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  • All you need to know about the Nord Stream gas leaks — and why Europe suspects ‘gross sabotage’

    All you need to know about the Nord Stream gas leaks — and why Europe suspects ‘gross sabotage’

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    Climate scientists described the shocking images of gas spewing to the surface of the Baltic Sea as a “reckless release” of greenhouse gas emissions that, if deliberate, “amounts to an environmental crime.”

    Anadolu Agency | Anadolu Agency | Getty Images

    Two subsea pipelines connecting Russia to Germany are at the center of international intrigue after a series of blasts caused what might be the single largest release of methane in history — and many suspect it was the result of an attack.

    An initial crime scene investigation last week into what caused the gas leaks on the Nord Stream 1 and 2 pipelines reinforced suspicions of “gross sabotage.”

    As investigations continue, many in Europe suspect the incident was the result of an attack, particularly as it occurred during a bitter energy standoff between the European Union and Russia.

    The Kremlin has repeatedly dismissed claims it destroyed the pipelines, calling such allegations “stupid” and “absurd,” and claiming that it is the U.S. that had the most to gain from the gas leaks.

    The White House has denied any involvement in the suspected attack.

    What happened?

    On Sept. 26, a flurry of detonations on two underwater pipelines connecting Russia to Germany sent gas spewing to the surface of the Baltic Sea. The explosions triggered four gas leaks at four locations — two in Denmark’s exclusive economic zone and two in Sweden’s exclusive economic zone.

    The magnitude of those explosions was measured at 2.3 and 2.1 on the Richter scale, respectively, Swedish and Danish authorities said, and likely corresponded to an explosive load of “several hundred kilos.”

    Neither of the Nord Stream pipelines was transporting gas at the time of the blasts, although they both contained pressurized methane — a potent greenhouse gas.

    Remarkably, the signature of the gas bubbling at the surface of the Baltic Sea could be seen from space.

    A satellite image of the Nord Stream leak in the Baltic Sea, captured on Sept. 26, 2022.

    Planet

    Climate scientists described the shocking images of the methane erupting from the burst as a “reckless release” of greenhouse gas emissions that, if deliberate, “amounts to an environmental crime.”

    At the time, Denmark’s armed forces said video footage showed the largest gas leak created a surface disturbance of roughly 1 kilometer (0.62 miles) in diameter, while the smallest leak caused a circle of approximately 200 meters.

    The Nord Stream gas pipelines have become a focal point of tensions between Russia and Europe in recent months, with Moscow accused of weaponizing gas supplies in a bid to gain sanctions relief amid its onslaught in Ukraine.

    Who’s to blame?

    Sweden’s national security service said Thursday that detonations caused “extensive damage” to the pipelines and “strengthened suspicions of gross sabotage.”

    Sweden’s Security Service said certain seizures had been made, without offering further details, and that these would now be reviewed and analyzed.

    “The continued preliminary investigation must show whether someone can be served with suspicion and later prosecuted,” Sweden’s Security Service said.

    Sweden’s prosecutor’s office said in a separate statement that the area was no longer cordoned off.

    The European Union has warned that any deliberate attack on European energy infrastructure would be met with the “strongest possible response,” calling what it suspects is an intentional attack “utterly unacceptable.”

    Most Western governments have stopped short of pointing the finger directly at Russia, while the Kremlin has sought to pin the blame on the West.

    U.S. President Joe Biden described the blasts on the Nord Stream pipelines as a “deliberate act of sabotage” late last month, saying Washington was working with its allies to work out exactly what happened.

    Fatih Birol, the executive director of the International Energy Agency, said at a conference in Paris last month that it was “very obvious” who was responsible for the gas leaks, Reuters reported. He did not say who that was, however.

    Russia has denied it was responsible for the gas leaks. Russian Foreign Ministry spokesperson Maria Zakharova said at a briefing on Thursday that such claims were “absurd,” according to Tass news agency.

    Zakharova emphasized the “enormous investment” that the Kremlin took in the infrastructure project and lashed out at the West for blocking Moscow from taking part in the investigations.

    Environmental impact

    “It was a deliberate act and in my opinion it can very likely be linked to the push for constant provocation by the Kremlin,” Spanish Energy Minister Teresa Ribera told reporters last month, according to Reuters.

    Europa Press News | Europa Press | Getty Images

    The two Nord Stream pipelines were estimated to have contained enough gas to release 300,000 tons of methane — more than twice the amount released by the 2015 Aliso Canyon leak in California, the largest known release of methane in U.S. history.

    While that means it could be one of the largest single releases of methane, the incident pales in comparison with the roughly 70 million tons of methane emitted by the oil and gas industry each year.

    The European Space Agency estimated that the emissions leak from the Nord Stream gas pipelines was roughly equivalent to one and a half days of global methane emissions.

    Nonetheless, environmental campaigners argued the incident serves as yet another reminder of the risks associated with fossil fuel infrastructure.

    — CNBC’s Emma Newburger contributed to this report.

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  • Jamie Dimon says UK government deserves benefit of the doubt after sparking market turmoil

    Jamie Dimon says UK government deserves benefit of the doubt after sparking market turmoil

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    Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co. says the new U.K. government should be “given the benefit of the doubt.”

    Al Drago | Bloomberg | Getty Images

    JPMorgan Chase CEO Jamie Dimon said new governments “always have issues” and U.K. Prime Minister Liz Truss should be “given the benefit of the doubt” following a turbulent first month in office.

    “It’ll take time to execute the policies and kind of drive growth and what’s important … [but] there’s a lot of things the U.K. has going for it and proper strategies to get it growing faster … then it can accomplish some of the other objectives it wants to accomplish too,” Dimon told CNBC’s Julianna Tatelbaum on Monday, speaking at the JPM Techstars conference in London.

    “I would like to see the new prime minister, the new chancellor, be successful,” he said.

    Dimon’s comments come after a rocky few weeks for Truss’s administration. Finance Minister Kwasi Kwarteng announced a raft of fiscal measures in a “mini-budget” on Sept. 23, including unfunded cuts to income tax and canceling a planned increase in corporation tax.

    Sterling plummeted and yields on U.K. government bonds, or “gilts,” were sent through the roof and have yet to return to their pre-announcement levels.

    The government then opted to reverse the decision to abolish the highest income tax bracket — a 45% rate for those earning more than £150,000 — just 10 days later.

    ‘Every government should be focusing on growth’

    Growth should be an objective for every nation, according to JPMorgan’s Dimon.

    “I think every government should be focusing on growth — I would love to hear that out of their mouth every time a president or prime minister speaks,” Dimon said.

    “Growth comes from proper tax policies, from proper investment policies, consistency of law … being attractive to foreign investment, being attractive to companies and having strategy around industries,” he said.

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  • U.S. officials plan to push for price cap on Russian oil at this week’s IMF meetings

    U.S. officials plan to push for price cap on Russian oil at this week’s IMF meetings

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    U.S. Treasury Secretary Janet Yellen talks to reporters during a news conference in the Cash Room at the Treasury Department on April 21, 2022 in Washington, DC.

    Chip Somodevilla | Getty Images

    U.S. Treasury officials plan to press ahead at this week’s IMF meetings with a cap on the price of Russian oil, despite Wednesday’s decision by OPEC+ to cut oil production that’s already driven gas prices higher.

    Treasury Secretary Janet Yellen and Deputy Treasury Secretary Wally Adeyemo will discuss the cap with other world finance ministers at the annual meetings of the IMF and World Bank that run Monday through Sunday in Washington, D.C.

    OPEC+, the international governing organization of oil exporting countries which counts Russia among its expanded membership, announced an expected output cut of 2 million barrels per day last week, a move the Biden administration reportedly tried to block amid rising fuel costs.

    But the cutback has no bearing on the G-7’s strategy to deny Russia a substantial income source to continue funding its war in Ukraine by capping the price of the country’s oil, a senior Treasury official told reporters Monday.

    “We’ve been working on the price cap for a number of months. We’re continuing to move forward with our coalition in the design and finalization of that and that would have been happening in any case,” the official said.

    G-7 finance ministers announced the price cap last month.

    Higher gas prices from the OPEC+ decision will be “felt particularly by low- and middle-income countries, which are already bearing the brunt of the increase in global energy prices,” the official said.

    Adeyemo will is scheduled on Friday to brief member countries on the impact their sanctions have had on Russia’s military supply chains. The Deputy Treasury Secretary will also consult with senior officials from over 20 participating countries, including Canada, the U.K. and the E.U., on how to redouble those efforts, according to senior Treasury officials.

    Yellen plans to call on the coalition to further restrict Russian President Vladimir Putin‘s access to capital and military equipment needed to continue the war in Ukraine.

    After Russia launched coordinated missile strikes across Ukraine Monday, India and China, which have refrained from outright condemning Russia’s invasion, called for a peaceful resolution to the crisis. Each country has sought to distance itself from Putin even as they continue to support Russia by buying its oil.

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  • YouTube Is Offering Cash to Lure ‘Shorts’ Creators

    YouTube Is Offering Cash to Lure ‘Shorts’ Creators

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    TikTok is every other social media company’s problem these days — including YouTube. (And perhaps except BeReal.)


    Anadolu Agency I Getty Images

    YouTube and TikTok

    On September 20, the Google-owned platform YouTube unveiled “Made on YouTube,” which discussed how it would compensate its new short-form creators, namely by lowering barriers to making money and aiming to give creators a larger share of the profits.

    “We’re announcing more ways for creators to become partners, new ways to make money with Shorts, and a reimagining of how the music industry and creators work together,” the company wrote at the time.

    The new policies would allow people to start monetizing videos earlier, at 1,000 subscribers and 10 million views over 90 days, the company said. For regular YouTubers, the threshold is 4,000 watched hours over 12 months and 1,000 subscribers.

    TikTok came onto the scene in 2016 and soared in popularity during the pandemic, pushing Meta’s Facebook and Instagram to focus on short-form video. Last year, the company said it had more than 1 billion daily active users.

    YouTube plans to gain some ground by bringing a host of short-term creators to the platform and see if their videos become more YouTube-like, a.k.a. longer, and thus more profitable for everyone as time goes on, Insider reported.

    “A bunch of creators that tried to start on YouTube but didn’t get anywhere with 3- to 10-minute videos went to TikTok. Now those users may try to start on YouTube. If they keep at it, they become a long-form creator,” a former employee told the outlet.

    Another employee who leads YouTube channels at a media organization told Insider the Shorts push could also hurt its wallet.

    Shorter videos “will never be as lucrative as the long-form stuff,” they said. “If that dominates the YouTube landscape, it’ll be a problem for us.”

    There have also been questions about YouTube’s plan to compensate Shorts creators. The “45%” of advertising revenue from videos, outlined in YouTube’s plan, attracted attention. But, it will be distributed based on views, and some unknown portion before that goes to music licensing.

    “The revenue share remains the same, no matter if they use music or not,” the company said on its Shorts page.

    The program will start taking applications for monetization in “early 2023,” according to YouTube.

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    Gabrielle Bienasz

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  • Facts changed and part of tech sank. We’re changing our view and trimming exposure

    Facts changed and part of tech sank. We’re changing our view and trimming exposure

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    As we think about what happened to this particular industry that once promised secular growth year after year, it has been two-fold.

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  • Ark’s Cathie Wood issues open letter to the Fed, saying it is risking an economic ‘bust’

    Ark’s Cathie Wood issues open letter to the Fed, saying it is risking an economic ‘bust’

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    Cathie Wood, Founder, CEO, and CIO of ARK Invest, speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, May 2, 2022.

    David Swanson | Reuters

    The Federal Reserve likely is making a mistake in its hard-line stance against inflation Ark Investment Management’s Cathie Wood said Monday in an open letter to the central bank.

    Instead of looking at employment and price indexes from previous months, Wood said the Fed should be taking lessons from commodity prices that indicate the biggest economic risk going forward is deflation, not inflation.

    “The Fed seems focused on two variables that, in our view, are lagging indicators –– downstream inflation and employment ––both of which have been sending conflicting signals and should be calling into question the Fed’s unanimous call for higher interest rates,” Wood said in the letter posted on the firm’s website.

    Specifically, the consumer price and personal consumption expenditures price indexes both showed inflation running high. Headline CPI rose 0.1% in August and was up 8.3% year over year, while headline PCE accelerated 0.3% and 6.2% respectively. Both readings were even higher excluding food and energy, which saw large price drops over the summer.

    On employment, payroll growth has decelerated but remains strong, with job gains totaling 263,000 in September as the unemployment rate fell to 3.5%.

    But Wood, whose firm manages some $14.4 billion in client money across a family of active ETFs, said falling prices for items such as lumber, copper and housing are telling a different story.

    Worries over a ‘deflationary bust’

    The Fed has approved three consecutive interest rate increases of 0.75 percentage point, mostly by unanimous vote, and is expected to OK a fourth when it meets again Nov. 1-2.

    “Unanimous? Really?” Wood wrote. “Could it be that the unprecedented 13-fold increase in interest rates during the last six months––likely 16-fold come November 2––has shocked not just the US but the world and raised the risks of a deflationary bust?”

    Inflation is bad for the economy because it raises the cost of living and depresses consumer spending; deflation is a converse risk that reflects tumbling demand and is associated with steep economic downturns.

    To be sure, the Fed is hardly alone in raising rates.

    Nearly 40 central banks around the world approved increases during September, and the markets have largely expected all the Fed’s moves.

    However, criticism has emerged recently that the Fed could be going too far and is at risk of pulling the economy into an unnecessary recession.

    “Without question, food and energy prices are important, but we do not believe that the Fed should be fighting and exacerbating the global pain associated with a supply shock to agriculture and energy commodities caused by Russia’s invasion of Ukraine,” Wood wrote.

    The Fed is expected to follow the November hike with a 0.5 percentage point rise in December, then a 0.25 percentage point move early in 2023.

    One area of the market known as overnight indexed swaps is pricing in two rate cuts by the end of 2023, according to Morgan Stanley.

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  • Paul Tudor Jones still owns cryptocurrencies and explains why they will have value long term

    Paul Tudor Jones still owns cryptocurrencies and explains why they will have value long term

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  • Nobel economics prize awarded to U.S.-based economists including Bernanke for work on financial crises

    Nobel economics prize awarded to U.S.-based economists including Bernanke for work on financial crises

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    Ben Bernanke, former chairman of the U.S. Federal Reserve, speaks during the American Economic Association and Allied Social Science Association Annual Meeting on Friday, Jan. 4, 2019. Bernanke is one of three winners of the 2022 Nobel prize in economics.

    Bloomberg | Bloomberg | Getty Images

    U.S.-based economists Ben Bernanke, Douglas Diamond and Philip Dybvig were awarded the Nobel prize in economic sciences for 2022 for their research on banks and financial crises.

    Bernanke was chairman of the Federal Reserve from 2006 to 2014 and is now at the Brookings Institute in Washington, D.C. Diamond is a professor at the University of Chicago Booth School of Business, and Dybvig is a professor at the Olin Business School of Washington University in St. Louis.

    The Nobel committee said their work in the early 1980s had “significantly improved our understanding of the role of banks in the economy, particularly during financial crises,” and in showing why it is vital to avoid bank collapses. They added this was “invaluable” during the 2008-09 financial crisis and the coronavirus pandemic.

    Bernanke’s analysis of the Great Depression in the 1930s showed how and why bank runs were a major reason the crisis was so long and severe. Diamond and Dybvig’s work, meanwhile, looked at the socially important role banks play in smoothing the potential conflict between savers wanting access to their money and the economy needing savings to be put into investments; and how governments can help prevent bank runs by providing deposit insurance and acting as a lender of last resort.

    The winners of the prize — officially called the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel — receive 10 million Swedish krona ($883,000) each.

    The Royal Swedish Academy of Sciences select the winners from a list of candidates recommended by the Economic Sciences Prize Committee. This makes its selection from names submitted by around 3,000 professors, previous winners and academy members by invitation. People cannot nominate themselves.

    In a press conference following the announcement, Diamond was asked whether he had any warning for banks, institutions and governments given current rising interest rates and predictions of an economic slowdown.

    Diamond said: “Financial crises, in the way that Phil Dybvig and I think about them, become worse when people start to lose faith in the stability of the system. And that is all related to basically how profitable they think the banking sector is, in addition to being stable.”

    “So in periods when things happen unexpectedly, like I think people are surprised how quickly nominal interest rates have gone up around the world, that can be something that sets off some fears in the system. We saw some of this in the United Kingdom in their liability-driven sector of the insurance market.”

    “So I guess the best advice is to be prepared for making sure that your part of the banking sector is both perceived to be healthy and to stay healthy and to respond in a measured and transparent way to changes in monetary policy.”

    Asked about whether he foresaw another financial crisis, he said the world was “much better prepared” than in 2008, and regulatory improvements had made the system less vulnerable.

    “The banking sector itself is in very solid shape, good net worth, good risk management,” he said. “The problem is that these vulnerabilities of the fear of runs and dislocations and crises can show up anywhere, not just commercial banks.”

    The insight he and Dybvig had tried to provide, he said, was that it is crucial to be able to issue short-term, liquid liabilities, like deposits or shares, which are more liquid than underlying assets. He again cited the insurance sector in the U.K., when he said the “mismatch” came when there were calls for more collateral from insurance companies. The Bank of England has been forced to intervene to reduce market turmoil and protect pension funds following a controversial government budget.

    Last year, the economics prize was split three ways. It went to David Card, for his work on labor economics; and Joshua D. Angrist and Guido W. Imbens for their contributions to the analysis of causal relationships.

    Unlike the five other Nobel prizes, which have been handed out since 1901 and were bestowed in the will of Swedish inventor, chemist and engineer Alfred Nobel, the economics award was established in 1969 by Sweden’s central bank in his honor. It is the last to be announced each year.

    The renowned Nobel Peace Prize was awarded Friday to Belarusian human rights activist Ales Bialiatski, Russian human rights organization Memorial and the Ukrainian NGO Center for Civil Liberties.

    This year’s prize for physics went to Alain Aspect, John Francis Clauser and Anton Zeilinger, for discoveries in quantum mechanics. The Nobel committee said they had used “groundbreaking experiments” investigating particles in entangled states to begin a new era of quantum technology.

    The chemistry prize was split between Carolyn R. Bertozzi, for her work using click and bioorthogonal chemistry to map cells and develop more targeted cancer treatments; and Morten Meldal and K. Barry Sharpless, who the committee said “laid the foundations of click chemistry,” which involves connecting biocompatible molecules.

    The medicine prize was awarded to Svante Paabo “for his discoveries concerning the genomes of extinct hominins and human evolution.”

    The prize for literature went to French author Annie Ernaux.

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  • Musk says Beijing doesn’t want him to sell Starlink in China

    Musk says Beijing doesn’t want him to sell Starlink in China

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    Elon Musk told the FT that Beijing doesn’t want him to sell his Starlink satellite internet service in China. In this picture, Musk speaks about Starlink at Mobile World Congress in June 2021.

    Nurphoto | Nurphoto | Getty Images

    BEIJING — Elon Musk told the Financial Times the Chinese government doesn’t want him to sell his Starlink satellite internet service in China.

    “Musk says Beijing has made clear its disapproval of his recent rollout of Starlink, SpaceX’s satellite communications system, in Ukraine to help the military circumvent Russia’s cut-off of the internet,” the newspaper said in its latest “Lunch with the FT” column published Friday.

    “He says Beijing sought assurances that he would not sell Starlink in China,” the article said.

    The FT did not say whether Musk agreed to Beijing’s request. The business leader, who is CEO of Tesla and SpaceX, did not immediately respond to a CNBC request for comment.

    Musk’s electric car giant Tesla relies on China for more than 20% of its revenue and has a large factory in Shanghai.

    In contrast to the U.S. and other countries’ condemnation of Russia’s invasion of Ukraine this year, China has refused to call the attack an invasion.

    China has in recent years put greater emphasis on building up its own technology, including in aerospace.

    Domestic telecom giants, such as China Mobile and Huawei, have helped China achieve one of the highest penetrations of 5G internet in the world.

    In addition, China completed its own satellite communications system, Beidou, in 2020. The system rivals the U.S. government-owned GPS, or Global Positioning System.

    The Chinese Ministry of Commerce and Ministry of Industry and Information Technology did not immediately respond to a CNBC request for comment.

    The FT said Musk expects Tesla would be caught up in “inevitable” conflict over Taiwan, but will still be able to deliver to customers in China.

    Read more about China from CNBC Pro

    Beijing considers the democratically self-ruled island part of its territory and has repeatedly stated its aim for peaceful reunification.

    Musk said his recommendation “would be to figure out a special administrative zone for Taiwan that is reasonably palatable, probably won’t make everyone happy,” the FT reported.

    Asked to respond to Musk’s Taiwan recommendation, a spokesperson of the Ministry of Foreign Affairs in China said: “We remain committed to the basic principle of peaceful reunification and One Country, Two Systems and aim to work with the greatest sincerity and effort to achieve peaceful reunification”

    “At the same time, we will resolutely defeat attempts to pursue the ‘Taiwan independence’ separatist agenda, push back interference by external forces, and safeguard our sovereignty and territorial integrity,” the spokesperson said Saturday at a regular press briefing.

    Qin Gang, China’s ambassador to the U.S., thanked Musk for the idea in a tweet.

    Read the full FT interview here.

    — CNBC’s Arjun Kharpal contributed to this report.

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  • Two shot outside New York Congressman Lee Zeldin’s home

    Two shot outside New York Congressman Lee Zeldin’s home

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    Two people were shot on Sunday outside the home of New York congressman and Republican New York gubernatorial candidate Lee Zeldin, he said in a statement.

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  • The first crop of space mining companies didn’t work out, but a new generation is trying again

    The first crop of space mining companies didn’t work out, but a new generation is trying again

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    Just a couple of years ago, it seemed that space mining was inevitable. Analysts, tech visionaries and even renowned astrophysicist Neil deGrasse Tyson predicted that space mining was going to be big business.

    Space mining companies like Planetary Resources and Deep Space Industries, backed by the likes of Google‘s Larry Page and Eric Schmidt, cropped up to take advantage of the predicted payoff.

    Fast forward to 2022, and both Planetary Resources and Deep Space Industries have been acquired by companies that have nothing to do with space mining. Humanity has yet to commercially mine even a single asteroid. So what’s taking so long?

    Space mining is a long-term undertaking and one that investors do not necessarily have the patience to support. 

    “If we had to develop a full-scale asteroid mining vehicle today, we would need a few hundred million dollars to do that using commercial processes. It would be difficult to convince the investment community that that’s the right thing to do,” says Joel Sercel, president and CEO of TransAstra Corporation.

    “In today’s economics and in the economics of the near future, the next few years, it makes no sense to go after precious metals in asteroids. And the reason is the cost of getting to and from the asteroids is so high that it vastly outstrips the value of anything that you’d harness from the asteroids,” Sercel says.

    This has not dissuaded Sercel from trying to mine the cosmos. TransAstra will initially focus on mining asteroids for water to make rocket propellant, but would like to eventually mine “everything on the periodic table.” But Sercel says such a mission is still a ways off.

    “In terms of the timeline for mining asteroids, for us, the biggest issue is funding. So it depends on how fast we can scale the business into these other ventures and then get practical engineering experience operating systems that have all the components of an asteroid mining system. But we could be launching an asteroid mission in the 5 to 7-year time frame.”

    Sercel hopes these other ventures keep it afloat until it develops its asteroid mining business. The idea is to use the tech that will eventually be incorporated into TransAstra’s astroid mining missions to satisfy already existing market needs, such as using space tugs to deliver satellites to their exact orbits and using satellites to aid in traffic management as space gets increasingly more crowded.

    AstroForge is another company that believes space mining will become a reality. Founded in 2022 by a former SpaceX engineer and a former Virgin Galactic engineer, AstroForge still believes there is money to be made in mining asteroids for precious metals.

    “On Earth we have a limited amount of rare earth elements, specifically the platinum group metals. These are industrial metals that are used in everyday things your cell phone, cancer, drugs, catalytic converters, and we’re running out of them. And the only way to access more of these is to go off world,” says AstroForge Co-Founder and CEO Matt Gialich.

    AstroForge plans to mine and refine these metals in space and then bring them back to earth to sell. To keep costs down, AstroForge will attach its refining payload to off-the shelf satellites and launch those satellites on SpaceX rockets.

    “There’s quite a few companies that make what is referred to as a satellite bus. This is what you would typically think of as a satellite, the kind of box with solar panels on it, a propulsion system being connected to it. So for us, we didn’t want to reinvent the wheel there,” Gialich says. “The previous people before us, Planetary Resources and DSI [Deep Space Industries], they had to buy entire vehicles. They had to build much, much larger and much more expensive satellites, which required a huge injection of capital. And I think that was the ultimate downfall of both of those companies.”

    The biggest challenge, AstroForge says, is deciding which asteroids to target for mining. Prior to conducting their own missions, all early-stage mining companies have to go on is existing observation data from researchers and a hope that the asteroids they have selected contain the minerals they seek. 

    “The technology piece you can control, the operations pieces you can control, but you can’t control what the asteroid is until you get there,” says Jose Acain, AstroForge Co-Founder and CTO.

    To find out more about the challenges facing space mining companies and their plans to make space mining a real business watch the video.

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  • Allianz Chief Economic Adviser El-Erian believes core inflation ‘is still going up’

    Allianz Chief Economic Adviser El-Erian believes core inflation ‘is still going up’

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    Ahead of the release of the latest consumer price index reading this week, Allianz Chief Economic Adviser Mohamed El-Erian told CBS’ “Face The Nation” Sunday that he predicts headline inflation “will probably come down to about 8%,” but that core inflation “is still going up.”

    Core inflation is what measures the drivers of inflation and how broad they are, so El-Erian said an increase in core inflation means “we still have an inflation issue.”

    Even if core inflation is still on the rise, however, El-Erian said it will eventually come down.

    “The question is, does it come down with a slowdown in the economy or a major recession?” he said on “Face the Nation.”

    The oil producer group OPEC+ announced its largest supply cut since 2020 on Wednesday, and El-Erian said this decision “does hurt the U.S.,” as it risks causing inflation to increase again. But he said the cut did not come as a surprise since the group is looking to protect oil prices in the face of declining demand.

    “That’s what they do,” he said. “But it’s certainly not good news for the U.S. economy.”

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  • Verstappen wins chaotic, rain-shortened Japanese GP to clinch title

    Verstappen wins chaotic, rain-shortened Japanese GP to clinch title

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    Red Bull Racing’s Dutch driver Max Verstappen poses on the podium with the trophy following his victory at the Formula One Japanese Grand Prix at Suzuka, Mie prefecture on Oct. 9, 2022.

    Toshifumi Kitamura | Afp | Getty Images

    Max Verstappen sealed his second Formula 1 world championship amid huge confusion after winning a chaotic, rain-shortened Japanese Grand Prix.

    There was huge confusion at the chequered flag amid uncertainty over whether full or partial points would be awarded for a race in which only 29 of the 53 scheduled laps were completed.

    With between 50 per cent and 75 per cent of the laps completed, most of the F1 paddock believed Verstappen would only be awarded 19 points for his victory. But for the Japanese GP there was a different interpretation of the rules, which state that the reduced points are only applied if a race is suspended “and cannot be resumed”.

    Verstappen was clearly confused by the situation as celebrations began and were then paused, but it was eventually confirmed that full points had been awarded, sealing the 25-year-old’s triumph with four races of the season remaining.

    “The first one is a little more emotional, the second one is more beautiful,” Verstappen said.

    “Looking back, what a year we’ve had so far. It’s been incredible. It’s something I could never have imagined. After last year, fighting until the end, and then having such a good car again this year. I’m so thankful to everyone who has been contributing to this success.”

    The Dutchman would have been denied the title if Charles Leclerc had come second, but the Ferrari driver’s final-lap error saw him given a five-second penalty – for leaving the track and gaining an advantage – that demoted him to third behind the other Red Bull of Sergio Perez.

    The field leave the pitlane for the restart following a red flag delay during the F1 Grand Prix of Japan at Suzuka International Racing Course on Oct. 09, 2022 in Suzuka, Japan.

    Dan Istitene – Formula 1 | Formula 1 | Getty Images

    The race had earlier threatened to be overshadowed by controversy, as an initial attempt to start in heavy rain resulted in chaos, with Carlos Sainz crashing into a barrier, before a recovery tractor came on track with the cars still on the circuit.

    The race was red-flagged and a two-hour plus delay ensued as rain continued to fall, with the chances of a resumption appearing bleak at several points.

    However, the skies cleared and the race resumed with a rolling start behind the Safety Car, with about 45 minutes left on the three-hour clock that had began ticking with the initial start.

    The drying track saw the field switch from full wet tyres to intermediate, but Verstappen was comfortable throughout as he pulled clear to win by 27 seconds.

    Esteban Ocon produced a brilliant defensive display to hold off Lewis Hamilton for fourth, while Sebastian Vettel and Nicholas Latifi benefitted from being the first cars to pit at the restart, finishing sixth and ninth respectively.

    Japanese GP Final Result, Top 10

    1) Max Verstappen, Red Bull
    2) Sergio Perez, Red Bull
    3) Charles Leclerc, Ferrari
    4) Esteban Ocon, Alpine
    5) Lewis Hamilton, Mercedes
    6) Sebastian Vettel, Aston Martin
    7) Fernando Alonso, Alpine
    8) George Russell, Mercedes
    9) Nicholas Latifi, Williams
    10) Lando Norris, McLaren

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  • NFL commissioner says league to make ‘change or two’ to concussion protocol

    NFL commissioner says league to make ‘change or two’ to concussion protocol

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    Roger Goodell, commissioner of the National Football League, testifies remotely during the House Oversight and Reform Committee hearing titled Tackling Toxic Workplaces: Examining the NFLs Handling of Workplace Misconduct at the Washington Commanders, in Rayburn Building on Wednesday, June 22, 2022.

    Tom Williams | Cq-roll Call, Inc. | Getty Images

    The NFL is prepared “to make a change or two” to its concussion protocol, NFL Commissioner Roger Goodell said at a fan forum in London on Saturday as the league faces questions about how the Miami Dolphins handled quarterback Tua Tagovailoa’s recent injuries.

    Responding to a fan’s question about concussions and “recent incidents,” Goodell outlined the league’s “intensive focus” on the issue over the past 15 years and said its medical protocols have served as templates for other sports.

    “Our job really is to continue to modify those as medical experts or other experiences tell you this is something you can do differently,’” he said.

    The commissioner took questions only from fans in London ahead of Sunday’s game between the Green Bay Packers and the New York Giants at Tottenham Hotspur Stadium. He wasn’t made available to the media Saturday. The league did not elaborate on what the potential protocol changes are or when they could come into effect.

    Earlier this week, the NFL Players Association fired the unaffiliated neurotrauma consultant who evaluated Tagovailoa after he stumbled off the field against Buffalo on Sept. 25 following a hit. The quarterback was evaluated for a concussion, but he quickly returned to the game and the Dolphins said a back injury had caused his wobbly gait.

    The quarterback subsequently suffered a concussion four days later at Cincinnati and is out indefinitely.

    Goodell, without citing Tagovailoa by name, said there’s “more chatter now” about concussions.

    “We understand some of that chatter, but the reality is the protocols are really important. We follow that strictly. We see no indication that that didn’t happen in this case. There’s an ongoing investigation, ” he said. “We’re really focused on doing that. But we’re also prepared to make a change or two in the protocols because we think we can actually add another element that would make it even safer.”

    On Friday, the NFL Players Association urged the league to implement changes in time to protect players in this weekend’s games. In its own statement, the NFL said it was working on updates to the protocol but did not commit to implementing them before Sunday’s games.

    Tampa Bay Buccaneers tight end Cameron Brate’ was also injured last Sunday when he collided with a teammate near the end of the first half against the Kansas City Chiefs and was initially allowed to re-enter the game. He then sat out the second half with a concussion.

    NFL players “are getting the most extraordinary care and better than they ever have in the history of the NFL, but they deserve that, and that’s our obligation, and that’s what we need to do,” Goodell said.

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  • Russia appoints new overall commander for its military in Ukraine

    Russia appoints new overall commander for its military in Ukraine

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    Russian President Vladimir Putin (L) toasts with Prime Minister Dmitry Medvedev next to Sergei Surovikin, the commander of Russian troops in Syria, after a ceremony to bestow state awards on military personnel who fought in Syria, at the Kremlin in Moscow on December 28, 2017. (Photo by Kirill KUDRYAVTSEV / POOL / AFP) (Photo by KIRILL KUDRYAVTSEV/POOL/AFP via Getty Images)

    Kirill Kudryavtsev | Afp | Getty Images

    WASHINGTON – Russia has appointed a new commander to lead all of its forces in Ukraine as the Kremlin’s war marches into its eighth month.

    Sergei Surovikin, an Army general who also oversees Russia’s air force, previously led Russian forces in Syria. His new role will involve galvanizing Russian troops after a slew of setbacks, including heavy losses of troops and equipment, and the forfeiture of thousands of square miles of occupied territory.

    Surovikin’s appointment comes on the heels of Russian President Vladimir Putin’s plans to conscript hundreds of thousands of Russian men for the war. Putin’s order for approximately 300,000 Russians to join the fight in Ukraine is the first time since World War II that Moscow has drafted civilians into the military.

    The Kremlin’s decision to impose a partial draft was triggered in part by a series of stunning Ukrainian advances in recent weeks.

    Last week, Putin declared that four Ukrainian regions now belonged to Russia. The Russian leader cited referendums, widely viewed as rigged and illegal by Western governments, held in Russian-occupied regions of Ukraine.

    “The results are known, well known,” Putin said on Sept. 30. “There are four new regions of Russia,” referring to the Ukrainian regions of Donetsk, Luhansk, Zaporizhzhia and Kherson.

    On the heels of Putin’s address, Ukrainian President Volodymyr Zelenskyy said he will submit an “accelerated” application for his country to join the NATO military alliance.

    Equipped with an arsenal of Western weapons, Ukrainian forces have retaken vast swaths of territory that had been occupied by Russian forces since the early days of the war. Their battlefield successes have dented the reputation of the Kremlin’s mighty war machine.

    But as Ukraine fights to retake land one village at a time, the cost to civilians has been enormous.

    So far, the U.N. estimates that Russia’s invasion has claimed more than 6,000 civilian lives and led to more than 8,600 injuries. The Office of the U.N. High Commissioner for Human Rights adds that the death toll in Ukraine is likely higher.

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  • North Korea launches missile toward sea after U.S.-South Korea drills

    North Korea launches missile toward sea after U.S.-South Korea drills

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    North Korea fired two short-range ballistic missiles toward its eastern waters on Sunday, the latest of a recent barrage of weapons tests, a day after it warned the redeployment of a U.S. aircraft carrier near the Korean Peninsula was inflaming regional tensions.

    South Korea’s Joint Chiefs of Staff said in a statement that it detected two missile launches Sunday between 1:48 a.m. and 1:58 a.m. from the North’s eastern coastal city of Munchon. It added that South Korea’s military has boosted its surveillance posture and maintains a readiness in close coordination with the United States.

    Japanese Vice Defense Minister Toshiro Ino also confirmed the launches, saying Pyongyang’s testing activities are “absolutely unacceptable” as they threaten regional and international peace and security.

    Ino said the weapons could be submarine-launched ballistic missiles. “We are continuing to analyze details of the missiles, including a possibility that they might have been launched from the sea,” Ino said.

    North Korea’s pursuit of the ability to fire missiles from a submarine would constitute an alarming development for its rivals because it’s harder to detect such launches in advance. North Korea was believed to have last tested a missile launch from a submarine in May.

    The South Korean and Japanese militaries assessed that the missiles flew about 350 kilometers (217 miles) and reached maximum altitudes of 90 to 100 kilometers (56 to 60 miles) before falling into the waters between the Korean Peninsula and Japan.

    Japanese Prime Minister Fumio Kishida separately instructed officials to gather and analyze all information they could and expedite any updates about the tests to the public. His office said it also was seeking to ensure the safety of all aircraft and ships in waters around Japan while preparing for any contingencies.

    The U.S. Indo-Pacific Command said in a statement that the launches didn’t pose any immediate threat to U.S. personnel or territory, or to its allies. But it said the launches highlight “the destabilizing impact” of North Korea’s unlawful weapons of mass destruction and ballistic missile programs. It said U.S. commitments to the defense of South Korea and Japan remain “ironclad.”

    The launch, the North’s seventh round of weapons tests in two weeks, came hours after the United States and South Korea wrapped up two days of naval drills off the Korean Peninsula’s east coast.

    The drills involved the nuclear-powered aircraft carrier USS Ronald Reagan and its battle group, which returned to the area after North Korea fired a powerful missile over Japan last week to protest the carrier group’s previous training with South Korea.

    On Saturday, North Korea’s Defense Ministry warned that Reagan’s redeployment was causing a “considerably huge negative splash” in regional security. The ministry called its recent missile tests a “righteous reaction” to intimidating military drills between South Korea and the United States.

    North Korea regards U.S.-South Korean military exercises as an invasion rehearsal and is especially sensitive if such drills involve U.S. strategic assets such as an aircraft carrier. North Korea has argued it was forced to pursue a nuclear weapons program to cope with U.S. nuclear threats. U.S. and South Korean officials have repeatedly said they have no intentions of attacking the North.

    North Korea has launched more than 40 ballistic and cruise missiles in over 20 different events this year, exploiting a division in the U.N. Security Council deepened over Russia’s war on Ukraine as a window to speed up arms development.

    The record number of tests included last week’s launch of a nuclear-capable missile that flew over Japan for the first time in five years. It was estimated to have traveled about 4,500-4,600 kilometers (2,800-2,860 miles), a distance sufficient to reach the U.S. Pacific territory of Guam and beyond.

    South Korean officials say Pyongyang may up the ante soon by conducting an intercontinental ballistic missile or a nuclear test explosion, following a traditional pattern of manufacturing diplomatic crises with weapons tests and threats before offering negotiations aimed at extracting concessions. There are also concerns about provocations along the Koreas’ land and sea borders.

    Sunday’s launches came on the eve of the 77th anniversary of the foundation of the North Korean ruling Workers’ Party.

    Earlier this year, North Korea tested other nuclear-capable ballistic missiles that place the U.S. mainland, South Korea and Japan within striking distance.

    North Korea’s testing spree indicates its leader, Kim Jong Un, has no intention of resuming diplomacy with the U.S. and wants to focus on expanding his weapons arsenal. But some experts say Kim would eventually aim to use his advanced nuclear program to wrest greater outside concessions, such as the recognition of North Korea as a legitimate nuclear state, which Kim thinks is essential in getting crippling U.N. sanctions lifted.

    South Korean officials recently said North Korea was also prepared to test a new liquid-fueled intercontinental ballistic missile and a submarine-launched ballistic missile while maintaining readiness to perform its first underground nuclear test since 2017.

    Watch: Tensions with North Korea get worse

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  • European countries face an air-conditioning Catch-22 after its red hot, record-breaking summer

    European countries face an air-conditioning Catch-22 after its red hot, record-breaking summer

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    Europe is facing a tough winter, as inflation and energy prices continue to rise. The continent also faces tough decisions following its scorching hot summer

    Heat waves in Europe broke records, sparked widespread wildfires and even damaged a busy runway at a London airport.

    Unlike the U.S., European countries don’t rely on air conditioning to cope with high temperatures. Fewer than 10% of households in Europe owned air conditioners as of 2016, according to the International Energy Agency.

    “If we were looking at the beginning of this summer, it was fairly quiet. We were getting typically 20 inquiries a day maybe for people interested in air conditioning,” said Richard Salmon, director of The Air Conditioning Co., which is based in central London.

    Demand for air conditioners spiked as temperatures crossed 100 degrees Fahrenheit in the United Kingdom.

    “I’ve been here for 15 years and I’ve never seen anything quite like it,” Salmon said.

    As countries around the globe rapidly adopt ways to cool their homes and businesses, it becomes more important to install cooling technology that doesn’t contribute to higher temperatures in the future via carbon emissions.

    “It is clear that if no effective mitigation strategies will be put in place on a global scale to cut emissions then this kind of summer and these kinds of events will become the new norm,” said Andrea Toreti, senior climate researcher at the European Commission, the executive body of the EU.

    Watch the video to learn more about why large parts of Europe don’t have air conditioning, how ACs contribute to climate change, and new kinds of efficient cooling technologies that can mitigate carbon emissions.

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  • Russian authorities say a truck bomb caused a fire and damage to key Crimea bridge

    Russian authorities say a truck bomb caused a fire and damage to key Crimea bridge

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    This video grab taken and released on Oct. 8, 2022 shows thick black smoke rising from a fire on the Kerch bridge that links Crimea to Russia.

    – | Afp | Getty Images

    Russian authorities reported on Saturday that a large blaze erupted on the only bridge linking mainland Russia to the occupied Crimean Peninsula.

    Russian state-backed media cited the national anti-terrorism committee as saying that a truck exploded on the road traffic side of the Kerch bridge at 6:07 a.m. local time before the road partially collapsed.

    The blaze reportedly set fire to seven oil tankers being carried by rail to Crimea, with thick black smoke seen rising into the sky.

    The Kerch bridge, sometimes referred to as the Crimean bridge, is one of Russian President Vladimir Putin’s prestige projects. It was built on his orders shortly after the Kremlin annexed Crimea in 2014 to support Moscow’s claims to the territory.

    A symbol of hate to Ukrainians, the 19-kilometer (12-mile) crossing is a pair of road and rail bridges spanning the Kerch Strait that Russia uses to move military equipment into Ukraine.

    A screen grab from a surveillance footage shows flames and smoke rising up after an explosion at the Kerch bridge in the Kerch Strait, Crimea, Oct. 8, 2022.

    Anadolu Agency | Anadolu Agency | Getty Images

    The reported truck explosion comes one day after Putin’s 70th birthday and at a time when the Kremlin’s months-long invasion of Ukraine has incurred a string of humiliating setbacks in recent weeks.

    Images and videos shared on social media appeared to show the scale of the fire and damage.

    CNBC was not able to independently verify the authenticity of these reports and images.

    ‘Crimea, the bridge, the beginning’

    The head of the Russian-installed regional parliament in Crimea, Vladimir Konstantinov, blamed the incident on “Ukrainian vandals, who have finally managed to reach their bloody hands to the Crimean bridge,” according to the BBC.

    Mykhailo Podolyak, an adviser to Ukrainian President Volodymyr Zelenskyy, said that the damage was “the beginning,” although stopped short of claiming Kyiv was responsible.

    “Crimea, the bridge, the beginning. Everything illegal must be destroyed, everything stolen must be returned to Ukraine, everything occupied by Russia must be expelled,” Podolyak said via Twitter.

    The official Twitter account of the Ukrainian government, meanwhile, appeared to respond to the incident by saying, “sick burn.”

    People pose for photographs in front of a picture of a postage stamp showing an artists impression of the Kerch bridge on fire on Oct. 8, 2022 in central Kyiv, Ukraine.

    Ed Ram | Getty Images News | Getty Images

    Russian media reported that traffic had been suspended due to the incident and emergency and road service personnel were working at the site to contain the blaze.

    “According to preliminary information, a fuel storage tank is on fire … Navigable arches were not damaged. It is too early to speak about causes and consequences. Work to extinguish the blaze is underway,” Oleg Kryuchko, an aide to the Russian occupation head of Crimea said via Telegram, according to TASS news agency.

    The incident comes hours after Russia concentrated its latest barrage of attacks on areas of Ukraine it illegally annexed.

    In what the West described as sham referendums, Putin declared “four new regions of Russia” late last month as Moscow annexed Ukraine’s Donetsk, Luhansk, Zaporizhzhia and Kherson regions.

    Kyiv has said it will not stop fighting until it has reclaimed every last inch of land lost to Russia.

    Meanwhile, Moscow has claimed it has “the right” to use nuclear weapons to defend its territory and citizens if it feels there is an existential threat, or even if it’s attacked by conventional weapons.

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  • Tesla stock had its worst week since March 2020 during a ‘very intense 7 days’ for Elon Musk

    Tesla stock had its worst week since March 2020 during a ‘very intense 7 days’ for Elon Musk

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    Elon Musk

    Mike Blake | Reuters

    Tesla shares dropped nearly 16% during what CEO Elon Musk called a “very intense 7 days indeed” to one of his 108 million followers on Twitter.

    Tesla shares closed at $265.25 on Friday, Sept. 30. At market’s close one week later, Tesla shares were trading at $223.07, a decline of nearly 16%. It was the worst week for the stock since Mar. 2020, when the Covid-19 pandemic began to grip the U.S., shutting down businesses and public life.

    Over the weekend, Tesla reported electric vehicle production and delivery numbers that did not meet analysts’ expectations.

    On Monday, Musk proceeded to stir up a political firestorm by opining about how he thought Russia’s brutal invasion of Ukraine should be resolved.

    After that, public records revealed that Musk had informed the Delaware Chancery Court that he would complete a $44 billion acquisition of Twitter in October, a deal he had been trying to evade for months.

    Tesla deliveries and AI Day

    Musk on Russia

    On Monday, Musk posted a Twitter poll gauging support for what he claimed was a likely outcome of the seven-month conflict between Russia and Ukraine.

    He suggested new UN-supervised votes in Ukraine on whether certain divisions of the democratic nation under siege should join Russia. He also suggested Ukraine should cede Crimea to Russia, and that the nation should then remain “neutral” rather than aligning with either NATO or Russia.

    The Kremlin praised Musk, but he drew sharp criticism from many others including Ukraine President Zelenskyy, Ukraine ambassador to Germany Andrij Melnyk, South Carolina Senator Lindsay Graham and anti-Putin human rights activist and former chess champion Garry Kasparov.

    Kasparov, who sought to block Putin’s rise to power and was jailed and beaten for his activism before fleeing the country, described Musk’s plan as a “repetition of Kremlin propaganda.”

    Twitter deal back on

    On the upside…

    Despite his volatile week, Musk at least notched a historic professional achievement at his re-usable rocket venture, SpaceX. The company launched four people to the International Space Station from Cape Canaveral, Florida on Wednesday.

    The mission is SpaceX’s fifth operational crew launch for NASA to date and the company’s eighth human spaceflight in just over two years. One of the people to fly with SpaceX on this latest mission is Russian cosmonaut Anna Kikina.

    Musk also boasted about the start of production of the years-delayed Tesla Semi, a heavy-duty all-electric truck, and promised that the company would deliver some of the trucks to Pepsi by Dec. 1.

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  • Rocket builder Astra Space gets delisting warning from Nasdaq

    Rocket builder Astra Space gets delisting warning from Nasdaq

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    A close up look at Astra’s LV0008 rocket at LC-46 in Cape Canaveral, Florida.

    John Kraus / Astra

    Embattled small rocket-builder Astra revealed Friday that it received a delisting warning from the Nasdaq after its stock spent 30 consecutive days below $1 per share, a violation of the exchange’s requirements.

    The company has 180 days to lift its share price or face delisting, according to a regulatory filing.

    Astra stock closed Friday at 59 cents per share, down more than 90% this year and more than 95% off its 52-week high of $13.58. The company debuted on the Nasdaq in July 2021 via a merger with a special purpose acquisition company.

    Astra did not immediately return request for comment Friday on the delisting warning.

    The rocket builder has been saddled with quarterly losses and in August said it was pausing flights for the remainder of the year.

    “Whether we’ll be able to commence commercial launches in 2023 will depend on the success of our test flights” for a new rocket system, CEO Chris Kemp said during the company’s second-quarter conference call.

    Astra is also facing a Federal Aviation Administration investigation into a failed rocket launch in June that was carrying a pair of satellites for NASA’s TROPICS-1 mission. The company was unable to deliver the satellites to orbit, and NASA put the remaining two launches it had contracted from Astra on hold.

    — CNBC’s Michael Sheetz contributed to this report.

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