Raphael Stevens

In this articlePFEMRNAJNJA worker prepares materials for vaccination at University Hospital’s COVID-19 vaccine clinic at Rutgers New Jersey Medical School in Newark, New Jersey, U.S., December 15, 2020.Eduardo Munoz | ReutersRutgers University will require students returning to campus this fall to prove they’ve been vaccinated against Covid-19, becoming one of the first institutions in the U.S. to mandate the immunizations.Rutgers President Jonathan Holloway announced the change Thursday, saying in a statement the university plans to update its immunization requirements for students on campus to include the Covid-19 vaccine.Students will have to prove they’ve been fully vaccinated with any of the three shots currently cleared for use in the U.S. — Pfizer’s, Moderna’s or Johnson & Johnson’s — though students who are under 18 years old will only be eligible for the Pfizer shot. Pfizer’s is the only vaccine authorized by the FDA for use in people as young as 16.Students who are fully enrolled in online courses without access to on-campus facilities will be exempt from getting vaccinated, according to the statement, as well as those with medical or religious reasons that prohibit immunization.Many universities across the U.S., following varied reopening plans, have struggled to return students to their campuses during the pandemic. Some institutions have been forced to crack down on off-campus gatherings and events that have caused outbreaks in the surrounding community.”From the onset of the pandemic, the safety of the broader Rutgers community has been our shared responsibility. This has never been more true,” Holloway said in the statement. “The importance of an effective vaccination program to make our community safer for all cannot be overstated.”Focused on informationDr. Preeti Malani, chief health officer and professor of medicine and infectious disease at the University of Michigan, told CNBC that so far, Rutgers was one of the first universities she’s aware of that will require Covid-19 vaccinations this fall.Malani has worked closely with health officials at other Big 10 universities, including Rutgers, to navigate campus reopenings amid the pandemic. At the moment, the University of Michigan doesn’t have plans to require the shots among returning students this fall, she said.”We’re really focused on getting good information to students, trying to help them get signed up. We don’t have a way to vaccinate people on campus, and that’s because there are a lot of other people that need to be vaccinated right now,” Malani told CNBC in a phone interview.”We are hopeful that maybe as supplies become bigger than demand, we might be able to do some sorts of vaccination events that focus on students,” she said.Universities require other vaccines for students living on campus, such as meningitis, hepatitis and measles, which could likely extend to Covid-19, experts say. However, keeping track of who’s been vaccinated on campus can be difficult, Malani said, especially at institutions with many out-of-state and international students.”The [Centers for Disease Control and Prevention] may offer guidance and say, ‘You shouldn’t live in a residence hall unless you’re vaccinated,’ for example. I think right now it’s a lot of people’s opinions on this,” Malani said.”What we do know is that the news on vaccination keeps getting better and better, and that it’s not just a way to protect individuals but a way to protect the entire community,” she said.Return to normalRequiring students to get vaccinated against the disease will allow Rutgers to resume a wide range of activities and will allow for an “expedited return to pre-pandemic normal,” the university said in its statement Thursday. Widespread vaccination means the university can offer more face-to-face instruction, as well as expanded dining and recreation options.The decision was partly based on President Joe Biden’s estimation that every American will have access to a vaccine by the end of May.A number of states have said they will open vaccine eligibility to all adults in the coming weeks, ahead of Biden’s May 1 deadline for states to broaden eligibility to all adult residents.New Jersey officials have approved the New Brunswick-based university to begin administering vaccines to students and faculty once more doses are available, the statement said. However, the university “urges all members of its community currently eligible to receive a vaccine not to wait” and to get vaccinated “as soon as possible” since the state hasn’t provided the supply to the university yet. More

In this [email protected] stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd’s List. Lloyd’s values the canal’s westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day. The blockage is further stressing an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy for the National Retail Federation. “Every day that the vessel remains wedged across the canal adds delays to normal cargo flows,” he said, adding that the trade group’s members are actively working with carriers to monitor the situation and determine the best mitigation strategies. “Many companies continue to struggle with supply chain congestion and delays stemming from the pandemic. There is no doubt the delays will ripple through the supply chain and cause additional challenges.”The Suez Canal, which separates Africa from Asia, is one of the busiest trade routes in the world, with approximately 12% of total global trade moving through it. Energy exports like liquified natural gas, Crude oil, and refined oil make up 5% to 10% of global shipments. The rest of the traffic is largely consumer products ranging from fire pits to clothing, furniture, manufacturing, auto parts and exercise equipment.”The key to this problem hinges on how much longer it will take to move the Ever Given,” explained Alan Baer, President of logistics provider, OL USA LLC. “USA importers face arrival delays of three days right now and this will continue to grow as long as the disruption continues.”Horn of AfricaThe Suez has provided some relief for global importers as they increasingly relied on it last year to avoid massive congestion at West Coast ports in the U.S. that added days, if not weeks, to some deliveries coming from Asia. Baer, who has containers on vessels stuck in both lanes of the Suez Canal, said if it stays closed, vessels will be diverted and go around the horn of Africa, which adds an additional seven to nine days to a trip.According to BIMCO, the largest of the international shipping associations representing shipowners, the bottleneck will only continue to grow and impact supplies.”Everyone is making contingency plans as we speak,” said Peter Sand, chief shipping analyst at BIMCO.BIMCO”Carriers run a third of their Asia trade strings to the U.S. East Coast via the Suez and two-thirds via Panama Canal,” said Baer. “Disruption is also hitting the import trade from India as well as the Middle East.”Clearing the backlogAccording to the World Shipping Council, the Suez canal’s daily vessel throughput capacity is 106. If the canal is closed for two days, it will then take two additional days after re-opening to clear the backlog.  The longer the delay, the longer it will take to move out the vessels.Lars Jensen, CEO of Sea Intelligence Consulting, tells CNBC the schedule reliability for container vessels is already in disarray as a result of the pandemic.”Right now two out of three container vessels arrive late,” he explained. “And when they are late, they are on average five days late,” he said, adding that a two-day delay isn’t a major problem. “However, the longer this drags out, the worse it gets because you are then talking about effectively removing vessel capacity as well as containers at a point in time where they are already in short supply.”Stranded container ship Ever Given, one of the world’s largest container ships, is seen after it ran aground, in Suez Canal, Egypt March 25, 2021.Suez Canal Authority | ReutersInventory impactIn addition to delaying thousands of containers loaded with consumer items, the stranded ship has also tied up empty containers, which are key for Chinese exports. “Containers are already scarce in China and the backup in the Suez will further stress the inventory,” explained Jon Monroe, maritime trade and logistics consultant with Jon Monroe Consulting. “We are back to a pre-Chinese New Year environment where factories are running at full steam and are struggling to find containers as well as space for their finished goods.”This delay will impact the arrival of U.S. imports that fill store shelves as well as U.S. manufacturing components.”Before the Suez Canal disruption, we were expecting the container situation to get worse in April because we were already seeing the scarcity of containers,” said Monroe. “This canal closure will not help. You will start to see product piling up on factory floors.”Consumer demandChinese manufacturers are responding to the tremendous global orders for their goods. Pandemic lockdowns have fueled consumer demand over the last year. As a result, a continuous historic flow of vessels holding millions of containers is clogging ports and slowing down processing. The delays have been costly.Nike along with retailers Crocs, Gap, Peloton, Footlocker, Five Below, William Sonoma, Steve Madden, Whirlpool, Urban Outfitters, and Tesla all cited supply chain problems impacting their business this quarter.Brian Bourke, Chief Growth Officer of SEKO Logistics tells CNBC, the blockage is creating the perfect storm for retailers who are struggling to restock.”The timing of this could not be worse,” he said. “You have stimulus checks going into the hands of consumers. After every stimulus check, we have seen a huge surge in product volume. We are talking to businesses that are running out of inventory. How can you have a stimulus if you can’t buy anything? Your wait for your couch can be longer than three months.” More

The oil and gas industry’s largest trade group Thursday endorsed a price on planet-warming carbon emissions, marking a major shift after it long resisted regulatory action on climate change.The American Petroleum Institute’s move comes as President Joe Biden prepares to unveil a sweeping infrastructure proposal focused on curbing greenhouse gas emissions and transitioning to clean energy.In a virtual meeting with White House officials Monday, industry leaders from companies such as ExxonMobil, BP, Chevron and ConocoPhillips, along with API, also signaled support for market-based carbon pricing.The endorsement represents a major shift in the industry’s strategy on the issue of climate change and a recognition of the new administration’s regulation measures following former President Donald Trump’s deregulation efforts aimed at helping U.S. producers.For instance, Biden in January issued an executive order to halt new oil and gas leasing on federal lands, a move that faced resistance from producers and a slew of Republican-led states.Vice President Kamala Harris (2-L) and Special Presidential Envoy for Climate John Kerry (L) watch as US President Joe Biden signs executive orders after speaking on tackling climate change, creating jobs, and restoring scientific integrity in the State Dining Room of the White House in Washington, DC on January 27, 2021.Mandel Ngan | AFP | Getty ImagesThe API’s endorsement also signals that the industry — which emits a great deal of methane, a greenhouse gas that is 84 times more potent than carbon dioxide — would prefer a quantifiable cost associated with climate policy rather than ongoing regulations.The industry’s plan came together over the last 18 months and includes advocating for federal funding for advanced technologies, further mitigating emissions from operations, advancing cleaner fuels and increasing transparency by expanding the use of ESG reporting guidance.The API was a staunch opponent of a carbon tax when Congress last debated the issue nearly a decade ago.CNBC PoliticsRead more of CNBC’s politics coverage:Joe Biden held his first presidential press conference’The Super Bowl of tax reform’ takes shapeMajor oil industry group endorses carbon pricing”The world has changed since Congress has had this debate,” said API President and CEO Mike Sommers.The industry has faced growing pressure by investors to measure its contribution to climate change. And the Biden administration has vowed to put the U.S. on a path toward net-zero emissions by 2050.While Democrats are still working on the details of the upcoming infrastructure proposal, it’s expected to cost between $2 trillion and $3 trillion and include $400 billion in funding for clean energy and innovation.A carbon tax could also produce funding to help pay for the infrastructure plan. The Tax Foundation estimates that a tax on carbon emissions at a rate of $50 per metric ton, with an annual growth rate of 5%, could generate $1.87 trillion in additional federal revenue over 10 years.The API said it would not support a tax that would fund other programs unrelated to climate change.”To the extent that a new carbon tax would be put into place to fund X program … that’s not what we’re talking about, and that’s not what we would support,” Sommers said. He added that the industry envisions changes to existing regulations following a carbon price policy endorsement.Some environmental groups see it as an industry ploy to offer a solution to the carbon problem and stay engaged in the debate.David Doniger, climate and clean energy program director at the Natural Resources Defense Council, said the move reminds him of the maxim that it’s better to be at the table than on the menu.”This is an effort to get to the table, rather than be overlooked and run roughshod, but it’s not very definite yet. I don’t know what they’re offering to really support,” Doniger said.The NRDC also said it opposes removing strong pollution or efficiency regulations in exchange for a price on carbon.”That’s like the old Wimpy with the hamburgers: I’ll gladly have a hamburger today and pay you back next Tuesday,” Doniger said. “We’re not interested in trading one or more of the existing tools.” More

Texas Longhorns huddle during the second half against the UCLA Bruins in the second round game of the 2021 NCAA Women’s Basketball Tournament at the Alamodome on March 24, 2021 in San Antonio, Texas.Carmen Mandato | Getty ImagesThe National Collegiate Athletic Association’s treatment of the women’s basketball tournament has gained more political attention.Led by U.S. Rep. Mikie Sherrill, D-N.J., 36 members of Congress wrote to NCAA President Mark Emmert seeking answers for last week’s weight room disparity in San Antonio, the site of the women’s Division I basketball tournament.Officials claim the NCAA has “stark differences in the conditioning facilities, food, publicity and marketing, and even the use of less accurate Covid tests” around the women’s event. The letter calls for the NCAA to honor Title IX, which forbids gender discrimination throughout federally funded education institutions.”The players on the women’s and men’s teams have not been treated equally by the NCAA,” the letter says. “Such actions are deeply concerning and reflect NCAA’s lack of commitment to the spirit of Title IX to ensure a level playing field for women in athletics that are subsidized with federal financial assistance. Despite having corrected at least some of these infractions, the NCAA’s clear disregard for women cannot be tolerated.”The NCAA announced Thursday it was “evaluating the current and previous resource allocation to each championship, so we have a clear understanding of costs, spend and revenue.” It also said it is “examining all championships in all three Divisions to identify any other gaps that need to be addressed, both qualitatively and quantitively, to achieve gender equity.”Aaliyah Edwards #3 of the UConn Huskies looks to pass against Emily Engstler #21 and Digna Strautmane #45 of the Syracuse Orange during the first half in the second round game of the 2021 NCAA Women’s Basketball Tournament at the Alamodome on March 23, 2021 in San Antonio, Texas.Carmen Mandato | Getty ImagesThe NCAA faced backlash when Oregon player Sedona Prince shared a March 18 video on social media further showing disparities between the men’s and women’s weight room setup.The organization initially claimed the men’s tournament, held in Indianapolis, had more space for its weight room than the women’s site. Prince’s video garnered viral attention when it showed more than adequate space to emulate the men’s version.Coaches including South Carolina’s Dawn Staley and Connecticut’s Geno Auriemma also expressed disappointment to the NCAA, who addressed the issue after the social media firestorm.The NCAA apologized for the incident, prompting Emmert to respond, “this is not something that should have happened and, should we ever conduct a tournament like this again, will ever happen again,” he said via NPR.Still, members of Congress want more details about the disparities between the men’s and women’s tournament and are asking for the NCAA to respond to questions including the status of any investigation, procedures to avoid unequal treatment and when the organization first became aware of the incident in San Antonio.The letter asked the NCAA to respond by April 2.Read the full letter here. More

In this articleFOXAMGMPENNSCR-CACZRScore media and Gaming rings the opening bell at the Nasdaq on March 16th, 2021.The NasdaqBuild it slow.That’s how media company theScore wants to establish its gambling asset as the Canada-based company is now fully active on the U.S sports betting and public markets landscape.”That’s how we built our success with our TV network in Canada, and that’s how we built our success with the app,” said John Levy, the company’s CEO.TheScore is a sports gaming and media company that is betting its mobile app user base will be critical in its growth plan to carve out its sports betting business. Levy knows it’ll be a challenge, as theScore trails top firms like FanDuel and Barstool Sports. But he’s welcoming the competition.”It’s all about who wins in the marketplace and who’s has got the best product and who’s got the best ideas,” Levy said.The underdog roleLevy, 65, spoke about his company when discussing theScore with CNBC last September. He envisioned the day when Canada will expand its sports gambling and also embraced theScore’s longshot status in the sector altogether.”We’re an underdog,” Levy said. “We’re the most popular, least-known brand in the U.S. But in six months, a year, or 18 months from now, that isn’t going to be the case.”TheScore transitioned into its role as a digital-based outlet in 2012 when Levy sold theScore’s broadcast business to Rogers Communications for $167 million. He said then that unloading the network would allow theScore to “focus 100% on our digital products” and grow the mobile app.The Score is listed on the Toronto Stock Exchange and this year launched in the U.S. on the Nasdaq under the ticker “SCR” after its IPO raised $183.6 million. The firm currently has a market capitalization of $1.3 billion.Its mobile app has roughly 3.9 million monthly users and delivers live scores, stats and news to users. TheScore makes money from sponsorship and digital ads and from the app, and launched its theScore Bet app for mobile wagers in 2019. It’s trying to grow awareness around the betting app Levy labeled as “undervalued” while competitors spend millions on brand building.”They don’t know us in the media or the betting business as of yet. And nobody knows us in the financial markets yet,” said Levy. “But those who do are going to be rewarded tremendously.”Score media and Gaming rings the opening bell at the Nasdaq on March 16th, 2021.The NasdaqThe Score’s strategyThe company declined to discuss theScore Bet users, but the app is live in four U.S states, including New Jersey and Colorado. Levy said the company would take “a gradual approach to building the user base, giving people what they want and going after longevity of what this business is going to propose.”But again, theScore is behind on the U.S. scene. Firms like the Penn National-backed Barstool Sports app are ahead in the space and available in states including Pennsylvania and Illinois. Penn National Gaming CEO Jay Snowden told CNBC’s “Squawk Box” that additional states including Indiana and New Jersey will launch in the next few months. New York is also in sight.Others, including Fox Corp.’s Fox Bet and MGM’s BetMGM app, have also gained traction in U.S. mobile sports gambling. TheScore needs to compete against those bigger firms and endure the politics of getting more U.S. states to grant the company a gambling license.It has help coming from Canada, though. A bill (C-218) to legalize single-event sports wagering is approaching the final stages, with Prime Minister Justin Trudeau in favor of the legislation. TheScore believes its home market has the potential to grow to $5.4 billion and estimates the Ontario market alone could reach $2.1 billion by 2025.Canadians place over $7 billion in illegal wagers as sporting gambling in the country is mainly limited to horse racing, according to Bloomberg.TheScore says it achieved an all-time record quarter for its media revenue, generating $10.6 million in the first quarter of 2021. As for its stock, Chad Beynon, an analyst at Macquarie Securities, labeled it outperform. He said theScore plans to own its sportsbook tech and that could help with long-term revenue growth.”We believe this is important, particularly for a company like [theScore], which is able to curate the content, offer unique bets and deliver on in-play betting, which only accounts for 15% of the U.S. current market vs 75% in the UK,” wrote Beynon. “In addition, this strategy would also result in lower platform fees (15% of revenue), which should allow for faster margin ramp.”Chris Lencheski, chairman of private equity consulting company Phoenicia, said he likes theScore’s position, especially if Canada comes online. Lencheski acknowledged gambling companies are spending millions on branding as they fight for future market share, but added, “I like the fact [theScore] hasn’t put a big obligation in front of them only because they felt the outside pressure to look like something else.”Often times [companies] say, ‘We’ll look just like another company, and we’ll do it bigger and spend more money,” he added, using Quibi as an example. “How many billions of dollars did they throw into that thing? And it was done before it started. TheScore has got themselves a nice niche.”John Levy, CEO of Score Media and Gaming Rings the Opening Bell at the Nasdaq on March 16th, 2021.The NasdaqHaving some lunchBut eventually, theScore will need to decide what it wants to be in the sports gambling space and how it will grow. Properties like BetMGM will have the advantage of its hotel properties to lure and keep online gamblers. Meanwhile, digital firms like FanDuel and PointsBet are aligning with sports teams to grow their brand and entice users. And Caesars, which purchased William Hill for $3.7 billion, is pushing its brand, too.But Lencheski said firms that grow their niche by offering speed around user experience and accurate betting odds would be among the top players. He said peer-to-peer sports gambling could excel, and firms like theScore could benefit from its user base.But Lencheski warned the dollar average to acquire a new customer, and the handle that customer brings will begin to weigh on firms with little capital. He projected mergers and acquisitions among sports gambling companies would occur over the next 24 to 48 months.”When it’s less expensive to consolidate and win, then it will be to spend,” Lencheski said. “In other words, when it costs more money to go get the next one customer than it would be to participate in someone else’s offer.”TheScore has already been mentioned among early candidates for a potential acquisition. The company told CNBC it doesn’t comment on rumors or speculation when asked about acquisition rumors.Again, Levy said months ago this was the plan: to grow slowly. But theScore is now on the clock, and it’s playing the sports betting game as the underdog.”We’re thinking about becoming one of the leaders in the industry and positioning ourselves to do that,” Levy said. “We love being the underdog because they don’t see us coming. We’re going to crush them. We’ll nibble away at them first, and then we’re going to eat their lunch.”Disclosure: CNBC parent Comcast and NBC Sports are investors in FanDuel. More