts a profit, raises dividend as oil price recovery lifts quarterly results

    Employees during a press visit to the first shale gas exploring site started by Chevron in Pungesti, Romania, April 2014.Mircea Restea | AFP | Getty ImagesAfter a brutal year for the energy sector, Chevron reported a profit for the first quarter of 2021 as a recovery in oil prices boosted operations. The company’s results were still far below pre-pandemic levels.The oil giant said it earned an adjusted 90 cents per share during the period, with revenue coming in at $32.03 billion. EPS was in-line with what analysts surveyed by Refinitiv were expecting, while revenue was slightly ahead of the expected $30.37 billion estimates.Net income stood at $1.377 billion, down 62% year over year. Last quarter, Chevron posted a $665 million loss.”Earnings strengthened primarily due to higher oil prices as the economy recovers,” Chairman and CEO Mike Wirth said in a statement.He noted that results were down from a year earlier due to factors including downstream margin and volume effects from the pandemic, as well as the aftermath of the winter storm that battered the South in February.Chevron’s oil-equivalent production dropped 4% year over year to 3.12 million barrels per day. The company’s upstream operations in the U.S. earned $941 million during the first quarter, up from $241 million a year earlier as oil prices recovered. Chevron’s average sales price per barrel of U.S. oil was $48, up from $37 a year earlier.Chevron said it will raise its dividend by 4%, in another sign that the company is recovering from the hit of the pandemic.”We maintained capital discipline with capital spending down 43 percent from last year,” Wirth added.Shares of Chevron dipped 2.1% during premarket trading on Friday.Exxon Mobil on Friday also said it returned to profitability during the first quarter, beating top- and bottom-line estimates for the period.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

  • in

    India reports record Covid cases again — with over 386,000 new infections

    A patient suffering from the coronavirus disease (COVID-19) receives treatment inside the emergency ward at Holy Family hospital in New Delhi, India, April 29, 2021.Danish Siddiqui | ReutersIndia reported a new record rise in daily Covid-19 cases on Friday, in the middle of a deadly second wave that has crippled its health-care system.Health ministry data showed there were 386,452 cases over a 24-hour period — the highest daily increase globally. At least 3,498 people have died in that time.After the first wave peaked in September, it took the South Asian country about six months for cases to rise from about 6 million to cross 12 million by end of March. In April alone, India reported more than 6.6 million cases as the cumulative total rose to 18.76 million.Relatives carry the body of a person, who died due to the coronavirus disease (COVID-19), for cremation at a crematorium ground in New Delhi, India, April 28, 2021.Danish Siddiqui | ReutersIndia is the second worst-hit country in the world, in terms of the total reported cases, according to data compiled by Johns Hopkins University. However, recent reports have suggested that India’s death toll is being underreported.Prime Minister Narendra Modi’s government faces growing criticism for allowing large crowds to gather for religious festivals and election rallies in various parts of the country. Commentators said the mass gatherings — where millions sometimes gathered – likely turned into super spreader events.The World Health Organization said this week that multiple mutated variants of the coronavirus are circulating in India, likely fueling the surge. Hospitals are overwhelmed due to a shortage of beds and supplies, including much-needed oxygen and medicines.People wearing protective face masks wait to receive a vaccine against the coronavirus disease (COVID-19) at a vaccination centre in Mumbai, India, April 28, 2021.Niharika Kulkarni | ReutersExperts have said that India’s best shot at combating the pandemic is by vaccinating a majority of its more than 1.3 billion population to achieve herd immunity, where the disease can no longer spread quickly because most people in the population have either been infected or vaccinated and have become immune to it. To date, the country administered more than 150 million vaccine doses but only a small percentage of the population completed the two required doses.Starting May 1, India will allow those between 18 and 45 years old to get inoculated.But the country faces vaccine shortages despite being the world’s largest producer of vaccines. The situation is expected to exacerbate as more people sign up to receive their shots.India’s Covid crisisRead CNBC’s latest coverage of India’s battle with the coronavirus pandemic:India’s economy will likely contract this quarter as Covid cases soar, economists warnPhotos show the deadly toll of Covid in India as coronavirus cases top 17 millionU.S. to give India raw materials for vaccines, medical supplies to help fight Covid surgeIndia could soon have another locally developed vaccine as the deadly Covid crisis shows no signs of slowingIndia’s financial capital Mumbai will stop vaccinating people between April 30 and May 2 after running out of stock, according to the city’s civic body. “All efforts are being made to make more stock available & resume the drive,” said the municipal corporation of Greater Mumbai. Maharashtra, where Mumbai is situated, is the epicenter of India’s second wave of infections.Ground staff unload coronavirus disease (COVID-19) relief supplies from the United States at the Indira Gandhi International Airport cargo terminal in New Delhi, India April 30, 2021.Prakash Singh | ReutersMedia reported that international aid has started arriving in India. Reuters said the first U.S. flight carrying oxygen cylinders, regulators, rapid diagnostic kits, N95 masks and pulse oximeters arrived in Delhi on Friday.The United States said this week it will send more than $100 million in medical aid to India, including materials the South Asian country needs to ramp up vaccine production and make over 20 million doses. More

  • in

    Burger King parent's earnings beat estimates as systemwide sales top 2019 levels

    In this articleQSR-CAJose Cil, CEO of Restaurant Brands International, speaks during an interview with CNBC on the floor at the New York Stock Exchange, November 6, 2019.Brendan McDermid | ReutersRestaurant Brands International on Friday reported quarterly earnings that topped Wall Street’s expectations as its systemwide sales surpassed 2019 levels.Shares of the company gained 3.2% in premarket trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Earnings per share: 55 cents adjusted vs. 50 cents expectedRevenue: $1.26 billion vs. $1.25 billion expectedThe company reported fiscal first-quarter net income of $270 million, or 58 cents per share, up from $224 million, or 48 cents per share, a year earlier.Excluding items, Restaurant Brands earned 55 cents per share, beating the 50 cents per share expected by analysts surveyed by Refinitiv.Net sales rose 2.9% to $1.26 billion, beating expectations of $1.25 billion. The company said that the revenue increase was primarily driven by favorable foreign currency movements. Organic revenue, which strips out the impact of foreign currency, fell due to declining systemwide sales at Tim Hortons.Tim Hortons reported a same-store sales drop of 2.3%, compared with declines of 10.3% during the year-earlier period. The Canadian coffee chain’s same-store sales in its home market fell 3.3% in the quarter. Even before the pandemic, the chain was the laggard of Restaurant Brands’ portfolio. Tim Hortons has been upgrading its coffee equipment and using its loyalty program to drive sales growth in the maturing Canadian market.Burger King’s same-store sales grew 0.7% during the quarter. A year earlier, its same-store sales slid 3.7% as pandemic lockdowns were implemented across the world. Worldwide, the burger chain saw an increase in temporary store closures this quarter. U.S. same-store sales were a bright spot, climbing 6.6%.And after quarters of eye-popping same-store sales growth stemming from its famous chicken sandwich, Popeyes came down to Earth as it faced tough comparisons to same-store sales growth of 26.2% during the year-earlier period. This quarter, its same-store sales rose 1.5%. U.S. same-store sales increased by 0.9%. More

  • in

    Wind energy could generate 3.3 million jobs in the next five years, industry body claims 

    A rope access technician standing on the hub of a wind turbine.CharlieChesvick | E+ | Getty ImagesThe expansion of the wind energy industry could create 3.3 million jobs across the next five years, according to analysis from industry body the Global Wind Energy Council.The GWEC’s projection includes direct roles in onshore and offshore wind as well as jobs across the sector’s value chain. The latter comprises jobs in areas such as installation, manufacturing, project planning and development, operation and maintenance and decommissioning.These roles would service an industry forecast to install an extra 470 gigawatts (GW) of onshore and offshore capacity between 2021 and 2025, the GWEC said.The Brussels-based organization’s outlook for jobs is based on what it described as “market growth data” from GWEC Market Intelligence and “global studies by the International Renewable Energy Agency … on job creation for onshore and offshore wind projects from 2017 and 2018.”Joyce Lee, head of policy and projects at the GWEC, said on Thursday that the energy transition would “have to accelerate over the next decade to safeguard our chances of achieving carbon neutrality by mid-century.””The good news is that the transition offers net employment and economic gains,” Lee said. “Governments across the world can tap into the socioeconomic benefits by setting more ambitious renewable energy targets, streamlining permitting for wind projects, and building energy markets that account for the true costs of fossil fuels.”Around the world, governments are indeed laying out targets to cut emissions and increase renewable energy installations, with a number aiming to make wind energy a crucial tool in their pivot away from fossil fuels.  Last month, for instance, the U.S. said it wanted to expand its offshore wind capacity to 30 GW by 2030, a move the Biden administration hopes will generate thousands of jobs and unlock billions of dollars in investment in coming years.Across the Atlantic, the U.K. wants its offshore wind capacity to hit 40 GW by 2030, while the European Union wants offshore installations to amount to at least 60 GW by the end of this decade and 300 GW by 2050. Despite these targets, the reality on the ground shows that for many countries, any move away from fossil fuels will be a significant challenge requiring a huge amount of change.In the U.S., for example, fossil fuels comfortably remained the biggest source of electricity generation in 2020, according to the Energy Information Administration.   More

  • in

    A major chlorine shortage is set to spoil summertime fun in the swimming pool

    In this articleOXYThe worst chlorine shortage the country has ever seen is set to rock this summer’s pool season.”It’s been a concern for us,” said Cody Saliture, owner of Texas Pool Professionals, which has been in business for 17 years.The Rockwall, Texas-based company services 200 clients weekly, and Saliture said he recently began to stockpile chlorine tablets. He’s also been looking for different chemicals to keep pools sanitized and his customers happy.”We’re looking for anything that we can get that we don’t have here in North Texas,” Saliture said. “We’ve been to about six states and 15 cities [for supplies.]”The chlorine shortage is widespread and it will likely worsen — driving chlorine prices even higher — as homeowners start to prep swimming pools for the season. CNBC spoke to pool industry insiders in multiple states — including Florida, Michigan, Nevada and Texas — about the tight supplies, which are expected to blindside pool owners, who are largely unaware of the problem.A combination of factors has led to the scarcity, including an unprecendented surge in demand last year and a chemical plant fire, which destroyed some manufacturing capacity.”We started buying early, way early, and stockpiled as much as we could,” said Allan Curtis. “We won’t last more than probably mid-May, or late May, and we’ll be out of chlorine.”His pool maintenance business, Ask the Pool Guy, services 1,000 customers near Howell, Michigan. He’s worked in the industry for 34 years, and this is the first time he’s stockpiling chlorine.”[I expect pool owners] will have to go from tablets to powdered chlorine, from powdered chlorine to liquid chlorine, from liquid chlorine to non-chlorinated shocks and things,” Curtis said. “And I do believe that all of those are going to literally run out.”I call it ‘Poolmageddon.’ It’s a chlorine crisis.Rudy StankowitzAquatic Facility Training & Consultants CEOAquatic Facility Training & Consultants CEO Rudy Stankowitz has worked in the industry for more than 30 years and is the author of “How to Get Rid of Swimming Pool Algae.””I call it ‘Poolmageddon.’ It’s a chlorine crisis,” the Florida-based writer said. “A lot of people are not going to be able to find the chlorine tablets they need this season.”Chlorine is used to prevent and kill algae. But more importantly, it also helps protect swimmers from waterborne illnesses such as cryptosporidium and legionella and from Naegleria fowleri, commonly known as the brain-eating amoeba.”Chlorine also helps prevent swimming pools from becoming a hotbed for mosquitoes and associated diseases, as well as aiding in preventing unsafe conditions that could contribute to drowning — such as cloudy water,” Stankowitz said.Pandemic-driven surgeAccording to Atlanta-based research firm Pkdata, there are 5.2 million residential inground pools in the U.S. and 255,000 commercial pools. The number of above-ground pools is unknown.Stankowitz estimated that 60% to 70% use chlorine tablets.Last year, the pandemic forced people to hunker down and cancel travel plans. As more Americans stayed home, the demand for home improvements — particularly backyard swimming pools — skyrocketed. That boom, experts say, created even more demand for chlorine.Then, one of the country’s major suppliers of chlorine tablets, BioLab, burned down last August, right after Hurricane Laura. The plant, located near Lake Charles, Louisiana, expects to resume operations by spring 2022.”We know how essential our products are to everyday families at home … that’s why we are investing $170 million in rebuilding our BioLab facility — to be even bigger and better. Once complete, the plant will operate at 30% greater production capacity,” said a spokesperson for BioLab’s parent company, KIK Consumer Products.After the fire, only two domestic manufacturers of chlorine tablets remain: Occidental Petroleum and Clearon Corp. A spokesperson for Occidental said the company does not comment on production. Clearon didn’t provide specific production targets.”Clearon has made significant investments in both our people and production capacity to support the tectonic growth of our industry,” said Bryan Kitchen, its president & CEO, in an email.Chlorine prices spikingAccording to financial services company IHS Markit, chlorine prices are expected to spike 70% this summer, compared with last year. However, in some parts of the country, the price for chlorine tablets has already doubled over the past year.In Las Vegas, it’s something Scotty’s Pool Service-owner Scotty Heer is seeing firsthand.”For the past 20 years, a typical 50-pound bucket of chlorine would run anywhere from $75 to $85. Within the last year, it’s increased to $140, with the proposed price of $158 in the near future,” Heer said. In some parts of the country, pool supply stores have imposed quantity restrictions.”Sometimes the parts stores are completely out, other times, there’s a limit of one or two buckets — per company, per day — where we used to be able to buy an unlimited [amount],” he said.Finding alternativesThere are alternatives. A saltwater pool, for example, produces chlorine from salt in electrolysis. It does not replace chlorine, it makes its own.Converting a chlorinated pool system to a saltwater system worked well for Heer’s client, Mallory Pracale. “It’s better for us, for our skin, for our hair, for our pool, for maintenance cost,” Pracale said.Experts say converting to a salt system is not difficult — it involves a small unit and electrical work — but they recommend using a licensed and insured professional to do it. The cost varies from market to market, but pool owners can expect to pay north of $2,000.Other systems such as UV and ozone will enable a pool owner to use less chlorine, but they will still have to maintain a minimal level of it.According to Stankowitz, a homeowner could pay as much as $20,000, depending on the market, to switch a 10,000-gallon backyard pool to an ozone treatment that is chlorine-free. But some ozone systems that work with chlorine can start at around $2,000.Copper and silver ionization systems are another method of using less chlorine and should cost about $2,000 or more.Unfortunately, making the switch to a salt system like Pracale won’t be easy this year. Experts say the swimming pool boom coupled with the need to replace pool equipment damaged by winter storms in Texas has made it much harder to get supplies.According to Heer, “the only problem with converting to saltwater — I’d say right now, is getting your hands on a saltwater system. Everything [is] in high demand.”Using less chlorineWith the chlorine shortage expected to continue through next year, four pool experts offer the following advice:Make sure the water looks clean and clear before getting in. “If it’s a public pool, make sure it’s inspected by a city or town official,” said Saliture.Contact your local pool professional to discuss chlorine alternatives. From saltwater and UV systems to mineral packs, there are alternatives. “There are several different [mineral pack] names out there. And they’ve got a blend of minerals that you put in your water in the beginning of the swim season. And they last all summer. They’re very reasonably priced, less than $100 typically. They eliminate algae and they cut down on the need for chlorine,” said Curtis.Stay on top of your maintenance. “Don’t forget filtration and water circulation are a big part of keeping swimming pools healthy,” said Stankowitz.Shower before swimming and don’t let pets in the pool. “A dog in a pool is equivalent to 50 people swimming in that pool, in terms of what debris it brings to the water,” said Curtis. “The less oils brought in, the less demand is going to be needed on the chlorine.”—CNBC’s Ray Parisi contributed to this report. More

  • in

    Robinhood deepens ties with JPMorgan by using bank for money transfers ahead of expected IPO

    Avishek Das | LightRocket | Getty ImagesRobinhood, the free-trading app that helped drive a surge in retail investing during the pandemic, has switched to using JPMorgan Chase to handle crucial money transfers into customers’ accounts.The start-up emailed customers this week to say that it is now using JPMorgan, the biggest U.S. bank by assets, to process transactions for cash management accounts. It had previously used Ohio-based Sutton Bank, a community lender with 8 branches.”This change is part of a larger effort to make a more consistent and reliable experience, and it will enhance our ability to meet your cash management needs,” Robinhood said in the email.The move illustrates the ways in which traditional banks are both a competitor with and an enabler of the new guard of fintech players like Robinhood, which has quickly amassed more than 13 million users drawn to free trades and a slick interface. JPMorgan CEO Jamie Dimon has repeatedly warned shareholders that fintech and Big Tech players are encroaching on his industry’s territory.”Many of these new competitors have done a terrific job in easing customers’ pain points and making digital platforms extremely simple to use,” Dimon said this month in his annual investor letter. “From loans to payment systems to investing, they have done a great job.”While JPMorgan is happy to provide financial plumbing-type services to Robinhood – and is pushing to provide it additional services in the payments realm – the bank also competes with the upstart.Online brokerages across the industry ultimately adopted Robinhood’s no-commission stance, and JPMorgan offers free unlimited trades via its own mobile app. Robinhood and JPMorgan declined to comment for this story.JPMorgan’s wholesale payments business, run by Takis Georgakopoulos, won the Robinhood business last year and recently begun taking over accounts, according to a person with knowledge of the matter. Last year, his business also took on Coinbase and Gemini, two leading bitcoin exchanges, as payments-processing clients.The payments deal is part of a web of connections between Robinhood and traditional lenders. Robinhood relies on banks including JPMorgan, Goldman Sachs and Morgan Stanley for massive commercial credit lines to fund corporate activities.The latest development comes as investment banks including JPMorgan jockey for lucrative roles in the upcoming Robinhood initial public offering. Last month, Robinhood said it had filed confidentially with the Securities and Exchange Commission for an IPO that could come as soon as late in the second quarter.While Robinhood’s last fundraising pegged its valuation at $11.7 billion, trading of private shares indicated it could be valued as much as $40 billion in an IPO, according to a Bloomberg analyst.The retail investing boom that Robinhood helped usher in, combined with trillions of dollars in government stimulus, has resulted in a surge in new customers and trading volume for brokerages this year.  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