Business
Coral reef: Rising sea temperatures are putting the Great Barrier Reef at risk

Coral reef: Rising sea temperatures are putting the Great Barrier Reef at risk

Yesterday a United Nations committee suggested that the Great Barrier Reef has deteriorated to such an extent that its status as a world heritage site could be downgraded. The Australian government disagreed with that assessment — strongly.

At more than 340,000 square kilometres, the Great Barrier Reef is the world's largest coral reef system and has long been a marvel for millions of snorkelers, scuba divers and other tourists. Annually the reef is estimated to be worth almost $5bn to Australia's economy — and industries related to its exploration, development and maintenance employ thousands of people.

In the last 30 years, the reef has been shrinking — with some researchers estimating that up to half of the coral population has disappeared.

Bleaching is bad

Part of the reason coral is dying is because of mass bleaching events. When water gets too warm, corals can expel the algae that give them color — making them more significantly more susceptible to disease.

Data from the Australian Bureau of Meteorology shows how sea surface temperatures in the Great Barrier Reef have been gently rising — which in turn has made these mass bleaching events more common.

The UNESCO World Heritage Committee will meet in China in July to discuss the World Heritage List.

More Business

See all Business
Mounjaro KwikPen Photo Illustrations

Eli Lilly makes the world’s bestselling drug. Can it keep the party going?

Some are starting to worry that Lilly, which for a short time vaulted into the trillion-dollar market cap club, may have hit a plateau.

business

Delta to increase bag fees by $10 on domestic flights this week, following JetBlue and United, as jet fuel surges

As the price of jet fuel surges amid the war in Iran, Delta Air Lines on Tuesday announced that it will hike its checked bag fees by $10 beginning this week.

Checking one bag on a domestic Delta flight will now cost $45, up from $35. A second bag will cost $55, up from $45, and a third will cost $200, up from $150. In a statement to Sherwood News, Delta issued the following announcement:

“For tickets purchased on or after April 8, Delta will increase fees for first and second checked bags by $10 and for a third checked bag by $50 on domestic and select short-haul international routes. These updates are part of Delta’s ongoing review of pricing across its business and reflect the impact of evolving global conditions and industry dynamics. Delta SkyMiles Medallion Members; customers traveling in First Class, Delta Premium Select and Delta One; active-duty military customers; and those with eligible co-branded Delta SkyMiles American Express Cards will continue to receive their allotment of complimentary checked bags.”

The move follows similar hikes by JetBlue and United Airlines last week. More are likely to come: when one major airline adjusts its fees, others tend to follow quickly behind. Delta last raised its bag fees in 2024, along with other major airlines.

Jet fuel prices were $4.69 a gallon on Monday, per the Argus US Jet Fuel Index. That’s up from the low $2 range for much of January.

business

Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Latest Stories

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Derivatives, LLC, or Robinhood Money, LLC. Futures and event contracts are offered through Robinhood Derivatives, LLC.