Yellen speaks in Cleveland
Federal Reserve Chair Janet Yellen acknowledged during a speech Tuesday in Cleveland that the Fed is puzzled by the persistence of unusually low inflation and that it might have to adjust the timing of its interest rate policies accordingly.
Speaking to the annual conference of the National Association for Business Economics, Yellen touched upon key questions the Fed is confronting as it tries to determine why inflation has remained chronically below its inflation target of 2 percent annually. The Fed chair said officials still expect the forces keeping inflation low to fade eventually. But she conceded that the Fed may need to adjust its assumptions.
In noting the persistence of low inflation, Yellen suggested that the Fed will take care not to raise rates too quickly.
Longtime Kohl’s CEO retiring
Kohl’s longtime CEO Kevin Mansell is retiring and will be replaced by Michelle Gass, a former Starbucks executive who has been with the company since 2013.
The company said Tuesday that the change will take place next May. Mansell, a 35-year company veteran, has been CEO since 2008.
Gass was hired as the company’s chief customer officer and took on the role of chief merchandising officer in 2015. She was with Starbucks for 17 years in roles overseeing marketing, Starbucks’ beverage, food and merchandising and global strategy. Gass began her career with Procter & Gamble.
“We are resilient, innovative and agile, and will continue to make investments in our business to provide compelling customer experiences that pave the path for our future success,” Gass said in a prepared statement.
Twitter testing longer tweets
Need more room to type those deep thoughts? Twitter is testing a 280-character limit, doubling the current length restriction that’s been in place since the company’s founding 11 years ago.
The test is being made available to a small subset of users and applies to languages other than Japanese, Korean, and Chinese. That’s because in those languages, Twitter notes, you can convey about double the amount of information in one character as you can in others.
The limit was created so tweets would fit in a single text message back when people used Twitter that way. But most people now use Twitter through its mobile app, where there isn’t the same technical constraint.
Twitter has already eased the restrictions, and doesn’t count photos, videos and other things toward the character limit.
Uber threatens Quebec exit
Uber said Tuesday it will cease operations in Quebec next month if the province doesn’t rescind new rules introduced last week, including one to require the ride-hailing app’s drivers have more training. Quebec’s government dismissed the ultimatum.
Quebec Uber boss Jean-Nicolas Guillemette said the service will stop operating Oct. 14 if the government doesn’t back down.
Transport Minister Laurent Lessard announced Friday that Uber drivers would be required to undergo the same number of training hours as traditional taxi drivers — 35, instead of the 20 hours required previously.
Quebec also is requiring Uber drivers to get background checks, but Uber voiced objections only to the training rule.
Dyson to build electric car
Dyson Ltd., the British company best known for its vacuum cleaners, is working on an electric car that it says will be launched by 2020.
In an email to staff Tuesday, Dyson founder and chief engineer James Dyson said he has a team of 400 engineers and others working on the car.
Dyson recently hired a new chief spokesman, Ricardo Reyes, who used to lead communications at Tesla Inc. It acquired a Michigan-based battery technology company, Sakti3, in 2015.
Compiled from staff and wire reports.
Business news briefs, Sept. 27: Kohl’s CEO plans to retire