Flights delayed and cancelled at Cleveland Hopkins International Airport amid winter storm warning – WJW FOX 8 News Cleveland

CLEVELAND, Ohio – Several departures and arrivals have already been cancelled at Cleveland Hopkins International Airport.

Morning arrivals from New York and Chicago were cancelled, as well as some delays and cancellations for flights leaving Cleveland.

That list could get much longer as the winter storm impacts Cleveland. The weather will also affect several other major airports.

You can check the latest on flights headed in and out of Cleveland here.

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Is Elon Musk Losing it? Laying Off 3,000 American Workers to Build a Gigafactory in China, & Tesla’s… – CCN


Is Elon Musk Losing It? Image from Shutterstock.

By CCN.com: Trying to make heads or tails of Tesla’s financial footing continues to be a task. The good news for Elon Musk keeps getting trumped by worrisome, if not flat out bad news.

This month is proving to be a trying one for Tesla founder and CEO Elon Musk. It’s enough even to give Tesla’s legion of fanboys a headache. From not delivering enough vehicles to satisfy Wall Street players, to having to lay off workers, Musk is making moves that are humbling.

Laying Off 3,000 American Workers, Building a $2 Billion Gigafactory in China

Who’s prioritizing me? Image from Shutterstock.

Tesla’s recent lay offs came just after Tesla announced it was building its first gigafactory outside the United States in Shanghai. The gigafactory will cost around $2 billion according to Reuters. CCN reported that Tesla would be laying off more than 3,000 of its 45,000-strong workforce in the United States.

The layoffs affect workers at Tesla and SpaceX, which Musk also founded. Then the elephant in the room appears, Tesla got $1 billion in debt which is due March 1st. Aggravating the situation is the structure of the debt deal, which could seriously hurt the company’s cash balance.

All this just after Tesla reported news that should have sent its stock higher. During the fourth quarter of 2018, Tesla delivered a record number of vehicles. The figure was 90,700 to be exact. That was just 2,000 units shy of expectations.

Disappointed, knee-jerk reactor investors and traders sent the stock lower.

Tesla’s Major $1 Billion Debt Problem

According to regulatory filings with the U.S. Securities and Exchange Commission, the Tesla debt coming due March 1st entails $920 million of convertible senior notes.

The equity-conversion price is $359.88, Bloomberg reported in December. The problem for Tesla is that it has not traded above that price since December 2018.

Tesla’s stock price. Chart from Tradingview.

If Tesla’s stock is below the $359.88 price by March 1, the notes must be paid in cash to the note holders. If the stock’s price goes above $359.88, the notes could be converted into equity shares, according to Business Insider.

Business Insider reported in October 2018 that Tesla had a total of $2.2 billion cash on hand (June 2018). If Tesla has to pay the expiring debt in cash, they would reduce their cash balance by nearly 50%.

Michael Ramsey, an automotive analyst at Gartner, told Business Insider:

“They very likely are going to have to borrow more money”

For Tesla, When It Rains, It Storms

News of the nearly $1 billion in debt coming due came on the heels of Tesla putting thousands of workers out of work.

On Friday, Musk sent a letter to Tesla employees about the coming pink slips. He explained that starting around May, the company will ramp up its effort to deliver more affordable Model 3s. The Model 3s were supposed to be the most affordable in Tesla’s fleet.

The need for cheaper Model 3s becomes even more significant on July 1, when the US tax credit Tesla received drops in half, according to Musk. Musk wrote that the drop would make its car

“$1,875 more expensive, and again at the end of the year when it goes away entirely.”

Here’s an excerpt:

“… we, unfortunately, have no choice but to reduce full-time employee headcount by approximately 7% (we grew by 30% last year, which is more than we can support) and retain only the most critical temps and contractors. Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months.”

The goal is to achieve economies of scale required to make the Model 3 at $35,000. “There isn’t any other way,” Musk states.

This brutal comment is in stark contrast to other bullish statements from Musk.

Elon Musk Might Be Losing It

Elon Musk Smoking Pot tesla
Elon Musk Smoking Pot on Joe Rogan’s show. Watch the video below.

Take what he said about the SEC, for example. In December, he said on news show 60 Minutes:

“Let me be clear: I do not respect the SEC. I do not respect them.”

Musk was smarting over the regulator stripping him of his role as chairman of Tesla’s board. The SEC fined Musk $20 million for tweeting he was taking the company private at $420 a share. Pot enthusiasts quickly deduced the “$420” in reference to “Weed Day.”

The tweet didn’t sit well with the SEC, which said Musk failed to prove he’d secured any funding.

Up, Up, And Away Go SpaceX Jobs

The rocket company SpaceX is also under financial pressures. To streamline its business and cut costs, SpaceX’s 6,000-employee workforce will be reduced by 10 percent.

SpaceX famously shot a Tesla Roadster into space in 2018 as part of the first flight of its Falcon Heavy rocket. On board was the dummy Starman sporting an astronaut suit.

Tesla closed down almost 13% Friday at $302.26.

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FDA threatens to pull e-cigarettes off the market, citing possible ‘existential threat’ | TheHill – The Hill

The Food and Drug Administration (FDA) says that e-cigarettes face an uncertain future in U.S. markets unless youth smoking rates drop over the next year.

Speaking at a public hearing Friday in Silver Spring, Md., FDA Commissioner Scott Gottlieb said he could see the entire category of e-cigarette and vaping products removed from store shelves if companies don’t stop marketing such products to youth. 

“I’ll tell you this. If the youth use continues to rise, and we see significant increases in use in 2019, on top of the dramatic rise in 2018, the entire category will face an existential threat,” he said.

Gottlieb pointed to data from the agency indicating that youth vaping rates had nearly doubled over the last year due to the increased availability and convenience of e-cigarette products. In his remarks, Gottlieb singled out e-cigarette brand Juul as a top choice among high school and middle school students.

“This progress is being undercut — even eclipsed — by the recent, dramatic rise in youth vaping,” Gottlieb said of declining numbers of traditional smokers. “A few years ago, it would have been incredible to me that we’d be here, discussing the potential for drug therapy to help addicted youth vapers quit nicotine.”

E-cigarette use spiked 78 percent among high school students and 48 percent among middle school students over the last year, the FDA says. Altogether, about 1.5 million young people took up the habit from 2017 to 2018, despite the Trump administration’s efforts to curtail youth vaping.

The FDA has the ability to stop e-cigarette sales and mandate that producers go through a formal FDA approval process, though it has not yet done so, NBC News notes.

A spokesman for Juul told The Hill on Friday that the company condemned any use of its products among minors.

“Underage use of JUUL and any other vaping products is completely unacceptable to us and is directly opposed to our mission of eliminating cigarettes by offering existing adult smokers a true alternative to combustible cigarettes,” said Ted Kwong, a Juul Labs spokesman.

“We are moving full steam ahead on implementing our action plan to limit youth usage, and this is unchanged since we announced our plan in November,” he added. “We will be a transparent, engaged, and committed partner with FDA, state Attorneys General, local municipalities, and community organizations in the effort to combat underage use.” 

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No one is injured when plane landing in Omaha slides off icy runway – Omaha World-Herald

Michael Rittershaus’ wife texted him from Gretna, right before his Southwest Airlines jet landed.

Stephanie wanted him to drive carefully. She had tried to park in the driveway, and it was too slick.

Rittershaus said he wondered to himself if they had de-iced the runway. Soon, the plane landed, and he realized that it was no ordinary conclusion to the flight.

The plane slid off the runway.

“It wasn’t too scary,” said Rittershaus, who was returning from a business trip in California with a stopover in Las Vegas. “Yep. Apparently it was icy out.”

None of the 150 passengers and six crew members on Flight 1643 from Las Vegas were injured, said Steve McCoy, manager of airport affairs at the Omaha Airport Authority.

The plane landed in Omaha at 2:02 p.m., a short time after freezing drizzle had begun to coat roads, sidewalks and vehicles. The airport was closed for about 2½ hours after the incident, reopening about 4:40 p.m., and a small number of flights were diverted and canceled Friday afternoon.

Benny Salz, 30, a passenger, said that after the plane touched down, it felt like the aircraft moved in an S-shape before straightening out.

“Then all of a sudden it kind of felt like it hit a black ice patch, and then it went sideways,” said Salz, a producer in Los Angeles who was back in Omaha for a visit.

McCoy, the airport affairs manager, said crews had been working on treating Eppley’s runways since the start of the freezing drizzle earlier in the day.

Sarah Smith was traveling Friday with her husband, Andy Lee, and their three small children from Alamo, California, for a niece’s birthday party. Like many passengers, she said Friday’s ordeal was mostly calm.

“You could just tell you were sliding a little bit, and then a little bumpy near the end,” she said.

Passengers said they stayed on the plane for about an hour after it slid off the end of Runway 14R. Stairs were eventually brought to the aircraft, and passengers were taken by bus back to the terminal, where they were briefly sequestered in a conference room.

Smith said her children didn’t seem to notice that anything was amiss.

“I don’t think they even realized what happened,” she said.

Philip Baris, 57, came to town from Los Angeles for a wedding. He had a window seat and said he knew that the landing didn’t go right when he saw ice.

“We came to somewhat of an uneven stop,” he said. Baris said the plane wasn’t going very fast when the slide occurred. “Everybody was cool. Crew was cool.”

Rittershaus, of Gretna, texted his wife as soon as he realized what had happened. “We just slid off the runway. No emergency,” he informed her.

Her response: “Call me when you can.”

The passengers were offered lunch, but Rittershaus declined. He only had carry-on luggage and, after a brief discussion with airline employees and a bit of paperwork, he headed home.

He wanted to do something about that slick driveway.

World-Herald staff writer Bob Glissmann contributed to this report.

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