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Exclusive: Travel industry calls on White House to end Covid-19 testing requirement for travelers from overseas

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Travel industry calls on White House to end Covid-19 testing requirement for travelers from overseas

#Travel #industry #calls #White #House #Covid19 #testing #requirement #travelers #overseas

Travel and hospitality CEOs are stepping up pressure on the Biden administration to scrap a requirement that anyone flying into the U.S. present a a negative Covid-19 test before departure, saying the rule is discouraging visitors and hurting the country’s tourism industry.

The push comes after the United Kingdom, Italy, Greece and others have lifted similar requirements as pandemic restrictions ease around the world.

In the U.S., health officials still require travelers flying into the country to provide proof of a negative Covid-19 test, regardless of their vaccination status or citizenship. People can also present proof that they recovered from Covid. Other countries including South Korea and Japan also require travelers to present a negative Covid test.

“Requiring pre-departure testing creates uncertainty for travelers, one more hurdle that may lead them to choose a destination with less friction,” Marriott CEO Tony Capuano said in a statement to CNBC. “The U.S. will miss out if we don’t eliminate those unnecessary barriers.”

Nearly 40 U.S. mayors including from San Francisco and Miami also sent a letter this week to Dr. Ashish Jha, the White House Covid-19 coordinator, urging him to lift the requirement. The letter said American cities are still struggling to regain international visitors.

Travel industry executives also met with Jha last week, but say they didn’t get a timeline for when the requirement might end.

“They are unable to cite when predeparture testing will be lifted,” Tori Barnes, president of the U.S. Travel Association, told CNBC after the meeting.

The White House did not respond to a request for comment.

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“Predeparture testing is holding international travelers back from bookings a trip to the U.S.,” said Jon Bortz, CEO of Pebblebrook Hotel Trust, which owns 54 hotels around the country.

Glenn Fogel, CEO of the world’s largest online travel operator, Booking Holdings, said the test requirement is pushing people to visit other countries. In other cases, he noted people just find ways around the requirement.

“We also see instances of people simply avoiding the restriction by flying into Canada or Mexico and driving across the border,” Fogel said in a statement.

In a note to investors Wednesday, Morgan Stanley analyst Jamie Rollo wrote that the testing requirement is becoming especially concerning for cruise travelers, who worry about being stuck on a ship testing positive.

Keith Barr, CEO of InterContinental Hotels Group, expressed frustration with the country’s testing requirement on CNBC’s “Closing Bell” Tuesday.

“It’s out of step with the rest of the world,” he said.

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Exclusive: Manufacturing a better way to reduce waste – TalkOfNews.com

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Manufacturing a better way to reduce waste

#Manufacturing #reduce #waste

The post Manufacturing a better way to reduce waste appeared first on Sage Advice United Kingdom.

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Exclusive: 3 Home Improvement Stocks That Can Renovate Your Portfolio – TalkOfNews.com

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3 Home Improvement Stocks That Can Renovate Your Portfolio

#Home #Improvement #Stocks #Renovate #Portfolio

During a bear market, home improvement stocks have historically been solid defensive plays

The housing sector is slowing down. Rising mortgage rates are having the predictable effect of cooling down demand.



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Or are they? While homeowners may not be able to get the same premium they could command just one year ago, there is still an ample supply of homes on the market. And once these homes change hands, new homeowners will be ready to make their new house their own.

However, that’s not the only catalyst for home improvement stocks. Homeowners who are deciding to “love it” rather than “list it” are likely to put some money into one of their largest investments as they wait for the housing pendulum to swing back in their favor.

In this article, I’ll give you three home improvement companies that continue to generate strong revenue and earnings. And two of these companies are also members of the exclusive Dividend Aristocrat club. These are companies that have increased their dividend for at least 25 consecutive years.

If that’s the kind of balance of growth and income that appeals to you, it may be time for you to consider these three home improvement stocks.

Lowe’s (LOW)

Lowe’s (NYSE: LOW) stock is down about 30% in 2022. That’s larger than the broader market. But in the last month, the stock is showing signs of forming a bottom. And with the stock near its 52-week low, it may be time for investors to take a closer look at the stock.

The driving force for that sentiment may be the company’s earnings. In May, Lowe’s closed out its fiscal year. Revenue growth came in at an uninspiring 1% growth. But earnings were up 19%. Even if companies are heading into an earnings recession, a P/E ratio that is slightly below the sector average means it’s likely that Lowe’s will be able to post growth, albeit perhaps slower growth, in its next fiscal year.

And Lowe’s offers investors a rock-solid dividend that it has increased in each of the last 48 years. The current payout is $3.20 per share on an annual basis, and the company has averaged 17% dividend growth over the past three years.

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Home Depot (HD)

Just as investors can debate Coca-Cola (NYSE: KO) versus Pepsi (NASDAQ: PEP) among consumer discretionary stocks, they can frequently plant their flag with Lowe’s or Home Depot (NYSE: HD) when it comes to home improvement stocks.

To be fair, neither of these stocks looks like a bad selection for investors who are concerned about a recession. Home Depot delivered a strong earnings report in May 2022. Revenue was up 3.8% and earnings per share were up 5.8%. The company delivered strong same-store sales growth that was due in large part to its relationship with professional contractors.

Of the three stocks in this article, Home Depot has the largest dividend yield (2.68%) as well as the largest payout ($7.60). And while it’s not a dividend aristocrat the company has increased its dividend in each of the last 14 years.

Sherwin Williams (SHW)

Paint is one of the most cost-effective ways to give a house a refreshing update. And as we move into the fall, homeowners attention turns to finding that perfect swatch of paint to transform a room. That’s enough to put Sherwin-Williams (NYSE: SHW) on my radar and perhaps yours as well. Historically the current quarter and the following quarter are the company’s strongest in terms of revenue.

But the skeptics will point to the fact that earnings have been a mixed bag. The company has missed analysts’ expectations in two of last four quarters and in the other two the gains were on the tepid side. And I’ll concede that a mixed earnings outlook will probably bring current price targets down from their 30% upside.

That being said, SHW stock offers both growth and income which is appealing in this volatile market. Sherwin Williams dividend yield of 1% isn’t likely to make income investors swoon. But the company does payout $2.40 on an annualized basis. The company also sports a three-year dividend growth of 24.26% and has increased its dividend in each of the last 44 years.

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Exclusive: VW and Goldman-backed battery maker Northvolt gets $1.1 billion funding injection – TalkOfNews.com

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VW and Goldman-backed battery maker Northvolt gets $1.1 billion funding injection

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Northvolt’s most recent funding announcement comes at a time when major economies are laying out plans to move away from vehicles that use diesel and gasoline.

Mikael Sjoberg | Bloomberg | Getty Images

Electric vehicle battery maker Northvolt on Tuesday announced a $1.1 billion funding boost, with a range of investors — including Volkswagen and Goldman Sachs Asset Management — taking part in the capital raise.

In a statement, Sweden-based Northvolt said the $1.1 billion convertible note would be used to finance the company’s “expansion of battery cell and cathode material production in Europe to support the rapidly expanding demand for batteries.”

Other investors in the raise include Baillie Gifford, Swedbank Robur, PCS Holding and TM Capital.

Northvolt recently said its first gigafactory, Northvolt Ett, had started commercial deliveries to European customers. The firm says it has orders amounting to $55 billion from businesses such as Volvo Cars, BMW, and Volkswagen.

Gigafactories are facilities that produce batteries for electric vehicles on a large scale. Tesla CEO Elon Musk has been widely credited as coining the term.

Read more about electric vehicles from CNBC Pro

Northvolt’s most recent funding announcement comes at a time when major European economies are laying out plans to move away from road-based vehicles that use diesel and gasoline.

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The U.K., for instance, wants to stop the sale of new diesel and gasoline cars and vans by 2030. It will require, from 2035, all new cars and vans to have zero-tailpipe emissions. The European Union — which the U.K. left on Jan. 31, 2020 — is pursuing similar targets.

As the number of electric vehicles on our roads increases, the competition to develop factories capable of manufacturing EV batteries at scale is intensifying, with companies like Tesla and VW looking to establish a foothold in the sector.

In a statement issued Tuesday, Northvolt’s CEO and co-founder, Peter Carlsson — who previously worked for Tesla — was bullish about the future. 

“The combination of political decision making, customers committing even more firmly to the transition to electric vehicles, and a very rapid rise in consumer demand for cleaner products, has created a perfect storm for electrification,” he said.

According to the International Energy Agency, electric vehicle sales hit 6.6 million in 2021. In the first quarter of 2022, EV sales came to 2 million, a 75% increase compared to the first three months of 2021.

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