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    The power of small gestures

    When labour markets are tight, the perks tend to get better. Spotify is rolling out a new corporate-subscription package, enabling firms to offer the streaming service to their employees. If you are sufficiently high up at Goldman Sachs, you are now entitled to take as much holiday as you want (this is a nominal perk; no one who cherishes work-life balance gets to climb the ladder at Goldman in the first place). Salesforce has a ranch in California to which it can send workers for in-person get-togethers. If you work long enough for Blue Origin, you might get blasted into space. For firms that don’t own rockets or ranches, it can seem hard to compete. The good news is that small gestures of appreciation can have an outsized effect on employee satisfaction and loyalty. The bad news is that they are not meant to be scaled up. Several pieces of research look at the effect that acts of thoughtfulness can have on staff. In one recent study by academics at King’s College London and Harvard Business School, a group of social workers was randomly divided in two: members of one group got a letter of thanks for their work from their line manager, and members of the other got nothing. A month later, recipients of the letter reported feeling much more valued than their counterparts. In similar vein, a study in 2010 found that university fundraisers who were personally thanked for their work by a senior member of staff made many more calls to ask alumni for donations in the week following this small act of recognition than they had in the week before. There was no statistically significant change for an unthanked control group. Another study involved workers at a Coca-Cola facility in Madrid, some of whom had secretly been told to perform acts of kindness to a subset of their colleagues (bringing someone a drink, say, or emailing them a note of thanks). Both givers and receivers of these acts reported feeling higher levels of job satisfaction; and the receivers ended up doing other colleagues more favours, too. Such studies carry two lessons for employers. One is that recognition can have a meaningful impact on workers. The other is that this impact is amplified if shows of appreciation are personal and unexpected. In their haste to act on the first lesson, plenty of companies completely forget the second. Many firms now run formal employee-recognition initiatives, from rewards programmes to award schemes. Vendors offer clients a variety of services, including internal noticeboards on which colleagues can publicly thank each other for their work and bestow points that can be redeemed for gifts and experiences. The website of one vendor offers managers advice on what to say to employees to make them feel recognised, because absolutely nothing says “authenticity” like a script. (Sample quote: “Congratulations on your great victory! Only you could have pulled it off!”, which sounds like a Hallmark card for Napoleon.) Industrialising appreciation misses the point completely. Automated birthday and work-anniversary congratulations are about as personal as an invoice. Platforms on which peers publicly recognise the hard work of others are liable to encourage performative displays of praise. That is especially likely if every compliment shows up on an analytics dashboard for the boss; one employee-engagement firm tracks shows of gratitude and breaks these “recognition occasions” into a series of ghastly categories like “Owning the Results” and “Building Trust Like a Family”. Award schemes also require careful handling. They are great if you win and somewhat less motivating if you don’t stand a chance. In one study from 2014, academics looked at the effect of an award programme on Zambian health-care trainees; they found that comparison with others worsened performance, especially for less able workers. The secret to showing appreciation is that scarcity matters. It should involve effort: a handwritten note is better than an email, which is better than an algorithm. It should feel personal, not part of a scheme cooked up by the human-resources department. And it should be sufficiently rare to register as meaningful; thanking everyone for everything turns gratitude into a commodity. In other words, appreciation is not a big-data project. Individual managers can harness the power of small gestures to make a real difference to their teams. The best thing firms can do is to hire the sort of people who recognise as much.Read more from Bartleby, our columnist on management and work:Making brainstorming better (May 21st)The woolliest words in business (May 14th)Why working from anywhere isn’t realistic (May 7th) More

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    Singapore's air travel is rebounding despite China's border restrictions, transport minister says

    Air travel in Singapore is recovering and has reached around 40% of pre-Covid levels despite China’s border restrictions, Transport Minister S. Iswaran said.
    In 2019, some 3.6 million Chinese residents traveled to Singapore, accounting for 13% of total visitors, according to data from the local tourism board.
    That said, there are new areas of growth and opportunity, Iswaran said.

    Air travel in Singapore is recovering and has reached around 40% of pre-Covid levels despite China’s border restrictions, Transport Minister S. Iswaran said.
    China’s passenger traffic is significant for Singapore, he said. Some 3.6 million Chinese residents traveled to Singapore in 2019, accounting for 13% of total visitors, according to data from the local tourism board.

    China remained among the top sources of visitors to Singapore during the pandemic, but that may be changing as other countries relax border measures. In April, Singapore received just 5,000 visitors from China, less than 2% of total arrivals, data showed.
    Travelers to China still need to take multiple Covid tests and quarantine upon arrival in the country.
    Still, there are opportunities for growth in travel, Iswaran told CNBC’s Steve Sedgwick and Geoff Cutmore on Wednesday at the World Economic Forum.
    “We’ve seen a significant rebound in air travel coming through Singapore, in the space of less than two months from mid March to mid May,” said Iswaran.
    “Our volumes have more than doubled to around 40 odd percent of pre-Covid, and we expect that momentum to continue,” he added.

    CNBC Health & Science

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    Monkeypox is a dangerous disease threat — but has one key difference from Covid, epidemic coalition says

    “This is the first time that we have gathered again in Davos since the 2020 meeting and we find ourselves facing another dangerous disease threat,” CEPI CEO Richard Hatchett told CNBC’s “Squawk Box Europe” at the World Economic Forum in Davos, Switzerland.
    “We should understand what that signifies, which is the world is beginning to move around again and infectious disease is beginning to move around with us,” Hatchett said.
    Monkeypox is a rare disease caused by the monkeypox virus, part of the same family as smallpox, though typically less severe.

    Health officer uses a thermal head to detect a monkeypox virus on arriving passengers at Soekarno-Hatta International Airport in Tangerang near Jakarta, Indonesia on May 15, 2019.
    Jepayona Delita | Future Publishing | Getty Images

    The sudden emergence of monkeypox in several countries around the world represents a concerning outbreak, the head of the Coalition for Epidemic Preparedness Innovations told CNBC on Thursday, but the virus does not represent the same kind of global threat as Covid-19.
    His comments come as international health authorities investigate the atypical spread of monkeypox, a rare viral disease typically confined to remote parts of Central and West Africa.

    “This is the first time that we have gathered again in Davos since the 2020 meeting and we find ourselves facing another dangerous disease threat,” CEPI CEO Richard Hatchett told CNBC’s “Squawk Box Europe” at the World Economic Forum in Davos, Switzerland.
    “We should understand what that signifies, which is the world is beginning to move around again and infectious disease is beginning to move around with us,” Hatchett said.
    “This is a concerning epidemic. Monkeypox is a very different disease than Covid,” he continued. “It does not spread through respiratory transmission in the same way, so it does not present the kind of global threat that many of us immediately recognized that Covid presented. But it does exemplify the risk that infectious diseases present in the modern world.”

    What is monkeypox?

    Monkeypox is a rare disease caused by the monkeypox virus, part of the same family as smallpox, though typically less severe. It was first detected in captive monkeys in 1958 and the first human case was recorded in 1970.
    Initial symptoms of monkeypox include fever, headaches, muscle ache, swelling and back pain. Patients typically develop a rash one to three days after the appearance of fever, often beginning on the face and spreading to other parts of the body, such as the palms of the hands and soles of the feet.

    Monkeypox cases can occasionally be more severe, with some deaths having been reported in West Africa. However, health authorities stress that we are not on the brink of a serious outbreak and the risks to the general public remain very low.
    The World Health Organization has said the virus can be contained with the right response in countries outside of Africa where it is not usually detected.
    The U.S., Australia and Germany have confirmed their first cases of monkeypox in recent days.
    As of Wednesday, a total of 118 monkeypox cases had been reported across 12 countries in the European Union and the European Economic Area, according to the European Centre for Disease and Prevention Control.
    In the U.K., seven additional cases of monkeypox were detected in England on Wednesday, with one case identified in Scotland. It means the total number of identified cases in the U.K. now stands at 78.
    In comparison, the U.N. described the coronavirus pandemic as the biggest international challenge since World War II. To date, more than 527 million cases have been reported globally, with over 6.28 million deaths.

    ‘We have the tools that we need’

    When asked about CEPI’s joint mission to have vaccines ready to use within 100 days of an epidemic or pandemic threat being identified, Hatchett said: “When we talk about 100 days, it is 100 days from the decision to initiate vaccine development to vaccines being available for use.”
    “That means that we have to make significant investments in preparedness before the new disease emerges if we are going to be able to execute that fast.”
    “I think monkeypox is a perfect illustration of the value of that strategy because we actually have vaccines against smallpox that were developed against a disease that doesn’t even exist that we know works against monkeypox,” Hatchett said.
    “And we have anti-virals that were developed to protect against smallpox that will work against monkeypox. So, we have the tools that we need just as the epidemic has exploded,” he added.
    — CNBC’s Karen Gilchrist contributed to this report.
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    Monkeypox does not pose a Covid-style risk despite its swift spread, top health execs say

    Global health concerns loomed over the World Economic Forum once again this year, but business leaders say they are not worried about a recent monkeypox outbreak.
    “Is it a Covid-style risk? No, I don’t believe it is,” Jeremy Farrar, director of global health charity Wellcome, told CNBC.
    As of Wednesday, at least 237 confirmed and suspected cases of the disease have been reported globally — double the number recorded at the start of the conference Monday.

    Business and political leaders gathered in the Swiss hilltop town of Davos in May 2022 for the World Economic Forum.
    Xinhua News Agency | Xinhua News Agency | Getty Images

    As the business and political elite gathered in Davos, Switzerland, this week for the first in-person World Economic Forum since the onset of the Covid-19 pandemic, global health concerns once again loomed heavy.
    A mysterious recent outbreak of monkeypox — a rare viral infection endemic to Africa — has confounded doctors and scientists as cases have surged across Europe, North America, Australia and the Middle East.

    As of Wednesday, at least 237 confirmed and suspected cases of the disease have been reported globally — double the number recorded at the start of the Davos conference Monday. Symptoms typically include rashes, fever, headaches, muscle ache, swelling and backpain.
    But business leaders at the conference said they don’t see the virus posing a risk anywhere close to that of the coronavirus pandemic.

    ‘I wouldn’t worry much’

    The CEO of pharmaceutical giant Pfizer said Wednesday that he “wouldn’t worry much” about the spike in cases, noting that current data suggests monkeypox doesn’t transmit as easily as other viruses such as Covid-19.
    “With everything I know, I wouldn’t worry much,” Albert Bourla told CNBC, adding that some treatments already exist to minimize the impact of the virus.

    Head of the Institute of Microbiology of the German Armed Forces Roman Woelfel works in his laboratory in Munich, May 20, 2022, after Germany has detected its first case of monkeypox.
    Christine Uyanik | Reuters

    Vaccinations against smallpox have proven 85% effective against monkeypox. Already France and Denmark are considering targeted vaccination campaigns for those most at risk of transmitting the disease.

    Bourla’s comments echo those of the U.S. Centers for Disease Control and Prevention, who said Monday that the monkeypox virus “is not Covid,” noting that is does not transmit easily via the air and respiratory particles.

    Not a ‘Covid-style’ risk

    Jeremy Farrar, director of global health charity Wellcome, agreed that the likelihood of a Covid-style outbreak is minimal.
    “Is it a Covid-style risk? No, I don’t believe it is,” he said Monday.
    While Farrar noted that the recent outbreak was atypical for the monkeypox virus, he said it was not a cause for concern for the general public. Still, he said it was right that public health experts are taking the surge seriously.
    “That’s not the same as saying public health people shouldn’t be worried. It’s not the same as saying we must not act swiftly,” Farrar said.

    According to the World Health Organization, recent reported cases have no links to travel from endemic African countries. The majority of cases are instead spreading through sex, and particularly men who have sex with other men, the public health body said Monday.
    Seth Berkley, CEO of global vaccine alliance Gavi, said Monday that there was more work to be done to figure out the genesis of the outbreak, with more cases likely until that happens.
    “If this was a small outbreak occurring in Central Africa or West Africa, people would take that as normal. And you do see transmission person-to-person in those settings, so that’s not unusual,” Berkley said.
    “But to have it appear now … means we have to figure out exactly what’s happening,” he continued.
    “The truth is we don’t know what that is and therefore how severe it’s going to be. But it’s likely that we’re going to see more cases.” More

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    McDonald's shareholders to vote on proxy fight with Carl Icahn over animal welfare practices

    McDonald’s shareholders meeting on Thursday morning will mark the climax of a proxy fight waged by activist investor Carl Icahn.
    Icahn has publicly criticized McDonald’s for its delay in eliminating gestation crates for pregnant sows.
    Tallies of early votes show that the fast-food giant will likely triumph, the Wall Street Journal reported Tuesday.

    Signage outside a McDonald’s Corp. fast food restaurant in Louisville, Kentucky, U.S., on Friday, Oct. 22, 2021.
    Luke Sharrett | Bloomberg | Getty Images

    McDonald’s shareholders meeting on Thursday morning will mark the climax of a proxy fight waged by activist investor Carl Icahn, who is pushing for two seats on the fast-food giant’s board amid a battle over its animal welfare practices.
    Tallies of early votes show McDonald’s will likely triumph, the Wall Street Journal reported Tuesday. Shareholders can keep voting until the meeting concludes, but people familiar with the matter told the newspaper those ballots are unlikely to change the result.

    Icahn has publicly criticized McDonald’s for failing to meet its original deadline for eliminating gestation crates for pregnant pigs, a practice animal rights activists say is cruel. He has also argued that the company was supposed to ban the use of crates entirely but has since changed the scope of its commitment.
    For its part, the Chicago-based company has blamed the Covid-19 pandemic and African swine fever outbreaks for pushing back its original deadline of 2022 set a decade ago. By the end of this year, McDonald’s now expects 85% to 90% of its U.S. pork supply to come from pigs that aren’t kept in gestation crates if they’re confirmed to be pregnant. McDonald’s has also said that entirely eliminating the use of the crates would raise its costs and result in customers paying more.
    In his push on the treatment of pigs, Icahn has also taken swipes at McDonald’s broader commitments to tackle environmental, social and corporate governance issues.
    “We believe there is a connection between animal welfare issues and inadequate governance, and therefore, other related ESG risks that the Company is not adequately attending to,” he wrote in his letter to fellow McDonald’s shareholders.
    Icahn nominated Leslie Samuelrich, a sustainability-focused investor, and Maisie Ganzler, an executive at Bon Appétit Management, to replace existing board members Sheila Penrose and Richard Lenny. In total, McDonald’s has 12 seats on its board.

    “Two seats on a large board like McDonald’s is not huge, but I think it’s the message that it would send to others in the industry that they need to do more to make sure their board has representation from experts in this area, rather than just giving someone a title that oversees ESG,” Barclays analyst Jeffrey Bernstein said.

    Because of McDonald’s size and the massive volumes of ingredients it uses, changes to the company’s supply chain tend to have a ripple effect throughout the industry. McDonald’s says its McRib sandwiches and the bacon for its burgers and breakfast sandwiches account for about 1% of U.S. pork supply.
    Icahn is waging a similar proxy fight at Kroger, the largest U.S. supermarket chain operator in the U.S. Kroger’s annual meeting is scheduled for June 23.

    Securing votes

    Icahn only owns about 200 McDonald’s shares, a relatively tiny stake that doesn’t give him much sway in voting.
    “Two hundred shares is so far away from having any influence on a company,” said Bruce Kogut, a professor of corporate governance and ethics at Columbia Business School. “My guess is that it’s about publicity, and he now cares about a sustainable environment or ESG targeting, and he’s announcing himself as an activist in that space.”
    In lobbying for more votes, Icahn called out large Wall Street firms for “hypocrisy” and said they’re capitalizing on ESG investing for the profits without supporting “tangible societal progress.” McDonald’s top three shareholders are The Vanguard Group, the asset management arm of State Street, and BlackRock, according to FactSet.
    Icahn has also fallen short of winning over the top two proxy advisory firms, Institutional Shareholder Services and Glass Lewis, which make recommendations to thousands of funds on how to vote in shareholder meetings.
    ISS only offered “cautionary support” to Icahn’s nominees, saying that shareholders should consider whether the current board is focused enough on ESG issues. But the firm noted the proxy fight is notable because Icahn has focused it on issues such as animal welfare, protein diversification and pay gap, rather than looking at operational issues.
    “It may well be remembered as the first true ‘ESG contest,'” ISS said.
    Glass Lewis, by contrast, advised against voting for the new board members. It said that Icahn’s push to improve animal welfare conditions is a “worthy and noble,” but that it takes a “simplistic” view of the issue. And it noted the efforts don’t give substantive regard to the company’s financials.
    The Humane Society of the United States has put forth a shareholder proposal echoing Icahn’s criticisms, asking the company to confirm that it will reach its previous goal of eliminating the confinement of gestating pigs by 2022. If the company can’t reach that target, it’s requesting more disclosure about its pork supply chain. Icahn has teamed up with the organization in the past, and his daughter, Michelle Icahn Nevin, used to work with the group.
    Such shareholder proposals are nonbinding but can send a message to corporate boards about public support for company practices. McDonald’s is facing six other shareholder proposals addressing issues including plastics use, antibiotics and lobbying activities.

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    SEC unveils rules to prevent misleading claims and enhance disclosures by ESG funds

    The SEC on Wednesday proposed two rule changes that would prevent misleading or deceptive claims by U.S. funds on their environmental, social and corporate governance (ESG) qualifications and increase disclosure requirements for those funds.
    The proposals, which are subject to public feedback, come amid mounting concerns that some funds seeking to profit from the rise in ESG investing practices have misled shareholders over what’s in their holdings, a practice known as greenwashing.
    The proposals to tackle greenwashing come after the SEC in March debuted broad rules that would require publicly traded companies to disclose how climate change risks affect their business.

    Gary Gensler, chairman of the Securities and Exchange Commission, at the SEC headquarters in Washington, on July 22, 2021.
    Melissa Lyttle/Bloomberg via Getty Images

    The Securities and Exchange Commission on Wednesday proposed two rule changes that would prevent misleading or deceptive claims by U.S. funds on their environmental, social and corporate governance (ESG) qualifications and increase disclosure requirements for those funds.
    The proposals, which are subject to public feedback, come amid mounting concerns that some funds seeking to profit from the rise in ESG investing practices have misled shareholders over what’s in their holdings, a practice known as greenwashing.

    The measures would provide guidance on how ESG funds must market their names and investment practices. One proposal would update the so-called Names Rule to encompass characteristics related to ESG.
    The current Names Rule says that if a fund’s name suggests it’s focused on a particular class of investment, such as government bonds, then at least 80% of its assets must be in that class. The change would extend the rules to “any fund name with terms suggesting that the fund focuses in investments that have (or whose issuers have) particular characteristics.” Therefore, funds with “ESG” in their name would have to clearly define the term and then ensure that 80% of the assets in the fund adhered to that definition.
    “A lot has happened in our capital markets in the past two decades. As the fund industry has developed, gaps in the current Names Rule may undermine investor protection,” SEC Chair Gary Gensler said in a statement.
    “In particular, some funds have claimed that the rule does not apply to them — even though their name suggests that investments are selected based on specific criteria or characteristics,” Gensler said. “Today’s proposal would modernize the Names Rule for today’s markets.”
    Global ESG funds received a record $649 billion in investments in 2021 through Nov. 30, up from $542 billion in 2020 and $285 billion in 2019, according to data from financial services firm Refinitiv Lipper. ESG funds now comprise about 10% of worldwide fund assets.

    More from CNBC Climate:

    The proposals to tackle greenwashing come after the SEC in March debuted broad rules that would require publicly traded companies to disclose how climate change risks affect their business, as well as provide more information on the impact their operations have on the environment and carbon emissions.
    “ESG encompasses a wide variety of investments and strategies. I think investors should be able to drill down to see what’s under the hood of these strategies,” Gensler said. “This gets to the heart of the SEC’s mission to protect investors, allowing them to allocate their capital efficiently and meet their needs.”
    Andrew Behar, president of the climate activist organization As You Sow, said the new Names Rule will improve — but not stop — misleading labeling for investors.
    “The new rule acknowledges the problem but does not fully address it. Investors still need clarity on exactly what ‘sustainable’ and other terms like ‘fossil-free,’ ‘low-carbon,’ and ‘ESG’ mean,” Behar said. “It is critical that a fund’s prospectus reflects its philosophy and intent in alignment with its name and holdings.”
    Rachel Curley, democracy advocate at the nonprofit Public Citizen, said in a statement that the SEC’s new rules on fund portfolios would begin to transform the landscape around “green” investments.
    “In the current marketplace, retail investors don’t have a clear picture of what it means to invest in a fund whose marketing says it’s ‘sustainable,’ ‘green,’ or ‘ESG,'” Curley said. “The lack of transparency for investors makes it hard to untangle exactly how environmentally-friendly some of these products are.”
    The proposals will enter a 60-day public comment period after publication in the Federal Register, during which time companies, investors and other market participants can comment on and suggest changes to the rules.
    — CNBC’s Thomas Franck contributed to this report.

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    Biden moves to protect major Alaska watershed from mining

    The Biden administration on Wednesday moved to ban the disposal of mining waste in Alaska’s Bristol Bay watershed, potentially halting the controversial Pebble Mine project.
    If finalized, the proposal from the Environmental Protection Agency would protect one of the world’s largest salmon fisheries and block a plan to mine in the watershed for copper, gold and other metals.
    The Bristol Bay watershed has supported critical wildlife and a $2 billion commercial fishing industry that has long sustained Alaska Native communities and attracted travelers to the region.

    Humpaback whale in Bristol Bay, Alaska
    Enrique Aguirre Aves | Photodisc | Getty Images

    The Biden administration on Wednesday moved to ban the disposal of mining waste in Alaska’s Bristol Bay watershed, potentially halting the controversial Pebble Mine project that’s been disputed for more than a decade.
    If finalized, the proposal from the Environmental Protection Agency would protect one of the world’s largest salmon fisheries and block a plan to mine in the southern Alaska watershed for copper, gold and other metals.

    The EPA’s action to end a years-long battle between Alaska Natives and the mining industry is part of President Joe Biden’s broader goal to conserve 30% of the country’s land and waters by 2030, as well as restore biodiversity and protect wilderness from climate change.
    The Bristol Bay watershed has supported critical wildlife and a $2 billion commercial fishing industry that has long sustained Alaska Native communities and attracted travelers to the region.
    EPA officials, citing the Clean Water Act of 1972, found that waste associated with the mining plan could result in “unacceptable adverse effects” on the watershed’s fishery, including the permanent destruction of 8.5 miles of streams that would displace or kill the salmon.

    More from CNBC Climate:

    “The Bristol Bay watershed is a shining example of how our nation’s waters are essential to healthy communities, vibrant ecosystems, and a thriving economy,” EPA Administrator Michael Regan said in a statement.
    “EPA is committed to following the science, the law, and a transparent public process to determine what is needed to ensure that this irreplaceable and invaluable resource is protected for current and future generations,” Regan said.

    However, the company behind the mine plan, Pebble Limited Partnership, said it’s still working to get a permit and called the EPA’s move a “giant step backwards” for the administration’s climate change goals.
    “I find it ironic that the President is using the Defense Production Act to get more renewable energy minerals such as copper into production while others in the administration seek political ways to stop domestic mining projects such as ours,” John Shively, the company’s CEO, said in a statement.
    The legal determination would ban any entity from discharging waste associated with mining the Pebble deposit within the mine site footprint. The EPA is accepting public comments on the revised proposal at public hearings in June and by written submissions through July 5.

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    Boeing's Starliner capsule lands, completing a crucial step toward carrying NASA astronauts

    Boeing landed its uncrewed Starliner spacecraft in the New Mexico desert on Wednesday, completing a crucial test flight as the company prepares to carry astronauts.
    The mission completed one of its most important test objectives, reaching the ISS and docking successfully.
    Boeing’s next Starliner mission is expected to be the Crew Flight Test, or CFT, flying the first astronauts onboard the capsule.

    Boeing’s Starliner capsule lands in White Sands, New Mexico on May 25, 2022 to complete the OFT-2 mission.

    Boeing landed its uncrewed Starliner spacecraft in the New Mexico desert on Wednesday, completing a crucial test flight as the company prepares to carry astronauts.
    Starliner landed at the U.S. Army’s White Sands Missile Range, after earlier in the day leaving the International Space Station – concluding the six-day Orbital Flight Test 2, or OFT-2 mission.

    The mission completed one of its most important test objectives, reaching the ISS and docking successfully. OFT-2 marks a critical development milestone in Boeing’s development of Starliner, which has run into several obstacles and delays over the past three years.

    Boeing’s Starliner spacecraft is seen before docking with the International Space Station on May 20, 2022 during the uncrewed OFT-2 mission.

    Boeing has been developing its Starliner spacecraft under NASA’s Commercial Crew program, having won nearly $5 billion in contracts to build the capsule. The company competes under the program against Elon Musk’s SpaceX, which completed development of its Crew Dragon spacecraft and is now on its fourth operational human spaceflight for NASA.
    The aerospace giant was once seen as evenly matched with SpaceX in the race to launch NASA astronauts. Yet the delays to Starliner’s development have steadily set Boeing back, both in schedule and finances. Due to the fixed-price nature of its NASA contract, Boeing absorbed the cost of additional work on the capsule and has spent $595 million so far.
    Boeing’s next Starliner mission is expected to be the Crew Flight Test, or CFT, flying the first astronauts onboard the capsule. However, the company is examining whether to redesign the Aerojet Rocketdyne-made propulsion valves on Starliner, which malfunctioned during the company’s first attempt to launch the OFT-2 mission in August 2021.

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