CHECKOUT COUNTER: Nestlé’s palm-oil plan
Nestlé will use satellites to monitor palm-oil plantations for signs of deforestation as it aims to speed up its commitment to more sustainable ingredient sourcing
1. End of a 123-year era
Victoria’s Secret owner L Brands will close all 23 of its Henri Bendel stores and the Henri Bendel e-commerce website in January.
Henri Bendel, which sells women’s handbags, jewellery and luxury fashion accessories, opened its first store in 1895 in New York’s Greenwich Village. It was bought by L Brands in 1985.
2. Coca-Cola signs footie deal
Coca-Cola has agreed to its biggest UK sponsorship deal by becoming Premier League football’s seventh and final commercial partner. It will become the official soft drink partner of the league, joining other sponsors Barclays, Carling, Cadbury, Nike, Tag Heuer and EA Sports.
The three-and-a-half-year agreement starts in January 2019. Coca-Cola also sponsors the football World Cup and the Olympic Games.
3. Bezos unveils charity fund
Amazon founder Jeff Bezos is creating a philanthropic fund called "Bezos Day One Fund" to help homeless families and launch preschools in low-income communities, committing an initial $2bn.
Bezos’s fortune comes mainly from his stake in Amazon. He also operates the private space exploration company Blue Origin and owns The Washington Post.
4. Nestlé’s palm-oil plan
Nestlé will use satellites to monitor palm-oil plantations for signs of deforestation, it said this week, as it aims to speed up its commitment to more sustainable ingredient sourcing. Palm oil is a type of vegetable oil used in confectionery and other goods, which tends to be controversial because of its environmental impact. In 2010, Nestlé pledged to wipe out deforestation in its supply chain by 2020.