A new digital banking service called Ando launched on Monday promising customers that 100 percent of the bank's investments will support the environment.
"When you deposit your paycheck into your Ando account, we guarantee that the money will only be invested in green initiatives that reduce emissions and improve the environment," JP McNeill, CEO of Ando, told Cheddar.
McNeill said he came up with the idea in the process of trying to reduce his own carbon footprint and realizing that his bank deposits were working against his goals, given that most banks are invested in the fossil fuel industry.
"There are millions of people today, including myself, who are looking at ways in which we can reduce our carbon footprint as well as help the environment," he said. "Unfortunately, many options are out of reach for the average person, or they're very difficult to implement, but banking is within reach for most Americans."
This isn't the first time McNeill has attempted to bring environmental principles into the banking and investment space. He was formerly the chief executive of Renovate America, which provided financing for solar and other home energy-saving improvements.
McNeill, however, left the company in 2017, because he saw no clear regulation on the federal level. The company filed for Chapter 11 bankruptcy in 2020 after facing multiple lawsuits from customers and tightened credit requirements that made its business model difficult.
McNeill said Ando will offer a test case in how banks can help divert customers' money away from fossil fuels.
"The way the banking sector works is that for every dollar that we deposit in our account, the bank can originate one dollar worth of loans," McNeill said. "So the idea is that by better design we can direct and reorient our money to fund green initiatives that reduce emissions and improve the environment."
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
