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Tyson to donate 30,000 pounds of food

Tyson Foods Inc. has plans to donate more than 30,000 pounds of protein products to a food bank in eastern Oklahoma, according to a news release.

For the seventh-consecutive year, the nation's largest meat company is working with nonprofit Lift Up America and the University of Tulsa, whose student athletes will help distribute food for community service hours.

The Community Food Bank of Eastern Oklahoma works with more than 40 programs, distributing more than 396,000 meals a week in the region.

Spokesman Derek Burleson said Tyson has done "carbon-copies" of this with other universities nationwide, including those in Tyson's own backyard.

In March, the Springdale-based company joined with the University of Arkansas, Fayetteville to donate nearly 40,000 pounds of meat to the Northwest Arkansas Food Bank, which serves over 60 neighbor agencies.

For fiscal 2017, Tyson Foods has donated more than 3.4 million pounds of products to hunger-relief organizations and Feeding America food banks in Arkansas, according to Burleson.

-- Nathan Owens

Judge allows oil pipeline to keep running

BISMARCK, N.D. -- A federal judge ruled Wednesday that the Dakota Access oil pipeline can continue operating while a study is completed to assess its environmental impact on an American Indian tribe.

U.S. District Judge James Boasberg's decision will come as a blow to the Standing Rock Sioux, who have argued that an oil spill from the pipeline under Lake Oahe -- from which the tribe draws its water -- could have a detrimental effect on the tribal community.

The $3.8 billion pipeline built by Energy Transfer Partners has been operating since June 1, moving oil from western North Dakota through South Dakota and Iowa to a distribution point in Illinois.

President Donald Trump had pushed for the pipeline's completion, and the Army Corps of Engineers dropped a plan to conduct more environmental study after he took office. The Corps permitted the pipeline project.

Boasberg ruled on June 14 that the Corps largely complied with environmental law in giving its permission but that it didn't adequately consider how an oil spill under the Lake Oahe reservoir on the Missouri River in the Dakotas might affect the Standing Rock Sioux.

-- The Associated Press

Chairman of Brazil bank to step down

Lazaro de Mello Brandao, the executive who holds the No. 1 employee badge at Banco Bradesco SA, announced he will step down as chairman after more than 25 years in the post, triggering a succession race at Brazil's second-largest bank by market value.

Brandao will be replaced by current Chief Executive Officer Luiz Carlos Trabuco Cappi, who will hold both positions until March, when the lender will elect a new CEO, according to a regulatory filing.

The 91-year-old executive, who started as a 16-year-old clerk in 1943, eventually became one of just two chairmen Bradesco has ever had and one of four CEOs, a title he held from 1981 to 1999. In May, he became the world's oldest banking chairman as Robert Bull, 94, announced his retirement as chairman of First Keystone Community Bank in Berwick, Pa.

Brandao fostered a management culture that favored top executives promoted from the bank's existing ranks rather than looking outside for new talent -- a course Bradesco is likely to keep when choosing Trabuco's replacement.

-- Bloomberg News

Coach Inc. changing name to Tapestry

Coach Inc., the New York-based purse and 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.

"We are now at a defining moment in our corporate reinvention," Chief Executive Officer Victor Luis said Wednesday in a statement. "In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values."

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.

The name change didn't sit well with investors. Coach shares fell $1.13, or 2.8 percent, to close Wednesday at $38.87 in New York. The stock had gained 14 percent this year through Tuesday's close.

-- Bloomberg News

Report says oil-train wreck risk persists

WASHINGTON -- A new report says more and better inspections of freight railroad tracks and greater training for emergency workers are needed to address the continuing risk of fiery oil and ethanol train crashes.

The report by the National Academies of Sciences said preventing derailments is imperative. Derailments are overwhelmingly caused by track wear and defects.

The report is the latest reminder that although there have been fewer intense crude oil and ethanol fires resulting from train derailments lately, the potential for a catastrophe remains.

There were 21 derailments or collisions in the U.S. from 2005 to 2015 of trains hauling crude oil, resulting in the release of 1.6 million gallons. There were 58 ethanol train crashes over the same period, resulting in the release of 2.6 million gallons.

-- The Associated Press

Profits take hurricane hit, JetBlue says

NEW YORK -- JetBlue Airways said Wednesday that hurricanes will cost the airline more than $100 million in lost revenue and cut into profits for the third and fourth quarters.

JetBlue said 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 because of storm damage.

JetBlue shares rose 30 cents to close Wednesday at $20.53.

-- The Associated Press

Business on 10/12/2017

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