U.S. credit rating stands, for now
Standard & Poor’s said Monday that the current impasse over funding the federal government and raising the debt limit probably would not lead to another downgrade of the U.S. credit rating — as long as the stalemate doesn’t last long. But a failure to raise the nation’s borrowing ceiling in time to avoid a first-ever federal government default would cause S&P to reassess its AA+ rating for the U.S., the company said.
IPOs in Europe leap sixfold
The volume of initial public offerings in Europe jumped more than sixfold in the third quarter as investors lured by cheaper valuations and strengthening economies put their money to work in the region. IPOs in Europe surged at more than double the pace of those in the U.S., according to data compiled by Bloomberg, as Deutsche Annington Immobilien SE, Germany’s largest residential landlord, and British property broker Foxtons Group Plc sold shares. IPO volume rose more than 10 percent globally compared with a year earlier, weighed down by a 40 percent drop in Asia.
Toshiba cuts TV workforce in half, to 3,000
Toshiba, the maker of products from flash-memory chips to steam turbines, will cut the number of workers in its global television operations by half to 3,000 as it boosts outsourcing of production. As much as 70 percent of TV output will come from other manufacturers by the year ending March 31, 2015, from 40 percent now, Tokyo-based Toshiba said in a statement. The company is seeking cost reductions of 20 billion yen ($204 million), a spokesman said.
Yale announces $250 million pledge
Charles B. Johnson, the mutual fund billionaire, has pledged $250 million to Yale, the largest gift in the university’s history, according to an announcement by the university’s president. Johnson, the retired chairman of the money management company Franklin Resources and a member of the Yale class of 1954, already has his name attached to several Yale institutions that he has supported. His latest donation will go toward the construction of two new residential colleges at Yale, President Peter Salovey said.