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    Zuckerberg sorry for virtual tour of devastated Puerto Rico


    Zuckerberg apologizes for promoting new Facebook feature with footage from Puerto Rico

    Facebook chief executive Mark Zuckerberg apologized Tuesday after drawing criticism for live-streaming a video of him taking a virtual reality tour of hurricane-ravaged Puerto Rico to promote a new Facebook feature. The promotion showed 3-D cartoons of Zuckerberg and Rachel Franklin, from Facebook’s virtual reality team, discussing their ‘‘amazing’’ new app, while news footage of flooded Puerto Rico rolled in the background. Zuckerberg stumbled over references to the storm and never identified the hurricane by name. ‘‘One of the things that’s really magical about virtual reality is you can get the feeling that you’re really in a place,’’ the cartoon Zuckerberg said while video of flooded houses played in the background. ‘‘It feels like we’re really here in Puerto Rico where it’s obviously a tough place to get to now.’’ — WASHINGTON POST


    Coach changes corporate name

    Coach Inc., the iconic New York-based leather goods maker, is changing its corporate name to Tapestry Inc. at the end of the month, a bid to broaden its image after acquiring the Kate Spade and Stuart Weitzman brands. The fashion house is building a multibrand company at a time when the handbag industry is facing waning demand and retailers are struggling with declining traffic at brick-and-mortar stores. Coach bought Kate Spade earlier this year and shoemaker Stuart Weitzman in 2015 to grow into a broader lifestyle company. The Coach brand isn’t going anywhere, even as the company changes its corporate identity. But executives are striving to show that they aren’t dependent on the Coach business to fuel growth. Still, the name change didn’t go over well with investors. Coach shares fell 2.3 percent to $38.87. The stock had gained 14 percent this year through Tuesday’s close.


    Yale’s endowment returns lag behind others

    Yale University’s endowment, the second-largest among the nation’s colleges, has been distinguished in recent years for its handsome returns — and for turning out money managers who follow the investment principles of its chief, David F. Swensen. But its latest report card, issued Tuesday, was disappointing. At a time when many of the largest endowments are reporting gains in the mid-teens, Yale said it generated an 11.3 percent return for the fiscal year ended June 30, bringing its value to $27.2 billion. Among the better performers were the Massachusetts Institute of Technology, which registered a 14.3 percent increase; Stanford University, with a 13.1 percent return, and Princeton, with 12.5 percent growth. Dartmouth, a far smaller school with a $4.96 billion endowment, appeared a strong winner with a 14.6 percent return. Yale’s return did outpace that of Harvard’s, which had a return of 8.1 percent. — NEW YORK TIMES


    Near-record level of job openings


    US employers are advertising near-record levels of job openings, though the total slipped in August from July. Job openings fell 0.9 percent in August to just under 6.1 million, the Labor Department said Wednesday, from 6.14 million in the previous month. July’s figure was revised slightly lower but is still the largest number of available jobs since records began in December 2000. Job openings have risen as the number of unemployed has fallen to the lowest in a decade. The unemployment rate, currently 4.2 percent, has hit a 16-year low. That has left businesses struggling to fill open jobs. — ASSOCIATED PRESS


    BNP to stop financing shale and oil sands projects

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    BNP Paribas SA pledged to stop financing shale and oil sands projects, expanding earlier commitments in support of global efforts to tackle climate change. France’s largest bank will no longer do business with companies whose main activity stems from oil and natural gas obtained from shale or oil sands, it said in a statement on Wednesday. The policy covers companies involved in activities ranging from exploration to marketing and trading. The bank added that it won’t fund oil or gas projects in the Arctic region. BNP Paribas said it’s committed to bringing its financing and investment activities in line with international efforts to keep global warming below 2 degrees Celsius by the end of the century. Once a global leader in oil financing, BNP has withdrawn from funding coal mines and coal-fired power plants in recent years, along with other big European banks including Societe Generale SA, HSBC Holdings PLC, and Credit Agricole SA. — BLOOMBERG NEWS


    BlackRock gets even bigger

    BlackRock, the world’s largest asset manager, is getting even larger. The company said Wednesday that it had taken in $264 billion in new funds so far this year, bringing its total assets under management to a staggering $5.9 trillion. BlackRock is the beneficiary of a global rush by investors to place their money in so-called passive investments, rather than the traditional actively managed mutual funds. The influx of money — along with soaring financial markets — helped boost Blackrock’s profits for the third quarter, which were up 13 percent. — NEW YORK TIMES


    Makers of Teletubbies and Peppa Pig struggles in wake of Toys ‘R’ Us bankruptcy

    Character Group PLC, the British maker of Teletubbies and Peppa Pig toys, fell the most in more than eight years after saying the collapse of retailer Toys “R” Us Inc. is impacting every market in which it operates. Character Group now expects its performance for the year ending Aug. 31, 2018, to be significantly below current market estimates, as international customers in particular take a “very conservative approach to purchases.” Toys “R” Us, operator of around 1,600 stores across 38 countries, filed for bankruptcy protection last month, amid a mounting debt load and relentless competition from e-commerce giants such as — BLOOMBERG NEWS


    Amazon to let kids shop through their parents’ accounts — with permission

    Remember when your parents first let you shop at the mall by yourself? Amazon is trying to replicate that feeling for the digital generation. The online retail giant said Wednesday that teens can now shop at Amazon on their own, if their parents let them. Adults can add up to four teenagers to their account, giving youngsters their own login information to buy stuff from the Amazon app. Parents can set spending limits, cancel orders, and get notifications when something is bought. Inc. said the new program is only for teens between the ages of 13 and 17. And the company said kids won’t be able to see their parent’s credit card information. There’s no extra cost to use it, and parents don’t need to have a Prime membership to add teens to their accounts. But if they do pay for Prime, teens will also get access to free shipping, streaming video, and Prime’s other perks.


    JetBlue says hurricanes cost it more than $100 million


    JetBlue Airways says hurricanes will cost the airline more than $100 million in lost revenue and cut into profits for the third and fourth quarters. JetBlue said Wednesday that the storms cut revenue by $44 million in the third quarter and between $70 million and $90 million in the fourth quarter. The airline says hurricanes Irma and Maria cut third-quarter operating income by $30 million to $35 million, or 6 to 7 cents per share, and will reduce fourth-quarter income by $50 million to $70 million, or 10 to 13 cents per share. The airline flies to many destinations in Florida and the Caribbean, where several airports were closed due to storm damage. — ASSOCIATED PRESS