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GE to spend $100 million to improve students’ engineering skills

Gene J. Puskar/Associated Press


GE to spend $100m to improve students’ engineering skills

General Electric Co.’s foundation has committed to spend $100 million over 10 years to improve students’ engineering skills and encourage more of them to join the field. Next Engineers, as the program is being called, will help pay for engineering camps and classes for high schoolers, as well as college scholarships. The Boston-based company is launching the program in four cities outside of Massachusetts: Cincinnati, Ohio, and Greenville, S.C., as well as Stafford in the United Kingdom and Johannesburg in South Africa. The first four cities were picked because they have large GE employee populations with strong volunteer commitments. GE plans to add five or six cities each year, up to 25 locations eventually, with the hope of reaching 85,000 students over the next decade. — JON CHESTO



American and JetBlue to expand shared loyalty program

American Airlines and JetBlue are expanding shared loyalty program benefits under an alliance three weeks after the Justice Department sued to break up the venture for allegedly violating antitrust laws. The changes will allow members of American’s AAdvantage program to use miles to book flights on JetBlue starting in November, the carriers said in separate statements Wednesday. Previously, members of both loyalty plans could earn miles or points when traveling on JetBlue or American flights, but until now they couldn’t use their rewards to cross-book flights. The United States and a group of state attorneys general sued the carriers on Sept. 21, saying coordination of flights in the Northeast hurt travelers nationwide through higher fares, reduced flight choices, and lower-quality service. The airlines denied the claims. — BLOOMBERG NEWS


Microsoft to commission independent review of deals with governments, law enforcement

Microsoft, which has faced pressure from employees and shareholders over contracts with governments and law enforcement agencies, agreed to commission an independent human rights review of some of those deals. The move came in response to a June filing of a shareholder proposal asking the company to evaluate how well it sticks to its human rights statement and related policies. Microsoft committed to a review of any human rights impacts that its products have on those including communities of Black, Indigenous, and people of color in contracts for police, immigration enforcement, and unspecified other government agencies, according to correspondence from the company viewed by Bloomberg. — BLOOMBERG NEWS



N.Y. brokers to launch rival to Zillow

New York’s residential brokers are about to get their own listings website to compete with real estate giant Zillow. The city’s major brokerages — and the trade group that represents them — are working with Homesnap, owned by CoStar Group Inc., to develop the new platform. Citysnap, set to debut next year, will offer home shoppers an alternative to Zillow’s StreetEasy and other sites that the agents say use their hard-won listings as a springboard to generate revenue. — BLOOMBERG NEWS


Honda says all models sold in China will be electric after 2030

Honda is doubling down on the world’s biggest car market, pledging that all models it introduces in China after 2030 will be electric as chief executive Toshihiro Mibe pushes ahead with the Japanese automaker’s aim of ditching combustion engine cars globally by 2040. Honda on Wednesday said it will introduce 10 electric vehicles under its “e:N Series” range within five years. — BLOOMBERG NEWS


Chase revenue up on one-time items

JPMorgan Chase posted a 24 percent jump in third-quarter profits on Wednesday, largely driven by one-time items that boosted its results, as the bank struggled to increase revenues with interest rates at near-zero levels. The nation’s largest bank by assets said it earned a profit of $11.69 billion, or $3.74 per share, compared with a profit of $9.44 billion, or $2.92 per share, in the same period a year earlier. The bank had two one-time items that helped boostits profits this quarter: a $566 million income tax benefit and the release of $2.1 billion from its troubled loans books, something it has been doing every three months since the US economy started recovering from the pandemic. — ASSOCIATED PRESS



Few companies are measuring greenhouse gas emissions correctly, study says

Fewer than one in 10 companies are measuring their greenhouse gas emissions correctly, according to Boston Consulting Group, highlighting a major hurdle in the race to net-zero. Only 9 percent of companies have the ability to count their emissions frequently and accurately, the business strategy firm said in a study released on Wednesday. The research showed that 81 percent of companies don’t report emissions related to their own activities, while 66 percent omit emissions from their suppliers and customers. Over half of firms acknowledged an error rate of as much as 40 percent. — BLOOMBERG NEWS


Not everyone saved money during the pandemic

For many Americans, COVID lockdowns-with nowhere to go and nothing to do-were a time to save. But for almost 20 percent of US households, the pandemic wiped out their entire financial cushion, a poll released Tuesday finds. The share of respondents who said they lost all their savings jumped to 30 percent for those making less than $50,000 a year, the poll from NPR, the Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health finds. Black and Latino households were also harder hit. — BLOOMBERG NEWS



Match launches ad campaign to urge reauthorization of VAWA

Match will launch an advertising campaign that urges users of its dating apps to call their congressional representatives and advocate for reauthorization of the Violence Against Women Act. The campaign will appear on the company’s apps that run ads, such as Tinder, OkCupid, and Plenty of Fish. Match will also make a $500,000 corporate donation to the National Network to End Domestic Violence and will match employee contributions to the organization. — BLOOMBERG NEWS


Hollywood union could go on strike next week

One of Hollywood’s most powerful unions set an Oct. 18 strike date, threatening a nationwide shutdown of film and TV production in a fight with studios over work conditions and pay. Workers will walk out at 12:01 a.m. Pacific time on that date unless a deal is reached, said the International Alliance of Theatrical Stage Employees, which represents thousands of art directors, camera operators, and editors. A strike would cripple the film and TV industry while it’s still struggling to rebound from COVID-related shutdowns and health restrictions over the past year and a half. — BLOOMBERG NEWS


Walgreens to close five stores in San Francisco because of massive shoplifting

Walgreens is closing five stores in San Francisco because of rampant shoplifting. Theft rates in recent months have risen to five times the company’s national average despite increased investment in security measures, the company said in an e-mailed statement. Walgreens will relocate employees and customer prescriptions to nearby stores. Organized theft rings have become a recurrent threat in the city in recent years. In 2020, a San Francisco police raid recovered $8 million in stolen merchandise. The items came from retailers across the Bay Area including Walgreens, CVS, and Target. — BLOOMBERG NEWS