Wayfair Co-Founders Donate $ 10 Million to Cornell

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ENERGY

Wellesley Company Signs Renewable Natural Gas Agreement

Vanguard Renewables announced a partnership with pipeline operator Enbridge to purchase at least 2 billion cubic feet of renewable natural gas each year from anaerobic digesters operated by Vanguard on farms. That’s roughly enough gas to heat over 32,000 homes. Wellesley-based Vanguard plans to invest $ 200 million to build digesters and expand its existing portfolio. Enbridge, meanwhile, will spend about $ 100 million to modernize its equipment so that it can convert farm gas to “pipeline grade” natural gas. Renewable natural gas, derived from food and agricultural waste, will replace some of the traditional natural gas in the Enbridge pipeline system. Gas customers can purchase renewable natural gas through energy credits to reduce their carbon footprint. – JON CHESTO

FABRIC

Cotton prices skyrocket, making jeans more expensive

Cotton futures topped $ 1 a pound for the first time in nearly a decade as adverse weather conditions and shipping problems threaten supplies, pushing up costs for garment makers such as Levi Strauss & Co. In New York, the contract for December delivery climbed to $ 1,005 a pound. pound, the highest since November 2011. The price has jumped 28% this year as scorching demand, particularly from China, combines with supply disruptions from the pandemic and logistical chaos spurred by rising prices. freight costs. – BLOOMBERG NEWS

TECHNOLOGY

Google says it’s the most searched term on its rival’s search engine

Google is so successful that it is the most searched term on Microsoft Corp.’s Bing search engine, the company’s lawyer said in a European Union court on Tuesday. “We have submitted evidence showing that by far the most common search query on Bing is Google,” said Alfonso Lamadrid, lawyer for Alphabet Inc. at the EU General Court in Luxembourg. The tech giant has asked EU judges to overturn a record fine of $ 5 billion and overturn a 2018 antitrust order that Google unfairly pushed its search app to mobile phones running its software Android. The European Commission alleged that Google had made the strategic decision to oust potential competitors and build up near-monopoly market share. Google argued that this conclusion is unfair. “People use Google because they want to, not because they have to,” Lamadrid said. “Google’s market share in general search is consistent with consumer surveys showing that 95% of users prefer Google over competing search engines. “- BLOOMBERG NEWS

WEATHER

Shopping spree drives up emissions

The shopping spree triggered by the pandemic has at least one unintended consequence: Emissions from shipping are on the rise again. Bored at home, consumers ordered everything from washing machines to Peloton exercise bikes, fueling a global trade in goods and increasing demand for ships to deliver them. With so many orders on the books, the container fleet is speeding up at sea, burning more fuel, according to Cargill Inc., the world’s largest agricultural trader. The rise in emissions from shipping comes as the world faces a shortage of natural gas that is forcing power producers around the world to use more dirty coal and even fuel oil. – BLOOMBERG NEWS

FINANCE

Men over 45 most likely to ‘panic’ about market downturn, study finds

Researchers at the Massachusetts Institute of Technology are looking at the demographics of people who panic and sell stocks in a stock market crash. Investors who are men, over 45, married or who consider themselves to have “excellent investment experience” are more likely to “panic” and empty their portfolios during downturns, according to an article published in the month. last who analyzed more than 600,000 brokerage accounts. – BLOOMBERG NEWS

IMMOVABLE

Housing prices in July at their highest for two decades

Home prices in the United States soared in July by a record amount from the previous year, as buyers desperate for homes pushed up prices amid limited supply. The S&P CoreLogic Case-Shiller Home Price Index in 20 cities jumped 19.9% ​​in July from a year ago, the largest increase since 2000. In 17 of 20 cities, prices rose. increased faster in July than in June. And prices have reached historic highs in 19 of the 20 cities. The one exception was Chicago, where prices are just 0.3% below their 2006 highs. Phoenix, San Diego and Seattle recorded the biggest price increases, with Phoenix leading the country for the 26th consecutive month. . – ASSOCIATED PRESS

FINANCE

Chase invests over $ 60 million in banks with various executives

JPMorgan Chase has invested in 10 banks with diverse executives, acquiring stakes totaling more than $ 60 million, and providing clients with free access to thousands of ATMs as part of its efforts to help to bridge the racial wealth gap. JPMorgan’s “investments and pledges” this year in minority deposit-taking institutions, known as MDI, and community development finance institutions, now amount to more than $ 100 million, according to a statement on Tuesday. by the New York-based company. The largest US bank announced in February that it had invested $ 40 million in four companies. – BLOOMBERG NEWS

CRYPTO-CURRENCY

Cash line terminals will start accepting bitcoin and cryptocurrency later this year

How about paying for your Taco Bell order with Dogecoin? Or some of Whole Food’s avocado ice cream with bitcoin? That’s the goal of a new partnership between encrypted payment processor BitPay and Verifone, one of the world’s largest providers of those little machines you use to pay via a credit card or Venmo to a line of checkout. Later this year, the latest Verifone terminals will begin accepting payments for U.S. merchants from a range of cryptocurrency wallets and tokens, the companies said in a statement Tuesday. Terms of the deal were not disclosed. – BLOOMBERG NEWS

TOYS

Lego has record year, with kids trapped inside playing

Lego’s first half-profit more than doubled as consumers turned to its well-known building blocks to entertain children trapped at home. Net profit rose 140% to 6.3 billion crowns ($ 990 million), the toy maker, based in western Denmark, said on Wednesday. The turnover of the private company increased by 46%. The company, which is controlled by the family of billionaire Kjeld Kirk Kristiansen, said top-selling products included its classic Lego City series as well as boxes with themes based on the Star Wars and Harry Potter films. – BLOOMBERG NEWS


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