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    Why substituting cryptocurrency for gold exposure may be a costly mistake

    Viewing cryptocurrency as “digital gold” may be a mistake.
    State Street Global Advisors’ George Milling-Stanley, whose firm runs the world’s largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses.

    “Volatility does not back up any claims for crypto to be a long-term strategic asset as a competitor to gold,” the firm’s chief gold strategist told CNBC’s “ETF Edge” earlier this week.
    Milling-Stanley’s firm is behind SPDR Gold Shares, the world’s largest physically backed gold ETF. It has a total asset value of more than $57 billion as of last week, according to the company’s website. The ETF is up 7% year to date as of Friday’s market close.
    Milling-Stanley believes gold’s 6,000-year history as a monetary asset serves as a significant sample basis to understand the benefits of investing in gold.
    “Gold is a hedge against inflation. Gold’s a hedge against potential weakness in the equity market. Gold’s a hedge against potential weakness in the dollar,” he noted. “To me, historically, the promise of gold for investors has … overtime [helped] to enhance the returns of a properly balanced portfolio.”
    The precious metal is having trouble this year staying above the $2,000 an ounce mark. But Milling-Stanley believes the economic backdrop bodes well for gold — recession or not.

    “It’s pretty clear that we’re liable to be in a period of slow growth. … Historically, gold has always done well during periods of slower growth,” Milling-Stanley said.
    Milling-Stanley also believes the relaxation of Covid-19 restrictions in China should spark more demand for gold. It’s known as the world’s largest consumer of gold jewelry behind India, according to the World Gold Council.
    “It’s not just China and India. It’s Vietnam, it’s Indonesia, it’s Thailand and Korea. It’s a whole raft of Asian countries that are really the main drivers of gold jewelry demand,” Milling-Stanley said.
    Gold settled at $1,960.47 an ounce Friday. The commodity is up more than 7% so far this year.

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    New Covid vaccines are coming to the U.S. this fall, but uptake may be low — Here’s why

    New Covid vaccines are coming to the U.S. this fall — but many Americans may not take them.
    Pfizer, Moderna and Novavax are slated to deliver new single-strain coronavirus shots targeting the omicron subvariant XBB.1.5 in September.
    Experts told CNBC that public health officials and providers could potentially increase uptake of the shots by communicating that they will likely become a routine part of health care moving forward.

    A pharmacist delivers a COVID-19 booster dose at a Chicago CVS store.
    Antonio Perez | Tribune News Service | Getty Images

    A new round of Covid vaccines is coming to the U.S. this fall — but many Americans may not roll up their sleeves and take one.
    That’s largely because pandemic fatigue, the belief that Covid is “over” and confusion over personal risk levels could deter some people from getting an additional shot, experts in public health and health policy told CNBC.

    But they said public health officials and health-care providers could potentially increase uptake of the new vaccines by communicating a new and simple message this fall: Covid vaccines are likely going to become a routine part of protecting your health moving forward. 
    In September, vaccine manufacturers Pfizer, Moderna and Novavax are slated to deliver new single-strain Covid shots targeting the omicron subvariant XBB.1.5, the most immune-evasive strain of the virus to date. 
    It will be a “very uphill battle” to get people to take those jabs, especially given the sluggish uptake of the most recent shots that rolled out, said Jen Kates, senior vice president of the health policy research organization KFF. 
    Only about 17% of the U.S. population — around 56 million people — have received Pfizer and Moderna’s bivalent Covid vaccines since they were approved last September, according to the Centers for Disease Control and Prevention. Bivalent means they target two strains of the virus. 
    Less than half of adults 65 and older have received a bivalent shot, while rates for all other age groups sit at around 20%. 

    Pfizer, Moderna and Novavax have not provided exact estimates for what they expect uptake of their new shots to look like.
    But a Pfizer spokesperson said overall the company expects 24% of the population, or 79 million people, to receive vaccine doses in 2023, which includes both primary doses and boosters. A Novavax spokesperson said the company has started “manufacturing at risk” and is “stockpiling enough material to support the upcoming launch for the season.”
    All companies have noted that they are preparing for the federal government to shift vaccine distribution to the private market, meaning manufacturers will sell their updated shots directly to health-care providers at higher prices. Previously, the government purchased vaccines directly from manufacturers at a discount to distribute to the public for free. 
    Regardless of that shift, experts say vaccine uptake may not look much different from that of the bivalent boosters. Here’s why.

    Pandemic fatigue, confusion

    Fatigue over the pandemic and the general belief that Covid is “over” could potentially hinder the uptake of new shots this fall, experts said.
    A June poll conducted by Gallup found that 64% of Americans think the pandemic is over in the U.S. and only 18% are worried about contracting the virus.
    Ipsos and Axios released a survey with similar findings in May, the same month the U.S. ended the national Covid public health emergency amid a downward trend in cases, hospitalizations and deaths.
    But Covid is still killing people every day and isn’t going away anytime soon. Meanwhile, many Americans are becoming weary of recommendations for protection. That includes masking, testing for the virus and getting vaccinated.
    “People have essentially moved on, especially given how long the pandemic has been,” Dr. Kartik Cherabuddi, a professor of medicine at the University of Florida, told CNBC.
    He said that’s why it’s important to stress how people will personally benefit from receiving an additional vaccine this fall.
    But there’s even a bigger problem: Personal Covid risks and benefits from getting another shot have been a major area of confusion for Americans, which could also hamper the uptake.
    The confusion stems from the fact that “risk levels aren’t the same for everybody in the population right now,” and almost everyone has a different circumstance, according to Dr. Brad Pollock, chair of UC Davis Health’s department of public health sciences.
    “It’s this perception of the individual. ‘Why should I get another booster? What is my risk? Why should I do it? Is it really worth doing now, or later?'” Pollock told CNBC. “I think everybody’s confused. And when they’re confused, they probably will do nothing until there’s more clarity.”

    Safeway pharmacist Ashley McGee fills a syringe with the Pfizer COVID-19 booster vaccination at a vaccination booster shot clinic on October 01, 2021 in San Rafael, California.
    Justin Sullivan | Getty Images

    The CDC hasn’t recommended the updated shots to specific groups yet because they haven’t been approved by the Food and Drug Administration. But even after eligibility guidelines are formalized, confusion could remain.
    Those at high risk of severe Covid, such as older adults and immunocompromised people, could potentially benefit more than the general population.
    But even those patients have different circumstances: Some high-risk people may have recently received a fifth vaccine dose, which could push back when they can get the updated vaccine. Health officials usually recommend spacing out vaccinations over a specific number of months.
    Meanwhile, some healthy adults may have four doses but may be unsure about getting another because the benefit of a fifth dose for those less vulnerable to severe Covid still isn’t clear, Pollock said. 
    People who recently had Covid may also have to wait longer to get a new shot so they can maximize the protection they get from vaccination — a recommendation made when the bivalent boosters rolled out. 
    But that could get even more complicated this fall, according to Cherabuddi. He said testing for Covid has dropped to new lows over the past year, “so we don’t even know who has been infected in the last few months.” 
    Those individualized circumstances will likely make it more challenging for both health officials and health-care providers to convey clear messages about the updated vaccines this fall, Cherabuddi and other experts said.
    The Health and Human Services Department did not immediately respond to CNBC’s request for comment.
    Vaccine manufacturers have noted that they will continue to engage in a variety of outreach efforts to encourage the public to get vaccinated.

    A new message may increase rates 

    But KFF’s Kates said health officials and providers could potentially increase uptake if they communicate that Covid shots are “likely going to be more of a routine part of our health care going forward.” 
    The FDA and CDC are hoping to transition toward a flu shot-like model for Covid vaccines, meaning people will get a single jab every year that is updated annually to target the latest variant expected to circulate in the fall and winter. 

    A man walks past an urgent care facility offering flu shots in New York, the United States, on Dec. 7, 2022.
    Michael Nagle | Xinhua News Agency | Getty Images

    Kates said that schedule aims to simplify the process of getting vaccinated. For example, it will likely make it easier for Americans to remember to get a new vaccine every year and allow them to receive one with their flu shot during the same doctor’s visit.
    “People might be more open to making this a normal part of what they do,” Kates said. “That contrasts with what we’ve seen in the past where there are different vaccines, different timing, different age groups and something new to consider every few months.”
    There’s still uncertainty about whether the U.S. will update and distribute new shots on an annual basis, according to Kates.
    Advisors to the FDA have raised concerns about shifting to yearly Covid vaccines, noting that it’s unclear if the virus is seasonal like the flu. 
    A KFF poll released in April suggests that an annual schedule may boost uptake: More than half of the public said they would likely get an annual Covid shot if it was offered like an annual flu shot. That includes about a third who would be “very likely” to do so. 
    Pfizer similarly told CNBC in May that an annual Covid schedule could encourage more people to vaccinate each year. The company is preparing to shift to that schedule by developing “next-generation” versions of its shot, which aim to extend the protection people get from the virus to a full year.

    Commercial market may not change much 

    It’s unclear whether the U.S.’s shift to the commercial market will affect the uptake of the new vaccines. 
    It may not change much for insured Americans. Private insurers and the government-run Medicare and Medicaid programs are required to cover all shots recommended by the CDC, meaning most of the insured will continue to get Covid shots for free. 
    Federal and corporate programs are aiming to fill the gap for the 25 million to 30 million uninsured adults in the U.S. That includes the Biden administration’s Bridge Access Program, which plans to provide free Covid vaccines to uninsured people through 2024. 
    Kates said it’s “still hard to gauge” how many uninsured people will benefit from those efforts. 
    She also noted that a shift in access could potentially lower uptake among the group. “Somebody might be worried that they won’t get their vaccine covered or they’ll be asked to pay for it when they can’t afford it. That could be a big deterrent,” Kates said. 
    But Dr. Helen Chu, an epidemiology professor at the University of Washington, said the uninsured have continued to lag behind their insured counterparts in terms of vaccine uptake even “when shots were freely available to them.”
    A KFF survey conducted in March found that only 22% of uninsured Americans under 65 were both vaccinated and boosted against Covid, compared with 44% of insured people in that age group. Another KFF survey from mid-2021 showed similar findings.
    “I’m not sure that a person’s insurance status was necessarily the driver of the low uptake we’ve seen, or whether it will be the driver of potentially low uptake in the fall as well,” Chu told CNBC.  More

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    Johnson & Johnson effort to resolve talc cancer lawsuits in bankruptcy fails a second time

    A federal bankruptcy judge rejected Johnson & Johnson’s second attempt to resolve tens of thousands of lawsuits alleging the company’s talc products caused cancer. 
    J&J in 2021 offloaded those talc liabilities into a new subsidiary, LTL Management, and immediately filed for Chapter 11 bankruptcy protection. 
    Judge Michael Kaplan said in an opinion that LTL Management’s second bankruptcy must be dismissed because its subsidiary was not in “imminent” or “immediate financial distress.” 

    In this photo illustration, a container of Johnson and Johnson baby powder is displayed on April 05, 2023 in San Anselmo, California. 
    Justin Sullivan | Getty Images

    A federal bankruptcy judge on Friday rejected Johnson & Johnson’s second attempt to resolve tens of thousands of lawsuits alleging the company’s talc baby powder and other talc-based products caused cancer. 
    J&J in 2021 offloaded those talc liabilities into a new subsidiary, LTL Management, and immediately filed for Chapter 11 bankruptcy protections. 

    related investing news

    2 days ago

    Judge Michael Kaplan in Trenton, New Jersey, said in an opinion that LTL Management’s second bankruptcy must be dismissed because the subsidiary was not in “imminent” or “immediate financial distress.” A U.S. appeals court in April dismissed the first bankruptcy attempt over the same reason. 
    The decision jeopardizes J&J’s proposed $8.9 billion settlement that would stop new lawsuits from being filed. The company previously said more than 60,000 claimants have already committed to voting in favor of the plan.
    “LTL commenced its bankruptcy case in good faith and in strict compliance with the Bankruptcy Code,” J&J said in a statement. 
    “The Bankruptcy Code does not require a business to be engulfed in ‘flames’ to seek a reorganization supported by the vast majority of claimants,” said Erik Haas, J&J’s worldwide vice president of litigation in the statement.
    J&J contends that research and clinical evidence demonstrates that its talc products remain safe. More

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    Stocks making the biggest moves midday: Intel, Roku, Sweetgreen, Ford and more

    Signage outside Intel headquarters in Santa Clara, California, Jan. 30, 2023.
    David Paul Morris | Bloomberg | Getty Images

    Check out the companies making headlines in midday trading. 
    Intel — The chip stock jumped more than 6% after the company posted better-than-expected second-quarter earnings results. The latest quarter marked a return to profitability after two consecutive losing periods. Intel’s forecast for the third quarter also came in above analyst expectations.

    Roku — Shares popped 31% after the company reported a smaller-than-expected loss for the recent quarter. The streaming stock posted a loss of 76 cents a share, ahead of the $1.26 loss per share expected by analysts, according to Refinitiv. Revenue came in at $847 million versus the estimated $775 million.
    New York Community Bancorp — The regional bank stock added 4.9% after JPMorgan upgraded shares to overweight from neutral, calling it a “massive market share taker” in the near and medium term.
    Biogen — The biotech company rose nearly 1% after the company said it’s acquiring Reata Pharmaceuticals for $172.50 per share, in a cash deal valued at about $7.3 billion. Shares of Reata popped 54% following the news.
    Procter & Gamble — The consumer giant’s stock climbed nearly 3%, boosting the blue-chip Dow Jones Industrial Average. The rally came after the company reported quarterly earnings and revenue that beat analysts’ expectations. P&G did release a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street estimates, however.
    Exxon Mobil — The oil giant saw its shares dip 1.2% after the company posted mixed second-quarter results. The company reported earnings of $1.94 a share, excluding items, lower than the $2.01 estimate by analysts, per Refinitiv. Revenue came in at $82.91 billion, above the expected $80.19 billion.

    Enphase Energy — The solar stock dropped nearly 7% to hit a 52-week low after the company posted a revenue miss. Enphase said its second-quarter revenue reached $711 million, falling short of analyst estimates of $722 million, according to Refinitiv. Deutsche Bank, Wells Fargo and Roth MKM downgraded the stock following the disappointing report.
    Boston Beer — The alcohol beverage company saw its shares soar more than 16% following a stronger-than-expected quarterly report. Boston Beer posted earnings of $4.72 per share, well above an estimate of $3.38 per share from FactSet. Its revenue also came in above expectations.
    Sweetgreen — Shares of the salad chain slid nearly 9% after the company posted weak sales that missed Wall Street expectations in the second quarter and a net loss of $27.3 million, or 24 cents per share. Sweetgreen also reported narrowing losses and raised its forecast for restaurant-level margins. It’s aiming to turn a profit for the first time by 2024.
    Ford Motor — The automaker saw shares fall more than 3% after it said the adoption of electric vehicles is going more slowly than expected and that it expects to lose $4.5 billion on the EV business this year, widening losses from roughly $3 billion a year earlier. Otherwise, Ford posted strong quarterly earnings that beat Wall Street expectations and raised its full-year guidance.
    T. Rowe Price — Shares of the asset manager jumped more than 8% after T. Rowe Price reported stronger-than-expected earnings for the second quarter. The company earned an adjusted $2.02 per share on $1.61 billion of revenue. Analysts surveyed by Refinitiv were expecting $1.73 per share on $1.6 billion of revenue. CEO Rob Sharps said in a press release that T. Rowe Price has “identified substantial cost savings” that will slow expense growth going forward.
    — CNBC’s Jesse Pound, Tanaya Macheel and Samantha Subin contributed reporting.
    Correction: T. Rowe Price earned an adjusted $2.02 per share. A previous version misstated the figure. More

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    As Ford loses billions on EVs, the company embraces hybrids

    Ford executives said the automaker is working on a slate of new hybrid models.
    The comments run slightly counter to recent messaging from the Detroit automakers.
    “What the customer really likes is when we take a hybrid system that’s more efficient for certain duty cycles and then we add new capabilities because of the batteries,” CEO Jim Farley said after the company’s second-quarter earnings report.

    Ford Motor Co. displays a new 2021 Ford F-150 pickup truck at the Rouge Complex in Dearborn, Michigan, Sept. 17, 2020.
    Rebecca Cook | Reuters

    Heads up, hybrid fans: Ford Motor is working on a whole bunch of new hybrid models.
    “You’re going to see a lot more hybrid systems from us,” CEO Jim Farley said Thursday after the company reported second-quarter earnings that revealed widening losses on its electric vehicles unit.

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    The comments run slightly counter to recent messaging from the Detroit automakers, which have touted the performance and popularity of all-electric favorites as the industry moves to meet EV targets. The hybrid hype, however, falls more closely in line with global hybrid leader Toyota, which has faced criticism for what some saw as resistance to the EV transition.
    To be clear, Ford isn’t turning away from its much-touted EV push, though it said Thursday that its EV ramp-up may take longer than it had previously anticipated.
    But even as it spends billions to ramp up EV production, it’s planning to bring more hybrid options to market, driven by the success of its current gasoline-electric options.
    “We have been surprised, frankly, at the popularity of hybrid systems for F-150,” Farley said during Ford’s second-quarter earnings call. More than 10% of F-150 pickup customers are opting for the hybrid model, Farley said, and that percentage has been increasing.
    Ford also offers a hybrid version of its small Maverick pickup. That has been an even greater success, Farley said, with more than half of Maverick buyers — 56% — choosing the $1,500 optional hybrid powertrain over the standard four-cylinder engine.

    But why double down on hybrids just as the industry is making a big push toward pure EVs?
    “What the customer really likes is when we take a hybrid system that’s more efficient for certain duty cycles and then we add new capabilities because of the batteries,” Farley said.
    Among those new capabilities: Ford’s “Pro Power Onboard” system, which gives customers the ability to tap the truck’s electricity via outlets in the pickup bed to power tools at a job site — or a refrigerator at a tailgate party — eliminating the need to carry a separate generator.

    An available 7.2 kilowatt onboard generator that Ford is calling the “Pro Power Onboard” features four 120V 20A outlets and one NEMA L14-30R 240V 30A on the 2021 Ford F-150.

    “We’re seeing a lot of customers like that combination of using the batteries for something beyond just moving the vehicle,” Farley said. “And so we’re just listening to the market.”
    Ford has heavily promoted the capabilities of its battery-electric F-150 Lightning pickup, which offers the ability to power an entire house for several days.
    It may be that in hearing from customers, Ford has determined the popularity of that capability is outrunning the willingness to go all electric. As executives noted Thursday, EV adoption is moving more slowly than expected.
    So, in the meantime, Ford can offer power-hungry but EV-wary drivers an in-between option, with hybrid options across its internal-combustion lineup.
    “But don’t think of them in the traditional sense of an Escape hybrid or a [Toyota] Prius,” Farley said. “They’re probably going to come to light differently than most people think.”
    “And customers like that.” More

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    $20 an hour, clothing stipend, meals: How a Big Four firm is trying to get teens interested in accounting

    Life Changes

    KPMG is offering high school interns $20-$22 an hour to encourage more teenagers to consider a career in accounting and help fix the talent pipeline problem.
    Nationwide, accounting firms are facing a significant staffing shortage.
    The profession’s lack of diversity is one of the reasons the industry has failed to attract young talent, studies show.

    KPMG is offering high schoolers paid internships to help fix accounting’s staffing shortage.

    By her own admission, Autumn Kimborough, 17, didn’t have a passion for accounting. But the rising high school senior from Flossmoor, Illinois, heard about a well-paid summer internship at KPMG, which included a $250 clothing stipend, and got excited.
    For the first time, the Big Four accounting firm organized a three-week session geared toward high schoolers with the specific goal of encouraging younger adults to consider a career in the field, according to Jennifer Flynn, KPMG’s community impact lead.

    Nearly 200 teenagers are participating in the summer internship program, which pays $20 or $22 an hour plus clothing and transportation stipends and meals, and includes a business etiquette class, among other skill-building tools.
    More from Personal Finance:This strategy could shave thousands off the cost of collegeHow to understand your financial aid offerThe cheapest states for in-state college tuition
    Students are also paired with mentors who track their progress. “We wanted to make sure our interns are getting a really full experience,” Flynn said.
    “I had some preconceived notions that it’s sitting at a desk,” Kimborough said, about being a CPA. “Now I’ve learned that with accounting you can travel and meet people and that drew me in.”

    Accounting firms face a shortage of CPAs

    Accounting firms have been facing a significant staffing shortage.

    Between the long hours, stressful deadlines and unflattering stereotype, more people are quitting the profession than going into it.
    Instead, students straight out of college are choosing to pursue careers in related fields such as investment banking, consulting or data analysis. The additional credit hours required to earn a certified public accountant license don’t help either.
    To tap the next generation of number crunchers, other accounting firms and nonprofit groups are also trying new strategies to address the talent pipeline problem by appealing directly to teenagers.

    Recently, The Deloitte Foundation, Urban Assembly and Outlier.org, which works with schools to offer for-credit online college courses, kicked off a dual enrollment pilot program in New York.
    Starting in the fall, some public high school juniors and seniors can take an Intro to Financial Accounting class and earn three college credits through the University of Pittsburgh, which they can then transfer to the college of their choice.
    The goal is also to inspire more diverse students to consider accounting careers.

    This isn’t the sexiest of professions.

    Elena Richards
    KPMG’s chief diversity, equity and inclusion officer

    “We know this isn’t the sexiest of professions,” said KPMG’s chief diversity, equity and inclusion officer Elena Richards. “We are really trying to focus on starting earlier and broadening the reach.”
    “This is our way of getting them to know this is a profession that has a lot of opportunities.”
    The profession’s lack of diversity is another reason the industry has failed to attract young talent, separate studies show. Just 2% of CPAs are Black and 5% are Hispanic despite significant job opportunities in the field, according to a recent AICPA Trends Report.
    Accounting often ranks among the top jobs with the best future outlook and six-figure salaries, according to other reports.
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    ULA CEO says Vulcan rocket will still fly this year after engine explosion, as launch competition heats up

    United Launch Alliance still plans to fly its heavy-lift Vulcan rocket by late 2023 — despite suffering a mishap earlier this year after an engine exploded during testing.
    As military space launches foresee a capacity crunch, the U.S. Space Force plans to expand its list of rocket launch providers beyond ULA and SpaceX, possibly opening opportunities in the competitive landscape.
    ULA CEO Tory Bruno hints at talks with smaller players to obscure military payloads to counter adversaries’ anti-satellite capabilities.

    The Vulcan rocket for the Cert-1 mission stands at SLC-41 during testing in Cape Canaveral, Florida, May 12, 2023.
    United Launch Alliance

    United Launch Alliance still plans to fly its heavy-lift Vulcan rocket by late 2023 — despite suffering a mishap earlier this year after an engine exploded during testing.
    CNBC previously reported that one of Blue Origin’s BE-4 engines, ordered for ULA’s second Vulcan rocket launch, detonated last month. ULA CEO Tory Bruno said in an interview for CNBC’s “Manifest Space” podcast that the engine faced setbacks during its acceptance phase, but that such occurrences are not uncommon.

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    “[It] happens in a production run on a rocket — somewhere on the rocket — pretty much every month, and it won’t be news once the other things we’re doing are less interesting,” Bruno explained. “The ones at the launch site have already been through this successfully and even been hot fired in the flight readiness firing.”
    Vulcan’s first flight has been delayed several times due to necessary modifications. The debut flight will launch two demo satellites for Amazon’s Project Kuiper. The tech giant is planning on spending $120 million on building a facility at NASA’s Kennedy Space Center for developing satellites for its internet service network.
    United Launch Alliance, the joint venture of Lockheed Martin and Boeing, is one of two key launch partners for the satellite project, in addition to Jeff Bezos-backed Blue Origin.

    Follow and listen to CNBC’s “Manifest Space” podcast, hosted by Morgan Brennan, wherever you get your podcasts.

    Once United Launch Alliance successfully conducts its first two Vulcan missions, the U.S. Space Force will consider clearing the heavy rocket for national security launches. The military division equally divided contracts between ULA and SpaceX for the 12 military missions it’s designated for launch in 2025, with Vulcan selected to fly two missions for the National Reconnaissance Organization.
    While only two companies are currently cleared for national security space launches, the Space Force is expanding its list of future rocket launches — and opening the program up to more launch providers.

    When asked about the expanded program, Bruno told CNBC that ULA is seeking clarity from the Space Force.
    “There is certainly an effort for capacity,” Bruno said. “But in terms of a competitive landscape, it’s not competition if everybody wins.”
    The growing demand for military space, however, speaks to a key focus for Bruno: that space is not simply a force multiplier, but “absolutely required for basic military effectiveness” against other nations, particularly China.
    As the country has rapidly developed anti-satellite weaponry, the ULA CEO hinted that the company is looking to accelerate its in-space services. According to Bruno, United Launch Alliance is in talks with smaller players to obscure the location of military payloads once they’re in orbit, thereby making it more difficult for opponents to target them.
    “It’s a little bit of a fever pitch,” Bruno said. “We have to deal with this problem urgently.”

    “Manifest Space,” hosted by CNBC’s Morgan Brennan, focuses on the billionaires and brains behind the ever-expanding opportunities beyond our atmosphere. Brennan holds conversations with the mega moguls, industry leaders and startups in today’s satellite, space and defense industries. In “Manifest Space,” sit back, relax and prepare for liftoff. More

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    Procter & Gamble sales rise slightly, fueled by higher prices

    Procter & Gamble beat Wall Street’s expectations for its quarterly earnings and revenue.
    But the company issued a fiscal 2024 outlook that fell short of Wall Street’s expectations.
    For the fifth consecutive quarter, P&G’s volume fell.

    Tide laundry detergent is shown on display in Compton, California, U.S., January 10, 2017. 
    Mike Blake | Reuters

    Procter & Gamble on Friday reported quarterly earnings and revenue that beat analysts’ expectations, thanks to price hikes for products like Crest toothpaste and Pampers diapers.
    But the company released a gloomy outlook for its fiscal 2024 sales that fell short of Wall Street’s estimates.

    Still, shares of P&G rose 1.5% 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: $1.37 vs. $1.32 expected
    Revenue: $20.55 billion vs. $19.98 billion expected

    The Tide detergent owner reported fiscal fourth-quarter net income of $3.38 billion, or $1.37 per share, up from $3.05 billion, or $1.21 per share, a year earlier.
    Net sales rose 5% to $20.55 billion. Its organic revenue, which strips out the impact of foreign currency, acquisitions and divestitures, increased 8% in the quarter.
    For fiscal 2024, P&G is forecasting that its revenue will grow 3% to 4%, lower than Wall Street’s expectations of 4.5% sales growth. The company is also projecting earnings per share growth of 6% to 9%, which is on the lower end of analysts’ forecast of 8.8%.

    But one bright spot is a $400 million after-tax benefit from favorable commodity costs, even including currency tail winds.
    For roughly two years, P&G has been raising prices on its products to mitigate higher commodity costs. Yet customers haven’t been as willing to stick with P&G’s brands, leading to five consecutive quarters of volume declines. Volume excludes the impact of currency and pricing changes to reflect demand.
    P&G’s volume fell 1% during the quarter.
    The company’s health-care segment reported the largest drop in volume at 3%. The division, which includes Oral-B and Pepto-Bismol, scared off North American customers with its higher prices, according to P&G. Europe and Asia-Pacific also saw market contractions.
    P&G’s fabric and home-care business, which includes Tide and Febreze, saw its volume fall 2%. The company said customers in China were buying fewer fabric-care products, like Bounce dryer sheets and Downy detergent.
    The company’s grooming segment, which includes Gillette and Venus razors, reported its volume shrank 1% in the quarter.
    P&G’s baby, feminine and family care and beauty segments reported flat volume for the quarter. More