Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Blame Saudi Arabia and the US for regional instability, Iran’s foreign minister says

Iran called out its regional rival Saudi Arabia in response to accusations that Tehran is a leading state sponsor of terror, accusing Riyadh and the United States of fomenting ‘dangerous escalations’ in the Middle East. “It’s the wrong policies that are being followed, not only by Saudi Arabia but by its allies in the West who have given it a blank check to continue to make these very dangerous escalations in the region,” Zarif added. Zarif’s hit at Saudi Arabia was unsurprising, given the recen


Iran called out its regional rival Saudi Arabia in response to accusations that Tehran is a leading state sponsor of terror, accusing Riyadh and the United States of fomenting ‘dangerous escalations’ in the Middle East. “It’s the wrong policies that are being followed, not only by Saudi Arabia but by its allies in the West who have given it a blank check to continue to make these very dangerous escalations in the region,” Zarif added. Zarif’s hit at Saudi Arabia was unsurprising, given the recen
Blame Saudi Arabia and the US for regional instability, Iran’s foreign minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-15  Authors: natasha turak, getty images, ahmad al-basha, afp
Keywords: news, cnbc, companies, yemen, tehran, region, middle, foreign, instability, arabia, minister, sponsor, regional, worlds, zarif, blame, irans, saudi


Blame Saudi Arabia and the US for regional instability, Iran's foreign minister says

Iran called out its regional rival Saudi Arabia in response to accusations that Tehran is a leading state sponsor of terror, accusing Riyadh and the United States of fomenting ‘dangerous escalations’ in the Middle East.

Speaking to CNBC’s Hadley Gamble at the Doha Forum in Qatar, Iranian foreign Minister Javad Zarif rejected the label of the world’s top sponsor of terrorism ascribed to it by Saudi Arabia and the U.S.

“I think actions speak much louder than words; what is happening in our region, now people are witnessing the source of instability in region, be it in Yemen, be it elsewhere,” the minister said.

“It’s the wrong policies that are being followed, not only by Saudi Arabia but by its allies in the West who have given it a blank check to continue to make these very dangerous escalations in the region,” Zarif added.

Zarif’s hit at Saudi Arabia was unsurprising, given the recent years of escalation between the Shia and Sunni powerhouses grappling for greater influence in the Middle East.

His comments referred to the four-year long civil war in Yemen, where a Saudi-led bombing campaign has contributed to thousands of deaths, economic collapse and what the U.N. has called the world’s worst humanitarian crisis. For their part, the Saudis have blamed Yemen’s Houthi rebels, who receive support from Tehran.


Company: cnbc, Activity: cnbc, Date: 2018-12-15  Authors: natasha turak, getty images, ahmad al-basha, afp
Keywords: news, cnbc, companies, yemen, tehran, region, middle, foreign, instability, arabia, minister, sponsor, regional, worlds, zarif, blame, irans, saudi


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Japan opens the door to more foreigners. That may not solve its labor woes

Japan’s government formally passed legislation over the weekend to allow more foreign workers in a move aimed at alleviating severe labor shortages that are a major drag on the Japanese economy. From April next year, the world’s third-largest economy will allow unskilled foreigners to work in 14 sectors such as construction and elderly care for up to five years. Skilled foreigners, meanwhile, will be able to migrate with their families and remain in Japan indefinitely. Currently, unskilled worke


Japan’s government formally passed legislation over the weekend to allow more foreign workers in a move aimed at alleviating severe labor shortages that are a major drag on the Japanese economy. From April next year, the world’s third-largest economy will allow unskilled foreigners to work in 14 sectors such as construction and elderly care for up to five years. Skilled foreigners, meanwhile, will be able to migrate with their families and remain in Japan indefinitely. Currently, unskilled worke
Japan opens the door to more foreigners. That may not solve its labor woes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: nyshka chandran, carl court, getty images, -marcel thieliant, capital economics
Keywords: news, cnbc, companies, work, woes, training, door, allow, solve, foreigners, worlds, workforcefrom, weekend, unskilled, thirdlargest, labor, workers, opens, japan


Japan opens the door to more foreigners. That may not solve its labor woes

Japan’s government formally passed legislation over the weekend to allow more foreign workers in a move aimed at alleviating severe labor shortages that are a major drag on the Japanese economy.

That may not be enough to mitigate the nation’s dwindling workforce.

From April next year, the world’s third-largest economy will allow unskilled foreigners to work in 14 sectors such as construction and elderly care for up to five years. Skilled foreigners, meanwhile, will be able to migrate with their families and remain in Japan indefinitely. Prime Minister Shinzo Abe’s cabinet first approved the laws last month.

Currently, unskilled workers are only accepted under an intern training program. Foreigners with specialized knowledge who don’t apply for permanent residency can only live in the country for a limited time without family members.


Company: cnbc, Activity: cnbc, Date: 2018-12-13  Authors: nyshka chandran, carl court, getty images, -marcel thieliant, capital economics
Keywords: news, cnbc, companies, work, woes, training, door, allow, solve, foreigners, worlds, workforcefrom, weekend, unskilled, thirdlargest, labor, workers, opens, japan


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Soccer app giving behind-the-scenes access to Messi and Beckham raises $64 million

Former England soccer captain David Beckham has joined forces with several other famous names including Barcelona forward Lionel Messi and the world’s most expensive player Neymar Jr to launch a new online content-sharing platform. OTRO is intended to be a digital fan club fueled by content created by the world’s leading soccer players. OTRO has been formed in partnership with sports investment firm 23 Capital and it’s reported around $64 million has been put into making the platform a success.


Former England soccer captain David Beckham has joined forces with several other famous names including Barcelona forward Lionel Messi and the world’s most expensive player Neymar Jr to launch a new online content-sharing platform. OTRO is intended to be a digital fan club fueled by content created by the world’s leading soccer players. OTRO has been formed in partnership with sports investment firm 23 Capital and it’s reported around $64 million has been put into making the platform a success.
Soccer app giving behind-the-scenes access to Messi and Beckham raises $64 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: adam reed, clive rose, getty images
Keywords: news, cnbc, companies, messi, worlds, giving, soccer, theres, launch, beckham, raises, including, world, platform, fans, 64, otro, app, behindthescenes, million, access, players


Soccer app giving behind-the-scenes access to Messi and Beckham raises $64 million

Former England soccer captain David Beckham has joined forces with several other famous names including Barcelona forward Lionel Messi and the world’s most expensive player Neymar Jr to launch a new online content-sharing platform.

OTRO is intended to be a digital fan club fueled by content created by the world’s leading soccer players. Its makers insists fans joining OTRO will be able to enjoy daily exclusive material, including original films and interviews, as well as live Q&As and challenges set by the players giving them the chance to win prizes, including meet and greets.

“Football fans all over the world want a deeper connection with their heroes and this is where OTRO comes in,” said its CEO Jeremy Dale at the official launch this week.

OTRO has been formed in partnership with sports investment firm 23 Capital and it’s reported around $64 million has been put into making the platform a success.

“There’s a lot of access to stars on the pitch, but once the game’s finished there’s very little engagement,” said Jason Traub, co-founder of 23 Capital to the company’s website. “Given the size of the market and the excitement surrounding these players, there’s a world of opportunity to unite them with their fans.”

Other players who’ll be part of the platform include; three-time Champions League winning coach Zinedine Zidane, Luis Suarez and Toni Duggan, who play for Barcelona’s men’s and women’s teams respectively.


Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: adam reed, clive rose, getty images
Keywords: news, cnbc, companies, messi, worlds, giving, soccer, theres, launch, beckham, raises, including, world, platform, fans, 64, otro, app, behindthescenes, million, access, players


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Iddris Sandu – Bridging the gap between technology and minorities

Now 21, the self-made entrepreneur and California native has made quite a name for himself in the worlds of technology and entertainment. Private consultant, software engineer, and technologist are just a few hats Sandu wears – though, he prefers the title architect. According to Sandu, he was offered admissions to the Massachusetts Institute of Technology twice, but he declined in order to be a change agent for African-American culture. Back in 2009, a Steve Jobs podcast served as the spark for


Now 21, the self-made entrepreneur and California native has made quite a name for himself in the worlds of technology and entertainment. Private consultant, software engineer, and technologist are just a few hats Sandu wears – though, he prefers the title architect. According to Sandu, he was offered admissions to the Massachusetts Institute of Technology twice, but he declined in order to be a change agent for African-American culture. Back in 2009, a Steve Jobs podcast served as the spark for
Iddris Sandu – Bridging the gap between technology and minorities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: falyn page, source, justin wu, -iddris sandu, technology entrepreneur
Keywords: news, cnbc, companies, technology, wunderkind, iddris, tech, entrepreneur, worlds, minorities, library, designer, gap, sandu, bridging, young, written


Iddris Sandu - Bridging the gap between technology and minorities

While other kids were at home watching television, a 13-year-old named Iddris Sandu spent most of his childhood in the library, reading texts about the theory of relativity and studying the German industrial designer Dieter Rams.

Now 21, the self-made entrepreneur and California native has made quite a name for himself in the worlds of technology and entertainment.

With a passion for tech and culture, Sandu has written algorithms and code for tech giants like Uber, Twitter, Instagram and Snapchat, received the Presidental Scholar Award from President Barack Obama.

His “wunderkind” reputation has allowed him to have boldface names like NBA star Steph Curry and Tesla CEO Elon Musk on speed dial.

Private consultant, software engineer, and technologist are just a few hats Sandu wears – though, he prefers the title architect. According to Sandu, he was offered admissions to the Massachusetts Institute of Technology twice, but he declined in order to be a change agent for African-American culture.

“Most people can see, but not everyone has vision,” Sandu told CNBC in a recent interview, summarizing his life’s philosophy and entrepreneurial drive.

Back in 2009, a Steve Jobs podcast served as the spark for Sandu’s desire to learn more about the technology world. As a teenager, the child of Ghanaian parents had a a fateful encounter in a library with a designer from Google. Shortly thereafter, he landed his first internship with the tech behemoth.

Since then, the young entrepreneur has been broadening his horizons by partnering with some very prominent entertainers. Sandu recently partnered with Kanye West and Jaden Smith on a few future businesses, clothing lines and disaster relief projects that are set to launch in 2019.


Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: falyn page, source, justin wu, -iddris sandu, technology entrepreneur
Keywords: news, cnbc, companies, technology, wunderkind, iddris, tech, entrepreneur, worlds, minorities, library, designer, gap, sandu, bridging, young, written


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Can Bali stay a tourist paradise?

Can Bali stay a tourist paradise? 10:30 PM ET Thu, 6 Dec 2018It’s one of the world’s favorite travel destinations but Bali is facing challenges of pollution and overtourism, which could threaten its idyllic reputation. CNBC’s Xin En Lee speaks with Indonesia’s tourism minister Arief Yahya to find out more.


Can Bali stay a tourist paradise? 10:30 PM ET Thu, 6 Dec 2018It’s one of the world’s favorite travel destinations but Bali is facing challenges of pollution and overtourism, which could threaten its idyllic reputation. CNBC’s Xin En Lee speaks with Indonesia’s tourism minister Arief Yahya to find out more.
Can Bali stay a tourist paradise? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, bali, xin, speaks, tourist, worlds, paradise, tourism, threaten, travel, yahya, stay


Can Bali stay a tourist paradise?

Can Bali stay a tourist paradise?

10:30 PM ET Thu, 6 Dec 2018

It’s one of the world’s favorite travel destinations but Bali is facing challenges of pollution and overtourism, which could threaten its idyllic reputation. CNBC’s Xin En Lee speaks with Indonesia’s tourism minister Arief Yahya to find out more.


Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, bali, xin, speaks, tourist, worlds, paradise, tourism, threaten, travel, yahya, stay


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There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p


Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports. Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front. The ongoing spat is a reflection of great power rivalries, p
There may be more at stake than just trade concessions in the US-China tariff battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


There may be more at stake than just trade concessions in the US-China tariff battle

Trade frictions between the world’s two largest economies go well beyond the parameters of imports and exports.

Washington has been attempting to negotiate with Beijing about issues like forced tech transfers and intellectual property theft, but there’s a growing sense among international analysts that talks may also be touching on other deep-rooted issues in their relationship, particularly on the national security and military front.

The ongoing spat is a reflection of great power rivalries, political scientist Joseph Nye wrote in a Project Syndicate editorial last month: “It is much more than a typical trade dispute like, say, America’s recent clash with Canada over access to that country’s dairy market.”

Many economists have pointed out that the current dispute is more of a tech war than a tariff war as U.S. President Donald Trump’s administration targets China’s technology sector practices. Beijing’s militarization of the South China Sea and the sovereignty of Taiwan could also be influencing negotiations.


Company: cnbc, Activity: cnbc, Date: 2018-12-06  Authors: nyshka chandran, kevin lemarque
Keywords: news, cnbc, companies, tariff, transfers, concessions, wrote, battle, dispute, stake, war, worlds, trade, typical, uschina, tech, trumps, issues


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World’s oldest billionaire Yun Chung Chang goes to work every day

At 100 years old, the world’s oldest billionaire would be forgiven for taking it easy and enjoying the riches of his eight-decade career. But for Chang Yun Chung, founder of Pacific International Lines (PIL), staying at home isn’t an option. Despite handing over the role of executive chairman to his son, Teo Siong Seng, earlier this year, the centenarian Singaporean insists on going into the office every day. “It’s my habit,” Chang told CNBC in a recent episode of “Managing Asia.” As chairman em


At 100 years old, the world’s oldest billionaire would be forgiven for taking it easy and enjoying the riches of his eight-decade career. But for Chang Yun Chung, founder of Pacific International Lines (PIL), staying at home isn’t an option. Despite handing over the role of executive chairman to his son, Teo Siong Seng, earlier this year, the centenarian Singaporean insists on going into the office every day. “It’s my habit,” Chang told CNBC in a recent episode of “Managing Asia.” As chairman em
World’s oldest billionaire Yun Chung Chang goes to work every day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: karen gilchrist, pacific international lines, -chang yun chung, founder of pacific international lines, -teo siong seng, executive chairman of pacific international lines
Keywords: news, cnbc, companies, goes, told, teo, chang, worlds, work, billionaire, title, pil, oldest, staying, day, chairman, taking, visits, chung


World's oldest billionaire Yun Chung Chang goes to work every day

At 100 years old, the world’s oldest billionaire would be forgiven for taking it easy and enjoying the riches of his eight-decade career.

But for Chang Yun Chung, founder of Pacific International Lines (PIL), staying at home isn’t an option. Despite handing over the role of executive chairman to his son, Teo Siong Seng, earlier this year, the centenarian Singaporean insists on going into the office every day.

“It’s my habit,” Chang told CNBC in a recent episode of “Managing Asia.”

As chairman emeritus of PIL — a title honoring his contribution to the 51-year-old company — Chang said he visits the firm’s Singapore headquarters daily to run through its operations and check in with every department.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: karen gilchrist, pacific international lines, -chang yun chung, founder of pacific international lines, -teo siong seng, executive chairman of pacific international lines
Keywords: news, cnbc, companies, goes, told, teo, chang, worlds, work, billionaire, title, pil, oldest, staying, day, chairman, taking, visits, chung


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Here is how many nuclear weapons US and Russia have

The two leaders of the world’s nuclear club are threatening to withdraw from an arms control agreement, a move that will allow each country to bolster its arsenal with more nukes. Russian President Vladimir Putin said Wednesday that he will develop ground-launched nuclear missiles if the U.S. withdraws from the Intermediate-Range Nuclear Forces, or INF, treaty. The pact, signed by the U.S. and Soviet Union in 1987, prohibits the development of midrange nuclear-tipped missiles. Of the 14,500 nucl


The two leaders of the world’s nuclear club are threatening to withdraw from an arms control agreement, a move that will allow each country to bolster its arsenal with more nukes. Russian President Vladimir Putin said Wednesday that he will develop ground-launched nuclear missiles if the U.S. withdraws from the Intermediate-Range Nuclear Forces, or INF, treaty. The pact, signed by the U.S. and Soviet Union in 1987, prohibits the development of midrange nuclear-tipped missiles. Of the 14,500 nucl
Here is how many nuclear weapons US and Russia have Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: amanda macias, brendan smialowski, afp, getty images, kcna, sasha mordovets, getty images news
Keywords: news, cnbc, companies, weapons, arms, russia, missiles, nucleartipped, control, worlds, club, nukes, country, nuclear


Here is how many nuclear weapons US and Russia have

The two leaders of the world’s nuclear club are threatening to withdraw from an arms control agreement, a move that will allow each country to bolster its arsenal with more nukes.

Russian President Vladimir Putin said Wednesday that he will develop ground-launched nuclear missiles if the U.S. withdraws from the Intermediate-Range Nuclear Forces, or INF, treaty.

The pact, signed by the U.S. and Soviet Union in 1987, prohibits the development of midrange nuclear-tipped missiles. The agreement forced each country to dismantle more than 2,500 missiles with ranges of 310 to 3,420 miles. The arms ban kept nuclear-tipped cruise missiles off the European continent for three decades.

Of the 14,500 nuclear weapons on the planet, Russia and the United States own the lion’s share, with a combined total of approximately 13,350 nukes. The remaining 1,150 weapons are held by seven countries.

North Korea, the latest unwelcome addition to the world’s nuke club, remains the only country to test nuclear weapons in this century.

While the exact number of nukes in each country’s arsenal is closely guarded, below is a breakdown of how many weapons exist, according to estimates from the Arms Control Association and Federation of American Scientists.


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: amanda macias, brendan smialowski, afp, getty images, kcna, sasha mordovets, getty images news
Keywords: news, cnbc, companies, weapons, arms, russia, missiles, nucleartipped, control, worlds, club, nukes, country, nuclear


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World’s ‘most powerful tidal generating turbine’ set to be demonstrated in waters off Wales

Scottish engineering firm Orbital Marine Power has signed an agreement to demonstrate its floating tidal technology at the Morlais Tidal Energy Project at Anglesey, an island off the coast of Wales. The agreement with not-for-profit developers Menter Mon will result in the deployment of a “commercial-scale tidal array” of Orbital Marine Power’s 2 megawatt (MW) O2 tidal turbine. Orbital said it believed its turbine would be the “most powerful tidal generating turbine in the world,” with each unit


Scottish engineering firm Orbital Marine Power has signed an agreement to demonstrate its floating tidal technology at the Morlais Tidal Energy Project at Anglesey, an island off the coast of Wales. The agreement with not-for-profit developers Menter Mon will result in the deployment of a “commercial-scale tidal array” of Orbital Marine Power’s 2 megawatt (MW) O2 tidal turbine. Orbital said it believed its turbine would be the “most powerful tidal generating turbine in the world,” with each unit
World’s ‘most powerful tidal generating turbine’ set to be demonstrated in waters off Wales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: anmar frangoul, orbital marine power ltd
Keywords: news, cnbc, companies, waters, orbital, marine, powerful, power, energy, project, generating, european, sr2000, wales, tidal, turbine, worlds, demonstrated, set, morlais


World's 'most powerful tidal generating turbine' set to be demonstrated in waters off Wales

Scottish engineering firm Orbital Marine Power has signed an agreement to demonstrate its floating tidal technology at the Morlais Tidal Energy Project at Anglesey, an island off the coast of Wales.

The agreement with not-for-profit developers Menter Mon will result in the deployment of a “commercial-scale tidal array” of Orbital Marine Power’s 2 megawatt (MW) O2 tidal turbine.

Orbital said it believed its turbine would be the “most powerful tidal generating turbine in the world,” with each unit able to produce electricity equivalent to the needs of 1,500 typical homes in the U.K.

The Morlais initiative benefits from part funding from the European Regional Development Fund via the Welsh government. The project has been able to secure a grid connection offer and a consent application is slated to be submitted in mid-2019.

“The Morlais project gives us line of sight to a commercial and scalable tidal energy array in U.K. waters,” Andrew Scott, the CEO of Orbital Marine Power, said in a statement Monday.

“The concentration of tidal energy off the coast here, supported by great infrastructure in North Wales, makes this an ideal location to build out a new marine industry that can create new demand for skills and services both locally and further afield.”

Designs for the O2 turbine were unveiled towards the end of November. It will use a 73-meter-long “floating superstructure” to support two 1 MW turbines on each side and will have rotor diameters of 20 meters.

Formerly called Scotrenewables Tidal Power Ltd., Orbital Marine Power launched its SR2000 turbine in 2016. During its initial 12-month test program, the SR2000 generated more than 3 gigawatt hours of electricity.

The European Commission, the legislative arm of the EU, has described “ocean energy” as being both abundant and renewable. It’s estimated that ocean energy could potentially contribute around 10 percent of the European Union’s power demand by 2050, according to the Commission.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: anmar frangoul, orbital marine power ltd
Keywords: news, cnbc, companies, waters, orbital, marine, powerful, power, energy, project, generating, european, sr2000, wales, tidal, turbine, worlds, demonstrated, set, morlais


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