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Gordon-Conwell moving main campus to Boston

Gordon-Conwell Theological Seminary's South Hamilton campus.YouTube


Gordon-Conwell moving main campus to Boston

Gordon-Conwell Theological Seminary is selling its South Hamilton campus as it looks to move its main home to Greater Boston. The evangelical seminary said it could sell “significant portions, or all” of the Hamilton campus, which spans 100 acres off Bridge and Woodbury streets, located about two and a half miles from the Gordon College campus. The seminary does have a presence in Boston, a Campus for Urban Ministerial Education at 90 Warren St. in Roxbury, along with campuses in Charlotte, N.C., and Jacksonville, Fla. The staged relocation to the Boston metro area “was made as part of a plan to preserve the long-term fiscal health of the school, increasingly influenced by campus and facility maintenance costs at a time when more students than ever before are accessing Gordon-Conwell’s programs through new modalities” such as remote education options, according to a press release. Gordon-Conwell Theological Seminary was founded in 1969 through a partnership between Harold John Ockenga, the longtime pastor of the historic Park Street Church in downtown Boston; famed Southern Baptist evangelical minister Billy Graham; and J. Howard Pew, a philanthropist and former president of Sunoco. — CATHERINE CARLOCK



JetBlue launches hostile takeover bid for Spirit

JetBlue launched a hostile takeover bid for Spirit Airlines on Monday and asked shareholders of the low-cost carrier to reject a proposed acquisition by Frontier Airlines. JetBlue hopes that its move will push Spirit’s board to the negotiating table after the board rejected an earlier offer. Spirit said that it will “carefully review” JetBlue’s tender offer and plans to make a recommendation to shareholders within 10 business days. Spirit asked the shareholders not to sell their shares to JetBlue until the board finishes the review. — ASSOCIATED PRESS


Goldman Sachs gives senior staff unlimited vacation

Goldman Sachs will allow senior staff to take an unlimited number of vacation days, the latest move by a Wall Street bank to retain talent in a heated job market. Junior employees still have limits on vacation but will be given at least two extra days off each year under the new policy that was introduced at the start of the month. All Goldman employees will be required to take three weeks off each year starting in 2023, the memo said. That includes at least one week of consecutive time off. The new vacation policy comes more than a year after junior analysts at the bank complained of 100-hour work weeks and declining physical and mental health in “inhumane” conditions. — BLOOMBERG NEWS



Justice Department launches first case involving crypto, sanctions

The Justice Department has launched its first criminal prosecution involving the alleged use of cryptocurrency to evade US economic sanctions, a federal judge disclosed Friday. In an unusual nine-page opinion, US Magistrate Judge Zia M. Faruqui of Washington, D.C., explained why he approved a Justice Department criminal complaint against an American citizen accused of transmitting more than $10 million worth of bitcoin to a virtual currency exchange in one of a handful of countries comprehensively sanctioned by the US government: Cuba, Iran, North Korea, Syria, or Russia. In the ruling, the judge called cryptocurrency’s reputation for providing anonymity to users a myth. He added that while some legal experts argue that virtual moneys such as bitcoin, ethereum, or Tether are not subject to US sanctions laws because they are created and move outside the traditional financial system, recent action taken by the Treasury Department’s Office of Foreign Assets Control require federal courts to find otherwise. — WASHINGTON POST



Renault sells stake in Russian carmaker

French automaker Renault has agreed to sell its 68 percent stake in AvtoVAZ, Russia’s biggest carmaker, to a state-backed entity, in a deal that would give Renault the option of buying back its stake if it chooses to return to Russia. The move, announced Monday, marks a major withdrawal by Renault, the Western carmaker that is most exposed to Russia’s market. The state-backed entity, the Moscow-based Central Research and Development Automobile and Engine Institute, known as NAMI, would continue to run AvtoVAZ’s two sprawling auto factories and pay its employees. Renault could then repurchase the stake within six years, Renault said in announcing the deal. — NEW YORK TIMES


Truly green glass made in France

In a world first, France’s Cie. de Saint-Gobain said it produced carbon-neutral flat glass by using recycled materials and green energy. The production is the latest sign that manufacturers of building materials are joining other industries in investing in slashing emissions. The zero-carbon flat glass, made for one week at a plant in Aniche, northern France, is part of Saint-Gobain’s strategy to reach carbon neutrality by 2050, the company said on Monday. — BLOOMBERG NEWS


Macy’s offers clothing for Black sororities

Inside a Macy’s a few months ago, Cenetta Baker-Woods discovered something that made her immediately call her sorority sisters. Holding up her phone’s video camera in the Charlotte, N.C., store, the 32-year-old showed fellow members of Zeta Phi Beta, a historically Black organization, racks of $90 dresses in unmistakable color combos that she knew were designed specifically for them. Baker-Woods was right, having stumbled across a new strategy by Macy’s to win over Black sororities in a partnership with clothing maker Kasper Group. Members of these organizations maintain strong ties well after college through conventions and chapter events and have a consistent need for dressier attire in their group’s colors. But finding a frock in a pattern like royal blue and white (Zeta Phi Beta’s colors) can be difficult. Macy’s expects this business to hit $10 million in sales this year, Chief Executive Officer Jeff Gennette said in a recent interview. The collection is available online and in more than 200 of the company’s roughly 500 Macy’s locations. The sororities (Zeta Phi Beta, Alpha Kappa Alpha, Delta Sigma Theta, and Sigma Gamma Rho) will have at least five pieces per launch, and women’s suits will debut next month. The retailer is also donating $1 million to an umbrella group for the sororities, which is often called the Divine Nine. — BLOOMBERG NEWS



Starbucks to pay expenses for out-of-state abortions, gender procedures

Starbucks says it will now offer employees enrolled in its health care plan reimbursement for eligible travel expenses when accessing abortion or gender-affirming procedures when those services are not available within 100 miles of a worker’s home. The Seattle-based coffee chain said Monday that the benefit will also be available to dependents of employees enrolled in its health care coverage. More companies are detailing their benefits on abortion care after a draft of a Supreme Court opinion leaked that would abolish a nationwide right to abortion. — BLOOMBERG NEWS



EU cuts outlook for economic growth

The European Union has slashed its forecasts for economic growth in the 27-nation bloc amid the prospect of a drawn-out Russian war in Ukraine and disruptions to energy supplies. The EU’s gross domestic product will expand 2.7 percent this year and 2.3 percent in 2023, the bloc’s executive arm said Monday — its first economic predictions since Russia invaded Ukraine on Feb. 24. The European Commission’s previous outlook expected growth of 4 percent this year and 2.8 percent in 2023. — ASSOCIATED PRESS