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As one construction worker wipes his brow, two other roofers work under a 90 degree temperature at a housing complex under construction in Clarksburg, Maryland on July 26, 2023.

Michael S. Williamson | The Washington Post | Getty Images

“The era of global warming has ended; the era of global boiling has arrived.”

So said United Nations Secretary-General António Guterres in a speech Thursday at the UN headquarters in New York City. He focused on new data released from the European Union and the World Meteorological Organization, declaring July is set to be the hottest month on record.

Also on Thursday, President Biden announced provisions to protect workers and communities from extreme heat, and had meetings scheduled with Mayor Kate Gallego of Phoenix, Arizona, and Mayor Ron Nirenberg of San Antonio, Texas, to discuss how their cities are handling extreme heat and how the federal government can help.

Phoenix has had a brutal summer, and earlier this month, the city broke a 1974 record for the consecutive number of days the temperature has reached over 110 degrees Fahrenheit, according to the National Weather Service.

“For vast parts of North America, Asia, Africa and Europe, it is a cruel summer,” Guterres said. “For the entire planet, it is a disaster.”

The record heat affecting communities across the globe is caused by climate change, and although the phenomenon has long been predicted, the pace of change is devastating, Guterres said.

“For scientists, it is unequivocal — humans are to blame,” Guterres said. “All this is entirely consistent with predictions and repeated warnings. The only surprise is the speed of the change. Climate change is here. It is terrifying, and it is just the beginning.”

US Secretary-General Antonio Guterres speaks about climate change at UN headquarters in New York City on July 27, 2023.

Ed Jones | AFP | Getty Images

On Thursday, much of the United States was blanketed in what the National Weather Service called “a dangerous heat wave.” Washington, D.C., Philadelphia, and Boston are under a heat advisory, and the New York City metro area is under an excessive heat warning, according to a Thursday bulletin by the National Weather Service. Numerous high maximum and high minimum temperature records are expected to be broken through Saturday, the National Weather Service said.

Guterres said it is still possible to limit global warming to to 1.5° Celsius above preindustrial levels, as the 2015 Paris Climate Agreement has called for, but “only with dramatic, immediate climate action.”

“We have seen some progress: a robust rollout of renewables, some positive steps from sectors such as shipping,” Guterres said. “But none of this is going far enough or fast enough.”

Greenhouse gas emissions have to be reduced globally and quickly, Guterres emphasized, adding that “fossil fuel companies must chart their move towards clean energy, with detailed transition plans across the entire value chain: No more greenwashing. No more deception.”

In his speech, Guterres also underlined his view that countries must invest in adaptation measures.

“Extreme weather is becoming the new normal,” he said. “All countries must respond and protect their people from the searing heat, fatal floods, storms, drought and raging fires that result.”

Rick White drinks water while cooling down in his tent in a section of the ‘The Zone’, Phoenix’s largest homeless encampment, amid the city’s worst heat wave on record on July 25, 2023 in Phoenix, Arizona. White said, ‘The extreme heat is one thing, but the direct sun, it drains you quick…That sun will have you delirious.’ While Phoenix endures periods of extreme heat every year, today is predicted to mark the 26th straight day of temperatures reaching 110 degrees or higher, a new record amid a long duration heat wave in the Southwest. Extreme heat kills more people than hurricanes, floods and tornadoes combined in an average year in the U.S. Unhoused people are at an especially high risk of heat-related illness or death.

Mario Tama | Getty Images News | Getty Images

To address the conditions, the Biden administration asked the Department of Labor to issue a Hazard Alert Thursday to give workers protections from heat under federal law. There have been 436 work-related deaths caused by heat exposure since 2011, per the U.S. Bureau of Labor Statistics, and thousands are hospitalized every year due to heat, according to the White House. The Hazard Alert is aimed at helping employers understand what they should be doing to protect workers from extreme heat and help workers understand their rights.

For help with future preparations, the National Oceanic and Atmospheric Administration will put $7 million from the Inflation Reduction Act to improve weather forecasting.

US President Joe Biden, joined by acting Labor Secretary Julie Su, FEMA Administrator Deanne Criswell, and National Oceanic and Atmospheric Administration (NOAA) Administrator Dr. Rick Spinrad, speaks during a briefing on extreme heat conditions, in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House, in Washington, DC, on July 27, 2023.

Mandel Ngan | Afp | Getty Images

“The need for actionable weather information never ends, and neither do our efforts to make that information as accurate as possible,” NOAA Administrator Rick Spinrad said in a written statement about the funding. “This new consortium funded by President Biden’s Investing in America agenda will help us stay on the cutting edge and help continue innovation needed for more precise forecasts.”

Another heat-related initiative that President Biden announced Thursday is a $152 million investment, also from the IRA, to improve water storage capacity in areas of California, Colorado and Washington that have been particularly affected by drought.

In addition to a rigorous plan to reduce greenhouse gas emission and improve adaptation, Guterres also called for developed countries to live up to commitments to provide $100 billion per year in climate support to developing countries and for the global financial system to be more aggressive in using its power to combat climate change.

“The evidence is everywhere: Humanity has unleashed destruction,” Guterres said. “This must not inspire despair, but action.”

Why poorer countries want rich countries to foot their climate change bill

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Tesla short sellers have made $11.5 billion from this year’s selloff

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Tesla short sellers have made .5 billion from this year's selloff

It’s been a brutal year for Tesla shareholders so far, and a hugely profitable one for short sellers, who bet on a decline in the company’s stock price.

Tesla shorts have generated $11.5 billion in mark-to-market profits in 2025, according to data from S3 Partners. The data reflected Monday’s closing price of $227.50, at which point Tesla shares were down 44% for the year.

The stock rallied about 4% on Tuesday, along with gains in the broader market, heading into Tesla’s first-quarter earnings report after the close of trading. Tesla didn’t immediately respond to a request for comment.

The electric vehicle maker is expected to report a slight decline in year-over-year revenue weeks after announcing a 13% drop in vehicle deliveries for the quarter. With CEO Elon Musk playing a central role in President Donald Trump’s administration, responsible for dramatically cutting the size and capacity of the federal government, Tesla has faced widespread protests in the U.S. and Europe, where Musk has actively supported Germany’s far-right AfD party.

Tesla shares plummeted 36% in the first quarter, their worst performance for any period since 2022, and have continued to drop in April, largely on concerns that President Trump’s sweeping tariffs on top trade partners will increase the cost of parts and materials crucial for EV production, including manufacturing equipment, automotive glass, printed circuit boards and battery cells.

The company is also struggling to keep pace with lower-cost competitors in China, and is a laggard in the robotaxi market, which is currently dominated in the U.S. by Alphabet’s Waymo. Tesla has promised to launch its first driverless ride-hailing offering in Austin, Texas, in June.

Tesla has been the biggest stock decliner among tech megacaps this year, followed by Nvidia, which was down about 28% as of Monday’s close. The chipmaker has been the second-best profit generator for short sellers, generating returns of $9.4 billion, according to S3.

Nvidia is currently the most-shorted stock in terms of value, with $24.6 billion worth sold short, S3 said. Apple is second at $22.2 billion, and Tesla is third at $17.6 billion.

Musk has a long and antagonistic history with short sellers, who have made plenty of money at times during Tesla’s 15 years on the stock market, but have also been burned badly for extended stretches.

In 2020, Tesla publicly mocked short sellers, promoting red satin shorts for sale.

“Limited edition shorts now available at Tesla.com/shortshorts” Musk wrote in a social media post in July of that year, as the stock was in the midst of a steep rally.

Two years earlier, hedge fund manager David Einhorn of Greenlight Capital posted a tweet that he received the pairs of short shorts that Musk had promised him.

“I want to thank @elonmusk for the shorts. He is a man of his word!” Einhorn wrote. Einhorn had previously disclosed that his firm’s bet against Tesla “was our second biggest loser” in the most recent quarter.

In February 2022, after reports surfaced that the Department of Justice was investigating two investors who had shorted Tesla’s stock, Musk told CNBC that he was “greatly encouraged” by the action and said “hedge funds have used short selling and complex derivatives to take advantage of small investors.”

PlainSite founder Aaron Greenspan, a former Tesla short seller and outspoken critic of Musk, sued the Tesla CEO alleging he engaged in stock price manipulation for years through a variety of schemes.

The case was removed to federal court last year. In 2023, Musk’s social network X banned Greenspan and PlainSite, which publishes legal and other public and company records, from the platform.

— CNBC’s Tom Rotunno contributed to this report.

WATCH: Here’s what to watch for in Tesla’s earnings report

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Instagram launches Edits app for video, rivaling TikTok

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Instagram launches Edits app for video, rivaling TikTok

Instagram Edits app.

Courtesy: Instagram

Instagram on Tuesday launched its standalone Edits video creation app that offers features similar to those already available from TikTok parent Bytedance.

The new app allows creators to organize project ideas, shoot and edit video, and access insights about content. Edits includes background replacement, automatic captioning and artificial intelligence tools that can turn images into video.

“There’s a lot going on in the world right now and no matter what happens, we think it’s our job to create the most compelling creative tools for those of you who make videos for not just Instagram but for platforms out there,” said Adam Mosseri, the head of Instagram, in a Reel posted in January announcing the app.

Edits appears to be Meta‘s answer to CapCut, TikTok’s sister app that is also owned by China-based parent company ByteDance, which allows users to create and edit video on their phone or computer.

Instagram Edits app.

Courtesy: Instagram

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With TikTok’s future uncertain, Instagram’s move to launch Edits could be seen as a step to gain ground in the next era of short video creation in the creator economy.

Earlier this month, President Donald Trump for a second time extended the deadline for ByteDance to divest TikTok’s U.S. operations or face an effective ban. The deadline is now mid-June.

Instagram Edits app.

Courtesy: Instagram

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Tesla set to report first-quarter results after the bell

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Tesla set to report first-quarter results after the bell

Tesla CEO Elon Musk wears a ‘Trump Was Right About Everything!’ hat, as he, U.S. Trade Representative Jamieson Greer and Central Intelligence Agency Director John Ratcliffe attend a cabinet meeting at the White House, in Washington, D.C., U.S., March 24, 2025. 

Carlos Barria | Reuters

Tesla is set to report first-quarter earnings on Tuesday after market close.

Here’s what Wall Street is expecting, based on a survey of analysts by LSEG:

  • Earnings per share: 39 cents
  • Revenue: $21.11 billion

Tesla is expected to report a slight revenue decline from $21.3 billion in the same quarter a year earlier. However, investors are going to be more focused on what the future holds after concerns about tariffs and CEO Elon Musk’s close ties to the White House pushed the stock price down 44% so far this year as of Monday’s close.

Earlier this month, Tesla reported a 13% decline in deliveries to 336,681. Tesla blamed the lower deliveries, in part, on the need to suspend production temporarily at its factories while it upgraded lines to start manufacturing a refreshed version of its popular Model Y electric SUVs.

Deliveries are the closest approximation of vehicle sales reported by Tesla but are not precisely defined in the company’s shareholder communications.

At an all-hands meeting with employees last month, Musk tried to reassure staffers that they were still in good hands, and to “hang onto your stock.” He pointed to the popularity of the Model Y, and Tesla’s potential in robotics, artificial intelligence and autonomous vehicle technology.

At the meeting, Musk also made light of the backlash against Tesla elicited by his work for President Donald Trump to reduce the size of the federal government, and his endorsements of Germany’s anti-immigrant AfD party, along with other political rhetoric and antics.

“If you read the news it feels like, you know, Armageddon,” Musk said on a livestream of the employees meeting. “It’s like, I can’t walk past the TV without seeing a Tesla on fire.” He followed up saying, “This is psycho, stop being psycho!”

That was before Trump’s announcement earlier this month of widespread tariffs, the one area where Musk has publicly broken with the Trump administration. On X, he called Peter Navarro, Trump’s top trade advisor and tariff proponent, a “moron” and “dumber than a sack of bricks.”

Tesla stands to take a significant hit from the president’s proposed tariffs, assuming they don’t get rolled back. Tesla manufactures cars in the U.S. for domestic sales so it’s not subject to the 25% tariff on imported autos, but the hefty levies on other components and materials could be severe.

Tesla relies on suppliers in Mexico and China for items like automotive glass, printed circuit boards and battery cells, among other parts essential for the production of its cars. The company has sought an exemption from the U.S. trade representative for equipment imported from China that it uses in its factories.

WATCH: Tariff fallout hits automakers

Tariff fallout hits automakers as revenue sharing gets hit

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