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☆ AI, autonomous systems, and digital connectivity could help ships cut emissions
▼ + stars: | 2023-11-30 | by ( Amanda Paule | ) www.businessinsider.com time to read: +10 min

Autonomous and AI systems could help reduce ships' fuel use. "The only time the maritime industry is ever on the front page of a paper is when there's an accident. Sea Machines RoboticsJohnson said he saw that decarbonization was not only a bonus of Sea Machines' technology but its best value proposition. The Sea Machines Robotics team can monitor (and celebrate) autonomous vessel operations from a control room. Smart-Ship's "Throttle & Bow Buster" is one of three force-feedback levers they offer to help ships increase safety and fuel savings.

Persons: —, AP Moller, Michael Johnson, Johnson, who's, Sea Machines Robotics Johnson, decarbonization, they've, Jelle, Jelle Tiemensma, Sofia Fürstenberg Stott, Stott, Mikael Lind, Lind Organizations: Service, International Maritime Organization, AP Moller, Maersk, AP, AP Moller Holding, Business, Companies, Crowley, Machines, Sea Machines Robotics, Machines Robotics, Smart, Sofia, Sustainable Shipping, Research Institutes of Sweden, International

☆ It’s holiday season. That means layoffs for some
▼ + stars: | 2023-11-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But they bring an extra bite when they are carried out during the holiday season. How does your employer’s severance policy compare? US employers are under no legal requirement to provide severance unless you are under a contract that provides for it. Check your employer’s severance policy: See if your employer has posted its severance policy on the company’s internal site. That’s a big jump from the average that employees pay today for workplace health coverage: 28% of the total cost for family coverage and 17% for single coverage.

Persons: Charles Schwab, “ We’ve, ”, Andrew Challenger, Challenger, Randstad, let’s, Tiffany Aliche, Aliche, “, Ann Minnium, You’re Organizations: New, New York CNN, Citigroup, Vice Media, Continental, Challenger, National Labor Relations Board Locations: New York

☆ Bayer slow-motion breakup may leave clunky core
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 8 (Reuters Breakingviews) - Bayer’s (BAYGn.DE) planned surgery risks leaving an ailing rump. Valued in line with peers, Bayer’s seeds, drugs and consumer units could be worth 54 billion euros, 38 billion euros and 16 billion euros respectively, according to Breakingviews calculations using LSEG data. Take off debt and pensions, and Bayer’s equity should total nearly 60 billion euros, some 47% above its current market capitalisation. But hiving off the seeds business would leave a pharma business hitched to a consumer unit, a model shunned by rivals Pfizer (PFE.N), Sanofi (SASY.PA) and GSK (GSK.L). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: weedkiller, Bill Anderson’s, Anderson, Aimee Donnellan, Neil Unmack, Oliver Taslic Organizations: Reuters, Pfizer, Sanofi, GSK, X, SEC, Paramount, Thomson

☆ SEC may have to let crypto foxes into the henhouse
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

The U.S. Securities and Exchange Commission has cracked down on crypto exchanges without defining most tokens, stoking criticism that it has fostered a regulatory grey area and depressed prices. But now the agency is struggling to hire the experts it needs to keep policing the sector, partly because crypto lovers don’t want to sell their coins at depressed prices. Hiring such specialists is “critical” to probing new problems in crypto markets, the inspector general wrote. Yet supporters of bitcoin and the like have long criticized the SEC for regulating through enforcement instead of setting clear guidelines. For the SEC to do its job as best it can, it might need to replace its bad-cop routine with some good-cop action.

Persons: Ben Winck, Aston Martin, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, U.S . Securities, Exchange Commission, bitcoin, SEC, X, Paramount, Macquarie, Thomson

☆ UK fashion retailer can revive discount price tag
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 7 (Reuters Breakingviews) - Primark’s improved fast-fashion appeal can power a valuation revival. Assuming sales at the retailer were to grow 7% annually, just half of the 15% jump of last year, they would hit 9.6 billion pounds. If margins were to rise to 10%, that would add 235 million pounds to the conglomerate’s operating profit, which stood at 1.5 billion pounds last year, Breakingviews calculations show. If Primark’s input costs keep falling and it successfully expands in the U.S., it can narrow this gap. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Aimee Donnellan, Aston Martin, Lisa Jucca, Oliver Taslic Organizations: Reuters, British Foods, Foods, X, Starbucks, Paramount, Macquarie, Thomson Locations: U.S

☆ Starbucks pays little mind to unions’ pay push
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

People gather outside a Starbucks location while singer Billy Bragg performs for striking Starbucks Workers United Union members in Buffalo, New York, U.S., October 12, 2022. Under Starbucks’ new wage plan announced Monday morning, only baristas with more than five years of experience will win 5% raises. All other employees will come in below the 4.1% jump in average hourly pay over the last 12 months, according to the Bureau of Labor Statistics. Part-time workers at United Parcel Service (UPS.N) won a 48% average pay hike over five years, akin to a 10% annual increase. While U.S. baristas continue to organize, contracts approved at two Canadian Starbucks stores suggests employees’ bargaining power is fizzling.

Persons: Billy Bragg, Lindsay DeDario, Ben Winck, Aston Martin, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Starbucks Workers United Union, REUTERS, Rights, Reuters, Starbucks, Bureau of Labor Statistics, United Auto Workers, General Motors, United Parcel Service, X, Paramount, Macquarie, Pfizer, Thomson Locations: Buffalo , New York, U.S

☆ CNBC Daily Open: A cool jobs report heats up markets
▼ + stars: | 2023-11-06 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Winning weekStocks and bonds in the U.S. rallied in tandem on Friday as markets digested jobs data and rebounded from October lows. Musk's GrokElon Musk's new AI company, xAI, released Grok, a generative artificial intelligence chatbot similar to ChatGPT. But Buffett's company did register a loss of $24.1 billion in the third quarter because of drops in Apple's shares.

Persons: nonfarm, That's, Grok Elon, Grok, Berkshire Hathaway, Stocks, Piper Sandler Organizations: Los Angeles, CNBC, Siemens, India's Siemens Ltd Locations: Los Angeles , California, U.S

☆ The holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Survey
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

Photographer: Christopher Dilts/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAs holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak, according to a new CNBC Supply Chain Survey. At the CNBC Evolve Global Summit last Thursday, Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Lunar New Year and order volumes The CNBC Supply Chain Survey underscores an overall climate of uncertainty that is defining the market right now. The freight trucking recession Trucking companies get paid per load, and the low expectations for orders imply potentially lower revenue this holiday season.

Persons: Christopher Dilts, Robinson, Noah Hoffman, Hoffman, Jeremy Barnum, Brian Cornell, Raj Subramaniam, restocking, Kuehne, Nagel, Paul Brashier, Tim Robertson, Robertson, Brian Bourke, Elmer Buchta, Jeff Bezos, Uber, Brashier, Berkshire Hathaway, Alan Baer Organizations: Bloomberg, Getty Images Bloomberg, Getty, CNBC Supply Chain Survey, North American Surface Transportation, CNBC, Global, FedEx, Chain Survey, SEKO Logistics, USA, ITS Logistics, Amazon, Maersk, Logistics, Convoy, Tank Transport, U.S ., Union Pacific, BNSF, Norfolk Southern, CSX Locations: Chicago , Illinois, C.H, U.S, China, United States, Montana, Indiana, Panama, West Coast, U.S . West Coast, Los Angeles, Berkshire, West, East Coast

☆ Maersk to Cut 10,000 Jobs as Cargo Boom Ends
▼ + stars: | 2023-11-03 | by ( Dominic Chopping | Costas Paris | ) www.wsj.com time to read: 1 min

Maersk enjoyed record profits over the past two years as the pandemic drove a surge in demand for goods. Photo: JACOB GRONHOLT-PEDERSEN/REUTERSShipping and logistics giant A.P. Moller-Maersk said it would cut more than 10,000 jobs, as a pandemic-fueled cargo boom has ended, leaving the industry with a surplus of ships and sharply lower freight rates. Maersk, a bellwether for global trade, saw its third-quarter profit plummet to $521 million from $8.88 billion last year. Its main Ocean division posted a quarterly loss for the first time in many years.

Persons: JACOB GRONHOLT, PEDERSEN, Moller, Maersk Organizations: Maersk, REUTERS Shipping

☆ Layoffs at Maersk hit 10,000 as pandemic shipping boom turns to bust
▼ + stars: | 2023-11-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —Shipping giant Maersk is laying off thousands more workers as weak demand and lower freight prices pummel its revenues — a sign the pandemic-driven boom in shipping is turning to bust. “Our industry is facing a new normal with subdued demand, prices back in line with historical levels and inflationary pressures on our cost base,” Maersk Chief Executive Vincent Clerc said in a statement. The composite cost of shipping a 40-foot container on eight major global routes stood at $1,406 this week, according to London-based Drewry Shipping. Maersk also said it expected its full-year profit to come in at the lower end of its previously stated range of $9.5 billion to $11 billion. The company’s shares sank as much as 12.5% in early trade Friday, extending those losses later to trade down 17.2% by 7.41 a.m.

Persons: ”, Vincent Clerc, Maersk Organizations: London CNN — Shipping, ” Maersk, Drewry Shipping Locations: Danish, London

☆ Shares of Maersk plunge 18% as shipping giant announces 10,000 job cuts, says profit will be at lower-end of guidance
▼ + stars: | 2023-11-03 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The container ship Maersk Murcia sits moored in the port of Gothenburg, Sweden, on August 24, 2020. Shipping giant Maersk , a bellwether for global trade, on Friday announced plans to reduce its workforce by more than 10,000 people and said it expected profit to be at the low end of prior guidance. Shares of the Danish firm had fallen 18% by early afternoon to their lowest level since October 2020. Maersk maintained full-year EDITDA (earnings before interest, taxes, depreciation, and amortization) guidance of $9.5 billion to $11 billion, but said it expected it to come in at the lower end of this range. Third-quarter revenue dropped from $22.8 billion in 2022 to $12.1 billion.

Persons: Vincent Clerc Organizations: Shipping, Friday, Maersk Locations: Murcia, Gothenburg, Sweden

☆ Paramount summits a precarious streaming peak
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Nov 3 (Reuters Breakingviews) - Paramount Global (PARA.O) says it’s reached the peak of its pain from investing in costly streaming. Crucially, boss Bob Bakish indicated that investment in streaming has topped out ahead of schedule, helping to send shares up 10%. Turning around streaming losses is existential for old-guard media empires navigating the slow dwindling of cable and broadcast. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, it’s, Bob Bakish, Bakish, Walt Disney, Disney’s, Nielsen, Bakish’s, Jennifer Saba, Aston Martin, Jonathan Guilford, Aditya Sriwatsav Organizations: REUTERS, Reuters, Paramount, Yellowstone, Netflix, YouTube, Disney’s Hulu, Macquarie, Pfizer, Thomson

COPENHAGEN, Denmark (AP) — Maersk, the world’s biggest shipping company, said Friday that it plans to eliminate 10,000 jobs due to what it described as a challenging environment for container trade and logistics services. The company said the move would result in savings of $600 million in 2024. The report cited “challenging market conditions resulting in substantially lower freight rates compared to the abnormally high rates in 2022.”A.P. Moller-Maersk CEO Vincent Clerc said the company will continue to streamline its organization and operations. The company said it now expected annual global container volume growth in the range of -2% to -0.5% compared to -4% to -1% previously.

Persons: — Maersk, ” A.P, Moller, Vincent Clerc, ” Clerc, “ Organizations: Maersk Locations: COPENHAGEN, Denmark, Copenhagen

[1/2] Containers are seen on the Maersk's Triple-E giant container ship Majestic Maersk, one of the world's largest container ships, next to cranes at the APM Terminals in the port of Algeciras, Spain January 20, 2023. REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down 17.5% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices, sending its shares tumbling. The industry invested heavily in new container ships during and after the pandemic to meet strong demand and benefit from record freight rates. A large number of new ships entered the market since the summer with no signs of idling or scrapping, said Clerc.

Persons: Jon Nazca, Moller, Vincent Clerc, Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Johannes Birkebaek, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Revenues, Thomson Locations: Algeciras, Spain, COPENHAGEN, North America, Copenhagen

☆ Panama Canal drought hits new crisis level with nearly half of vessel traffic targeted for cuts
▼ + stars: | 2023-11-03 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

PANAMA CITY, PANAMA - SEPTEMBER 22: The container ship Maersk Bogor is guided by a tugboat as it prepares to enter the Miraflores locks while transiting the Panama Canal on September 22, 2023 in Panama City, Panama. The Panama Canal Authority is continuing to restrict the number of vessels that pass through the Panama Canal locks as drought has caused water levels at Gatun Lake to drop. Over one hundred ships are waiting to transit the canal and the backup could delay goods heading to the United States for the holiday season. The Panama Canal is popular for East Coast trade because it is faster than other options. Traveling through the Panama Canal takes only 35 days.

Persons: Justin Sullivan, Adil Ashiq, Alan Baer, Baer, Jon Davis, Davis, Ashiq, Paul Brashier Organizations: PANAMA CITY, The Panama Canal, Port, CNBC Supply Chain, Panama Canal Authority, East, Panama Canal, MarineTraffic, USA, CNBC, U.S, ITS Logistics Locations: PANAMA, Bogor, Miraflores, Panama, Panama City, The Panama, Colon, Caribbean, United States, Cape Horn, South America, East, Charleston, El Nino, East Coast, Shenzhen, China, Miami , Florida, Suez, North America, U.S, West Coast, Asia, Gulf

☆ Maersk's woes signal slow-motion industry crash
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Boss Vincent Clerc is not alone in trying to manage a crisis that is battering the container shipping world and which analysts at DNB Markets reckon could last up to 2030. He may also suspend the company's share buyback programme which has been put under review. Investors – spoilt by 16 consecutive quarters of earnings growth up to September – knocked 17% off the company’s share price following the news. The unit, which handles container shipping, reported a 56% drop in third-quarter sales due to a steep fall in freight rates. The World Trade Organization halved its growth forecast for global goods trade this year.

Persons: Evelyn Maersk, Fabian Bimmer, Moller, Boss Vincent Clerc, –, Clerc, Pamela Barbaglia, Aston Martin, Aimee Donnellan, Streisand Neto Organizations: REUTERS, Reuters, Shipping, Maersk, World Trade Organization, X, Macquarie, Pfizer, Thomson Locations: Hamburg, Germany

REUTERS/Jon Nazca/File photo Acquire Licensing RightsSummaryCompanies Signals sharp downturn in demandTo review share buyback program for 2024Says industry facing overcapacity and lower prices, demandShares down more than 10% to lowest in three yearsCOPENHAGEN, Nov 3 (Reuters) - Shipping group A.P. Moller-Maersk (MAERSKb.CO), reported a steep drop in third-quarter profit and revenue on Friday and said it would cut at least 10,000 jobs in the face of overcapacity, rising costs and weaker prices. Shares in the Copenhagen-based group slid 11.1% by 0904 GMT, to their lowest level in three years. The group already warned in August of a steeper decline in global demand for shipping containers by sea this year. Reporting by Jacob Gronholt-Pedersen and Louise Rasmussen, editing by Terje Solsvik, Miral Fahmy, Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Jon Nazca, Moller, Vincent Clerc, Morten Holm Enggaard, Maersk, Jacob Gronholt, Pedersen, Louise Rasmussen, Terje Solsvik, Miral Fahmy, Elaine Hardcastle Organizations: Triple, Majestic, APM, REUTERS, Shipping, Maersk, Walmart, Nike, Jyske Bank, Thomson Locations: Algeciras, Spain, COPENHAGEN, Copenhagen

☆ Shipping industry could lose $10 billion a year battling climate change by 2050
▼ + stars: | 2023-10-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

It is just the latest in a growing number of disruptions hitting the shipping industry as it battles the effects of climate change. A similar reduction in 2019 cost global shipping as much as $370 million, according to a study by RTI International. "We firmly believe that climate change poses a great threat to the shipping industry and the consumer overall. The impacts of climate change on ports alone, from damage to disruption, could cost the shipping industry up to $10 billion annually by 2050 and up to $25 billion per year by 2100, according to the RTI study, which was reviewed by the Environmental Defense Fund. Of all the transportation sectors, shipping is one of the most vulnerable to the effects of climate change.

Persons: Narin Phol, Phol, Hakan Agnevall, Agnevall, It's, it's, Erica Posse Organizations: U.S . Army Corps of Engineers, RTI International, Maersk, North, RTI, Environmental Defense Fund, Wartsila, Shipping, CNBC Locations: Mississippi, Vicksburg , Mississippi, Panama, Vancouver, Canada, North America, Paris

☆ Shipping Contributes Heavily to Climate Change. Are Green Ships the Solution?
▼ + stars: | 2023-10-30 | by ( Ana Swanson | More About Ana Swanson | ) www.nytimes.com time to read: +1 min

On a bright September day on the harbor in Copenhagen, several hundred people gathered to welcome the official arrival of Laura Maersk. She was a hulking containership, towering a hundred feet above the crowd, and the most visible evidence to date of an effort by the global shipping industry to mitigate its role in the planet’s warming. By switching to green methanol, this single ship will produce 100 fewer tons of greenhouse gas per day, an amount equivalent to the emissions of 8,000 cars. The effect of global shipping on the climate is hard to overstate. Cargo shipping is responsible for nearly 3 percent of global greenhouse gas emissions — producing roughly as much carbon each year as the aviation industry does.

Persons: Laura Maersk, Laura Locations: Copenhagen, Danish

☆ Microsoft's AI boost helped cloud business outpace rivals Amazon and Google in latest quarter
▼ + stars: | 2023-10-27 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

That's faster than Google Cloud's 22% growth and more than double the pace of expansion at Amazon Web Services, which reported 12% growth. "Today more than half of all funded generative AI startups are Google cloud customers," Alphabet CEO Sundar Pichai said on the company's earnings call Tuesday. "Our generative AI business is growing very, very quickly," Jassy said. Jassy said companies including Adidas, Booking.com , Merck and United Airlines are building generative AI apps in AWS. Still, Amazon was behind Microsoft in releasing a tool for deploying generative AI.

Persons: Satya Nadella, Mark Moerdler, Sundar Pichai, Andy Jassy, Jassy, Brian Olsavsky, Jefferies, Brent Thill Organizations: Microsoft, Google, Amazon Web Services, AWS, Bernstein Research, Adidas, Booking.com, Merck, United Airlines, OpenAI Service, Oracle, Skanska, Starbucks, Amazon Locations: OpenAI, Maersk

The other tier comprises mainstream vessels that use Western services for legal oil shipments, including from Russia under the terms of the price cap. In the short term, available ghost vessels could be in particular demand, making chartering them more expensive. Even so, some analysts say removing the price cap could be the way to really punish Russia. But he said that was very unlikely because the price cap at least allows Russian oil to flow, thereby moderating international prices. "The Biden administration is already reeling from higher oil prices compounded by the unrest in Gaza, potentially spreading to a wider Middle Eastern conflict.

Persons: Alexandre Meneghini, Ioannis Papadimitriou, Mike Salthouse, FGE, Vortexa’s Papadimitriou, Richard Bronze, Adi Imsirovic, Biden, Natalie Grover, Robert Harvey, Julia Payne, Andrea Shalal, Barbara Lewis Organizations: REUTERS, Reuters, Maersk, EU, White House, United Arab, Shell, BP, Exxon Mobil, Exxon, U.S, . Treasury, Treasury, Novy Port, Surrey Clean Energy, Thomson Locations: Liberia, Russia, Matanzas, Matanzas , Cuba, Ukraine, United States, Euronav, Turkey, United Arab Emirates, U.S, India, Novy, Gaza, London, Brussels, Washington

☆ $100 billion property giant Prologis sealed a huge EV charging station deal. It hints at a new opportunity for real estate investors.
▼ + stars: | 2023-10-23 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +16 min

Late last year, it installed 38 chargers for electric trucks operated by Maersk at two sites in the Los Angeles area. There were 1.8 million conventional medium and heavy duty commercial vehicles operating in the state in 2021, according to data from the California Air Resources Board. Arnold said electric charging sites might be more lucrative than traditional industrial outdoor storage properties. The EV-charging business' chicken-and-egg problemOne of the biggest constraints to the development of charging sites is the availability of power. PDS operates about 320 diesel rigs, Gillis said, but because of the rules, will purchase "20 to 30 electric trucks" a year to steadily electrify its fleet.

Persons: Henrik Holland, John O'Leary, O'Leary's, Holland, Crawford Arnold, Arnold, Southern California Reuters Arnold, Vernon, Rivian, Gage, Zeina, Azzi, she'd, Jim Hurless, Hurless, Michael Bresnahan, Bresnahan, Elon Musk, Tesla, Greg Pearson, Pearson, Frank Schulz, Marijan Murat, Jim Gillis, Gillis, Emil Abdelshehid, We're, Nikola, Moshe Cohen, Cohen Organizations: Shell, Prologis, Maersk, Daimler Truck North, Mercedes, Freightliner, Government, California Air Resources Board, US Department of Energy, IOS, Investors, Shipping, Southern California Reuters, Amazon, FedEx, UPS, Colorado ., Chateau Energy Solutions, Tesla, Klabin, Getty, Los, Pacific Drayage Services, Los Angeles Department of Water, PDS, Volvo, Inc Locations: Southern California, Danish, Los Angeles, Long, Los Angeles County, Torrance, Daimler Truck North America, California, Vernon, of Long Beach, Newark , New Jersey, Texas, New York City, New Jersey, Colorado, Inland, Fontana, San Bernardino, Brooklyn

☆ Investing in Space: On satellites, the invisible backbone of global industry
▼ + stars: | 2023-10-19 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

Shipping company Maersk posted record annual earnings for 2022 but warned that profits are set to tumble this year as a "more balanced demand environment" emerges. CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. GPS, geospatial intelligence and satellite communications are the invisible backbone that powers the world's largest industries today." That's the core of Space Capital managing partner Chad Anderson's pitch to new investors about the value of the space industry – and I think the "invisible backbone" element serves as an important reminder. Satellites have been, are, and will continue to be a critical backbone of the world's industries – even if we don't notice.

Persons: CNBC's Michael Sheetz, Chad Anderson's, David Sherry, Sherry, Starlink, We've, Lloyd Organizations: Shipping, Maersk, Space Capital, Starlink, Mitsui, Eastern Pacific Shipping, Polembros Shipping Locations: Danish, Mitsui O.S.K

☆ Record wildfires and drought hit the Amazon, drying up rivers and smothering Brazil in smoke
▼ + stars: | 2023-10-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Smoke from a fire rises into the air as trees burn amongst vegetation in Brazil's Amazon rainforest near Humaita, Amazonas state, Brazil, August 3, 2023. The Amazon has experienced record number of wildfires this October after a severe drough. In the first half of 2023, 3.6 million acres of the Amazon have been burned by wildfires, according to the Rainforest Foundation. The drought has disrupted cargo shipping along the region's rivers and depleted food, water and medical resources for Amazonian indigenous communities. Meanwhile, the fires have generated clouds of smoke that have brought the air quality to surrounding areas to dangerous levels.

Organizations: Brazil's National Institute for Space Research, Rainforest Foundation, Manaus Locations: Humaita, Amazonas, Brazil, Port, Manaus, Brazilian

☆ Shipping giant Maersk to add SpaceX's Starlink internet to more than 330 ships by early next year
▼ + stars: | 2023-10-12 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Danish logistics giant Maersk is adding SpaceX's Starlink to more than 330 container ships, the companies announced Thursday. Maersk said the installation of the Starlink internet service is expected to be complete by the first quarter of next year, with the satellite network set to provide internet speeds of over 200 Megabits per second. Starlink is the global communications network that Elon Musk's company has been building, with more than 5,000 satellites launched and counting. The company initially targeted consumer customers, and now says Starlink has upward of two million subscribers. It has expanded into other markets — including national security, enterprise, mobility, maritime and aviation — and disrupted the existing satellite communications sector.

Persons: Maersk, Technology Leonardo Sonzio, Starlink Organizations: of Fleet Management, Technology, Elon, Maersk, SpaceX

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