By Liana B. Baker, Jessica Toonkel and Deepa Seetharaman (Reuters) – Alibaba Group Holding priced its initial public offering at $ 68 a share, the top end of the expected range, raising $ 21.8 billion on Thursday, in the latest sign of strong investor appetite for the Chinese e-commerce juggernaut. At that price, the IPO, one of the largest-ever, would give Alibaba a market valuation of $ 167.6 billion, surpassing American corporate icons from Walt Disney Co to Boeing Co . The offering also vaults it atop U.S. …
Archive for the ‘Business News’ Category
Long-serving Oracle boss Larry Ellison steps down to focus on product engineering, as Mark Hurd and Safra Catz are named as successors.
BBC News – Business
By Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting a sharp slowdown in job growth in August was an aberration. While other data on Thursday showed some weakness in home building and factory activity, the underlying trend remained supportive of solid economic growth in the third quarter. …
City Supervisor Scott Wiener said he is taking a pill that can dramatically reduce the risk of HIV infection. He appears to be the first elected official to have gone public with the decision.
NEW YORK (Reuters) – U.S. stocks opened higher on Thursday, with the S&P 500 on track to test resistance at its record high a day after the U.S. Federal Reserve renewed its commitment to keeping interest rates low. The Dow Jones industrial average rose 38.76 points, or 0.23 percent, to 17,195.61, the S&P 500 gained 4.73 points, or 0.24 percent, to 2,006.3 and the Nasdaq Composite added 15.30 points, or 0.34 percent, to 4,577.49. (Reporting by Ryan Vlastelica; Editing by Bernadette Baum)
Chinese online giant Alibaba is expected to set the price of its shares later in what could be a record-breaking initial public offering in New York.
BBC News – Business
By Michael Flaherty and Howard Schneider WASHINGTON (Reuters) – The Federal Reserve on Wednesday renewed its pledge to keep interest rates near zero for a "considerable time," but also indicated it could raise borrowing costs faster than expected when it starts moving. Many economists and traders had expected the U.S. central bank to alter the rate guidance it has provided since March, given generally improving data on the economy's performance. But the Fed repeated its assurance that rates would stay ultra-low for a "considerable time" after a bond-buying stimulus program ends. …