The second Google Fiber city: Austin, Texas
Internet search giant Google Inc. said it will start offering its ultrafast Internet access network in Austin around the middle of next year. The Google Fiber network in Austin will operate at 1 gigabit-per-second speeds, which is about 150 times faster than current typical broadband Internet access speeds in the U.S. Austin will be the second major market that Google Fiber serves, following Kansas City, where the first customers received service last November. Austin's first service is still more than a year away, but local officials say the high-speed network could become a critical advantage for start-ups and creative companies as well as schools and hospitals.
U.S. job openings approach a five-year high
Job openings in the U.S. rose in February to the highest level in almost five years, which may signal the slowdown in hiring last month will prove temporary. The number of positions waiting to be filled climbed by 314,000 to 3.93 million, the most since May 2008, from a revised 3.61 million the prior month, the Labor Department said. Hiring and firing also accelerated. The report, which followed data last week showing payroll gains cooled in March from a one-year high, indicates the labor market was gaining momentum before across-the-board cuts in government spending went into effect on March 1.
Ford Focus seizes worldwide sales crown
An American automaker has the top-selling car in the world — the Ford Focus. Research firm R.L. Polk & Co. said Ford Motor Co. sold 1,020,410 Focus models worldwide last year. About a quarter of the sales were in the U.S. The Focus beat out the second-best seller — Toyota's Corolla with sales of 872,774 — by a wide margin. Including the F-series truck and Fiesta compact car, Ford had three of the 10 top-selling vehicles internationally, the firm reported.
SeaWorld says it will dive into the IPO pool
SeaWorld Entertainment is seeking as much as $540 million in a U.S. initial public offering after owner Blackstone rejected takeover bids for the aquatic theme park operator. The Orlando-based company and existing owners will offer 20 million shares, a 22 percent stake, for $24 to $27 apiece, according to a regulatory filing. The midpoint would value SeaWorld at $3.98 billion including net debt, data compiled by Bloomberg show. Blackstone, the world's largest private-equity firm, is opting for an IPO to begin exiting its 2009 investment, people familiar with the matter have said.
First Solar shares jump on rosy sales outlook
Shares of First Solar Inc. surged the most on record after the world's largest thin-film solar manufacturer forecast 2013 sales that would exceed estimates. The shares gained 46 percent to $39.35 at the close, the biggest gain since the Tempe, Ariz.-based company's November 2006 initial public offering. First Solar anticipates sales of $3.8 billion to $4 billion this year. The company expects revenue of about $12 billion over the next three years, Chief Financial Officer Mark Widmar said at the company's analyst meeting.
Wholesale inventories slipped in February
U.S. wholesalers cut their restocking in February by the most in 17 months. But their sales jumped, suggesting companies underestimated consumer demand. The Commerce Department said that stockpiles at the wholesale level declined 0.3 percent in February. That followed a 0.8 percent increase in January, which was revised lower. The decline was the first in eight months and the biggest since September 2011. Farm products and gasoline led the drop.
Wells Fargo sells reverse-mortgage servicing
Walter Investment Management Corp. said it acquired servicing rights to $12.2 billion of reverse mortgages from Wells Fargo & Co., the nation's biggest home lender. Terms weren't disclosed. The firm said the deal will double the size of its serviced book. San Francisco-based Wells Fargo ranks fourth by assets among U.S. banks.
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