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The United Nations is warning that the impacts of global climate change are entering “uncharted territories of destruction” as countries fail to set adequate targets to reduce greenhouse gas emissions.
The report, compiled by the World Meteorological Organization, said climate-related disasters have increased fivefold over the past five decades and are costing $200 million a day.
U.N. Secretary-General Antonio Guterres cited this year’s floods in Pakistan, heat waves in Europe and record drought conditions in parts of the U.S. and China as failures to combat climate change and curb fossil fuel production.

Boys, victims of the flood, reach out for food from a relief worker, following rains and floods during the monsoon season in Nowshera, Pakistan August 30, 2022.
Fayaz Aziz | Reuters

The United Nations is warning that the impacts of global climate change are entering “uncharted territories of destruction” as countries fail to set adequate targets to reduce greenhouse gas emissions.
The report, compiled by the World Meteorological Organization (WMO), said climate-related disasters have increased fivefold over the past five decades and are costing $200 million a day.

U.N. Secretary-General Antonio Guterres cited this year’s floods in Pakistan, heat waves in Europe and record drought conditions in parts of the U.S. and China as failures to combat climate change and curb fossil fuel production.
“There is nothing natural about the new scale of these disasters. They are the price of humanity’s fossil fuel addiction,” Guterres said in a statement. “This year’s United in Science report shows climate impacts heading into uncharted territories of destruction … . Yet each year we double-down on this fossil fuel addiction, even as the symptoms get rapidly worse.”
The report, citing data collected by several U.N. agencies and partners, said global climate-mitigation pledges are insufficient to meet the goals of the Paris Agreement as concentrations of greenhouse gases continue to reach new highs.

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Last year, nearly 200 nations came together at the U.N. global climate summit in Glasgow, Scotland, to unveil new pledges on methane gas pollution, deforestation and coal financing, among other things. But today’s report said that global climate pledges for 2030 must be four times higher to limit global warming to 2 degrees Celsius and seven times higher to get on track to limit global warming to 1.5 degrees Celsius.
Scientists said there’s a 48% chance that the global temperature rise compared to preindustrial times will reach 1.5 degrees Celsius in the next five years. And there’s a 93% percent chance that one year in the next five will experience record heat.

The report comes after a study published last week in the journal Science warned that a failure to mitigate global warming to the targets set by international accords will likely set off a slew of tipping points when changes in a major portion of the climate become irreversible. Tipping points include the loss of ice sheets in Greenland and West Antarctica and the death of coral reefs.
“It is more important than ever that we scale up action on early warning systems to build resilience to current and future climate risks in vulnerable communities,” WMO Secretary-General Petteri Taalas said in a statement.

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Boeing logged 26 net orders for planes last month, more than a dozen 737 Max jets.
The manufacturer’s deliveries rose to 35 planes in August, after handovers of the 787 Dreamliner returned.
Supply chain issues has slowed aircraft production growth this year, according to Airbus and Boeing executives.

The Lufthansa Boeing 787-9 aircraft stands on its parking position at Frankfurt Airport, with another Lufthansa aircraft in the background. The first Boeing 787-9 jet landed at its new home base in Frankfurt.
Hannes P. Albert | Picture Alliance | Getty Images

Boeing’s deliveries rose to 35 planes last month, helped in part by a resumption in handovers of new 787 Dreamliners to airlines.
Manufacturing flaws had paused deliveries of the wide-body Dreamliners for much of the past two years.

Germany’s Lufthansa and Dutch airline KLM were among the customers that received new Dreamliners in August after the planes were cleared by the Federal Aviation Administration, Boeing said. Each carrier received one plane apiece.
The two Dreamliners American Airlines received last month were not included in the tally. Those jets were flown to Victorville, California, for Boeing to install Wi-Fi equipment and other items in the planes’ interiors.
Boeing also logged 26 net orders for new planes last month, half of them for 737 Max aircraft. Its net orders for the year stand at 388 and deliveries at 277 planes. That trails the 637 net orders and 380 deliveries rival Airbus has reported.
Both manufacturers have said supply chain constraints are limiting their abilities to ramp up production despite the surge in air travel.

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Holiday sales are forecast to grow from last year, though the increase will likely be driven by inflation.
Consumers are expected to be more budget conscious as inflation pushes up prices for groceries and other necessities.
Discounting is expected to continue at least through the holidays.

Shoppers hold hands at the Willow Grove Park Mall in Willow Grove, Pennsylvania, November 14, 2020.
Mark Makela | Reuters

Retailers are scrambling to prepare for the fast-approaching holiday shopping season, but sales growth is expected to be muted this year as consumers cope with tightening budgets.
A spate of reports say shoppers are likely feeling thrifty as they face higher prices for groceries and other necessities. The consumer price index has climbed 8.3% over the past year, according to Tuesday’s Bureau of Labor Statistics report. As a result, holiday sales growth is expected to be driven largely by inflation.

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Already, retailers have relied heavily on discounts to move excess inventory and clear shelves in time for the holiday shopping season, which typically kicks off with Black Friday after Thanksgiving. It’s a critical time for retailers and can account for upwards of 40% of a company’s annual sales.
Here’s what forecasts say shoppers and retailers can expect.

A more muted season

On paper, this holiday season’s sales may appear healthy, with Bain & Co. forecasting growth of as much as 7.5% from last year. But when adjusted for inflation, it expects growth of just 1% to 3%, which is below its 10-year average. 
The modest forecast follows the 14.1% jump for last year’s holiday season, according to the National Retail Federation. That increase was chalked up to shoppers being eager to spend their savings as pandemic restrictions eased, even as supply chain bottlenecks slowed deliveries.
Now, consumers and retailers alike are facing a bleaker reality. A poll commissioned for CNBC by Morning Consult showed more than half of consumers are either somewhat or very concerned about staying within their holiday-spending budgets, and 80% expect to be affected by inflation.

The poll also found 52% of respondents said it will be harder to afford their holiday expenses this year than in 2021.
“It’s for sure a year in transition,” said Matt Kramer, KPMG’s national sector leader for consumer and retail.
With consumers being cautious about spending this year, he said retailers will need to push discounts.

Markdowns galore

Retailers are expected to continue leaning on promotions, a lever they’ve grown familiar with while struggling to adjust to changing shopping habits in recent months.
As pandemic restrictions eased and people started going out more, many companies found they had stocked up too much on items people didn’t want anymore. That forced them to heavily discount products to clear shelves and make room for the holidays.
In August, Target reported a steep drop in earnings and slashed financial outlooks following steep markdowns. Walmart in July opted out of competing with Prime Day after it was forced to significantly slash prices to move its own inventory.
The discounting is expected to continue into the holiday season, with 73% of retail executives telling KPMG their stores will be more promotional, and 21% saying they plan to be “much more” promotional. 
Though down slightly from last year, the vast majority of retailers also still expect to participate in the Black Friday and Cyber Monday sales.

Online vs. in-store sales

Holiday shopping could start as early as October as shoppers start hunting for deals early, according to Mastercard SpendingPulse.
That report also predicts that clothing will have the strongest growth as people returning to offices opt for nicer outfits. Executives from Nordstrom and Macy’s noted the growing demand for such clothing at the Goldman Sachs Annual Global Retailing Conference last week. 
Sales of luxury goods are also expected to be relatively strong, according to Mastercard SpendingPulse, echoing the summer’s reports of continued strength in spending among higher-income consumers.
In-store sales are forecast to grow 7.9% as retailers lean into doorbusters and capitalize on people going out to shop again this year, according to Mastercard SpendingPulse. Online sales are expected to grow 4.2%.
A report by Deloitte, however, estimates stronger e-commerce growth of between 12.8% and 14.3%, which it attributed to budget-focused consumers going online to find deals and compare prices.

Back to promotions?

Even if retailers see stronger sales this holiday season, 92% of executives surveyed by KPMG said they expect a recession in the near future. Eighty-one percent said they believe a recession would last a year or less.
To prepare, 52% of retailers said they would seek to cut indirect expenses, while 42% said they would invest in customer loyalty, reduce direct expenses and reduce inventory. 
The summer’s inventory gluts could also come back to haunt retailers, with 56% percent of executives expecting to be stuck with excess merchandise after the holidays. That could lead to even more discounting.
The worries are a stark contrast to the 2021 holiday season, which was marred by shortages and supply chain bottlenecks.
“Retailers who were able to clear past merchandise and accurately forecast inventory needs will be the best positioned for growth,” said Steve Sadove, senior advisor for Mastercard and former CEO and chairman of Saks Inc. 

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The Harlem Globetrotters make their return to TV on Oct. 1 in “Harlem Globetrotters: Play it Forward,” a weekly show on NBC.
Hosted by Craig Robinson of “The Office,” it will showcase the players’ talents and their connections to local communities.
Each episode will focus on the inspirations and interests of team members.

SYDNEY, AUSTRALIA – JULY 03: Bounce Moody scores a slam-dunk during the Harlem Globetrotters Spread Game Tour at Qudos Bank Arena on July 03, 2022 in Sydney, Australia. (Photo by Nathan Hopkins/Getty Images)
Nathan Hopkins | Getty Images Sport | Getty Images

The Harlem Globetrotters are returning to network TV for the first time in more than 40 years.
The world-famous exhibition basketball team known for its spectacular ball handling and humorous antics will appear in a weekly show called “Harlem Globetrotters: Play it Forward” on NBC.

The show, which debuts Oct. 1, will be hosted by Craig Robinson of “The Office.” It will showcase the players’ talents and their connections to local communities, including volunteer initiatives and fundraising. The Globetrotters also previously participated in efforts such as anti-bullying campaign T.E.A.M. Up and Hoops for the Troops.
“Many of us grew up watching and admiring the Globetrotters,” said Frank Biancuzzo, president of Hearst Media Production Group, which is partnering with the team to produce the show. “They are magicians on the basketball court and true role models in the community. We’ll bring that compassion, energy and excitement to the new weekly series.”
Each episode will focus on team members’ inspirations and interests, including space exploration with NASA, financial responsibility and literacy, urban farming, and female empowerment.
The move back to television is a way for the Harlem Globetrotters to expand their reach with a new generation of fans, said Keith Dawkins, president of the Harlem Globetrotters.

Craig Robinson will host “Harlem Globetrotters: Play it Forward” a new 30-minute weekly show airing on NBC.
Hearst Media Production Group

Previously, the Harlem Globetrotters appeared in a Saturday morning cartoon produced by Hanna-Barbera and CBS, which featured animated versions of players from the basketball team. The show aired from 1970 to 1971 and followed a weekly formula where the team would travel to try and help settle local issues over a basketball game.

Typically, the opposing team would do something to rig the contest, but the Globetrotters would find a away to even the odds and win the game. The formula was repeated for “The Super Globetrotters,” a 1979 animated series from Hanna-Barbera that aired on NBC.
The team also appeared in a live-action Saturday morning variety show in the 1970s called “The Harlem Globetrotters Popcorn Machine,” which showcased the characters’ skills through comedy skits and educational segments.
The new 30-minute show will be live-action and air on Saturdays at 11 a.m. ET during NBC’s “The More You Know” programming block.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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U.S. airlines are facing a severe pilot shortage.
Management consulting firm Oliver Wyman estimates the industry is facing a deficit of about 8,000 pilots, or 11% of the total workforce, and says the shortfall could reach 30,000 pilots by 2025.

In a bid to slash costs during the Covid pandemic, airlines grounded planes, and offered early retirement packages to thousands of senior pilots. Carriers have also seen fewer pilots coming from the military which has faced recruitment issues of its own.
“It’s great to see that there’s such a need for pilots, but there’s a level of, how did this happen that you’re almost standing on a street corner, step right up, come be a pilot, I mean it, here’s some money,” said Dennis Tajer, spokesman for the Allied Pilots Association and a pilot with American Airlines. “That’s a sign that we have failed as an institution.”
To attract the next generation of pilots, carriers are moving more of their early training programs in-house. 
Alaska Airlines’ Ascend Pilot Academy, launched earlier this year, offers would-be aviators financial incentives and employment opportunities. United Airlines has a similar program.
So what led to the shortage of pilots in the U.S., and what are carriers like United, Delta and Alaska doing to fix the problem?

Watch the video to learn more.
Watch more:
Can The North Face compete with Patagonia?How airlines are dealing with rising air rage cases

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European satellite broadband operator SES wants to distinguish its services from the likes of industry challengers in SpaceX’s Starlink and Amazon’s Kuiper.
SES CEO Steve Collar said company’s services, supported by satellites orbiting further above the Earth’s surface than rivals’, deliver more powerful, “high-end” connectivity for more demanding enterprise and government uses.
A shift is underway in the space industry’s largest market – satellite communications – from video broadcast to data services, highlighted by a flurry of consolidation in the sector.

CEO Steve Collar

PARIS — European satellite broadband operator SES wants to distinguish its services from the likes of industry challengers in SpaceX’s Starlink and Amazon’s Kuiper, as the company looks to reinforce its market position.
SES CEO Steve Collar, speaking to CNBC at the annual World Satellite Business Week conference, said his company’s services, supported by satellites orbiting further above the Earth’s surface than the new rivals’, deliver “high-end” connectivity for more demanding enterprise and government uses.

“We deliver effectively the satellite equivalent to dedicated fiber to a commercial building,” he said, as opposed to the “best effort,” “contended service” that consumer households receive.
Collar’s company operates broadband satellites in two different types of orbits: Geosynchronous (GEO) and Medium Earth Orbit (MEO), whereas SpaceX and Amazon’s networks are designed for Low Earth Orbit (LEO) and aim to increase both the speed and coverage area compared with traditional systems.
SpaceX is currently leading among those building LEO broadband networks. Starlink has about 3,000 satellites in orbit and around 500,000 total customers, most of which are individual consumers. Starlink also recently signed an agreement with Royal Caribbean Cruises to offer satellite internet onboard.
But SES has its own partnership with the cruise company, and Collar estimated his company delivers about half of Royal Caribbean’s current satellite services. Starlink, he said, is “not the same service that we deliver.”
“I think what [Royal and Starlink] are looking to do is create a sort of thin layer of connectivity that they can use for all ships, and then have additional services onboard the largest ships that need the high throughput and guaranteed connectivity,” Collar said.

“I’m not sure that architecturally SpaceX can deliver a non-contended service — I think their whole thing is effectively a best effort service,” Collar added.
SES is adding to its existing MEO constellation of satellites with upgraded satellites called mPOWER. The first pair will launch by the end of this year and begin operations next year, Collar said.
The company wants to further build out its MEO network and aims to have satellites orbiting from pole-to-pole, instead of just over equatorial regions.
SES last month reported results for the first half of the year, with revenue of 899 million euros, up about 3% from the year before, and an adjusted EBITDA profit of 545 million euros that was flat year over year.
Collar noted a decline in SES’ core satellite video business, but said that was expected.
A shift is underway in satellite communications – the space industry’s largest market – from video broadcast to data services, highlighted by a flurry of consolidation in the sector. Two major mergers are underway, with European GEO operator Eutelsat merging with British LEO challenger OneWeb, and U.S. GEO operator Viasat buying British GEO operator Inmarsat.
Collar said video “will continue to decline low single digits from now until the end of time … But it’s going to be there along the line and it’s generating all the cash for us.”
On the potential for SES to explore major M&A, having reportedly discussed a deal with U.S. group Intelsat, Collar said that his company is “not in a huge hurry.”
“We’re in great shape. We’ve basically got a new fleet, which is in and of itself interoperable. We’ve got a unique position in MEO, and the strongest balance sheet in the traditional industry,” Collar said.
“If something like this make sense for our shareholders … we’ll do it, but we don’t feel the compelling need in the same way as perhaps some of the other guys would have,” he said.

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Americans love big cars. 
It gave the world Cadillacs with massive tailfins and oversize pickup trucks. 

In Europe, for example, small cars like city cars, subcompacts, and compact cars made up more than 35 percent of sales in 2021, according to industry analyst JATO Dynamics. In the United States, those three segments made up just over 10 percent of sales. 
Consumer demand has driven automakers to make vehicles bigger and bigger, and regulatory loopholes favoring trucks, some industry analysts say, also have played a part in that shift. 
But there are downsides. Big cars are more expensive — often much more — and, especially if they burn gasoline, more harmful to the environment. Accidents involving these bigger cars also contribute to more fatalities on American roads than smaller vehicles, some research has found.
Watch the video to learn more.

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Flights for the holidays will be the most expensive in five years, fare-tracker Hopper said Monday.
Strong demand and limited capacity will keep fares aloft.
Travel experts recommend flexibility and traveling outside of the busiest travel days.

Los Angeles, CA – November 23: An air travel passenger is hugged while being picked up amid a long line of travelers awaiting rides after arriving at Los Angeles International Airport terminal 1 for the Thanksgiving holiday in Los Angeles on Tuesday, Nov. 23, 2021.
Allen J. Schaben | Los Angeles Times | Getty Images

If you’re thinking about flying over Thanksgiving or Christmas, get ready to pay up.
Flights for the holidays will be the most expensive in five years, fare-tracker Hopper said Monday.

Average domestic airfare for trips over Thanksgiving is $350, and international round trips are going for an average of $795 — both mark a 22% increase compared with 2019, before the Covid pandemic, Hopper said.
Domestic round-trip tickets over Christmas, which falls on a weekend this year, are nearly a third more expensive than 2019, averaging $463, while international is up 26% to $1,300, according to Hopper’s data.
Traveling during peak-demand days, like the Wednesday before Thanksgiving or the days leading up to Christmas, always command higher prices. Travel experts recommend flexibility and traveling outside of the busiest travel days.
But Brett Snyder, founder of the Cranky Flier travel website and a former airline manager, warns cheap fares might be hard to find on any day this holiday season because airlines have improved their control over how many seats they sell.
“Airlines are so much better at this now,” Snyder said. “Now they just fly a lot fewer flights on Christmas Day. If it is cheaper, it’s not significantly cheaper.”

Many of the factors that contributed to a chaotic summer for air travel — a shortfall of planes, staff and a backlog of training — aren’t immediately easing, which will limit flying capacity going forward. That also means prices are likely to remain elevated, though they’re already off the year’s peaks.
Hopper’s lead economist, Hayley Berg, recommends booking holiday travel no later than mid-October and said, “If you see a good price, even a price that looks reasonable to you, we recommend you book.”

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