Patagonia must remain competitive for climate donation to work: CEO

A Patagonia store signage is seen on Greene Street on September 14, 2022 in New York City. Yvon Chouinard, founder of Patagonia, his spouse and two adult children announced that they will be giving away the ownership of their company which is worth about $3 billion. The company’s privately held stock will be now be owned by a climate-focused trust and group of nonprofit organizations, called the Patagonia Purpose Trust and the Holdfast Collective, and all the profits that are not reinvested into the business will be used to fight climate change .

Michael M Santiago | Getty Images News | Getty Images

Patagonia founder Yvon Chouinard and his family are giving away their ownership in the outdoor apparel maker they started five decades ago to benefit climate change. But that does not mean the company is going to become any less competitive or aggressive in meeting its business objectives.

September 21, 2022: Fed raises interest rates by three-quarters of a percentage point

To understand the Fed’s thinking, it helps to get inside the mind of its chairman, Jay Powell.

In his role as the central bank chief, he’s made no secret of his admiration for Paul Volcker, whose name is practically synonymous with fighting inflation at all costs, even if it crashes the economy into a recession, as Volcker’s Fed did — twice — in the early 1980s.

Powell, in his now notoriously blunt Jackson Hole speech last month, appeared to fully embody his predecessor when he declared that “we must keep at it until the job is done” — (“it,” being rate hikes and “the job” being tamping down inflation.) That was an explicit reference, whether he intended it or not, to the ideology of Volcker, whose 2018 autobiography is titled “Keeping At It.”

During congressional testimony in the spring, Powell said of his hero: “I think he was one of

Ford shuffles management, seeks new global supply chain head

Ford is restructuring its vehicle development and supply chain operations, shuffling multiple executives just days after announcing that it would build up to 45,000 vehicles with parts missing due to shortages.

The Dearborn, Michigan, automaker gave some executives new roles and said that its chief financial officer will begin reworking supply chain operations until a new global purchasing chief is hired.

The changes arrive at a time of profound change for Ford and the auto industry, which for more than a century have made a living by selling petroleum-powered vehicles. The company has plans for half of its global production to be electric vehicles by 2030, but like its main competitors, Ford will need to keep selling gas-burning vehicles to fund the massive transition.

DEARBORN, MI – APRIL

Federal Reserve goes big with third three-quarter-point interest rate hike


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The Federal Reserve made history on Wednesday, approving a third consecutive 75-basis-point hike in an aggressive move to tackle the white-hot inflation that has been plaguing the US economy.

The supersized hike, which was unfathomable by markets just months ago, takes the central bank’s benchmark lending rate to a new target range of 3%-3.25%. That’s the highest the fed funds rate has been since the global financial crisis in 2008.

Wednesday’s decision marks the Fed’s toughest policy move since the 1980s to fight inflation. It will also likely cause economic pain for millions of American businesses and households by pushing up the cost of borrowing for things like homes, cars, and credit cards.

Federal Reserve Chairman Jerome Powell acknowledged the economic pain this rapid tightening regime may cause.

“No one knows whether this process will lead to a recession or, if so, how significant that

bp to sell its business in Algeria to Eni | News and insights

bp today announced that it has agreed to sell its upstream business in Algeria to Eni, including its interests in the gas-producing In Amenas and In Salah concessions.

bp holds working interests of 33.15% and 45.89% in the In Salah and In Amenas projects respectively. Both are operated by joint ventures co-owned by bp, Equinor and Sonatrach.

Anja-Isabel Dotzenrath, bp’s executive vice president, gas & low carbon energy, said: “bp has worked successfully with Algeria and our partners over almost 30 years, developing and supporting operations on two major gas projects for the country. We believe this agreement represents a good outcome for bp and Eni and for Algeria.”

“bp has worked successfully with Algeria and our partners over almost 30 years, developing and supporting operations on two major gas projects for the country. We believe this agreement represents a good outcome for bp and Eni and for Algeria.”

Anja-Isabel

Kellogg’s path to becoming different company ‘inescapable’

BATTLE CREEK, MICH. — When The Kellogg Co. completes the breakup of its company into three independent business by the end of 2023 it is “inescapable” that it will emerge as a different company, said Steven A. Cahillane, chairman, president and chief executive officer.

Presenting at the Barclays Consumer Staples Conference held virtually on Sept. 7, Mr. Cahillane talked extensively about what Kellogg may look like post-split. And while much of the focus has been on the future of the company’s North American cereal business, Mr. Cahillane used the Barclays presentation to expand on expectations for what is being called Global Snack Co., or Remain Co, portions of Kellogg’s business that includes what Mr. Cahillane described as “incredibly powerful brands.”

“You have Pringles, Cheez-It, Rice Krispies Treats, Pop-Tarts, Eggo, these are world-class brands that are growing exceptionally well,” he said. “You look at the geographic footprint, we have — we

Columbia University acknowledges submitting inaccurate data for consideration in college rankings



CNN Business

Columbia University said that it relied on “outdated and/or incorrect methodologies” in submitting data to US News & World Report for consideration in the publication’s 2021 college rankings, according to a statement released by the university Friday.

“The Columbia undergraduate experience is and always has been centered around small classes taught by highly accomplished faculty. That fact is unchanged. But anything less than complete accuracy in the data that we report – regardless of the size or the reason – is inconsistent with the standards of excellence to which Columbia holds itself,” the statement reads. “We deeply regret the deficiencies in our prior reporting and are committed to doing better.”

In February, Columbia Mathematics Professor Michael Thaddeus questioned the Ivy League school’s rise in rankings from 18th place, on its debut in 1988, to 2nd place in 2021. In a statement posted on Columbia University’s Department of

Visa, Mastercard, AmEx to categorize gun store sales separately

Payment processor Visa announced Saturday its plans to separately categorize gun shop sales, joining Mastercard and American Express, which have already said they would categorize purchases at firearm stores.

Visa said it would apply the International Organization for Standardization’s new merchant code to gun shop sales. The new IOS code was announced on Friday. Previously, gun store sales were labeled as “general merchandise.”

“Following ISO’s decision to establish a new merchant category code, Visa will proceed with next steps, while ensuring we protect all legal commerce on the Visa network in accordance with our long-standing rules,” Visa said in a statement.

The move by Visa signals a major victory for gun control advocates who argue that a separate category for gun store sales will help track suspicious quantities of firearm sales that could potentially lead to a mass shooting.

LOWE’S EXPANDS INSTACART SAME-DAY DELIVERY

America is already feeling the consequences of a looming nationwide rail strike

Union Pacific, one of the major national railroads whose operations would be halted by a strike, said the move is meant to “protect employees, customers, and the communities we serve.”

A statement from the railroad’s trade group said they needed to take this step in order to follow federal rules to “ensure that no such cargo is left on an unattended or unsecured train.”

But the unions representing the members of the train crew threatening to go on strike say the railroad’s new freight restrictions are designed to put pressure on Congress to block the unions from walking out. They said the move was “completely unnecessary” and “no more than corporate extortion.”

“The railroads are using shippers, consumers, and the supply chain of our nation as pawns in an effort to get our unions to cave into their contract demands,” the unions’ statement said. “Our unions will not cave into …

Peloton co-founders John Foley and Hisao Kushi are leaving the company

Peloton has to decide whether it wants to be bigger or profitable, says BMO's Simeon Siegel

Peloton on Monday announced the resignations of two of the company’s founders and another top executive, marking the end of an era for the struggling fitness-equipment company as CEO Barry McCarthy dramatically reshapes the business.

Co-founder and former CEO John Foley resigned from his position as executive chairman of the board effective Monday. Fellow co-founder Hisao Kushi will leave his post as the company’s chief legal officer Oct. 3, while Kevin Cornils, chief commercial officer, who has been with the company since 2018, will leave Sept. 23.

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Foley served as Peloton’s CEO for nearly 10 years before stepping down in February, coinciding with a large round of layoffs. McCarthy took the helm and Foley moved to the role of executive chair.

“There wouldn’t be a Peloton without John Foley or Hisao Kushi,” McCarthy wrote to Peloton

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