Business

U.S. officials confirmed a case of the monkeypox virus in Massachusetts, according to the CDC.
Monkeypox is a viral illness that typically starts with flu-like symptoms and progresses to include a rash on the face and body.
The agency is urging medical professionals to watch out for rash illnesses that have features similar to monkeypox.

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

U.S. health officials late Wednesday confirmed a case of the monkeypox virus in Massachusetts, the first to be reported across the nation this year. 
The Centers for Disease Control and Prevention and Massachusetts health officials are investigating a case, which was identified in a man who recently traveled to Canada. 

The patient is hospitalized and in “good condition,” and officials are working to find people who may have been in contact with him while he was infectious, the Massachusetts Department of Public Health said. The department emphasized that the case poses no risk to the public.
Monkeypox is “a rare but potentially serious viral illness” that begins with flu-like symptoms and the swelling of lymph nodes, according to Massachusetts officials. The infection eventually progresses to include a rash on the body and face and typically lasts two to four weeks. 

CNBC Health & Science

Read CNBC’s latest global coverage of the Covid pandemic:

The virus reemerged in Nigeria in 2017 after four decades without a single confirmed case, according to the CDC. Since then, 450 reported cases of monkeypox have been reported in Nigeria and at least eight more have been reported internationally, the public health agency said. 
Last year, Texas and Maryland each reported a case in people who had recently traveled to Nigeria, according to the Massachusetts officials. 
More cases have emerged globally during the last two weeks, including in Portugal, Spain and the United Kingdom, the CDC said. It is unclear how people in those countries were exposed to monkeypox, but the agency noted that cases include individuals who self-identify as men who have sex with men. 

The CDC urged clinicians to look out for patients with rash illnesses consistent with monkeypox, regardless of their sexual orientation or whether they have traveled. People suspected of having the virus should be isolated in a negative pressure room — spaces used to isolate patients — and staff should wear appropriate personal protective equipment around them, according to the agency. 
“Many of these global reports of monkeypox cases are occurring within sexual networks. However, health-care providers should be alert to any rash that has features typical of monkeypox,” said Inger Damon, director of CDC’s division of high-consequence pathogens and pathology, in a statement.
“We’re asking the public to contact their health-care provider if they have a new rash and are concerned about monkeypox,” Damon added.
The CDC said the virus can spread through contact with body fluids, the sores of a person with monkeypox and shared items that have been contaminated with the virus. Monkeypox can also spread through respiratory droplets in a close setting, such as the same household, the agency said. 
Common household disinfectants can kill the monkeypox virus, the CDC added.

WATCH LIVEWATCH IN THE APP More

The rise of reality TV shows featuring real estate has been “horrible” for the industry and the image of its brokers, a top brokerage CEO said Thursday.
Bess Freedman, CEO of Brown Harris Stevens, took aim at shows like Netflix’s “Selling Sunset” and Bravo’s “Million Dollar Listing.”
Ryan Serhant, one of the stars of “Million Dollar Listing New York,” shot back, saying traditional real estate brokers need to embrace the future of technology and media.

A customer looks at listings on display outside a Brown Harris Stevens offices in New York.
Brendan McDermid | Reuters

The rise of reality TV shows featuring real estate has been “horrible” for the industry and the image of its brokers, a top brokerage CEO said Thursday.
“This is not who we are,” said Bess Freedman, CEO of Brown Harris Stevens, at the The Real Deal’s NYC Showcase + Forum on Thursday. “We want to make sure that we maintain the integrity of our business.”

Freedman took aim at shows like Netflix’s “Selling Sunset” and Bravo’s “Million Dollar Listing,” which highlight personal dramas and battles behind high-end real estate deals. Several of the shows’ stars have translated their newfound fame into commercial success, using social media to amplify their following and reach with clients.
“All of this stuff, like ‘Selling Sunset,’ is horrible,” Freedman said. “It makes it look like … these girls show up in gala gowns to open houses. We want to maintain the quality of what we do.”
Ryan Serhant, one of the stars of “Million Dollar Listing New York” and the founder of Serhant brokerage, shot back at Freedman on stage, saying traditional real estate brokers need to embrace the future of technology and media.
“The old way of selling real estate has completely changed,” he said.
Serhant said 25 million viewers around the world watched Bravo’s “Million Dollar Listing New York” in its first season in 2012.

Ryan Serhant visits Build Brunch to discuss “Sell It Like Serhant: How to Sell More, Earn More, and Become the Ultimate Sales Machine” at Build Studio on Sept. 20, 2018, in New York City.
Roy Rochlin | Getty Images

While many of those early viewers were younger and couldn’t afford the multimillion-dollar apartments on the show, “buyers are influenced by the kids,” Serhant said.
Serhant launched his own agency in 2020, training agents to produce videos, boost their social media followers and grow their personal brands. Last year, the firm saw over $2 billion in sales and 35% growth in its number of agents.
“I want our agents to be able to do deals everywhere, to anyone, on any platform,” he said.
But Freedman said experience with negotiating deals, relationships developed over time and deep knowledge about neighborhoods and buildings remain the cornerstones of selling real estate.
“We sell real estate, not technology,” Freedman said. “We work hard.”
Disclosure: CNBC parent NBCUniversal owns Bravo.

WATCH LIVEWATCH IN THE APP More

An ultra-rare Mercedes-Benz race car sold for $143 million earlier this month, making it the most expensive car ever sold.
The 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe smashed the previous record for the most expensive car sold at auction by more than $95 million.
The sale took place May 5 in a secretive and highly unusual auction at the Mercedes-Benz Museum in Stuttgart, Germany.

1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe
Courtesy: RM Sotheby’s

An ultra-rare Mercedes-Benz race car sold for $143 million earlier this month, making it the most expensive car ever sold.
RM Sotheby’s announced it auctioned off a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe for 135 million euros, or about $143 million. The sale smashed the previous record for the most expensive car sold at auction by more than $95 million and topped the $70 million record for a car sold privately.

The winning bid was made by British car collector, advisor and dealer Simon Kidston on behalf of an unnamed client. Kidston lobbied the Mercedes-Benz board for 18 months to consider selling the car.
The sale, first reported by Hagerty Insider, took place May 5 in a secretive and highly unusual auction at the Mercedes-Benz Museum in Stuttgart, Germany. Only selected collectors and Mercedes-Benz customers were invited to attend.
The 300 SLR Uhlenhaut Coupe is one of only two created in 1955 and is regarded as one of the most prized cars in auto history. It was built by Mercedes’ race department and named after its chief engineer and designer, Rudolf Uhlenhaut.

1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe
Courtesy: RM Sotheby’s

The car was based on the company’s successful W 196 R Grand Prix car, which won two World Championships with driver Juan Manuel Fangio. The 300 SLR had a larger, 3.0-liter engine and was able to reach 180 mph, making it one of the fastest road-legal cars at the time.
The Mercedes-Benz company owned both of the 300 SLR cars, and the May 5 sale took many collectors by surprise.

“It’s reasonable to say that nobody ever imagined that this car would ever be offered for sale, so for Mercedes-Benz to ask RM Sotheby’s to conduct the auction was an absolute honor,” said Peter Wallman, RM Sotheby’s chairman for the U.K. and EMEA.
Mercedes-Benz said it will donate the proceeds to create a fund for scholarships and educational research into the environment and decarbonization.
Prior to the sale, the most expensive car sold at auction was a 1962 Ferrari 250 GTO that went for $48.5 million at RM Sotheby’s in 2018. A 1963 Ferrari GTO sold privately in 2018 for $70 million.

WATCH LIVEWATCH IN THE APP More

Global oceans reached their hottest and most acidic levels on record last year, the World Meteorological Organization said on Wednesday.
Much of the ocean experienced at least one “strong” marine heatwave at some point last year, the report found.
Rapid ocean warming has triggered a drop in global fish populations and has threatened communities, fishing economies and those in polar and high mountain regions.

A diver inspects transplanted coral near Dibba Port in Fujairah, United Arab Emirates, June 15, 2020.
Christopher Pike | Reuters

Oceans reached their hottest and most acidic levels on record last year, the World Meteorological Organization said Wednesday, marking a major consequence of climate change from human-induced greenhouse gas emissions.
The findings were part of a broader annual report that detailed how four primary measures of climate change — greenhouse gas concentrations, sea level rise, ocean temperatures and ocean acidification — hit record highs in 2021.

“Our climate is changing before our eyes,” WMO Secretary General Petteri Taalas said in a statement. “The heat trapped by human-induced greenhouse gases will warm the planet for many generations to come.”
Oceans have been hit particularly hard by rising greenhouse gas emissions and temperatures. In fact, much of the ocean experienced at least one “strong” marine heatwave at some point last year, the report found.
Such heat extremes have put critical marine ecosystems such as coral reefs, seagrass meadows and kelp forests at risk of collapse. Rapid ocean warming has also triggered a drop in global fish populations.
The WMO also confirmed that pH levels in the oceans have reached the lowest point in at least 26,000 years. As oceans grow more acidic, their capacity to absorb carbon dioxide from the atmosphere declines.
Sea levels also hit record highs last year after rising an average of 4.5 mm every year in roughly the last decade, the WMO said. That’s more than double the rate seen between 1993 and 2002 and is mainly due to the accelerated loss of ice mass from melting ice sheets. The sea level rise puts hundreds of millions of coastal dwellers at risk of more intense and frequent storms and floods, the WMO warned.

“Sea level rise, ocean heat and acidification will continue for hundreds of years unless means to remove carbon from the atmosphere are invented,” Taalas said.
Scientists have warned the world has already warmed roughly 1.1 degrees Celsius above preindustrial levels and is set to see global temperatures rise 2.4 degrees Celsius by 2100. The past seven years have been the warmest seven years on record.
U.N. Secretary-General António Guterres in a statement criticized the “the dismal litany of humanity’s failure to tackle climate disruption” and called for urgent action to grab the “low-hanging fruit” of shifting energy systems away from planet-warming fossil fuels to renewable energy.

WATCH LIVEWATCH IN THE APP More

Boeing is set to make another attempt to reach the International Space Station with its Starliner capsule, with the launch set for Thursday at 6:54 p.m. ET.
The mission comes nearly 2 1/2 years after the company’s first attempt fell short.
Boeing has worked on fixes to software malfunctions and stuck propulsion valves as it moves to finish Starliner’s development and carry NASA astronauts.

A United Launch Alliance Atlas V rocket with Boeing’s Starliner spacecraft aboard is seen as it is rolled out to the launchpad for the OFT-2 mission scheduled to lift off on May 19, 2022.
Joel Kowsky | NASA

Boeing is set to make another attempt to reach the International Space Station with its Starliner capsule Thursday, nearly 2 1/2 years after the company’s first mission fell short.
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.

Boeing’s development of Starliner has run into several obstacles over the past three years.
Its first uncrewed mission in December 2019, called the Orbital Flight Test (OFT), ended prematurely after a software malfunction saw the capsule end up in the wrong orbit. NASA noted earlier this year, after an investigation into the issue, that Boeing’s software development “was an area where we may have not had quite as much insight and oversight as we should have had.”
Boeing attempted to launch the second orbital flight test, or OFT-2, in August, but the company discovered a propulsion valve problem while the spacecraft was still on the ground. Thirteen of the 24 oxidizer valves that control Starliner’s movement in space got stuck after launch-site humidity caused corrosion, and the spacecraft’s service module was replaced.
Boeing has now applied a sealant to the valves and is scheduled to make another attempt at launching OFT-2 on Thursday at 6:54 p.m. ET.
An Atlas V rocket from United Launch Alliance will carry Starliner to orbit, when it will begin a 24-hour trip before docking with the ISS. The mission is expected to last a few days in total before the capsule returns to Earth.

The U.S. Space Force’s 45th Weather Squadron forecast conditions to be likely clear for launch, with the potential for disruption from scattered thunderstorms around Florida’s Cape Canaveral. A back-up launch time is scheduled for Friday, but the weather is forecast to worsen on that day.

Boeing’s crucial test

The crew access arm of Launch Complex-41 swings into position for Boeing’s Starliner spacecraft ahead of the launch of the OFT-2 mission, scheduled for May 19, 2022.
Joel Kowsky | 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, with $595 million spent by the company so far.
NASA last year took the rare move of reassigning astronauts from Starliner to SpaceX’s Crew Dragon. The space agency also last year announced it intends to purchase three more crewed flights from SpaceX, which would put Musk’s company on track to potentially finish its original NASA contract of six flights before Starliner carries its first one.
If Thursday’s OFT-2 launch is successful, Boeing would then prepare for a crewed flight test that would see the first astronauts fly on Starliner.
Boeing vice president Mark Nappi said in a prelaunch press conference that the company “could potentially be ready” for the crewed flight “by the end of this year.” Still, the company is examining whether to redesign the Aerojet Rocketdyne-made valves on Starliner, which could further delay it.
NASA’s Commercial Crew manager Steve Stich said the agency doesn’t see a redesign of the Starliner valves as a “big deal from a certification perspective.” NASA would work with Boeing to “figure out what kind of testing needs to occur” in the event of a redesign, Stich noted, with a schedule yet undefined for “how long it would take.”
“Personally, I would love to see Starliner flying past 2030. I would love to see Dragon flying past 2030. NASA made a huge investment in both those vehicles and they’re great platforms to go to low Earth orbit,” Stich said.

WATCH LIVEWATCH IN THE APP More

The FDA closed the Abbott Nutrition plant in Sturgis, Mich., in February after four infants who drank formula produced there contracted bacterial infections, two of whom died.
The FDA closed the facility in February — after four infants who drank formula produced there contracted bacterial infections, two of whom died. 
They also criticized the FDA for failing to promptly investigate a whistleblower complaint sent in October that accused the company of numerous safety violations at the plant.

Robert Califf testifies during the Senate Health, Education, Labor and Pensions Committee hearing on the nomination to be commissioner of the Food and Drug Administration on Tuesday, Dec. 14, 2021.
Bill Clark | CQ-Roll Call, Inc. | Getty Images

U.S. lawmakers on Thursday grilled Food and Drug Administration Commissioner Dr. Robert Califf about a nationwide baby formula shortage that’s left parents across America scrambling to feed their children, calling the agency’s response a “dereliction of duty.” 
“The shortage was caused in large part by the lack of action by the FDA and by corporate greed and consolidation,” said Rep. Rosa DeLauro, D-Conn., during a House Appropriations subcommittee hearing.  

Califf is the first FDA official to testify before Congress on the shortage, which has sown fear and frustration among parents across the U.S. and prompted lawmakers from both parties to demand answers. 
Lawmakers specifically pointed to the closure of an Abbott Nutrition plant in Sturgis, Michigan, a key infant formula factory that has been linked to the shortage. They also criticized the FDA for failing to promptly investigate a whistleblower complaint sent in October that accused the company of numerous safety violations at the facility, including falsifying records and failing to properly test baby formula before releasing it.
The FDA closed the plant in February — after four infants who drank formula produced there contracted bacterial infections, two of whom died. 
The U.S. produces 98% of the baby formula American parents buy. Four manufacturers – Abbott, Mead Johnson Nutrition, Nestle USA and Perrigo – dominate the market. When one plant goes offline, the supply chain is easily disrupted.
DeLauro, chair of the subcommittee, condemned the FDA’s delayed response, noting that the agency only began inspecting the Abbott facility several months after the first case of bacterial infection was reported in September. 

“We need to get to the bottom of FDA slow response, which contributed to product staying on the shelf and in the homes of families the country over, potentially putting babies at risk and forcing parents to play a game of Russian Roulette that they did not know they would be playing,” DeLaura said in her opening statement. 
Califf said he reviewed the whistleblower complaint but sidestepped questions about whether the FDA should have intervened sooner.
“We have an ongoing investigation about the details of exactly wh at happened, you know, from point A to point B along the way,” Califf said. “Since it is ongoing, I can’t give extensive more details on that part of it.”
Califf acknowledged the frustrations of parents across the U.S. due to the shortage. But he said the issue existed even before the controversy with Abbott, noting that the Covid pandemic, the Russian invasion of Ukraine and labor supply issues have all impacted the infant formula supply chain. 

CNBC Health & Science

Read CNBC’s latest global coverage of the Covid pandemic:

Califf also assured lawmakers that the FDA “has been working tirelessly to address this issue this week.”
This includes ramping up domestic manufacturing, relaxing guidelines for foreign imports and reaching an agreement with Abbott to reopen the Michigan plant. He expects formula supply to improve “within days” but noted it would take weeks before it returns to normal. 
Califf pointed to the need for more funding that could bolster the FDA’s regulatory capacities, citing a lack of staff, experts and resources . 
He urged lawmakers to approve the FDA’s proposed $8.4 billion in funding for the next fiscal year, which would be $2.1 billion above the current level. Included is $76 million in new funding for food safety and nutrition, money that Califf said would address staffing issues.
“The entire food side of the FDA is understaffed in every category. That’s why in the budget we’ve asked for money to staff up and also to improve the authority for hiring and salaries, just like we have on the medical product side,” Califf said. “This is absolutely essential.” 
But lawmakers said the baby formula shortage goes beyond funding and is driven by internal issues within the FDA.  
“You have serious structural leadership issues,” DeLauro said. “Someone in this agency needs to have serious and relevant food credentials who understand it because otherwise, food safety will continue to be a second-class citizen at the FDA.” 
Rep. Mark Pocan, D-Wis., also slammed Califf for stonewalling questions about the FDA’s response throughout the hearing. 
“It’s not acceptable to say you just can’t comment on it,” said Pocan. “This is a problem I’ve seen over and over with the FDA: You guys aren’t good at communicating.”
The hearing comes one day after President Joe Biden invoked the Defense Production Act to boost the supply of baby formula, requiring suppliers to direct ingredients used in baby formula to key manufacturers. The president also launched a program that will use U.S. military aircraft to import formula from foreign manufacturers. 
The hearing also comes hours after the House passed two bills aimed at combating the shortage. The main piece of legislation, sponsored by DeLauro, would provide $28 million in emergency funding to the FDA to bolster inspections of formula made at foreign plants and prevent future shortages.
— CNBC’s Spencer Kimball contributed to this article.

WATCH LIVEWATCH IN THE APP More

Five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT.
The lawmakers are urging colleagues to block IRS funds for enforcing state-level SALT cap workarounds via the fiscal 2023 appropriations bill.

Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021.
Sarah Silbiger | Bloomberg | Getty Images

Despite roadblocks, five House Democrats are still fighting for relief on the $10,000 limit on the federal deduction for state and local taxes, known as SALT. 
Rep. Mikie Sherrill, D-N.J., sent a letter to leaders of the House Appropriations Subcommittee on Financial Services and General Government, urging colleagues to deny the IRS funds to block state-level SALT cap workarounds.

Signed by Reps. Josh Gottheimer, D-N.J.; Tom Malinowski, D-N.J.; Katie Porter, D-Calif.; and Tom Suozzi, D-N.Y., the letter requests a provision be added to the fiscal 2023 appropriations bill.
More from Personal Finance:Women are still paid 83 cents for every dollar men earnHow to sidestep a tax bomb when selling your homeHigh-yield bonds may lose appeal amid rising interest rates
The letter specifically calls out legislation passed in New York and New Jersey that allows local jurisdictions to create charitable funds offering property tax credits to homeowners who contributed. The law would have allowed taxpayers who itemized deductions to claim a charitable write-off for their donations. 
However, the IRS and the U.S. Department of the Treasury barred this workaround in 2019, saying the receipt of a SALT credit in return for charitable contributions would constitute a “quid pro quo.”
“Congress didn’t give the IRS permission to interpret the tax law as they see fit, which they’ve done by dismantling the charitable tax deduction,” said Gottheimer, who co-chairs the SALT Caucus.

“We must do everything we can, including restoring the SALT deduction, to help cut taxes and make life more affordable for families and small businesses,” he added.

The $10,000 SALT limit, enacted by former President Donald Trump’s signature tax overhaul, has been a pain point for high-tax states, such as New York, New Jersey and California, because residents can’t deduct more than $10,000 in state and local levies on their federal returns.  
With a slim Democratic House majority, the SALT cap was a big issue in Build Back Better negotiations, and lawmakers in November passed an $80,000 SALT cap through 2030 as part of their spending package. But Sen. Joe Manchin, D-W.Va., blocked the plan in the Senate.
The push for SALT reform faced another setback in April when the Supreme Court rejected a challenge from New York and three other states to overturn the legislation.

Pushback on SALT relief

Garrett Watson, a senior policy analyst for the Tax Foundation, described the latest move from SALT relief advocates as “an interesting approach” but expects resistance from lawmakers on both sides of the aisle.
“The appropriations season is already a pretty turbulent time between both parties,” he said, pointing to ongoing disagreements about IRS funding and the agency’s direction.

Another concern may be the types of taxpayers attempting to take advantage of state-level SALT cap workarounds, who are often “on the more sophisticated side, which probably correlates with income,” Watson said.
Current workarounds in some states are only available to so-called pass-through businesses, with profits flowing to owners’ individual tax returns. SALT relief opponents have long argued that lifting the cap may primarily benefit wealthy households.
If repealed altogether, the top 20% of taxpayers may see over 96% of the relief, according to a Tax Policy Center report, affecting only 9% of American households. 

WATCH LIVEWATCH IN THE APP More

The average price for gasoline in the U.S. is at a new all-time high.
Gas prices are climbing toward $5 this summer.
If you are planning to hit the road, there are ways to shield yourself somewhat from soaring prices during the peak driving season.

As the summer driving season nears, gasoline prices show no signs of slowing down.
The national average for unleaded gas hit a new high of $4.59 per gallon Thursday, according to AAA. For the first time ever, the average price was $4 per gallon or above in all 50 states this week, AAA data shows. Last year at this time, the price was $3.04 per gallon.

Soaring prices for crude oil are largely to blame, the automotive group said. “The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” Andrew Gross, a spokesperson for AAA, said in a statement. 

How to save on gas

If you are still planning to hit the road, there are ways to shield yourself somewhat from soaring prices at the pump. Consumer savings expert Andrea Woroch has these tips:

Track gas prices. Apps such as GasBuddy, Gas Guru and AAA TripTik can track down the cheapest price per gallon between gas prices. Even if the difference doesn’t seem like much, it can still add up to hundreds of dollars a year.
Pay with cash. The price per gallon can be 10 cents to 15 cents more per gallon for credit card transactions. Pay with cash instead to get the lower price or use a gas rewards credit card to earn cash back on those charges. CNBC’s Select has a full roundup of the best cards for fueling up based on your consumer habits.
Drive strategically. Carpooling to and from work and school or sports practice can dramatically reduce your time on the road. You can even find ride shares using sites such as ZimRide, RideJoy or eRideShare.com, Woroch advised. Also, order online and look for free delivery to cut the cost of getting groceries, takeout and other daily essentials.
Sign up for loyalty programs. In addition, loyalty programs, which many major gas station chains have, can help offset the price at the pump. Some grocery store chains may also offer cents-per-gallon rewards. For example, Kroger and Shop & Stop give fuel points for every $1 spent on groceries, which can be redeemed at participating gas stations. 

Subscribe to CNBC on YouTube.

WATCH LIVEWATCH IN THE APP More