Business

The NFL and Pepsi officially renewed their sponsorship deal, but Super Bowl halftime rights are going back on the market.
As part of the agreement, Pepsi gets pouring rights at top NFL events, including the NFL Draft. The company’s sports drink maker, Gatorade, keeps its high visibility on NFL sidelines.
CNBC previously reported that the NFL could seek up to $50 million for the Super Bowl halftime rights.

A detail view of a Pepsi ad at FedEx Field during an NFL football game between the Washington Football Team and the New York Giants, Thursday, Sept. 16, 2021, in Landover, Md.
Aaron M. Sprecher via AP

Pepsi is keeping its sponsorship rights with the NFL but will give up a core asset – the Super Bowl halftime show.
The soda-and-snacks company officially renewed its nearly four-decade partnership with the league Tuesday after the NFL’s spring meeting in Atlanta. Team owners voted to ratify the renewal, which allows Pepsi to use NFL premium rights for its brands, including Frito Lay and Tostitos.

As part of the agreement, Pepsi gets pouring rights at top NFL events, including the NFL Draft. The company’s sports drink maker, Gatorade, keeps its high visibility on NFL sidelines. In addition, Pepsi and the NFL are teaming up to unveil a Gatorade pre-workout product for players this fall. The line is expected to be available for consumers in 2023.
The terms of Pepsi’s renewal were undisclosed. The previous deal was reportedly worth $2 billion over 10 years.
“Our priorities and their priorities have evolved, and we wanted to make sure that as we continue this partnership that we’re all working toward the same goal,” Tracie Rodburg, the NFL’s senior vice president of sponsorship management, told CNBC.
This time, though, Pepsi won’t be sponsoring the Super Bowl halftime show. It’s the second time since 2012 that these rights hit the marketplace. Auto parts manufacturer Bridgestone held the Super Bowl Halftime rights before Pepsi.
The 2022 Super Bowl Halftime Show featured iconic hip-hop stars Dr. Dre and Snoop Dogg. The NFL partners with Jay-Z’s Roc Nation to produce the halftime show.  

Snoop Dogg, Mary J. Blige, and Dr. Dre speak during the Pepsi Super Bowl LVI Halftime Show Press Conference at Los Angeles Convention Center on February 10, 2022 in Los Angeles, California.
Jeff Kravitz | Filmmagic, Inc | Getty Images

CNBC reported in October that Super Bowl halftime rights could hit the market, and the NFL would seek up to $50 million for them. Industry executives suggest Bridgestone paid between $5 million and $10 million annually.
“It becomes tough to justify,” Tony Ponturo, the former vice president of global sports and entertainment marketing at Anheuser-Busch, said of the potential cost. As big as the Super Bowl is, there are always executives who will say there’s a lot more for a company to do with the money they’re saving, he added.
As part of larger deals with pro leagues, companies also commit a portion of the total money toward buying TV ads. For the 2021 season, Pepsi spent roughly $114 million on NFL games, including the playoffs. That’s down from approximately $127 million for the 2020 NFL season, according to media measurement company iSpot. Pepsi also has 15 team deals with NFL clubs including the Dallas Cowboys.
Team owners also approved keeping the league’s combine event in Indianapolis in 2023 and 2024, the NFL announced on Tuesday.
NFL officials contemplated moving the pre-draft scouting event to Dallas or Los Angeles. Still, logistics around hotel space and access to medical facilities played a factor in keeping the combine at the Colts’ Lucas Oil Stadium.
In 2022, the event generated roughly $9.6 million in economic impact, according to the league. Indianapolis has hosted the NFL Combine since 1987.

WATCH LIVEWATCH IN THE APP More

The NOAA on Tuesday forecast a busy Atlantic hurricane season this year, calling for the seventh straight above-average season with 14 to 21 named storms and six to 10 hurricanes.
A growing number of destructive, rapidly intensifying hurricanes have whipped up in the Atlantic Ocean over the past several decades, which scientists have linked to higher seawater temperatures due to human-caused climate change.
This year, the agency predicted there will be three to six major hurricanes, which are rated Category 3 or higher, with sustained winds of at least 111 miles per hour.

Alonzo Lewis rescues items from his mother’s home after it was destroyed by Hurricane Ida on August 30, 2021 in Laplace, Louisiana. Ida made landfall August 29 as a category 4 storm southwest of New Orleans.
Scott Olson | Getty Images News | Getty Images

The NOAA on Tuesday forecast a busy Atlantic hurricane season this year, calling for the seventh straight above-average season with 14 to 21 named storms and six to 10 hurricanes.
The Atlantic season, which extends from June 1 to Nov. 30, has experienced a growing number of destructive and rapidly intensifying hurricanes over the past several decades, which scientists have linked to higher ocean temperatures from human-caused climate change.

This year, the National Oceanic and Atmospheric Administration predicted there will be three to six major hurricanes, which are rated Category 3 or higher, with sustained winds of at least 111 miles per hour.
NOAA attributed the expected increased activity this season to climate factors including the ongoing La Niña, warmer than average sea surface temperatures in the Atlantic Ocean and Caribbean Sea, and weaker tropical trade winds.
“Early preparation and understanding your risk is key to being hurricane resilient and climate ready,” said Gina M. Raimondo, secretary of the Commerce Department, which oversees NOAA.

More from CNBC Climate:

Hurricane season is becoming longer and more intense as climate change triggers more frequent and destructive storms. Rising temperatures also are increasing the number of storms that move slowly and stall along the coast, a phenomenon that produces heavier rainfall and more dangerous storm surges.
The agency’s scientists predicted a 65% chance of an above-normal season, a 25% chance of a near-normal season and a 10% chance of a below-normal season. An average season has 12 named storms and six hurricanes.

NOAA’s forecast follows a string of damaging hurricane seasons. The 2021 season saw 21 named storms, the third highest on record, and exhausted the National Hurricane Center’s hurricane name list. And in the previous year, a record-breaking 30 named storms developed.
What’s more, the U.S. has seen more of the severe Category 4 and 5 hurricanes make landfall in the four years between 2017 and 2021 than the 53 years between 1963 and 2016.

WATCH LIVEWATCH IN THE APP More

The U.S. Navy on Tuesday unveiled a climate action plan focused on slashing planet-warming greenhouse gas emissions and electrifying its vehicle fleet.
The Navy is looking to achieve a 65% reduction in greenhouse gases by 2030 and net-zero emissions by 2050.
“Climate change is one of the most destabilizing forces of our time, exacerbating other national security concerns and posing serious readiness challenges,” Navy Secretary Carlos Del Toro said in a statement.

U.S. Navy sailors operate onboard the Nimitz-class aircraft carrier USS Harry S. Truman (CVN 75) in the Adriatic Sea, off Split, Croatia February 14, 2022.
Milan Sabic | Reuters

The U.S. Navy on Tuesday unveiled a climate action plan focused on installing cyber-secure microgrids, boosting its supply of lithium batteries and slashing planet-warming greenhouse gas emissions.
The Navy’s strategy, a response to President Joe Biden’s executive order calling on federal agencies to develop plans to adapt to climate change, directs the service to achieve a 65% reduction in greenhouse gases by 2030 and net-zero emissions by 2050.

The plan comes after the U.S. Army in February unveiled its first climate strategy, which primarily focused on protecting and training soldiers amid worsening climate disasters such as floods and heat waves.
The Department of Defense warned last year that climate change poses a critical threat to U.S. military operations, and that more frequent and intense weather events have already cost the department billions of dollars.
For instance, a Defense Department review last month discovered that the Marine Corps training ground on Parris Island in South Carolina is particularly vulnerable to flooding, coastal erosion and other impacts of climate change. Scientists forecast that most of the island will be inundated by high tides by 2099.
“Climate change is one of the most destabilizing forces of our time, exacerbating other national security concerns and posing serious readiness challenges,” Navy Secretary Carlos Del Toro said in a statement.

More from CNBC Climate:

“If temperatures continue to rise, the oceans will get warmer, creating more destructive storms requiring our Fleets and Marine Corps forces to increase their operational tempo to respond,” Del Toro said.

As part of the strategy, the Navy has committed to curbing five million metric tons of carbon dioxide by 2027 — the equivalent of removing 1 million cars off the road. It plans to install cyber-secure microgrids or comparable resilience technology to support its missions, as well as ensure a domestic supply of lithium batteries.
The service also will work to electrify its vehicle fleet. For instance, the Marine Corps has upgraded one-third of its fleet of seven-ton trucks to a more fuel-efficient version and anticipates the rest to be upgraded by 2024, according to the action plan.
The Navy added it will equip its force with the proper training and equipment necessary to operate “in a more volatile climate future,” such as including climate threats in its war games and training exercises.
“Climate change exposes vulnerabilities to our people, installations, platforms, operations, and allies and partners,” said Meredith Berger, the assistant Navy secretary for energy, installations and environment.
“To remain the world’s dominant maritime force, the Department of the Navy must adapt to climate change: We must build resilience and reduce the threat,” Berger said.

WATCH LIVEWATCH IN THE APP More

Before you book that summer rental, be sure to double check it’s not a scam.
One big warning sign a listing is a fake: Demand for immediate payment on another platform.
Other warning signs include phony images and lack of credible reviews.

Ozgurcankaya | E+ | Getty Images

Biggest warning sign

The biggest red flag that a listing is a scam is when you are asked to leave a listing platform such as Vrbo or Airbnb in order to provide a payment, Couch-Friedman said.
A fake real estate owner will ask a consumer to send $500, for example, via an online payment platform such as Zelle. Those transfers are instant and cannot be reversed, Couch-Friedman said.

“The best payment method for any kind of vacation rental would be credit cards, because then you have [the] protection of the Fair Credit Billing Act,” Couch-Friedman said. “If you are scammed, your credit card company can get your money back.”
So, remember to book a listing you found on a well-known website on that website only. “As long as you stay within the platform from start to finish, from payment to deposit, it’s very difficult to become scammed,” Couch-Friedman said.

More red flags

Also, be on the lookout for fake listings. These will often appear as new posts with no reviews, Couch-Friedman said. In her notice, James also warned consumers to look out for fake reviews, such as more than one review repeating the same phrases.
The listing may also have grainy photos. By taking a screen shot of the photos and doing a search on Google Images, you can find out if it exists elsewhere. If the image shows up for another listing in a different location, or in an unrelated context, such as a furniture advertisement, then it’s a scam, Couch-Friedman said.

It’s also a good idea to message the owner before you commit. Of note, this correspondence should only happen on the listing site, according to James. A scammer may not get back to you right away or respond in proper English, according to Couch-Friedman.
Also be sure the host or owner has a valid address and phone number, James recommends.
The good news is that if you read the terms and conditions for the listing site you’re using, and you stay on that platform, you can reduce your chances significantly of getting taken.
If you run into legal issues with potential schemes, it is best to contact your state’s attorney general, Couch-Friedman said.

WATCH LIVEWATCH IN THE APP More

Republican Sen. Ted Cruz blasted BlackRock CEO Larry Fink for so-called “woke” investment decisions.
Cruz suggested investment managers like Fink be barred from voting other people’s stock shares “to advance their own political interests.”
“That is not capitalism, that is abusing the market,” Cruz, R-Texas, charged during an interview with CNBC’s “Squawk Box.”

Sen. Ted Cruz (R-TX) speaks during a news conference at the U.S. Capitol October 6, 2021 in Washington, DC.
Alex Wong | Getty Images

Sen. Ted Cruz blasted BlackRock CEO Larry Fink on Tuesday for so-called “woke” investment decisions — and suggested money managers like Fink be barred from voting on behalf of other investors “to advance their own political interests.”
“Because that is not capitalism, that is abusing the market,” Cruz, R-Texas, charged during an interview with CNBC’s “Squawk Box.”

During much of the interview, Cruz blamed the White House’s policies for the surge in gas prices since President Joe Biden took office in January 2021.
But the senator also took aim at Fink, whose company is the world’s largest asset manager, and other CEOs, who he argued have moved away from focusing on increasing profits for shareholders to taking stances on social issues like climate change to curry favor with wealthy liberals.
Fink highlighted climate change as a problem facing corporations in a 2020 letter to CEOs of the companies BlackRock has invested in. “Climate change has become a defining factor in companies’ long-term prospects,” Fink wrote. “I believe we are on the edge of a fundamental reshaping of finance.”

CNBC Politics

Read more of CNBC’s politics coverage:

Cruz on Tuesday repeatedly invoked what he called Fink’s support of ESG — environmental, social and governance issues — in various shareholder votes.
“Does Wall Street also bear some of the responsibility? Absolutely,” Cruz said, referring to the average price for regular unleaded gasoline topping $4.59 per gallon.

“There’s a Larry Fink surcharge, every time you fill up your tank, you can thank Larry for the massive and inappropriate ESG pressure,” Cruz said.
He later said, “What Larry Fink is doing has been unprecedented, in the rise of ESG.”
“And I think there is a real problem with people who are investing, who are voting shares of passively invested funds,” Cruz said, referring to funds that invest in companies belonging to various stock indexes.
“Larry Fink is not using his own money to vote as a shareholder,” Cruz said. “What Larry Fink is doing is taking your shares and my shares and [those of] millions of little old ladies who’ve invested in funds, and he’s aggregating that vast amount of capital and he’s decided to vote not to maximize their returns, because apparently his fiduciary duty to customers is not a top priority. He’s voting instead on his politics.”
Cruz said Fink had “decided that he’s more welcomed at the ‘New York Country Club’ when he walks in and has stood against oil and gas even if it reduces the returns of the accounts he’s managing, and even if it’s destroying jobs, helping America’s enemies and hurting America.”
He said money managers who vote on shareholder matters based on their political interests instead of investors need more scrutiny.
“That is not capitalism, that is abusing the market,” the senator said.
A BlackRock spokesman, when asked about Cruz’s comments, said in an email, “The only agenda driving BlackRock’s proxy voting is the long-term economic interests of the millions of people whose money we manage.”
“And we believe clients should also have the option to choose for themselves how their proxy votes are cast,” the spokesman said. “We lead the industry in providing proxy voting choice.”
“Today, nearly half of our index equity assets under management — including pension funds serving more than 60 million people — can choose how their proxy votes are cast,” he said.
“While that is an industry first, we see it as just a start,” he said. “We are pursuing technology and regulatory solutions to expand voting choice for even more clients. Index investing has been the driving force in democratizing investing for millions of Americans, with lower cost and greater choice. We’re committed to democratizing proxy voting too.” 
In January, in his annual letter to CEOs, Fink wrote, “Stakeholder capitalism is not about politics. It is not a social or ideological agenda. It is not ‘woke.’ ”
“It is capitalism, driven by mutually beneficial relationships between you and the employees, customers, suppliers and communities your company relies on to prosper. This is the power of capitalism,” Fink wrote.

WATCH LIVEWATCH IN THE APP More

Former White House press secretary Jen Psaki will join MSNBC this fall.
Psaki will host her own show that will air on NBCUniversal’s Peacock streaming service beginning in 2023.
Psaki left her role as press secretary earlier this month.

U.S. White House press secretary Jen Psaki speaks during a press briefing at the White House in Washington, December 20, 2021.
Kevin Lamarque | Reuters

Jen Psaki, who left her role as President Joe Biden’s press secretary earlier this month, will join cable news network MSNBC this fall.
Psaki will appear across all MSNBC programs on cable and will host her own streaming show beginning in the first quarter of 2023, according to MSNBC President Rashida Jones. She will also appear on both NBC and MSNBC during primetime coverage of the 2022 midterm elections and the 2024 presidential election, Comcast’s NBCUniversal said in a statement.

“Jen’s sharp wit and relatability combined with the mastery of the subjects she covers have made her a household name across the nation,” Jones said in the statement. “Her extensive experience in government and on the campaign trail and perspective as a White House and Washington insider is the type of analysis that sets MSNBC apart.”
Psaki’s show will air next year on NBCUniversal’s flagship streaming service Peacock. NBC News President Cesar Conde has prioritized boosting the streaming service’s news offerings by shifting select MSNBC programming, including documentaries and specials, to Peacock, which has more than 28 million monthly active accounts and 13 million paid subscribers.
Psaki was Biden’s press secretary for his first 16 months in office. It’s common for presidents to have multiple press secretaries in a four-year term. Karine Jean-Pierre succeeded Psaki earlier this month.
Symone Sanders, who worked as Vice President Kamala Harris’ top spokeswoman, joined MSNBC this spring.

Following the trend

Psaki follows a long list of communications officials who have moved on to news broadcasting from the political world. ABC News host George Stephanopoulos was formerly President Bill Clinton’s communications director. MSNBC political analyst and host Nicolle Wallace was a senior spokeswoman for the George W. Bush administration and a spokeswoman for John McCain’s 2008 presidential campaign. Former President Donald Trump’s press secretary, Kayleigh McEnany, joined Fox News as a commentator last year.

Before serving as Biden’s press secretary, Psaki was President Barack Obama’s communications director.
“Fact-based and thoughtful conversations about the big questions on the minds of people across the country have never been more important, and I’m thrilled to join the incredible MSNBC team,” Psaki said in the statement. “My time in government, from the White House to the State Department, and years before that on national political campaigns will fuel the insight and perspective I bring to this next chapter.”
 — CNBC reporters Brian Schwartz and Kevin Breuninger contributed to this story.
Disclosure: NBCUniversal is the parent company of MSNBC and CNBC.
WATCH: Shepard Smith’s full interview with Jen Psaki

WATCH LIVEWATCH IN THE APP More

Sales of newly built homes sank to the slowest rate since the start of the Covid pandemic.
The median price of a new home sold in April was $450,600, an increase of nearly 20% from the year before.
Slower sales caused the inventory of newly built homes to jump sharply as well to a nine-month supply. A six-month supply is generally considered balanced between buyer and seller.

Sales of newly built homes dropped 16.6% in April from March, far more than expected, and were down 26.9% from April 2021, according to the U.S. Census.
The annualized rate came in at 591,000 units, seasonally adjusted. Analysts had been expecting 750,000. March’s read was also revised lower.

That is the slowest sales pace since April 2020, when everything shut down at the start of the Covid pandemic. Sales surged quickly after that, as Americans sought bigger homes with outdoor spaces for quarantining.
These numbers are based on signed contracts during the month, not closings, so it is perhaps the most up-to-date indicator in the housing market. Mortgage rates, which have been rising since January, really shot up in April. The average rate on the 30-year fixed loan began the month at 4.88% and ended it at 5.41%, according to Mortgage News Daily.
Consumers are being hit by rising interest rates and four-decade-high inflation. That is making it even harder for them to afford today’s higher home prices. The median price of a new home sold in April was $450,600, an increase of nearly 20% from the year before.
“While new construction gained favor with many would-be buyers over the past two years due to the extreme shortage of existing homes for sale, the rising cost of a new home is now pricing many people out of the market,” said George Ratiu, senior economist at Realtor.com. “The market for new homes is mirroring broader real estate trends, as rising inflation is taking a bigger chunk out of Americans’ paychecks and surging borrowing costs are compressing homebuyers’ budgets.”
A stark pullback in demand, and not overconstruction, is hitting the market. Housing starts have actually been falling over the past few months. Slower sales caused the inventory of newly built homes to jump sharply to a nine-month supply. A six-month supply is generally considered balanced between buyer and seller.
Builders are also starting to see an uptick in cancellation rates. While those have not shown up in earnings releases yet, analysts who follow the builders are beginning to report it.

WATCH LIVEWATCH IN THE APP More

If you’re still waiting for a refund, it generally will be accruing interest, and the rate jumps to 5% on July 1, according to the IRS.
The agency tacks on interest if it takes longer than 45 days after the filing deadline to process your return.
IRS interest payments ballooned to $3.3 billion in the fiscal year 2021, with a 33% spike from 2020 for individual returns.

Bill Oxford | E+ | Getty Images

If you’re still waiting for a tax refund, there’s a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the agency’s latest quarterly adjustment. 
Typically, the IRS has 45 days after the filing deadline to process returns and send refunds. After that, the agency tacks on daily compounding interest, explained Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.

Tied to the federal short-term rate, IRS interest currently falls below 8.3% annual inflation. But it’s still significantly higher than the average savings account.
While this sounds good, there is a downside: your interest is taxable.
More from Personal Finance:Tax breaks aren’t prime reason for high-net-worth philanthropy, study findsOnly 18% of Americans plan to increase stock market investments this yearFinTok helped this financial pro reach a new generation of investors
IRS interest payments ballooned to $3.3 billion in the fiscal year 2021, with a 33% spike from 2020 for individual returns, the U.S. Government Accountability Office reported.

Checking delayed refunds

The easiest way to check the status of a refund is through the “Where’s My Refund?” online tool or by using the IRS2Go app. The portal shows three steps: return receipt, refund approval and if the refund was sent, with an estimated deposit date.

Recently, the IRS updated the portal to include 2019 and 2020 returns, said Phyllis Jo Kubey, a New York-based enrolled agent and president of the New York State Society of Enrolled Agents.
“Before this upgrade, the online refund inquiry only covered current-year refunds, meaning that anyone inquiring about a prior-year refund had to call the IRS,” she said. 
High call volumes have been an ongoing issue with many taxpayers struggling to reach IRS agents. During the first half of 2021, there were fewer than 15,000 employees to handle over 240 million calls — one agent for every 16,000 calls, according to the National Taxpayer Advocate. 
“I hope this is the beginning of more enhancements to the IRS online refund inquiry tools, and I look forward to seeing more improvements,” Kubey said.

IRS backlog

It’s been a difficult period for the IRS as the agency wrestles with pandemic-related backlogs.
The IRS started 2022 with about 8.2 million paper returns, and there were 1.7 million left as of May 6, Ken Corbin, the chief taxpayer experience officer for the agency told the House Oversight Subcommittee in May.
“Our goal is to bring the IRS back to a state prior to the pandemic,” he said. “We have to process this paper so we can get back to the business of providing the service the taxpayers deserve.”
IRS Commissioner Charles Rettig in March told House lawmakers he expects the backlog to clear by the end of 2022.

WATCH LIVEWATCH IN THE APP More