EPA moves to limit airliner emissions
Jet engine exhaust from airliners endangers human health and adds to climate change, the government found Monday in taking the first step toward regulating those emissions.
The Environmental
Japanese electronics maker Funai Electric Co. says it is yanking the plug on the world’s last video cassette recorder. A company spokesman confirmed Monday that VCR production will end sometime this month, although he would not give a date. He said the company would like to continue production to meet customer requests, but can’t because key component makers are pulling out due to shrinking demand for VCRs.
Treasury report: Britain’s decision to quit the European Union has elevated the risks to U.S. financial stability, though they remain moderate, U.S. Treasury Department experts say. The “Brexit” vote, which surprised financial markets, was a blow to investor confidence and brings in months or years of uncertainty over British finance, trade and investment, the Treasury’s Office of Financial Research report says.
Donna Karan: French luxury giant LVMH Moet Hennessy Louis Vuitton is selling its Donna Karan and DKNY clothing brands to U.S. group G-III Apparel in a $650 million deal. It’s a rare sale for LVMH, owner of such brands as Christian Dior, Kenzo and Sephora and a leader in the luxury world. G-III, which owns brands such as Bass shoes and Vilebrequin clothing, is looking to expand its brands.
Ericsson: Hans Vestberg has stepped down as CEO and president of telecom company Ericsson as the company struggles to improve earnings amid tightening competition. The Swedish wireless equipment maker says that Vestberg will be temporarily replaced by CFO Jan Frykhammer until a replacement is found. Vestberg had been CEO for more than six years.
Starbucks: Coffee giant Starbucks is shuffling its management, including a new role for the executive who headed its flagship Americas unit for eight years. A letter from Starbucks CEO Howard Schultz posted online Monday said Cliff Burrows, the head of the Americas division, will shift to oversee a new group called Siren Retail that includes the Teavana business, and its “Roastery” and “Reserve” stores.