Axios

The upcoming Atlantic hurricane season, which officially kicks off June 1, is set to feature a tug of war between a developing El Niño in the Pacific, and unusually warm waters throughout the Atlantic, NOAA forecasters say.

Why it matters: The seasonal outlook, released Thursday, helps inform storm planning for the federal, state and local governments.

Mawar gained strength as it lashed Guam and became a super typhoon as it slowly pulled away from the the U.S. territory island in the Western Pacific on Thursday morning local time.

Threat level: The National Weather Service's Guam office warned typhoon warnings remained in effect for the island, which is home to three U.S. military bases. The NWS urged residents to keep safe shelter until the "damaging winds" subsided, as the storm packed maximum sustained winds of 150 mph.

Virgin Orbit, the bankrupt rocket launch company founded by Richard Branson, will shut down and sell its assets for nearly $36 million.

Why it matters: This is one of the SPAC market's bigger busts, having gone public in 2021 at a $3.7 billion valuation.

Guam is "expected to take a direct hit" from Typhoon Mawar after strengthening into a dangerous Category 4 storm in the Pacific Tuesday, the National Weather Service office in the U.S. territory warns.

The latest: The eye of the storm was on track to pass Wednesday evening local time over central or northern Guam, which has a 168,000-strong population and is home to three U.S. military bases. NWS Guam issued a flash flood warning for the entire island through at least Thursday morning due to heavy rainfall.