Plus, U.S. Embassy in Moscow tells citizens to leave the country immediately.
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The Bank of England announced a £65B ($70.7B) bond-buying program on Wednesday to ease volatility in the government debt markets. The central bank suspended its plans to sell gilts and announced plans to buy long-dated bonds at a rate of up to £5B ($5.4B) a day for the next 13 weekdays. More: - Following the announcement, the U.K. government bonds market recovered, with the Pound rising 1.4% by evening trading in London.
- The bank aims to avoid a downward spiral where pension funds would have to sell gilts quickly to meet demands for cash from their creditors.
- According to Cardano Investment CEO Kerrin Rosenberg, gilt yields could have jumped from 4.5% to 7%-8% if the bank hadn't intervened.
- This would have caused about 90% of U.K. pension fund to run out of collateral.
- Cardano Investment manages liability-driven investment strategies for about 30 U.K. pension schemes.
- However, economists caution that the central bank's actions would be inflationary when the country is already struggling with record-high inflation.
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Johnson & Johnson named its new spinoff consumer health company Kenvue. The pharmaceutical giant announced last year that it would separate its consumer health business from its prescription drug and medical device businesses. CEO Alex Grosky said the move was to ensure sustainable growth over the long term for both businesses. More: - J&J said its consumer health product brands, which include Band-Aid and Tylenol, won't change; however, the packaging for these products would be updated.
- The new packaging would include the Kenvue name and logo.
- J&J hasn't shared details on when the split will happen, but the company is aiming for some time in 2023.
- J&J also hasn't disclosed the headquarters of the new company.
- J&J is currently headquartered in New Brunswick, New Jersey.
- In May, J&J unveiled the new company's executive team, which includes J&J's current head of consumer health products, Thibaut Mongon.
- Mongon will serve as CEO of Kenvue.
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Intel Corp is launching graphic chips for video games next month as the company aims to compete with rivals Nvidia and Advanced Micro Devices (AMD). The graphic chips will be available on Oct. 12 and will start at $329. Nvidia and AMD are the two biggest players in the graphics chips market. More: - Last quarter Nvidia reported video gaming chips sales of roughly $2B.
- AMD earned about $1.7B from its video gaming unit.
- Nvidia is the largest U.S. chip maker by market value due to its appeal to gamers and the growing AI computation market.
- Last week, Nvidia unveiled a new generation of graphics processors with prices up to $1,599.
- Intel still dominates the market for semiconductor chips used in personal computers.
- Intel shares are down nearly 50% YTD, while Nvidia is down almost 60% YTD.
- AMD is down roughly 55% YTD.
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Car rental firm Hertz is partnering with British Petroleum (BP) to build out a network of electric vehicle charging stations in the U.S. Hertz aims to have 25% of its vehicle fleet be EVs by 2024. BP said its goal of operating more than 100,000 EV chargers by 2030 aligns with Hertz's goals. More: - BP expects 90% of its chargers to be superchargers – fast charging stations.
- Hertz's partnership with BP comes days after it signed a deal with General Motors to purchase 175,000 EVs.
- Hertz also has similar EV purchase agreements with Tesla and Polestar.
- In December, BP acquired charging services provider Amply Power, marking its first major move into the EV charging market.
- BP rebranded Amply to BP Pulse.
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The price of Ether cryptocurrency has fallen more than 15% in the last two weeks as Ethereum miners sold their holdings following “the merge.” On Wednesday, Ether was trading around $1,350, down more than 60% from the start of the year. More: - The Ethereum “merge” software update abandoned the network’s proof-of-work model and the high energy requirements needed to run the network.
- Ethereum moved to a proof-of-stake model where validators have to put their crypto holdings on the line to verify transactions.
- The merge essentially made the business practice of mining Ethereum obsolete.
- According to blockchain analytics firm OKLink, Ether miners had about 263,000 ETH on Sept. 3, worth ~$1.7B.
- By Sept. 19, the amount held fell to 242,000 ETH.
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Disney and Comcast announced on Tuesday that their Orlando, Florida-based theme parks would be closed for at least two days – Wednesday and Thursday. Hurricane Ian made landfall in southwest Florida on Wednesday afternoon, reaching winds of 155 mph and at almost a Category 5 classification, which is the most dangerous. More: - More than 2.5 million people were under mandatory evacuation orders in Florida.
- Disney said its Animal Kingdom, Hollywood Studios, Typhoon Lagoon water park, Epcot, and Magic Kingdom would be closed on Wednesday and Thursday.
- Comcast is closing its Universal Studios theme parks in the area.
- Florida Gov. Ron DeSantis said the highest-risk areas in the state were from Collier County up to Sarasota County.
- According to the National Hurricane Center, the storm surges could push as much as 18 feet of water over about 100 miles of coastline.
- Hurricane Ian is expected to be one of the most expensive storms in U.S. history.
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- Pizza maker Papa John's is expanding its free college offer to all its U.S. employees, including part-time staff.
- Burberry has named British designer Daniel Lee as the new creative director of the fashion house. Lee will join the company on Oct. 3 and is expected to present his debut runway collection for the brand at London Fashion Week in February 2023.
- DocuSign announced it is laying off about 9% of its workforce as part of a restructuring strategy. As of January, DocuSign had 7,461 employees.
- The U.S. Embassy in Moscow issued a security alert last night warning U.S. citizens to leave Russia immediately.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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