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Thursday,15 September 2022 at 16:11

The billionaire founder of the outdoor clothing brand Patagonia is giving the company away to help fight climate change and making “Earth the only shareholder”.
 
Yvon Chouinard has announced that ownership of the California-based business, which he started in 1973, will be split between two organisations that will pay out dividends to protect the planet.
 
All the company’s voting shares, or around 2pc of the stock, will be handed to The Patagonia Purpose Trust, while the remainder will go to The Holdfast Collective.
 
The trust’s aims will be to ensure there is never deviation from the intent of the founder, to protect nature and protect biodiversity.

UK and European markets saw choppy trade although banking stocks maintained strong gains.

U.S. stocks fell in back-and-forth trading as a flurry of corporate headlines held investor attention over any moves from the major averages.

Oil fell more than 2% as expectations of weaker demand and a strong U.S. dollar ahead of a potentially large interest rate increase outweighed supply concerns.

Gold prices dropped to a near two-month low, trading below the $1,700 mark once again.

Markets
At the close
FTSE 100 7,282 +0.07%
FTSE 250 18,886 +0.20%
DAX 13,028 (-0.55%)
At 17:15
Dow Jones 31,022 (-0.36%)
S&P 500 3,913 (-0.83%)
NASDAQ 11,713 (-1.10%)
Fixed Income
UK 10-YR YIELD 3.165
Exchange Rates
GBP/USD 1.147
GBP/EUR 1.147
Commodities
Gold $1,663 (-1.89%)
Brent $90.60 (-4.22%)
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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