Raphael Stevens

A Starlink user terminal being set up.SpaceXElon Musk’s SpaceX is in talks with the United Kingdom for the company’s Starlink satellite unit to potentially to earn funding as a part of the government’s new $6.9 billion internet infrastructure program, CNBC confirmed.U.K. Minister for Digital Infrastructure Matt Warman recently met with Starlink leadership, a person familiar with the talks told CNBC, as a part of ongoing discussions with a number of technology communications companies for the ‘Project Gigabit’ plan rolled out on Friday.Sky News first reported the talks, noting that U.K. Culture Secretary Oliver Dowden believes Starlink is one of the best options for delivering internet service to hard-to-reach areas across the country.SpaceX did not respond to CNBC’s request for comment on the discussions, while the U.K. government declined to comment.Starlink is the company’s capital-intensive project to build an interconnected internet network with thousands of satellites, known in the space industry as a constellation, designed to deliver high-speed internet to consumers anywhere on the planet. The company has launched more than 1,200 satellites to orbit so far, and in October began rolling out early Starlink service in a public beta that now extends to customers in the U.S., Canada, the U.K., Germany and New Zealand – with service priced at $99 a month in the U.S.The U.K. on Friday launched the first phase of Project Gigabit, which is the government’s $6.9 billion (£5 billion) program to upgrade the internet service of more than one million homes and businesses. The first phase of the project will gather proposed solutions from companies with a variety of delivery methods, including satellites and other “high altitude platforms.”Potential addition to FCC winningsBoxes containing Starlink kits, with user terminals and Wi-Fi routers.StarlinkProject Gigabit represents the potential for SpaceX to add more government subsidy winnings for Starlink, as the company was awarded nearly $900 million in federal subsidies late last year under the Federal Communications Commission’s rural broadband auction.The FCC awarded SpaceX with the fourth most funds in the $9.2 billion auction, with the subsidies to be distributed in monthly milestone payments over the next decade. But SpaceX’s award has been met with protest from other U.S. broadband providers, notably from DISH Network, with other internet service providers dismissing Starlink as a “science experiment” with “completely unproven technology.” SpaceX has responded, telling the FCC that other providers’ complaints have “no valid basis” and come as a way to “hamstring a competitor.”SpaceX has continued to expand Starlink’s service in the meantime, with the public beta gaining more than 10,000 users in its first three months. Musk’s company plans to expand Starlink service beyond homes, asking the FCC to widen its connectivity authorization to “moving vehicles,” so Starlink could be used with everything from aircraft to ships to large trucks.NASA collision agreement60 Starlink satellites deploy into orbit after the company’s 17th mission.SpaceXSpaceX also signed an agreement with NASA in January, the U.S. space agency revealed last week, to cooperate on how to avoid collisions with the company’s Starlink satellites.With the company monthly adding more spacecraft to orbit, as its rockets launch 60 Starlink satellites at a time, NASA said that “increased interaction and partnership” was needed “to ensure continued safe” operations in orbit.”NASA has agreed to not maneuver in the event of a potential conjunction to ensure the parties do not inadvertently maneuver into one another. NASA will operate on the basis that the autonomous maneuvering capability of the Starlink satellites will attempt to maneuver to avoid conjunction with NASA assets, and that NASA will maintain its planned trajectory unless otherwise informed by SpaceX,” the agreement said.The agency also said it will work with SpaceX to “share technical expertise and lessons learned” to reduce the brightness of the satellites. The company has previously announced changes to the satellites to decrease brightness, following complaints from astronomers given the growing presence of Starlink satellites in the sky. More

Phil Murphy, New Jersey’s governor, speaks at a news conference after touring the New Jersey Convention and Exposition Center Covid-19 vaccination site in Edison, New Jersey, on Friday, Jan. 15, 2021.Mark Kauzlarich | Bloomberg | Getty ImagesNew Jersey will likely pause its reopening plans as Covid-19 cases begin to rise again in the state, Gov. Phil Murphy said Monday.As of Sunday, the state’s seven-day average of new Covid-19 cases has increased to just over 4,000 per day — a more than 10% jump from the previous week, according to a CNBC analysis of data compiled by Johns Hopkins University. It also leads the U.S. in new cases per capita over the past week, according to data from the Centers for Disease Control and Prevention.When asked on CNN whether the state would “hold off” on reopening plans for a week or two, Murphy said, “I think what you’ll see going forward is we will do that.””My guess is, we won’t be opening up further capacity for some time now because of .. the caseload,” Murphy said, adding that he thinks things should improve as the weather gets warmer and more people in the state get vaccinated.New Jersey has opened its indoor capacity for restaurants and other businesses to 50%, according to Murphy.Other states are also seeing a rise in new cases as they reopen, and health officials are concerned that could cause a new surge as highly contagious variants spread across the nation.During a White House news briefing Monday, CDC Director Dr. Rochelle Walensky urged Americans to remain “vigilant” as officials race to get the majority of Americans vaccinated. “We are at a critical point in this pandemic,” Walensky said. “I’m worried that if we don’t take the right actions now we will have another avoidable surge just as we are seeing in Europe right now.””We’re at a position right now where we have a plateauing at around 53,000 cases per day,” Dr. Anthony Fauci, the White House’s chief medical advisor, said Friday. “The concern is that throughout the country there are a number of states, cities, regions that are pulling back on some of the mitigation methods that we’ve been talking about: the withdrawal of mask mandates, the pulling back to essentially nonpublic health measures being implemented.”As of Sunday, the CDC has identified 6,390 cases of the B.1.1.7 variant first identified in the U.K. The agency has identified 194 cases of the B.1.351 strain from South Africa as well as 54 cases of P.1, a variant first identified in Brazil.In New Jersey, officials have identified 160 cases of the B.1.1.7 variant, one case of the B.1.351 strain and two cases of the P.1 variant, according to the CDC.”We’re watching these variants very closely, the case numbers are clearly up,” Murphy said. “We clearly have these variants in our state, as we are seeing in New York City, a little bit reminiscent of what happened last spring.” More

Tipping is a quintessential American custom. In the U.S., consumers tip for services ranging from baggage handlers at the airport to housekeepers at hotels.But according to some analysts, tipping has created an environment where restaurant servers are subjected to sexual harassment and low pay. The pandemic has only exacerbated those problems.About three-quarters of tipped workers in the restaurant industry are women and almost half are people of color.In a study by One Fair Wage and the Food Labor Research Center at U.C. Berkeley , 83% of restaurant workers reported that their tips have declined during the Covid pandemic and more than 40% experienced a change in the frequency of unwanted sexual comments from customers.With the pandemic leaving millions to do essential work for low pay, there have been renewed calls for a $15 minimum wage and the elimination of the so-called tipped minimum wage — the base salary for many restaurant workers.Forty-three states, including Georgia, North Carolina and Texas, have a tipped minimum wage for workers, in some cases as little as $2.13 an hour.Still, many in the restaurant industry oppose the proposed changes, saying they would lead to higher menu prices and fewer hours for workers. According to the National Restaurant Association, the pandemic has already taken a devastating toll on the industry, wiping out 2.5 million restaurant jobs and more than 110,000 eating and drinking establishments in 2020 alone.Watch the above video to find out what the $15 minimum wage and the elimination of the tipped minimum wage would mean for restaurants and their employees.Watch more:Why US hospitals are closingWhat airlines are doing to clean their planes More

Ursula von der Leyen, European Commission president.Bloomberg | Bloomberg | Getty ImagesLONDON — Tensions are high between the U.K. and the European Union as the 27-member bloc considers restricting exports of Covid-19 vaccines across the English Channel.It comes as the European Union grows increasingly frustrated at AstraZeneca for not respecting its delivery targets to the bloc. The pharmaceutical firm reduced the number of vaccines it will deliver to the EU twice in the first quarter and once in the second quarter. As a result, European officials are worried that any future issues could undermine their vaccination targets.In the meantime, AstraZeneca has met its delivery targets for the United Kingdom — where the vaccination rate is higher than in the EU — despite some of these vaccines coming from plants in the European Union. The U.K. placed its order for the AstraZeneca shots earlier than the EU.”The EU needs to secure deliveries of vaccines to Europeans in line with companies’ contractual obligations. We will review the different tools at our disposal for that end, including the use of the export authorization regime in its current or in adapted form,” a spokesperson for the European Commission told CNBC on Monday.In late January, the EU approved restrictions on exports of Covid-19 vaccines, but they can only be implemented if a company is not respecting its contractual obligations with the region, and if the vaccines are heading to a country considered non-vulnerable.We have the possibility to forbid planned exports. That is the message to AstraZeneca. Ursula von der LeyenEuropean Commission president This is what enabled Italy to stop a shipment of AstraZeneca vaccines to Australia a couple of weeks ago. This has been the only instance so far of European authorities preventing Covid shots from leaving the region. However, the legislation is due to expire at the end of March.”There is an ongoing reflection process in the EU, and we will be consulting Member States. All options are on the table,” the European Commission spokesperson added via email.  The issue is expected to be discussed by the 27 heads of state on Thursday during a European summit.Speaking to a group of newspapers over the weekend, European Commission President Ursula von der Leyen said: “We have the possibility to forbid planned exports. That is the message to AstraZeneca, ‘you fulfil your contract with Europe before you start delivering to other countries’.”Von der Leyen had already asked for tougher export restrictions last week, during a press conference.”We will reflect on whether exports to countries who have higher vaccination rates than us are still proportionate,” she said on Wednesday.The European Union had exported 41 million doses of Covid shots as of last week, to 33 countries, and the biggest recipient is the U.K.The U.K. government did not confirm when contacted by CNBC on Monday whether Prime Minister Boris Johnson was due to speak with European leaders about vaccine exports.However, the U.K.’s defence secretary, Ben Wallace, told Sky News on Sunday that blocking vaccines would be “counterproductive” and hurt the EU’s reputation.Pfizer weighs inPfizer, whose Covid-19 vaccine has been used the most across the EU so far, reportedly said the region should not block the export of Covid shots because the firm needs raw materials from the U.K. Imposing restrictions on the vaccines could lead the U.K. to retaliate by preventing ingredients from getting to EU plants.A spokesperson for Pfizer told CNBC on Monday that its position is aligned with the European Federation of Pharmaceutical Industries and Associations, which said in January that export bans risk retaliatory measures “given the global nature of vaccine supply lines.”The U.K. aims to finish vaccinating its adult population with the first dose of Covid shots by July.Despite a “tough” start to the rollout in the European Union, as described by von der Leyen last week, the bloc also intends to reach herd immunity by mid-July.”By July 14, we have the opportunity to reach immunity,” Thierry Breton, European commissioner for internal market, told French TV channel TF1 on Sunday.The EU’s objective will depend on the fulfillment of delivery contracts by four pharmaceutical firms and on the member states’ ability to vaccinate their populations. More

A bottle of the AstraZeneca vaccine.Igor Petyx | KONTROLAB | LightRocket via Getty ImagesAstraZeneca announced its hotly anticipated late-stage U.S. trial results this morning and healthcare analysts welcomed the news, saying it provides further validation of the vaccine.The trial included over 30,000 participants and showed that the vaccine had an overall efficacy of 79% in preventing symptomatic Covid-19 and was 100% effective in preventing severe disease and hospitalization.Efficacy was consistent across age and ethnic group, with 80% efficacy in participants aged 65 years and over. The vaccine, known as AZD1222 and developed with the University of Oxford, was well-tolerated and the independent data safety monitoring board identified no safety concerns related to the vaccine.Data exceeded expectationsJefferies healthcare analyst Peter Welford called the data “surprisingly positive” in a research note published Monday, writing that the interim analysis was better than expected.Meanwhile Adam Barker, healthcare analyst at Shore Capital, highlighted that: “This is arguably the first trial for AZD1222 which has shown compelling efficacy in those 65 years and older”.This is important because there were some questions about efficacy in this age group as previous studies were hampered by a smaller number of elderly participants. In this trial, 20% of the participants were 65 years or older and 60% had co-morbidities which put them at increased risk of developing severe disease. Critically, Monday’s trial data confirmed the safety profile of the vaccine. Barker highlighted that given this data is from a single trial which uses a single dosing regimen, it removes the complications of data interpretation that has been seen in the past with the AstraZeneca-Oxford jab.Barker added that the lack of evidence for blood clots in the study was also reassuring given recent concerns. “However, we are not surprised by this data given the evidence for a link between the vaccine and blood clots was already fairly weak.”AstraZeneca said it will continue to analyze the data and prepare for the primary analysis to be submitted to the U.S. Food and Drug Administration for emergency use authorization in the coming weeks. The vaccine has already been granted a conditional marketing authorization or emergency use in more than 70 countries across six continents.Dosing regimen a key question for the FDA”I can’t see why the regulator wouldn’t approve it,” Barker wrote, but cautioned that the detailed data was still outstanding. One key question for the FDA will be what dosing regimen they will endorse should they ultimately approve the vaccine.”This trial is based on dosing 4 weeks apart, but we know efficacy may be greater if you dose with a longer interval (up to 12 weeks) and countries like the U.K. have successfully used this ‘longer duration between doses’ strategy to vaccinate more people quickly,” he flagged.So the question for the FDA is whether they recommend giving the two doses four weeks apart — given that’s what was tested in the U.S. trial — or include data from the U.K. and elsewhere which suggests a longer duration is appropriate.Welford also noted the sub-optimal dosing regimen used in this trial. “The trial evaluated the 4-week dosing schedule, but we have evidence to suggest the vaccine works better with a longer dosing interval,” he said.”Primary analysis of the Phase III clinical trials from the U.K., Brazil and South Africa showed 62% efficacy when given the vaccine was given at an interval of 4 to 12 weeks but efficacy increased to 82% when the interval was stretched to 12 weeks.”Beyond dosing, analysts are also watching for additional detail on how the vaccine protects against different variants. This is expected to be included in the package of data submitted to the FDA. When it comes to comparing today’s efficacy data to that from some of the other vaccine-makers, Welford cautioned that since the initial vaccine readouts from Pfizer and Moderna, Covid-19 variants have become increasingly common so the efficacy data is not directly comparable across the different vaccines. Barker added that the trial results gave the vaccine important validation. “Given its cost and ease of storage and distribution, AZD1222 was once described as a ‘vaccine for the world’. This is a fair label in our opinion,” he wrote. “Data like this reported today that more conclusively demonstrates the efficacy and safety of AZD1222 is certainly something to celebrate.”AstraZeneca has pledged to distribute the vaccine at no profit for the duration of the pandemic. The company’s shares traded 2% higher in London on Monday. More

Jamie Grill | The Image Bank | Getty ImagesThe financial uncertainty created by the global pandemic has made an impact on Americans of all generations and income levels.Even as the economy starts to show signs of recovery, too many Americans are still unemployed, and the uncertainty over the shape of economic recovery lingers. For some, that is translating to concerns around whether a secure retirement will be possible. For others, it is causing anxiety about the attainability of basic financial goals, such as buying a new home or sending a child to college.And for many younger Americans, it is raising questions about the impact of the pandemic on their lifetime earnings potential and what that means for their longer-term financial security.More from FA Playbook:Here’s a look at other stories impacting the financial advisor business.Op-ed: The movie ‘I Care A Lot’ can teach us how to prevent elder financial abuse’Investor alpha’ is the most important financial strategy for 2021Here are 5 lessons the pandemic taught this financial advisorThese concerns are driving unprecedented interest in financial markets and advice. A growing number of self-directed, first-time investors are entering the market with the hopes of putting their assets — and time — to work and getting an early start in the investing world.Meanwhile, the oldest millennials are reaching their 40s, entering an era of critical life decisions. Having already gone through two recessions, anxiety runs high among this group of investors, who are increasingly turning to professional help to manage their finances.Yet, as this new generation of investors begins to seek financial advice, their behaviors and needs couldn’t be more different than previous ones.In order to seize this opportunity and turn investor interest into actual relationships, advisors will need to rethink how they conduct business, adopt a digital-first mindset and, perhaps most importantly, become masterful at blending technology with human touch.Enhance online presence and branding: For a significant majority of younger investors, the search for a financial advisor begins online. In fact, 73% of those under 40 say that they rely on a Google search to find an advisor, while 52% say they use LinkedIn. Further, consumers increasingly make buying decisions online, without ever talking to a real person, mostly purely based on online reviews.An active social and digital presence are considered baseline for getting in front of these investors. Layered on top of a strong online presence, paid strategies such as search engine marketing and social media advertising can be hugely impactful in reaching and marketing to this group.That said, millennials don’t want to be just sold services.They want to know what you stand for. In fact, a whopping 83% of millennials say they would be more loyal to a company that helps them contribute to social and environmental issues. To appeal to this group, advisors need to be clear about their brand purpose and values, as well as differentiators. They must live and breathe those values at every client touch point — on and offline.Engage and collaborate: The next generation of investors are not looking to delegate management of their investments to an advisor and walk away — only to come back for quarterly check-ins.They want information to be delivered to them on a regular basis. They expect their advisors to communicate with them on social and digital platforms and prefer a more informal style. They want their advisors not just to guide them on financial decisions, but also on critical life decisions.For them, the client-advisor relationship is about collaboration and the experience, not just about investment performance. And they increasingly want that experience to be unique, personal and digital all at the same time.Blend technology with human touch: For a generation of digital natives, the lines between the physical and digital worlds are increasingly blurred. For them, a digital-first experience, delivered via a sleek set of tools — whether that’s digital advice and planning, or digital assistants or web chats — that empower their early investing journey are non-negotiables. Just as important is the advisors’ ability to transition in and out of the digital world in response to their evolving needs, particularly as their financial lives get more complex.The good news is that technology, such as data analytics and artificial intelligence, are increasingly helping advisors get ahead of client needs by detecting patterns and predicting major life events. This includes a marriage, a home purchase, the birth of a child, etc., thus enabling more meaningful and highly personalized conversations at key decision points. Advisors must embrace new technology and make them an organic part of their offering.Play the long game: Many of these investors are entering the critical asset-accumulation phase in an era where there’s hardly been more complexity in navigating key financial decisions. Advisors who are there to help them get through this era of complexity will be the ones to win their trust and loyalty in the long run. However, playing the long game will require rethinking the old ways of doing business.It will require a more flexible and innovative approach to fees. In fact, we see the traditional product- or asset-under-management-based fee models moving toward an experience-based model, where speed, convenience and putting the right information at the tip of clients’ fingers — at the right time through the right channel — all become inextricably linked to the value of an advisor.As advisors adapt to these new realities, one thing that’s very clear is that investors of all stripes are now more concerned about their future financial wellbeing and are putting new premiums on financial preparedness.It is up to financial advisors to reinvent their thinking and approach to business to help the next generation of investors build better, more secure financial futures.— By Ben Harrison, head of advisor solutions at BNY Mellon’s Pershing More

LONDON — The findings of a large U.S. trial have shown that the coronavirus vaccine developed by AstraZeneca and the University of Oxford is 79% effective in preventing symptomatic illness and 100% effective against severe disease and hospitalization.The safety and efficacy analysis of the AstraZeneca vaccine, published Monday, was based on 32,449 participants across 88 trial centers in the U.S., Peru and Chile.Data from the late-stage human trial study reaffirms that the Oxford-AstraZeneca vaccine is safe and highly effective.By comparison, Moderna’s vaccine has been found to be more than 94% effective in preventing Covid and Pfizer-BioNTech’s vaccine was found to be 95% effective.AstraZeneca said it will continue to analyze the data and prepare for the primary analysis to be submitted to the U.S. Food and Drug Administration for emergency use authorization in the coming weeks.The results come shortly after several countries temporarily suspended the use of the shot following reports of blood clots in some vaccinated people. Health experts sharply criticized the move, citing a lack of data, while analysts expressed concern about the impact on vaccine uptake as the virus continues to spread.Germany, France, Italy and Spain are among those to have resumed use of the Oxford-AstraZeneca vaccine after Europe’s drug regulator said its initial investigation of possible side effects concluded the shot is safe and effective.The World Health Organization and the International Society on Thrombosis and Hemostasis have recommended that countries continue to use the Oxford-AstraZeneca vaccine.AstraZeneca said in a release Monday that an independent board identified no safety concerns related to the shot. It also conducted a specific review of blood clots as well as cerebral venous sinus thrombosis, an extremely rare blood clot in the brain, with the help of an independent neurologist.The data safety monitoring board “found no increased risk of thrombosis or events characterised by thrombosis among the 21,583 participants receiving at least one dose of the vaccine. The specific search for CVST found no events in this trial.”AstraZeneca to file for emergency use next month”We are thrilled by the results we have disclosed this morning,” Ruud Dobber, executive vice president of AstraZeneca’s biopharmaceuticals business unit, told CNBC’s “Squawk Box” on Monday.”The plan is to file in the first half of April for the emergency use authorization and, of course, then it is in the hands of the FDA how fast they can decide about the approval. Assuming that the approval will take place in a fast way, we hope to deliver 30 million doses instantly after the EUA for Americans to get vaccinated,” Dobber said.A healthcare worker receives the Oxford-AstraZeneca Covid-19 vaccine at Chang Gung Memorial Hospital in Taipei, Taiwan, on Monday, March 22, 2021. Taiwan started coronavirus vaccination today.I-Hwa Cheng | Bloomberg | Getty ImagesWhen asked how AstraZeneca would tackle the prospect of lingering safety concerns following reports of blood clots in some vaccinated people, Dobber replied: “As always, and I think I speak on behalf of all manufacturers, patient safety is our number one priority.””It was very pleasing to see that even with a magnifying glass the data safety monitoring board didn’t see any imbalance between the vaccinated group and the placebo group. So, that gives us a lot of confidence.”Shares of AstraZeneca traded up 2% during Monday trading in London.’Much-needed’ additional vaccination option”The U.S. regulatory authorities are reluctant, even in a pandemic, to rely totally on data obtained outside the U.S., so this trial was done to provide convincing evidence of efficacy and safety in a sufficiently large number of U.S. patients,” said Stephen Evans, professor of pharmacoepidemiology at the London School of Hygiene & Tropical Medicine.”This is good news for the global community, and one hopes that any political statements around this good news are avoided,” Evans said.Among the participants in the interim analysis, roughly 20% were 65 or older, while approximately 60% had comorbidities associated with an increased risk for progression of severe Covid, such as diabetes or cardiac disease.The AstraZeneca-led phase 3 trial included two doses of the Covid vaccine administered at a four-week interval.The pharmaceutical giant said previous trials had shown an extended interval of up to 12 weeks demonstrated greater efficacy, suggesting an interval longer than four weeks could increase effectiveness and accelerate the number of people who can receive their first dose.Dr. Ann Falsey, professor of medicine at University of Rochester School of Medicine and co-lead principal investigator for the trial, said: “This analysis validates the AstraZeneca COVID-19 vaccine as a much-needed additional vaccination option, offering confidence that adults of all ages can benefit from protection against the virus.”AstraZeneca said the shot was well tolerated and its effectiveness was found to be consistent across ethnicity and age.The vaccine was 80% effective in preventing Covid in participants age 65 and older.”These results add to the growing body of evidence that shows this vaccine is well tolerated and highly effective against all severities of COVID-19 and across all age groups,” said Mene Pangalos, executive vice president of BioPharmaceuticals R&D at AstraZeneca.”We are confident this vaccine can play an important role in protecting millions of people worldwide against this lethal virus.” More