Tag Archives: capping

EU divided over capping Russian gas price amid ‘energy war’

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  • Countries resist EU proposal to cap Russian gas price
  • Broader support seen for cash aid to energy firms
  • Ministers to discuss windfall levy, electricity use cut

BRUSSELS, Sept 9 (Reuters) – European Union energy ministers were split on Friday over whether to cap Russian gas prices, as they met to work out steps to shield citizens and businesses from sky-high energy bills.

But ministers arriving for the emergency meeting indicated broad backing for moves to prevent power providers from being crushed by a liquidity crunch and several said it was urgent to decouple the price of gas from other cheaper energy sources.

Friday’s ministerial talks aim to whittle down options for further discussion, rather than reaching a final decision on ways to tackle a crisis fuelled by Russia’s invasion of Ukraine. But many said agreement and action needed to be swift.

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“We are in an energy war with Russia,” Czech Industry Minister Jozef Sikela said. “We have to send a clear signal that we would do whatever it takes to support our households, our economies.”

Energy bills, already surging as demand for gas recovered from the COVID-19 pandemic, have rocketed higher since the Ukraine war. As Russia has reduced gas deliveries to Europe following the imposition of Western sanctions, EU governments have scrambled to limit the resulting energy price shock.

An EU proposal to cap Russian gas prices has so far failed to win support from a majority of countries, with Russia threatening to completely cut off the dwindling supplies that have continued to flow if such a step is taken.

Baltic states are among those backing the idea, saying it would deprive Moscow of cash to fund military action in Ukraine.

“Russia has said if you want our gas, take down the sanctions. It is blackmail. We cannot back down, we have to be united, we have to have the political will to help Ukraine win,” Estonian Economic Affairs Minister Riina Sikkut said.

But central and eastern European states, many of them more reliant than others on Russian fuel, fear losing all their supplies, while some question whether a cap would have much impact on reducing prices when deliveries are so low.

“If price restrictions were to be imposed exclusively on Russian gas, that would evidently lead to an immediate cut-off in Russian gas supplies. It does not take a Nobel Prize to recognise that,” Hungarian Foreign Minister Peter Szijjarto said.

MARKET REFORMS

German Economy Minister Robert Habeck said EU ministers should give Brussels the green light to prepare legislation to decouple the gas price from the price consumers pay for power from other energy carriers.

The European Commission this week said it would propose a measure to claw back revenues from non-gas power generators and spend the cash on cutting consumer bills.

A draft of the Commission proposal, seen by Reuters, would cap at 200 euros ($201.74) per megawatt hour the revenues non-gas producer receive. It would apply to wind, nuclear and coal generators.

European power prices are typically set by gas plants, so the cap would aim to skim off excess profits made in recent months by non-gas producers that have lower running costs but have still been able to sell their power at soaring prices.

“The measures the Commission has recommended in taking some of those excess profits and recycling them back into the households makes sense,” Irish Environment Minister Eamon Ryan said.

But France, home to Europe’s biggest nuclear power fleet, questioned whether the same limit should be applied to all non-gas generators.

EU diplomats said governments broadly supported the EU’s proposal to offer emergency liquidity to power firms facing soaring collateral requirements, although the details of this have yet to be fleshed out.

Finland and Sweden have already offered billions of dollars in liquidity guarantees to power companies in a bid to prevent the cash squeeze from toppling firms.

The EU ministers held a minute’s silence at the start of their meeting, in memory of Britain’s Queen Elizabeth, who died on Thursday after 70 years on the throne.

($1 = 0.9914 euros)

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Additional reporting by Sabine Siebold, Bart Meijer, Marine Strauss, by Benjamin Mallet, Philip Blenkinsop, Gabriela Baczynska; Writing by Kate Abnett and Ingrid Melander; Editing by Edmund Blair

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Biden unveils migration plan, capping Americas summit roiled by division

LOS ANGELES, June 10 (Reuters) – U.S. President Joe Biden and fellow leaders from the Western Hemisphere on Friday rolled out a new set of measures to confront the regional migration crisis, seeking to salvage an Americas summit roiled by division.

Biden’s aides had touted the migration declaration as a centerpiece of the U.S.-hosted Summit of the Americas, and 20 countries joined him for a ceremonial unveiling of the plan – though several others stayed away.

Capping the summit’s final day, the White House promoted a series of migrant programs agreed by countries across the hemisphere and Spain, attending as an observer, which pledged a more cooperative approach. But analysts were skeptical that the pledges are meaningful enough to make a significant difference.

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Those measures include the United States and Canada committing to take more guest laborers, providing pathways for people from poorer countries to work in richer ones, and other countries agreeing to greater protections for migrants. Mexico also will accept more Central American workers, according to a White House statement.

“We’re transforming our approach to manage migration in the Americas,” Biden said. “Each of us is signing up to commitments that recognizes the challenges we all share.”

The flags of 20 countries, several fewer than the number attending the summit, festooned the stage where Biden led the rollout. But that number was only achieved after days of U.S. pressure.

It was another sign of tensions that have marred the summit, undermining Biden’s efforts to reassert U.S. leadership and counter China’s growing economic footprint in the region.

That message was clouded by a boycott by several leaders, including Mexico’s president, to protest Washington’s exclusion of leftist U.S. antagonists Cuba, Venezuela and Nicaragua. The line-up was thinned to 21 visiting heads of state and government.

The administration, facing a record flow of illegal migrants at its southern border, pledged hundreds of millions of dollars in aid for Venezuelan migrants, renewed processing of family-based visas for Cubans and Haitians and eased the hiring of Central American workers. read more

The announcements were part of the unveiling of U.S.-led pact dubbed the “Los Angeles Declaration” and aimed at spreading responsibility across the region to contain the migration problem.

The plan culminates a summit designed to re-establish U.S. influence among its southern neighbors after years of relative neglect under former President Donald Trump. Biden proposed an economic partnership to help the region’s pandemic recovery – though it appears to be a work in progress.

But at the summit’s opening on Thursday, leaders from Argentina and tiny Belize rebuked Biden over the guest list, underscoring the challenge the global superpower faces in restoring its status among poorer neighbors.

On Friday, Chile, Bolivia, the Bahamas, St. Lucia, Barbados and Antigua and Barbuda joined the criticism, though Biden was not present.

“No one should exclude another country,” Mexican Foreign Minister Marcelo Ebrard, sitting in for President Andres Manuel Lopez Obrador, said from the podium.

The sessions this week regularly rang out to U.S. composer’s John Philip Sousa’s “The Liberty Bell” march, popularized by the classic British comedy show “Monty Python’s Flying Circus.”

‘THERE’S NOTHING HERE’

U.S. officials scrambled until the last minute to persuade skeptical governments to back the plan.

The leaders vowed in the declaration “to strengthen national, regional and hemispheric efforts to create the conditions for safe, orderly, humane and regular migration.”

Standing together with fellow leaders, Biden insisted “unlawful migration is not acceptable,” and expressed hope that other countries would join the plan.

Eric Olson, director of policy at the Seattle International Foundation, called the declaration a “useful framework” but said it would likely have limited near-term effects because it is non-binding.

Some initiatives listed by the White House were announced previously. Biden’s aides have cast the immigration plan in part to help ease U.S. labor shortages.

Jorge Castaneda, a former Mexican foreign minister, said pledges from the Americas should allow Washington to argue it had secured major commitments, a domestic “political plus” for Biden. But he added: “On substance, there’s nothing here.”

Mexico, whose border with the United States is the main point of migration – backed the declaration, despite Lopez Obrador’s no-show.

The absence from the summit of leaders of Guatemala, Honduras and El Salvador – the Northern Triangle from which many migrants come – has raised doubts how effective the pledges will be. U.S. officials insisted the turnout did not prevent Washington from getting results.

The declaration encompasses commitments by an array of countries, including Mexico, Canada, Costa Rica, Belize and Ecuador. There was no mention, however, of pledges by Brazil, Latin America’s most populous nation.

The announcement did not include any U.S. pledges for additional work visas for Mexicans. That would form part Lopez Obrador’s visit with Biden next month, an official said.

Spain pledged to “double the number of labor pathways” for Hondurans, the White House said. Madrid’s temporary work program enrolls 250 Hondurans, suggesting only a small increase is envisioned.

Curbing irregular migration is a priority for Biden. Republicans, seeking to regain control of Congress in November elections, have pilloried the Democratic president for reversing Republican Trump’s restrictive immigration policies.

But migration has had to compete with Biden’s other major challenges, including high inflation, mass shootings and the war in Ukraine.

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Reporting by Humeyra Pamuk, Daina Beth Solomon, Dave Graham, Matt Spetalnick, Trevor Hunnicutt, Lisanda Paraguassu and Ted Hesson; writing by Matt Spetalnick; Editing by Jonathan Oatis, Alistair Bell and Grant McCool

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MTA Announces Fare Capping Pilot That Turns Single Rides Into Unlimited Weekly Passes – NBC New York

What to Know

  • In an effort to encourage New Yorkers to get back on subways, buses, and trains — particularly following the sharp decline in ridership due to the pandemic — the Metropolitan Transportation Authority announced a pilot fare program. 
  • The temporary promotional changes to fare structures will begin Feb. 28 for New York City Transit and Feb. 25 for commuter rail tickets.
  • The pilot will last for at least four months.

In an effort to encourage New Yorkers to get back on subways, buses, and trains — particularly following the sharp decline in ridership due to the pandemic — the Metropolitan Transportation Authority announced a pilot fare program that is “more affordable, more flexible and more fair.”

The temporary promotional changes to fare structures will begin Feb. 28 for New York City Transit and Feb. 25 for commuter rail tickets. The pilot will last for at least four months.

“Bringing riders back to mass transit depends on three variables – reliability, safety and price. We’ve made it a priority to get creative on fares,” MTA Chair and CEO Janno Lieber said in a statement.

“Transit affordability is also an equity issue, and we are committed to providing a wide range of new discounts, while ensuring the MTA maintains a solid bottom line.”

NYC TRANSIT FARE CAPPING PILOT

The fare capping pilot for New York City Transit will feature automatically free unlimited rides achieved after 12 OMNY taps, Monday through Sunday, without having to pre-pay for the week, according to the MTA.

Customers who tap and go with OMNY will be charged the standard $2.75 pay-per-ride fare for their first 12 trips starting every Monday. Any trips after that through the following Sunday would be free. 

Those with a device or contactless card can start tapping their way to free rides as long as they use the same device or card each time. 

Ultimately, this means that under the pilot, no OMNY customer would pay more than $33.00 per week — the current price of a seven-day unlimited-ride MetroCard. Right now, only MetroCards offer the option of unlimited rides. But those cards are being phased out by 2023.

Gov. Kathy Hochul delivered good news for subway and bus riders: no fare hikes for the immediate future and no service cuts for at least two years. NBC New York’s Erica Byfield reports.

FARE CHANGES FOR LIRR, METRO-NORTH RAILROAD

The MTA will offer three major changes to railroad fares, all with the hope of encouraging railroad ridership within the city.

  • A new 20-trip ticket will offer 20% off the comparable 20 peak one-way fares when purchased through MTA eTix, or at a ticket window;
  • Monthly tickets, which are currently discounted between 48% and 61% of the price of a comparable number of one-way peak tickets, will be discounted by an additional 10%;
  • CityTicket, which offers a reduced, flat fare on rail travel within New York City on weekends, will be extended to all weekday off-peak trains at a fare of $5.
    • The new offer is a $2.25 or 31% discount from Metro-North’s current weekday fare between the Bronx and Manhattan, which is $7.25. (CityTicket must be purchased and activated before boarding the train. Metro-North’s off-peak fare between the Bronx and Manhattan remains $13 when purchased on board the train.)
    • This new offer translates to $2.75 or 35% discount from the LIRR’s current weekday fare between eastern Queens and Manhattan or Brooklyn, which is $7.75. (CityTicket must be purchased and activated before boarding the train. The LIRR’s off-peak fare between eastern Queens and Manhattan or Brooklyn remains $14 when purchased on board the train.)

All LIRR and Metro-North fares will remain off peak through Feb. 28.

As the pilot is underway, the MTA will evaluate the new fares’ impact and customer experience, among other things.

After one of his constituents was killed when she was pushed onto the subway tracks, Manhattan Borough President Mark Levine on Thursday called on the MTA to immediately conduct a feasibility study of platform barriers. NBC New York’s Tracie Strahan reports.

The MTA has been contemplating a fare pilot program for some time. Another major city — London — has a fare cap program for their mass transit riders.

Before the pilot plan began to be put in place, the agency studied whether a cap would make economic sense, especially given that the year’s planned fare increase was scratched.

“It’s not a secret the MTA has serious financial challenges,” Lieber said last year. “We want to make sure we are there for New Yorkers forever. And that means having a solid financial footing.”

According to MTA Chief Customer Officer Sarah Meyer, if the fare capping pilot proves successful, it could be extended or even become permanent.

“Fare capping will save many of our riders money and give them more flexibility,” Meyer said. “At a time when New Yorkers are paying more for everyday items, the MTA is helping them save money on transportation, one of their most essential expenses…We hope riders embrace the new program, and we’ll be watching to see how it affects our operations and farebox revenue. If the pilot is successful, we could extend it or make it permanent.”

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Wall Street rallies, capping frenetic week with best day of the year

  • Apple jumps after record holiday-quarter sales
  • Visa surges on increased travel, e-commerce spending
  • Caterpillar falls after flagging margin pressure
  • Indexes surge: Dow 1.65%, S&P 2.43%, Nasdaq 3.13%

NEW YORK, Jan 28 (Reuters) – Wall Street surged on Friday, notching its best day so far in 2022 after another zigzag session, ending a tumultuous week marked by mixed corporate earnings, geopolitical turmoil and an increasingly aggressive Federal Reserve.

All three major U.S. stock indexes began the day in the red, but turned increasingly green as the session progressed, with tech shares (.SPLRCT) doing the heaviest lifting.

The S&P 500 and the Dow posted gains from last Friday’s close, but the Nasdaq was essentially flat on the week, capping five days of topsy-turvy trading.

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Still, the bar for “best daily gains of the year” was rather low. Even with Friday’s jump, the S&P 500 is down 7% so far in 2022, with the Nasdaq and the Dow suffering respective drops of 12% and 4.4% over the same time period.

“Investors are trying to adjust to the impact of this higher rate cycle,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. “For some of them, stocks still remain more attractive than bonds in a rising rate environment, and they have been fishing around for where a bottom might be.”

“You’re seeing bargain-hunting in a number of stocks, particularly in the Nasdaq,” Meckler added.

Economic data released on Friday showed a drop in consumer spending coupled with the lowest consumer sentiment reading in a decade, and year-on-year Core PCE prices – the Federal Reserve’s preferred inflation yardstick – came in at 4.9%, slightly hotter than expected.

The graphic below shows how far core PCE and other major indicators have risen above the Fed’s average annual 2% target.

Inflation

The Fed made it clear at the conclusion of its monetary policy meeting on Wednesday that they intend to take off their gloves and combat stubbornly persistent inflation by hiking key interest rates more aggressively than many market participants expected.

The Dow Jones Industrial Average (.DJI) rose 564.69 points, or 1.65%, to 34,725.47, the S&P 500 (.SPX) gained 105.34 points, or 2.43%, to 4,431.85 and the Nasdaq Composite (.IXIC) added 417.79 points, or 3.13%, to 13,770.57.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 26, 2022. REUTERS/Brendan McDermid

Among the 11 major sectors of the S&P 500, all but energy (.SPNY) ended green. Tech stocks (.SPLRCT) were the clear winners, gaining 4.3%, the biggest one-day jump for the sector since April 6, 2020.

Fourth-quarter reporting season was firing on all cylinders, with 168 of the companies in the S&P 500 having reported. Of those, 77% have delivered consensus-beating results, according to Refinitiv data.

But investors have been increasingly focused on guidance, and the extent to which companies expect ongoing global supply challenges to affect their bottom line going forward.

“As we move into 2022, and as Omicron peaks and the weather improves, I expect supply-chain pressures to ease,” Said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. “(They) will probably peak sometime this quarter, and ease throughout the year.”

Data storage equipment maker Western Digital (WDC.O) cited supply-chain headwinds after it reported lower than expected revenue and provided a disappointing forecast, sending its shares sliding 7.3%.

Caterpillar Inc (CAT.N) fell 5.2% following the equipment maker’s warning that higher production and labor costs will pressure its profit margin. read more

Chevron Corp (CVX.N) dropped 3.5% on downbeat fourth-quarter profit. read more

However, Apple’s 7.0% jump gave the S&P 500 and the Nasdaq their biggest boost, the day after the company posted record iPhone sales in the holiday quarter. read more

Visa Inc (V.N) surged 10.6% following its quarterly earnings beat driven by increased spending on international travel and e-commerce.

Advancing issues outnumbered declining ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored advancers.

The S&P 500 posted 5 new 52-week highs and 24 new lows; the Nasdaq Composite recorded 16 new highs and 753 new lows.

Volume on U.S. exchanges was 12.80 billion shares, compared with the 12.10 billion average for the full session over the last 20 trading days.

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Reporting by Stephen Culp in New York
Additional reporting by Caroline Valetkevitch in New York, Devik Jain and Bansari Mayur Kamdar in Bengaluru
Editing by Sriraj Kalluvila and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

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U.S. Economy Grew 1.7% in 4th Quarter, Capping a Strong Year

Even so, the average business owner “sees a very strong environment right now,” said Oren Klachkin, the lead economist for U.S. industry and regional research at Oxford Economics. “They want to ramp up investment because they want to meet that demand — and they have every reason to invest.”

Jeff Somple, the president of Mack Molding — a contract manufacturer in Arlington, Vt., that creates custom components and full products for other companies — said business had been profitable, booming even. But staffing and nagging supply hurdles have meant his factories’ production capacity can’t keep up. His team has often had to turn down orders as a result.

“Every day, our No. 1 challenge is chasing down the parts that we need to make the products,” whether that’s raw resin or a circuit board from China, and then “scrambling to find enough people” to work on assembly, he said.

The company has raised entry-level pay to about $15 an hour and average wages to roughly $20 an hour. That didn’t stop a rush of employees from quitting or switching careers just as business was picking up.

Some preferred work-from-home opportunities, Mr. Somple said, or the option for more flexible hours than those on offer at a factory floor. Of those who have remained, many have been absent because of the spread of Covid-19 infections this winter: “It’s kind of Whac-a-Mole here when we come in on Monday and we ask, ‘Who’s showing up to work and what parts are showing up that we can put into the products that we make?’”

When bidding for circuit boards, the lead time — the number of days from when an order is placed to when those items arrive at a plant — has been a year in some cases. “We might have 30 different suppliers that we’re depending on to make one product,” he explained. “So if one supplier has a problem and lets us down, you know we could be shutting down an entire production line that has 20 people working on it because we can’t get this one thing.”

Leisure, hospitality, travel and other related service-based sectors are bracing for the worst of winter and what’s left of the Omicron surge, while gearing up for what businesses and consumers hope will be a lively return to something resembling normal.

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Morgan Stanley Posts Higher Profit, Capping Mixed Quarter for Big Banks

A booming market for deals and brisk demand for financial advice lifted

Morgan Stanley’s

MS 1.83%

fourth-quarter earnings and helped the Wall Street firm set a full-year profit record.

The bank posted a profit of $3.7 billion, up 9%, or $2.01 a share. Analysts expected $1.94 a share, according to FactSet. Revenue rose 7% to $14.5 billion in the quarter, which fell just short of expectations.

Morgan Stanley capped off a mixed quarter for the nation’s biggest banks. Windfall trading revenues across Wall Street are slowing down as market volatility subsides. Banks are offering bigger paydays to attract and keep employees in a tight labor market.

Goldman Sachs Group Inc.,

JPMorgan Chase

& Co. and

Citigroup Inc.

all reported lower fourth-quarter profits, ending a streak of big gains. Morgan Stanley,

Bank of America Corp.

and

Wells Fargo

& Co. saw profits rise.

Morgan Stanley shares closed up 1.8% on Wednesday.

Deal making remains a bright spot. Morgan Stanley’s investment banking revenue rose 6% in the fourth quarter. Goldman, JPMorgan and Citigroup also reported gains in investment banking.

The year is off to a good start, with a healthy pipeline for new deals, Morgan Stanley Chief Financial Officer

Sharon Yeshaya

said on a conference call with analysts. “That said, a lot will depend on monetary and fiscal policy and its impact on sentiment,” she added.

Stock and bond trading revenue fell 6% in the fourth quarter. Trading revenue also fell at Goldman, JPMorgan and Citigroup.

Full-year compensation expenses at Morgan Stanley rose 18% to $24.6 billion. Banks increased salaries for junior bankers across Wall Street in 2021, and firms are also paying up to keep senior executives.

“We feel good that we’ve paid for performance,” Ms. Yeshaya said in an interview.

JPMorgan Chief Executive

Jamie Dimon

said last week that his bank would remain competitive in compensating its traders and bankers, even if it pressured profit margins.

Morgan Stanley’s wealth-management division grew fourth-quarter revenue 10% from a year earlier. The unit’s net interest income, a measure of its lending profitability, grew 16%. That growth could continue in the year ahead, as the Federal Reserve has signaled that several interest-rate increases are likely in 2022.

SHARE YOUR THOUGHTS

What do you find most interesting in Morgan Stanley’s quarterly report? Join the conversation below.

The number of retail-trading clients at Morgan Stanley was 7.4 million, in line with the third quarter total. The average daily number of retail trades the company handled for the quarter topped one million but was down 6% from a year ago.

Investment management revenue rose 59% from a year earlier. That rate was boosted by Morgan Stanley’s acquisition of Eaton Vance, which closed last March.

Write to Charley Grant at charles.grant@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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Nvidia’s GeForce Now has been quietly capping its founders’ frame rates

Nvidia’s GeForce Now cloud gaming service just leapfrogged Google Stadia in performance, with a new $200-a-year tier that practically gives you the power of an RTX 3080 desktop graphics card in the cloud. But if you’re grandfathered into the original $4.99 a month “Founders” tier, or pay $100 a year for “Priority” access, you may not be getting quite what you expected — because Nvidia has quietly revealed it’s capping the frame rates of 12 specific games to ensure consistent performance.

Nvidia now has an official support page (via 9to5Google) explaining the practice, after Redditors and others revealed that a variety of games were locked to frame rates lower than 60fps. It appears that Nvidia’s been doing this for quite a while but only for a handful of demanding games. I did a little searching, and some people were already complaining about being locked to 45fps in Cyberpunk 2077 in December 2020, just as Nvidia admits here.

Assassin’s Creed Odyssey and Immortals Fenyx Rising are the other games that have sub-50fps frame rates, while others run a bit higher. Here’s the full list of games where frame rates are being limited:

While it’s not a good look for Nvidia to retroactively reveal something like this, the company says the vast majority of games do run at 60fps or higher, and it does have an explanation for the limits:

For our Priority Members, the maximum frames rendered per second is generally set to 60, or higher, for most of the 1,100+ games we’ve onboarded so far. There are some exceptions that we determined do not run well enough at 60 FPS on the GPUs used by Priority members. So the default OPS for these specific graphics-intensive games cannot be overridden. This is to ensure all Priority members are running a consistent, high-quality experience.

I just find it a little strange that Nvidia chose to impose this instead of giving its users the choice between frame rate and graphical quality — even many PlayStation and Xbox console games allow you to choose. But I suppose part of cloud gaming’s pitch is that it can be more frictionless. Maybe you don’t want to think about graphical settings.

Nvidia tells The Verge that its RTX 3080 tier doesn’t currently have any framerate caps, but kept open the possibility that it might add some someday:

We currently do not cap frame rates on RTX 3080 tier because of the performance gains over the previous generation server. While we do not foresee needing to do this in the future, it is impossible to anticipate the demands of unreleased games and the impact they might have on the server hardware.

In a briefing last month, GeForce Now boss Phil Eisler promised that the 3080 tier would be a different class of experience. “With the 3080 tier, it’s exclusive access to 3080 — every time you play, you get a 3080, even if you’re running at 300 frames per second.”

That’s not true of GeForce Now’s free tier, which can use virtual GPU techniques to split one physical GPU in the cloud between two users. That can make the service more cost-effective. Nvidia wasn’t able to immediately answer whether its mid-range Priority tier ever splits a GPU in two.

By the way, if you’re a founder and do want to upgrade to the RTX 3080 tier, you don’t lose your “founders for life” benefit, even if you decide to switch back later, so long as you keep paying. Nvidia addresses this extensively in an FAQ. You’ll be paying a lot more for that tier, of course, but there is a 10 percent discount.

Update, 7:59PM ET: Added Nvidia’s comments on whether the new RTX 3080 tier might see capped framerates, and a mention of the founders for life benefit.

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SpaceX capsule to return from orbit, capping off first tourism mission

The four will make a nail-biting re-entry into the Earth’s atmosphere aboard their SpaceX Crew Dragon capsule before it deploys parachutes and splashes down off the coast of Florida Saturday evening. The reentry process will involve the spacecraft — which has been traveling at more than 17,000 miles per hour for the past three days— diving back into the Earth’s thick atmosphere, a process that heats the exterior of the vehicle up to 3,500 degrees Fahrenheit.

Then, the capsule is expected to deploy two sets of parachutes in rapid succession to slow its descent before hitting the ocean. A fleet of SpaceX rescue ships will be nearby, ready to bring the capsule out of the water and its passengers to safety.

During a Netflix documentary about the Inspiration4 mission, Musk described a capsule going through reentry as “like a blazing meteor coming in.”

“And so it’s hard not to get vaporized,” he added.

After that the Crew Dragon then has to deploy parachutes to slow its descent and make a safe splashdown in the ocean before rescue ships can whisk the four passengers back to dry land.

Despite the risks, a former NASA chief and career safety officials have said the Crew Dragon is likely the safest crewed vehicle ever flown.

The passengers include 38-year-old billionaire Jared Isaacman, who personally financed and arranged the trip with SpaceX and its CEO, Elon Musk; Hayley Arceneaux, 29, a childhood cancer survivor and St. Jude Children’s Research Hospital physician assistant; Sian Procotor, 51, a geologist and community college teacher with a PhD; and Chris Sembroski, a 42-year-old Lockheed Martin employee and lifelong space fan who claimed his seat through an online raffle. Isaacman has billed the mission as a St. Jude fundraiser, and it has so far has netted $130 million of its $200 million goal.

Though they’re not the first tourists to travel to orbit, their mission, called Inspiration4, is notable because it did not involve a stay at the International Space Station under the tutlage of professional astronauts, as previous missions involving space tourists have. Rather, the four spaceflight novices have spent the past two days free-flying aboard their 13-foot-wide capsule on their own at about a 350 mile altitude — 100 miles higher than where the ISS is, and higher than any human has flown in decades.

And though the crew spent about six months training and getting to know each other, they did not have to undergo the strenuous NASA screening processes or physical and psychological evaluations that most professional astronauts do.

“They also have to prepare for worst-case scenarios like someone on the crew becoming a danger to themselves or others,” Axios reporter Miriam Kramer, who followed the crew during their training process, said on the “How It Happened” podcast about this mission. “There are zip ties and medication on board in case somebody needs to be sedated.”

So far, however, there has been no indication that anything has gone awry with the crew or their vehicle.

During their stay in space, the civilians on board said they’d conduct a bit of scientific research focused on how their bodies respond to being in space, take time to chat with their families, gaze out a large dome-shaped window called the “cupola,” and listen to music.

The Inspiration4 Twitter account also shared footage of Arceneaux speaking to her St. Jude patients, and Isaacman rang the closing bell of the New York Stock Exchange via satellite feed on Friday afternoon.

Other than that, very few updates were shared with the public while the crew was in orbit. The first live audio or visuals from inside the crew capsule were shared Friday afternoon, nearly two days after they launched.

SpaceX, as has been standard for the company for more than a year, did not respond to inquiries from reporters.

During previous SpaceX Crew Dragon missions — all of which have been flown for NASA and carried professional astronauts to the International Space Station -— the public has had more insight. The space agency and its dozens of communications personnel have worked alongside SpaceX to share practically every moment of the journey from launch until the astronauts dock with the International Space Station.

But this mission left the public largely in the dark when it came to questions about the crew’s schedule and how they were feeling while in orbit. Even though development of the Crew Dragon spacecraft was largely funded by taxpayers and SpaceX rents NASA facilities to support all its missions, Inspiration4 is considered a private, commercial mission. That means the company and the passengers have few transparency requirements. The public may not even hear from the tourists after they splash down Saturday evening.

There could be several reasons why the space tourists were publicity shy during their trip. It is possible, for example, that the crew wasn’t feeling all that great after first reaching orbit. According to a NASA research paper, “many astronauts report motion sickness symptoms just after arrival in space and again just after return to Earth” and getting a restful night’s sleep in orbit was “also a serious challenge for many crew members aboard shuttle missions.” It’s also possible the four novice space explorers wanted their privacy or simply to enjoy the experience without having to stop to talk about it.

But favorable reviews of their experience could be crucial. SpaceX hopes that this mission will be the first of many like it, building up a new line of business for the company in which it uses Crew Dragon to fly commercial missions with tourists or private researchers rather than just professional astronauts.

SpaceX already has contracts for five other private missions, as well as at least four additional NASA-contracted missions.

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Google is capping Meet’s formerly unlimited group video calls to an hour for free accounts

Google has brought an end to its effectively “unlimited” group video calls in Meet for free Gmail accounts, according to support pages spotted by 9to5Google. Now users with free accounts logging on to Meet will have group calls capped at an hour rather than the previous 24-hour meeting duration.

Google’s unlimited group meeting offer was helpful because so many traditionally in-person functions moved online due to COVID-19. Not having to worry about a call cutting out or creating new meeting links meant you could leave your video call on during long family get-togethers.

Meet was opened up to non-enterprise users in April last year to better compete with Zoom, and at the time Google promised to keep unlimited meetings in place until September 30th, 2020. The company later extended that window into March of 2021, and then again until the end of June. Google still allows one-on-one calls to last as long as you need, but heading into the second pandemic summer, longer group calls will now cost extra — like a currently $7.99 per month subscription to Google’s Workspace Individual tier ($9.99 a month after January 2022).

Like Google, Zoom’s one-on-one calls are unlimited and free, but group calls have been handled differently. Zoom has periodically expanded beyond its 40 minute meeting limit during specific holidays like Christmas, Hanukkah, and New Year’s Eve.

Meet, Zoom, and Microsoft Teams all started out as business communications products that were adopted by non-business users in the early days of the pandemic. Now that some of the freebies are going away, it’ll be interesting to see which services people stick with.

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Humble Bundle will start capping charitable donations in mid-July

Humble Bundle has announced that it’s going to change how payment sliders will work in its storefront by removing the ability to donate all of what you spend to charity and setting an average minimum cut for Humble Bundle itself between 15 to 30 percent (via Kotaku). The change goes into effect in “mid-July.”

When you buy a bundle of games, ebooks, or software on Humble Bundle, you’re traditionally given the option to choose how much of your money goes to Humble Bundle, the creator of what you’re buying, and a charity via a slider for each. Those sliders are sticking around, but now they’ll have a bit less range.

The company justified the change in a blog post announcing its plans:

Why change after ten years? The PC storefront landscape has changed significantly since we first launched bundles in 2010, and we have to continue to evolve with it to stay on mission. The update will allow us to continue to offer great prices on amazing games, books and software all while supporting important charitable initiatives with every single purchase.


Humble Bundle’s proposed “toggle” redesign. The new set-up still exists, with the option for making custom donations with sliders buried in a menu.
Image: Humble Bundle

Humble Bundle first committed to changing how payments would work in April, announcing it would eliminate sliders completely, cap donations to charity at 15 percent, and introduce a series of toggles “with defined splits that clearly show what amount of your purchase will support Humble, publishers, and charity.” Users were critical of the idea of shrinking donations while Humble Bundle would have been guaranteed to get a piece of every purchase, and the company ultimately rolled back its planned changes and announced it would explore other ways to improve upon payments. Thursday’s news is the company’s alternative.

Humble Bundle became well-known for its flexible pay-what-you-want bundles. The original form of sliders allowed a customer to kick more of their money towards the developer or a charity, including reducing Humble Bundle’s cut to zero in favor of the other two. Humble said going forward after its planned change, splits will vary on bundles, but it expects to take a cut somewhere between 15 to 30 percent.

It makes sense that the cost of getting games to participate in bundles would have gone up, with some storefront’s like the Epic Games Store writing checks to give away exclusive games for free, but it is disappointing that Humble Bundle has backed away somewhat from the more altruistic model it made its name on.

As someone who’s used Humble Bundle to buy games in the past, I wasn’t as attached to sliders as I was the flexibility they represented — the idea that if I wanted to, I could know all of my money was going to the people who might need it most. Other stores like Itch.io allow you to send more money to developers directly, but Humble Bundle’s setup was unique. Come mid-July, it’ll just be a little less flexible.

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