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☆ Couple grew their basement side hustle into a business bringing in $4.5M/year: We'd 'never seen anything like that in a bank account'
▼ + stars: | 2024-04-22 | by ( Annie Probert | ) www.cnbc.com time to read: +4 min

They built the wooden cart with bicycle tires and a kickstand in her parents' basement in 2016, maxing out her credit card's $1,500 limit to afford materials, and called it The Nitro Cart. That summer, they took it to any event that would take them, from sheep shearing events to farmers markets across Rhode Island, serving small batches of nitrogen-infused cold brew. To survive the winter, they partnered with local restaurants to install their nitro cold brew on tap. Here's how they built The Nitro Bar, from 80-hour workweeks to some TikTok virality and a lot of luck. They both worked "insane hours, usually seven days a week" to turn their cart into The Nitro Bar, says Finocchiaro.

Persons: Audrey Finocchiaro, Sam Lancaster, maxing, Sam, Lancaster, Finocchiaro, —, they'd, it's, it'll Organizations: Brown University, CNBC, Finocchiaro Locations: Rhode Island, Rhode Island and Massachusetts, Lancaster

CNN —It was supposed to be a routine court appearance this week for Nicholas Rossi, who is facing a rape charge in Utah. After he was arrested in 2021 in Scotland, Rossi described himself as an Irish orphan who had never visited the United States. He denied being a rape suspect and gave his name as "Arthur Knight Brown." In Scotland, Rossi often appeared in court via video, saying he was not well enough to attend in person. “He appears today as Arthur Knight but has previously been identified by medical professionals and civilians as Nicholas Rossi,” the prosecutor told the court.

Persons: Nicholas Rossi, Rossi, ”, Arthur Knight Brown, Rossi “, ” Rossi, Nicholas Alahverdian, Scotland ater, He’s, Weeks, “, David Leavitt, ” He’s, Norman McFadyen, coronavirus, McFadyen, ” Nicholas Rossi, Jeff J Mitchell, ” Leavitt, —, Nicholas Brown, Arthur Winston Brown, Arthur Knight, That’s, Rossi’s Organizations: CNN, Scotland, Alahverdian, Rhode, Police, FBI, Providence Journal, Interpol, Edinburgh Sheriff Court, Edinburgh Locations: Utah, Scotland, United States, Ireland, Orem, Salt Lake City, He’s, Salt Lake County, Salt Lake, Ohio, Rhode Island and Massachusetts, Dublin, Europe, Rhode, Eastern Europe, Rhode Island, Glasgow, Edinburgh

A view of the turbines at Orsted's offshore wind farm near Nysted, Denmark, September 4, 2023. Orsted, the world's largest offshore wind developer, said in August it may see impairments of 16 billion Danish crowns ($2.3 billion) on its U.S. offshore developments due to supply chain problems, soaring interest rates and a lack of new tax credits. Norway's Equinor (EQNR.OL), BP's partner on those New York offshore wind developments, booked a $300 million impairment on the projects on Friday. In Massachusetts, two offshore wind developers, SouthCoast Wind and Commonwealth Wind, agreed to pay local utilities to terminate deals that would have delivered around 2,400 MW of energy. Avangrid also canceled a contract to sell power in Connecticut from its proposed 804-MW Park City offshore wind farm.

Persons: Tom Little, Denmark's, Joe Biden, Orsted, Jacob Pedersen, Portugal, France's, Avangrid, Scott DiSavino, Louise Breusch Rasmussen, Ron Bousso, Jonathan Oatis, Josie Kao Organizations: REUTERS, BP, U.S, Analysts, Reuters, Commonwealth, Shell, Energias, Thomson Locations: Nysted, Denmark, U.S, Danish, New York, Massachusetts, Connecticut, Rhode Island and Massachusetts, In Massachusetts, Commonwealth, Spanish, Copenhagen, London, Bengaluru

☆ The 11 major U.S. cities where home prices have risen the most—No. 1 isn't New York or San Francisco
▼ + stars: | 2023-10-10 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Home prices continue to increase in most major U.S. cities, even as rising mortgage costs have discouraged buyers, a Realtor.com report finds. The price gains are most felt in Greater Los Angeles, where home prices increased 23.8% over the 12 months ending in September 2023, according to Realtor.com data released Thursday. California has a longstanding housing shortage — perhaps the worst in the country — so home price growth in L.A. and San Diego isn't overly surprising, especially considering price gains in recent years. Median home prices in L.A. and San Diego have increased by 38% and 48% since January 2020, respectively, based on Realtor.com's active listings data. As for some smaller markets with big price gains — such as Richmond, Cincinnati, Columbus and Rochester — the "commonality is that they're relatively affordable, so demand remains relatively high," says Hale.

Persons: Danielle Hale, Diego isn't, Hale Organizations: Richmond, Boston, Pittsburgh, CNBC, Diego, Homes Locations: U.S, Greater Los Angeles, San Antonio, Los Angeles, Diego, Cincinnati , Ohio, Providence , Rhode Island, Massachusetts, Columbus , Ohio, Rochester , New York, Chicago, Indianapolis, Realtor.com . California, L.A, San Diego, Richmond, Cincinnati, Columbus, Rochester

☆ Factbox: US offshore wind projects facing inflation headwinds
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +10 min

One megawatt (MW) can power about 1,000 U.S. homes but since wind is an intermittent resource - 1 MW of offshore wind can power about 500 U.S. homes, according to offshore wind developers. SOUTH FORKDenmark's Orsted (ORSTED.CO), the world's largest offshore wind power developer, is building the 132-MW project off Rhode Island and Massachusetts. COMMONWEALTH WINDThe 1,232-MW project off Massachusetts, which was formerly a part of the larger New England Wind project, is also facing potential delays. ATLANTIC SHORES OFFSHORE WIND SOUTHThe joint venture between Shell and French EDF is developing a large offshore wind park off New Jersey. MARWINMaryland's first offshore wind project is expected to start operations in 2025-2026.

Persons: Joe Biden, Kevin Lamarque, Joe Biden's, GW, Lazard, Vineyard, Orsted, Eversource, NYSERDA, Norway's Equinor, Avangrid, MARWIN, Nerijus Adomaitis, Nichola Groom, Scott DiSavino, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S, U.S . Department of Energy, Reuters, Washington , D.C, U.S . Energy Information Administration, Avangrid, Copenhagen Infrastructure Partners, Public Service Enterprise, Orsted, Eversource Energy, Rhode Island Energy, Dominion Energy, Virginia Beach, Dominion, NYSERDA, COMMONWEALTH, Shell, EDF, US, Italy's Renexia SpA, US Wind, Thomson Locations: Washington , U.S, U.S, New England, New York, Pennsylvania, Washington ,, Spanish, Copenhagen, Rhode Island and Massachusetts, New Jersey, Rhode, Connecticut, Orsted, VIRGINIA, Virginia, York, Long, Montauk, Massachusetts, French, ATLANTIC, Atlantic Shores, Italy's Renexia, Maryland

A fountain at Hermon High School in Maine is taped shut after the water tested over the state's safety limit for PFAS chemicals. The school's water recently tested above the state's safety limit for PFAS, or per- and polyfluoroalkyl substances, often referred to as "forever chemicals." According to the Environmental Protection Agency, even tiny exposure to PFAS in drinking water could pose a serious health risk. Hermon High School is just one example of PFAS contamination currently affecting the community, according to Maine's attorney general, Aaron Frey. The company also expressed a commitment to remediate PFAS contamination, invest in water treatment and collaborate with communities.

Persons: Stephen King —, Micah Grant, Grant, Aaron Frey, Frey, Farmer Adam Nordell, " Frey, Wisconsin —, they've, they're, Scott Gottlieb, Gottlieb, —, du Pont, du Pont de Nemours, Corteva Agriscience, Corteva, Chemours, Deane Dray, Dray, Ben Brewer, It's, 3M's, Eric Rucker, Biden, Gianna Kinsman, Kinsman, PFAS Organizations: Hermon High School, CNBC, Hermon School, Environmental Protection Agency, CNBC Maine, DuPont, 3M, Centers for Disease Control, FDA, Manufacturers, du Pont de, Chemours, Dow, State, RBC Capital Markets, 3M Global, Bloomberg, Getty, RBC Capital, Law, Capstone, Republican, Biden Locations: Bangor , Maine, Maine, Maryland, Rhode Island, Massachusetts, Alaska , California , Colorado , Delaware, Florida , Illinois , Michigan, Minnesota , New Hampshire , New Jersey , New York, North Carolina , Ohio, Vermont, Wisconsin, Minnesota, Delaware, Stuart , Florida, Stuart, Maplewood , Minnesota

☆ US weekly jobless claims post largest rise in 5 months; labor market still tight
▼ + stars: | 2023-03-09 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

"Even after factoring in the latest increase, jobless claims are exceptionally low by historical standards, underscoring just how tight labor market conditions still are," said Michael Pearce, lead U.S. economist at Oxford Economics in New York. The four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, climbed 4,000 to 197,000 last week. Claims had stayed below 200,000 for seven straight weeks, indicating that high-profile job cuts in the technology sector had not had a material impact on the labor market. Goldman Sachs believed residual seasonality accounted for about half of last week's rise in claims. The labor market is, however, cooling on the margins.

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