Pete Buttigieg warned of "a real risk of delays or cancellations" as a 5G deadline approaches, per the WSJ.
Telecom companies plan to boost their 5G power levels on July 1, which could interfere with key plane equipment.
Hundreds of planes won't be fitted with updated equipment in time, so they could be banned from landing in low-visibility.
This summer could see more travel disruption as a deadline relating to 5G interference threatens to lead to flight cancellations, Transportation Secretary Pete Buttigieg has warned, per The Wall Street Journal.
"There's a real risk of delays or cancellations," Buttigieg said, per The Journal. "This represents one of the biggest—probably the biggest—foreseeable problem affecting performance this summer."
Airlines have until July 1 to update equipment because that's when US telecom companies plan to boost their 5G services to higher levels.
Specifically, there's concern that 5G signals could affect some aircraft's radar altimeters — sensors which measures how high an aircraft is above the ground. The sensors are essential for flying in low-visibility conditions.
Therefore any planes which haven't yet been fitted with the updated equipment won't be cleared to land in weather which produces low visibility, from July 1.
Last month, the Biden administration said it wouldn't extend the deadline despite airlines' concerns and the International Air Transport Association warning that not all aircraft would be updated in time, Reuters reported.
The updated equipment is being installed at the expense of airlines, and estimates say it will cost more than $638 million in total, IATA said in its annual review.
Buttigieg said that around 20% of domestic planes and 35% of international ones which fly to the US aren't yet fitted with the updated equipment, per the Journal.
For Delta Air Lines, supply-chain issues mean about 190 of its 900 airplanes won't have the correct altimeters by July 1, including all of its Airbus A220 planes.
"Many Delta teams have been working to insulate any additional delays from our customers and people through strategic aircraft routing," a Delta spokesperson said. "While we expect minimal operational impact, we continue to work with our supplier to see that every Delta aircraft is equipped with updated radio altimeters."
And a JetBlue spokesperson told the WSJ it expects its 17 A220 jets won't be upgraded until October.
JetBlue did not immediately respond to Insider's request for comment, sent outside US working hours.
Janet Yellen has defended the US dollar's crucial role in international trade.
The US Treasury chief backed the greenback after Brazil and South Africa's leaders questioned its dominance.
China, Russia, and several other countries are looking at mounting challenges to the buck.
Treasury Secretary Janet Yellen has defended the dollar's crucial role in international trade after the leaders of both Brazil and South Africa questioned its dominance.
The presidents of the two countries appeared on a panel together at a conference in Paris on Friday. South Africa's Cyril Ramaphosa said that currencies would be "on the agenda" when the BRICS group meets later this year.
In a press conference close to the finance summit, Yellen hit back against the de-dollarization movement by highlighting the reasons why the US currency has come to dominate trade.
"There is a very good reason why the dollar is used widely in trade, and that's because we have deep, liquid, open capital markets, rule of law and long and deep financial instruments," she said, according to the Financial Times.
Yellen's defense of the dollar comes at a time when several rival countries – spearheaded by China and Russia – are bidding to dethrone the buck in an effort to chip away at the US's economic power.
Beijing called for suppliers in the Middle East to trade using the yuan rather than the dollar in December, and has ramped up its purchases of gold for seven months in a row to diversify its reserves.
Meanwhile, Russia has switched to using the renminbi as one of its main reserves, with president Vladimir Putin forbidding "unfriendly" countries from settling natural gas contracts in any currency other than the ruble.
The BRICS countries – Brazil, Russia, India, China, and South Africa – have also repeatedly pledged to launch a new reserve currency that they hope could unseat the greenback.
In Paris on Friday, Ramaphosa appeared to back those calls after Brazil's president, Luiz Inácio Lula da Silva, warned the dollar's dominance could have an adverse effect on poorer countries.
"Why can't we trade in our own currencies?" Lula asked of Brazil's dealings with Argentina and China, per the FT.
Hello team! Phil Rosen here, writing to you from New York.
Lots of ground to cover today, but first, some news: This is the last week of 10 Things Before the Opening Bell. Moving forward, we'll be highlighting the latest markets news in our daily flagship newsletter, Insider Today — be sure to sign up.
1. The excitement around ChatGPT, AI, and related tech stocks is old news now, but Wall Street can't stop talking about it.
The business world has been single-minded when it comes to AI, and that's led to strong stock performances for once-little-known names like C3.ai, as well as giants like Nvidia.
The Federal Reserve has raised interest rates, for example, by 500 basis points in 15 months — the steepest trajectory in decades. Benchmark rates are currently hovering at the highest mark since 2007, just before the global financial crisis began.
The Fed's own recession probability model shows there's a 70% chance of a downturn by this time next year.
Some investors are also concerned that elevated borrowing costs could soon bring pain to stocks, especially if the central bank makes another rate hike or two. Elon Musk, Nouriel Roubini, and a chorus of Wall Street firms have issued dire warnings.
But the tech sector's strength over recent months — thanks to AI — seems to have muted fears of a recession. That could be a big blind spot.
"Given all other things being equal, such a scenario will likely trim corporates' budgets and demand for technology hardware and software upgrades that could put a dampening effect on the current bout of AI optimism," OANDA analyst Kelvin Wong wrote in a recent note.
Outside the US, too, there's reason for concern.
China's massive economy is facing a bleak growth outlook and a weaker-than-expected pandemic rebound.
The country's slowing trade, weak industrial production numbers, and piling debt all ultimately present problems for Wall Street, which may be catching on to the risk.
The S&P 500 just posted a losing week after five straight weeks of gains. The Nasdaq also had a negative week, ending an eight-week winning streak.
What do you see as the connection between economic troubles and AI hype? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.
2. US stocksfutures slipahead of Monday's opening bell, with investors weighing up how the Wagner Group's challenge to Vladimir Putin could impact markets. The US dollar also fell, but the price of fellow safe haven gold edged up.Check out the latest market moves.
3. Earnings on deck: Biogen Inc and Carnival plc and more, all reporting.
4. A 20-year fund manager veteran shared which mega-trend stocks he's betting on now. Gary Black's top picks are based on fundamentals, management teams, and customers. These are the eight names he likes most — and the five he's shorting.
5. Argentina's dollar reserves hit their lowest level since 2016. Now companies in the country are turning to the yuan to purchase imports — and a top US manufacturer may join the trend.
7. Shares of famous artwork are going public for the first time. One high-profile piece is expected to draw $55 million for its IPO. Full details.
8. Harvard researchers shared seven charts that show the struggles of buying and renting a home in America today. The university experts broke down why affordability remains historically low, and the handful of factors that have aligned to make it one of the worst home-buying environments in decades.
Global oil demand is set to rise to 110 million barrels a day by 2045, according to OPEC.
That's because oil is "irreplaceable" and widespread migration is expected over the next seven years.
"Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix," OPEC's secretary general said.
Global appetite for crude oil is likely to surge 23% to 110 million barrels a day by 2045, according to the Organization of the Petroleum Exporting Countries.
During an Energy Asia conference on Monday, OPEC Secretary General Haitham Al Ghais explained the oil cartel's world forecast was rooted in the fact that "oil is irreplaceable for the foreseeable future," according to CNBC.
Al Ghais added that a lack of funding in the oil industry would spark "energy chaos" given 500,000 people are expected to migrate around the world between now and 2030.
"Gas hydro, nuclear hydrogen and biomass will expand. But it is clear that oil remains an integral part of the mix," Al Ghais said, per the outlet.
The estimated rise in oil demand stands to put upward pressure on crude prices that have steadily dropped from their March 2022 highs of $120 a barrel when Russia's war with Ukraine broke out.
On Monday, Brent crude, the international benchmark, rose 0.14% to $74.11 a barrel as of 5 a.m. ET. Meanwhile, West Texas Intermediate traded down 0.03% to $69.14 a barrel.
Oil prices have fallen over the past year as global producers and distributors have recovered from pandemic disruptions and tweaked their supply chains to partly offset the impact of the Russia-Ukraine conflict. Reduced demand in summer, and higher interest rates and painful inflation spurring consumers and businesses to cut back on their energy usage, may also have played a role.
Unsurprisingly, OPEC hasn't cheered the declining prices, with one analyst predicting Saudi Arabia could cut production if Brent futures fall below $70 a barrel.
Jen Glantz is an entrepreneur who has tried various side hustles to pass time and make money.
During the summer months, she sets an income goal and tests out side hustles to reach it.
Her five favorite side hustles include house-sitting, tutoring, and planning budget trips.
After getting laid off from my full-time job in the summer of 2015, I was desperate for extra cash. I decided to start my own business, but while I was building it up from scratch, I tried out a few side hustles to make immediate money.
That summer, I was able to earn enough to cover my essential bills, from my credit card to my rent, and I realized that jumping into different side gigs throughout the year could be a good way to continue to boost my income when I needed it.
Since then, every year from June through September, I set a side-hustle-income goal and pick up a few different ones to test out. Here are my five go-to summer side hustles that don't require much experience to start and that bring in good money during the hot summer months.
1. Travel hacker
When I first started brainstorming side-hustle ideas, I decided to try one based on one of my hobbies. I've always loved to travel on a budget and was great at finding deals.
I started offering a service where I'd plan trips for people at 20% less than their budget. I charged a flat fee of $250 and provided each client a handful of inexpensive flight, hotel, car-rental, and activity options below the amount they'd planned to spend.
I also provided them with a sample itinerary based on the type of vacation they wanted, from relaxing to adventurous, or a combination of both. I spent an average of five hours working on each client's request.
Since I'm not a travel agent and don't have access to industry-special deals, I used search platforms such as Hotwire and Skiplagged. While my clients could've done this themselves, they paid me for the convenience.
I posted about this side-hustle offering on my Facebook and asked close friends to share it on their pages. I ended up working with eight people that summer and earned $2,000 without having any business expenses to cut into that profit.
2. Summer-school tutor
A few years ago, on the hot summer days I wanted to stay indoors, I spent a few hours working as a summer-school tutor. I posted in local Facebook groups and created a profile on Tutor.com where I listed my specialties as English, literature, and writing. I was matched with elementary- and middle-school kids in need of help with those subjects.
I don't have a teaching background, but I have an English degree and I'm a published author. While some parents wanted a tutor with a more official background, other parents were happy with my qualifications.
I charged $25 an hour and met with clients remotely instead of in person to save on travel costs. I saw some clients once, while others hired me for multiple sessions. I ended up making a few hundred dollars like this that summer.
3. Professional walker
Since I tend to be more active during summer, I found a few ways to get paid for my ongoing movement. I downloaded Sweatcoin, an app that rewards you for hitting different step goals. You earn 0.95 Sweatcoins for every 1,000 steps you take, and you can cash in these coins for different items, including phones, watches, and workout gear.
I also used Evidation, an app that pays you to exercise. You get points for doing activities such as running, swimming, or biking, and for every 10,000 points you earn, you get $10.
While I didn't earn a lot of money from these apps, it was motivating to know that I was getting perks just to move around and exercise.
4. Pet-sit or house-sit
Since a lot of people use the summer months for travel, I started offering pet- and house-sitting services in 2018. I created profiles on TrustedHousesitters and Rover to list my services locally. For pet-sitting, I hosted the pets in my own house.
I also tapped into Facebook groups to share my services and availability. I was able to make money walking dogs as well, which was great because I sometimes could walk two to three dogs on the same day to make extra cash.
I charged $75 a day for pet-sitting and $25 a day for house-sitting, which usually entailed making sure the property was safe once a day and watering plants. I made a few hundred dollars that summer.
5. Personal assistant
A friend told me she was able to earn a few hundred dollars a month as a personal assistant for neighbors who needed help with errands and organization, so I decided to try it out.
I created a flyer using Canva that listed all the things I was willing to do for people locally, from grocery shopping and returning items for them at retailers to cleaning out their closets and organizing their garages. I posted that flyer at local coffee shops and community centers. I also relied on local-community groups and word of mouth to get new clients.
I charged $50 an hour for this work and asked for a five-hour weekly minimum per client. Occasionally, I'd get an odd or robust request, such as packing up a person's entire house for a move or planning a funeral for one of their relatives, and I'd ask for a higher fee.
After I found one client in my apartment building, she referred me to a few of her friends. I ended up having four consistent clients for one summer and was able to earn a few thousand dollars doing this side hustle.
Craig Disbrow runs a removal business with his Kei truck.
Craig Disbrow
A Kei truck owner plans to give up his mini pickup as it's too hard and costly to find spare parts.
Craig Disbrow uses a modified 1990 Mazda Bongo for his removal business in New York City.
A new windshield wiper and side mirror alone cost him $600 to replace.
Craig Disbrow bought a a modified 1990 Mazda Bongo to start a removal business in New York City.
He said he fell in love with the mini Japanese "Kei" truck, but the unexpectedly high costs of replacing broken parts means he's reluctantly planning to give it up.
Finding the Kei truck
Disbrow, 48, said he came across the truck while driving in North Carolina, where he'd moved with his wife during the pandemic.
He said he had already been reluctant to go back to his job as a waiter in New York, so when he spotted the right-hand-drive mini truck, he had an idea.
"Within 30 seconds I had this whole rush of information come to me about what I'm doing right now, about the moving business," Disbrow told Insider, speaking hands-free while driving his truck on a New York highway.
Disbrow's modified Kei truck without covers on the back.
Craig Disbrow
After a bidding war, Disbrow said he bought the truck for about $4,500. He estimates he spent another $3,000 turning it into a mini removal van.
Disbrow said the truck had done only 23,000 kilometers (14,300 miles) when he bought it.
After purchasing the vehicle, he founded Truck and a Driver, a moving company operating across the five boroughs of New York.
He said his moving company was popular for people moving out of studio and one-bed apartments, and the nimble Kei truck can squeeze into small spots that bigger vans cannot.
Disbrow said that the Kei truck's unique style also turned heads, offering him some free advertising.
"People see it and can't help but smile. People beep at me all the time on the highway – it's fun."
Spare parts pain
Kei trucks have increased in popularity in the US in recent years, particularly in rural America where they're used around ranches, beaches, and even as beekeeper wagons.
But Disbrow's shown they can be effective in urban settings too.
There are a few problems with the trucks that potential customers need to consider, however.
The rarity of the vehicles, combined with their old age, means spare parts can be hard to come by.
Disbrow said he had first-hand experience of this, after vandals ripped off the windshield wiper and side mirror.
The wiper cost about $250 to replace, while the side mirror set him back $350.
More recently, Disbrow said he had his driver-side window smashed and items stolen. He said he didn't even know where to source a new one for import, adding that glass items have different import restrictions.
"It's literally like owning a unicorn," Disbrow said. "It's a wonderful truck, it does the job beautifully. The only problem is when something's wrong because I don't have the resources to get parts or anything."
It's been enough to make Disbrow begrudgingly plan to give up the Kei truck and find something more common, he said.
"Three problems ago my wife was like, 'can't we just get something you can fix easy?'," Disbrow said. "But because something always seems to happen; I can now see what she means."
There are many reasons why Helsinki is considered such a happy place.
The city seemed organized, the locals were friendly, and I felt safe despite its size.
Helsinki is also home to some impressive design and beautiful public spaces.
Home to more than 1.3 million people, Helsinki is the capital of Finland — the happiest country in the world for the last six years, according to the World Happiness Report.
But mention this to locals and they'll often disagree. Finns frequently object to their cheerful reputation, saying the report really measures life satisfaction and is based primarily on Gallup World Poll data, which typically comes from surveys of around 1,000 people per country.
But after spending three days in the city, I could see why Finland ranked so highly for happiness — even if the locals can't.
The city has a strong sense of community
Helsinki may be a capital city, but at times it felt like a small town.
Insider
On Saturday, people were gathered at the open-air market in Kauppatori Square by the harbor. The market sold everything from fresh vegetables to wooden cutlery to plants. Many residents also stopped to eat at the market-food stalls, sitting outside despite the cold wind.
Insider
The roads in the city weren't busy and cars were few and far between, with most people seeming to opt for public transport.
Helsinki is also almost constantly lit in the summer months, as it benefits from an arctic phenomenon called "midnight sun." In May, the city is still in bright daylight at 9 p.m. and locals say that in the summer — when the country has almost 24 hours of light — you can read a book outside all night.
Helsinki has some impressive design
Helsinki is a design hub and features some impressive architecture.
Visit Finland calls design an "essential cornerstone of the city," integral to the way the capital city functions. Public spaces, such as Oodi Helsinki's new central library, receive large amounts of state funding for construction. The results are aesthetic landmarks that also function as free social spaces for residents.
Insider
The city has also produced an impressive set of designers such as Alvar Aalto, one of the most notable modernist architects.
A street view from Nolla Helsink.
Insider
Helsinki's public spaces are often built to blend into natural settings.
Löyly, for example, is a seaside sauna and restaurant, and it is designed to look like a rock on the nearby shore. The restaurant's wooden terrace is built on top of the sea so visitors can hear the sound of the waves under their tables.
Löyly, which refers to the steam created when water is thrown on hot stones, was only completed in 2016 but has already secured protection from Helsinki's city council.
The city felt safe
Finland benefits from high levels of social trust — and despite being the capital, Helsinki is no different.
It felt very safe and the locals were friendly, often stopping to hold doors open for each other in public places.
Young children also rode the city's transport system by themselves and could be seen around the city unaccompanied on the country's public holiday, "Helatorstai."
The Finns also have a high level of trust in their police force. In 2020, Finnish police officers were considered trustworthy by about 91% of the population.
Insider
The infrastructure in the city was also organized and easy to use, with trams and metros arriving frequently and on schedule. There weren't many ticket barriers to access transport and I didn't encounter a single ticket guard during my time in the city.
Could Helsinki become your happy place? There's only one way to find out...
