Comment
0
Tweet
0
Print
RSS Feeds

Business Highlights

Thursday - 10/3/2013, 7:20pm  ET

The Associated Press

___

Twitter unseals IPO papers, hopes to raise $1 billion

NEW YORK (AP) -- Twitter has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion.

The company is also disclosing that it generated $317 million in revenue in 2012 and that it had more than 218 million active users as of the end of June, up 44 percent from a year earlier. That compares with Facebook's nearly 1.2 billion and LinkedIn's 240 million.

The company disclosed last month that it had filed confidential IPO papers to start the process of going public. On Thursday, San Francisco-based Twitter Inc. unsealed the papers with the Securities and Exchange Commission.

___

With no jobs report, what's an economist to do?

WASHINGTON (AP) -- The latest victims of the government's partial shutdown: policy wonks, politicians and TV talking heads who are losing their monthly opportunity to dissect the jobs report issued by the Bureau of Labor Statistics.

The ritual unfolds every month: The jobs report comes out, and Wall Street panics or exults. Political advocates spin. And economic analysts crowd cable-TV to offer us their insights.

It happens the first Friday of the month at 8:30 a.m. Eastern time.

Except this Friday.

The government's partial shutdown means the September jobs report is being postponed. The workers who produce it aren't deemed "essential," which is why they're among the 800,000 federal employees being furloughed.

___

Tesla fire shows electrics face safety challenges

When debris on a Seattle-area freeway pierced the battery of a $70,000-plus Tesla Model S and touched off a raging fire, it raised new safety concerns for electric-vehicle owners.

It also caused rare jitters among investors, who of late have viewed Tesla as nearly invincible.

Electric vehicles have scored well in government tests of front and side crashes -- the Model S earned the highest score possible. But Tuesday's incident demonstrates that real-world driving could reveal some vulnerabilities that don't show up in laboratory testing.

Tesla said the Seattle-area driver hit a large metal object in the road, which damaged a battery cell and caused a fire. The company said the car acted as designed by containing the blaze in the front of the car.

___

Holiday shopping is expected to be up ... unless

NEW YORK (AP) -- Americans, who're increasingly optimistic about improving economic conditions, are expected to spend at a more rapid clip during the upcoming holiday shopping season than they did last year.

But that could change if the partial government shutdown that has forced about 800,000 federal workers off the job continues and causes shoppers to lose confidence in the economy.

The National Retail Federation, the nation's largest retail trade group, on Thursday forecast that sales in November and December will rise 3.9 percent to $602.1 billion. That's above the 3.5 percent increase a year ago and the 10-year average in holiday sales growth of 3.3 percent.

___

China recycling cleanup jolts global industry

BEIJING (AP) -- China for years has welcomed the world's trash, creating a roaring business in recycling and livelihoods for tens of thousands. Now authorities are clamping down on an industry that has helped the rich West dispose of its waste but also added to the degradation of China's environment.

The Chinese campaign is aimed at enforcing standards for waste imports after Beijing decided too many were unusable or even dangerous and would end up in its landfills. Under the crackdown dubbed Green Fence, China has rejected hundreds of containers of waste it said were contaminated or that improperly mixed different types of scrap.

It is abruptly changing a multibillion-dollar global industry in which China is a major processing center for the world's discarded soft drink bottles, scrap metal, electronics and other materials. Whole villages in China's southeast are devoted to processing single products, such as electronics. Household workshops break down discarded computers or appliances to recover copper and other metals. Some use crude smelters or burn leftover plastic and other materials, releasing lead and other toxins into the air. Green Fence is in line with the ruling Communist Party's pledges to make the economy cleaner and more efficient after three decades of breakneck growth that fouled rivers and left China's cities choking on smog.

___

Weekly US jobless aid applications tick up to 308,000

WASHINGTON (AP) -- The number of Americans seeking unemployment benefits rose just 1,000 last week to a seasonally adjusted 308,000, hovering near six-year lows. Companies are still cutting very few jobs, however the decline in layoffs has not been accompanied by a pickup in hiring.

   1 2  -  Next page  >>