An ‘exceptional’ event : El Niño has returned and could become one of the strongest on record, bringing more extreme heat, drought, rainfall and flooding around the world. These weather disruptions can damage crops, fisheries, energy supplies and transportation, potentially raising food and energy prices, increasing inflation and slowing economic growth. The World Meteorological Organization says it’s almost certain that El Niño will persist through February and expects it to be an “exceptional” event. Bloomberg has the full story.
Safety probe launched: Federal regulators are investigating whether Tesla’s steering-wheel-free Cybercab complies with U.S. safety standards, including whether Tesla’s self-certification properly determined which rules apply. The probe highlights regulatory challenges surrounding autonomous vehicles with no traditional controls and could lead to a recall or fines if the Cybercab is found noncompliant. The Wall Street Journal has the full story.
September bookings surge: Luxury travelers are increasingly shifting their vacations from summer to fall, with Virtuoso reporting a 59% rise in fall bookings and a 69% jump in sales compared with last year. September has emerged as a peak travel month as wealthy travelers seek cooler weather, fewer crowds and more availability, particularly in popular European destinations. However, the trend is driving up fall hotel prices and crowds, with some luxury destinations seeing rates soar as much as 179%, potentially making November the next alternative. CNBC has the full story.
Editor’s Note: Daily Report will not be published on Monday, Sept. 7. Have a safe and happy holiday.
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