Amazon gets FAA license for drone program
The Federal Aviation Administration has issued online retailer Amazon a certificate to experiment with unmanned aircraft for research, development and crew training. The FAA said that under the provisions of the certificate, the flights must be conducted at 400 feet or below during daylight hours. The drone must also remain within the line of sight of the pilot and observer. The person flying the aircraft, meanwhile, must have a private pilot's certificate and current medical certification.
Initial jobless claims rose slightly last week
The number of people seeking U.S. unemployment benefits basically held steady last week, as the job market continues to outpace broader economic growth. The Labor Department said weekly applications for unemployment aid rose slightly by 1,000 to a seasonally adjusted 291,000. Jobless claims have been subdued for the past two weeks after winter storms caused them to spike at the end of February due to closed schools and construction sites. The four-week average, a less volatile measure, increased 2,250 to 304,750. That average has dropped 7.5 percent over the past year.
Yahoo to shut down R&D center in China
Yahoo Inc. is closing its research and development center in China as CEO Marissa Mayer tries to placate shareholders pressuring the Internet company to cut costs while it struggles to bring in more revenue. The Beijing operation's responsibilities will be shifted to other Yahoo offices, according to a company statement. Yahoo didn't specify how many people will lose their jobs in China. The closure will mark Yahoo's exit from China, where the Sunnyvale, Calif., company has been winding down since turning over its operations to Alibaba Group in 2005.
Philips plans IPO for its lighting division
Philips, the Dutch electronics giant, said it plans to spin off its lighting business through an initial public offering next year. The announcement is the latest move by Philips to restructure its operations and focus on growth. In September, Philips, based in Amsterdam, said that it planned to split itself into two companies: one focused on health care and technology, and the other on lighting. The company said in a shareholder circular that it would most likely offer only a minority interest in the IPO, "followed by one or more secondary offerings … with the aim of full divestment of the Lighting Solutions company over time."
GoDaddy reveals details of planned IPO
GoDaddy Inc., the provider of domain names and website hosting, is seeking a valuation of as much as $2.87 billion in an initial public offering. The company is offering 22 million shares at $17 to $19 apiece to raise as much as $418 million, a regulatory filing shows. GoDaddy is seeking a market value between $2.57 billion and $2.87 billion, according to the filing. GoDaddy's IPO comes more than three years after a group led by KKR & Co. and Silver Lake Management acquired the Scottsdale, Ariz.-based company for $2.25 billion.