Report: Uber makes move for IPO
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.