Re­port: Uber makes move for IPO

The Detroit News - - Business - Wire re­ports

San Fran­cisco — Ride­hail­ing gi­ant Uber has filed con­fi­den­tial pre­lim­i­nary pa­per­work for sell­ing stock to the pub­lic.

That’s ac­cord­ing to a re­port late Fri­day in the Wall Street Jour­nal.

Cit­ing peo­ple fa­mil­iar with the mat­ter whom it did not iden­tify, the Jour­nal says San Fran­cis­cobased Uber Tech­nolo­gies Inc. filed the pa­per­work ear­lier this week. That would in­di­cate it could go pub­lic within the first three months of next year. The fil­ing would come on the heels of a sim­i­lar move by Uber’s smaller ri­val Lyft.

Nis­san re­calls mount in wake of exec’s ar­rest

Nis­san, the Ja­panese au­tomaker un­der scru­tiny af­ter its for­mer chair­man Car­los Ghosn was ar­rested on sus­pi­cion of fi­nan­cial mis­con­duct, is re­call­ing 150,000 ve­hi­cles span­ning 11 mod­els in Ja­pan for du­bi­ous in­spec­tions for brakes and steer­ing. Nis­san Mo­tor Co. Cor­po­rate Vice Pres­i­dent Seiji Honda told re­porters that a re­call will be is­sued next week. Ghosn is in de­ten­tion af­ter be­ing ar­rested Nov. 19 on sus­pi­cion of un­der­re­port­ing his in­come.

The lat­est re­call comes on top of ear­lier re­calls over faulty test­ing, which had re­sulted in more than 1.1 mil­lion ve­hi­cles sold in Ja­pan be­ing re­called for proper in­spec­tions.

Con­sumer bor­row­ing took leap in Oc­to­ber

Amer­i­cans boosted their bor­row­ing by 7.7 per­cent in Oc­to­ber from a year ago, the largest in­crease in nearly a year as con­sumer spend­ing has helped fuel U.S. eco­nomic growth.

The Fed­eral Re­serve said con­sumer bor­row­ing rose by a sea­son­ally ad­justed $25.3 bil­lion in Oc­to­ber to a to­tal of $3.96 tril­lion. The Oc­to­ber in­crease was the most since Novem­ber 2017 and more than dou­ble the gain in the prior month. Much of the in­crease was due a 10.8 per­cent jump in re­volv­ing credit, a cat­e­gory that in­cludes credit cards.

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