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At Reebok, a Black activist will offer creative leadership, antiracism guidance

Reebok has hired Kerby Jean-Raymond, the Pyer Moss designer, to be one of its top executives.HEATHER STEN/NYT


Reebok hires Black designer and activist as creative leader

Reebok has hired Kerby Jean-Raymond, a prominent Black designer and activist, to be one of its top executives, reporting directly to president Matt O’Toole. Jean-Raymond, the son of Haitian immigrants, is founder and owner of the Pyer Moss fashion line, a New York business that has had a partnership with Reebok for the past four years. Jean-Raymond will continue to own Pyer Moss separately, a Reebok spokesman said, and will split his time between New York and Boston, where Reebok’s headquarters is located. In his role as vice president of creative direction, Jean-Raymond will “provide creative leadership across all design disciplines,” according to the company. Jean-Raymond will also play a key role in Reebok’s antiracism efforts. Jean-Raymond said: “I welcome this opportunity to help invigorate the brand with new ideas, while also focusing on instilling a sense of social purpose into our work.” — JON CHESTO



Shell to cut up to 9,000 jobs due to pandemic, shift to cleaner energy

Royal Dutch Shell will cut as many as 9,000 jobs as COVID-19 accelerates a companywide restructuring into low-carbon energy. The move reflects the challenge facing “Big Oil” as the pandemic persists, with some in the industry believing the era of demand growth is already over. As the crisis hastens the shift to cleaner energy, oil majors are axing jobs, taking multibillion-dollar writedowns‚ and even slashing once-sacrosanct dividends. — BLOOMBERG NEWS


Ford recalling more than 700,000 vehicles over faulty backup cameras

Ford is recalling more than 700,000 vehicles in North America because the backup cameras can show distorted images or suddenly go dark. The recall covers most 2020 versions of Ford’s F-Series trucks, as well as the 2020 Explorer, Mustang, Transit, Expedition, Escape, Ranger, and Edge. Also included are the Lincoln Nautilus and Corsair. F-Series trucks are the top-selling vehicle in the United States. The company said in documents posted Wednesday by the US government’s National Highway Traffic Safety Administration that a poor electrical connection is causing the problem. Ford said it doesn’t know of any crashes or injuries caused by the problem. Dealers will replace the rearview camera at no cost to owners. The recall is expected to start Nov. 7. — ASSOCIATED PRESS



Some users can now send messages between Messenger and Instagram

Facebook Inc. said some users can now send messages between Messenger and Instagram — the first step toward a full integration of the company’s three separate social media services. Executives are also considering adding a limited version of Messenger to Facebook’s main app as a way to encourage new users to communicate with other people without downloading a separate app, Messenger vice president Stan Chudnovsky said. Messenger was originally part of Facebook’s flagship app, but was spun out on its own in 2014 despite pushback from users. — BLOOMBERG NEWS


Group that includes Volvo to expand car subscriptions into Europe

China’s Zhejiang Geely Holding Group is expanding its reach in Europe’s auto market by launching its upmarket Lynk & Co brand aimed at consumers who want to subscribe to and share cars. The brand jointly owned by Geely and Volvo will start selling memberships for 500 euros ($586) a month in Germany, France, Spain, and four other countries late this year. The cost covers insurance and maintenance and customers can lower it by agreeing to share the first model Lynk & Co will launch in Europe, a hybrid crossover SUV model called the 01. — BLOOMBERG NEWS



Google launches new 5G phones

Google launched a pair of new 5G Android smartphones: the Pixel 5, its flagship model, and the Pixel 4a 5G, an entry-level device with faster cellular network speeds. The $699 Pixel 5 matches the design of the latest top-end phones from Apple and Samsung, moving to a front display that is almost all screen. It removed the facial recognition camera and motion sensor from last year’s Pixel 4, instead adding a hole-punch sized notch for the camera and reverting to a fingerprint sensor on the back. — BLOOMBERG NEWS


A good investment these days: a used car

Who needs a three-year Treasury bill when they could have a three-year-old Toyota? The latter is more lucrative and, at the moment, arguably a better investment. Consider this 2017 Toyota Tacoma pickup. In December, it sold for $26,000; today it’s listed for $31,000, just shy of its sticker price when it first hit the dealership three years ago. Values for used vehicles have risen in the past six months. The average new vehicle sheds 40 percent of its value in three years, yet Americans' three-year-old cars and trucks saw values increase 3.2 percent in the past six months, according to new research from CarEdge.com, a startup listings platform and research site focused on depreciation. As the auto industry ground to a halt amid lockdowns, vehicles grew scarce. At the same time, demand surged from disease-weary consumers steering clear of public transportation and ride-hailing services. Dealers, desperate for inventory, paid premiums for whatever cars they could find and, in turn, priced them higher than they may have otherwise. — BLOOMBERG NEWS



Four former Audi executives go on trial in emissions scandal

The former head of Volkswagen’s Audi luxury car division and three others went on trial Wednesday on charges related to the company’s cheating on diesel car emissions tests. The proceedings represent the first criminal trial in Germany over the scandal that erupted five years ago and has cost the Volkswagen Group more than 32 billion euros ($35 billion) in fines and settlements. The trial is a consequence of Volkswagen’s emission scandal that erupted in September 2015 when the US Environmental Protection Agency issued a notice of violation saying that Volkswagen had rigged thousands of cars to detect when the cars were on emissions test stands. The software turned emissions controls up so that the cars could pass the test, then turned them off when the cars were driven on the street. The result was pollution in excess of US limits for nitrous oxide, which can harm people’s health. — ASSOCIATED PRESS


India’s biggest gold jeweler in good shape as gift-giving season approaches

India’s biggest gold jeweler is emerging stronger from the coronavirus pandemic. Shares of Titan Co. posted the best quarter in nearly three years as investors bet on a recovery in demand ahead of the key festive season and as an economic slump weakens its competitors. The rally comes as local gold prices head for a second consecutive monthly loss, capping gains of about 30 percent this year. The drop in prices, while still near record highs, comes ahead of India’s festival season that gathers pace from mid-October and peaks around Diwali, which falls in November this year. Buying and gifting of gold is usually considered auspicious during this period by Hindus. — BLOOMBERG NEWS