WeWork had $1.25b in losses in the third quarter

Getty Images


WeWork had $1.25b in losses in the third quarter

WeWork racked up $1.25 billion in losses in the third quarter as it geared up for, and an ultimately scuttled, its debut as a public company. WeWork’s losses more than doubled between June-September, compared with the same period the previous year, as the office-sharing company spent heavily in pursuit of aggressive growth. The losses outpaced an eye-popping 94 percent spike in revenue, which reached $934 million in the same period compared with last year. The figures were included in a report to debtholders. WeWork added 103 office-sharing locations during the third quarter. It now has 625 locations in 127 cities around the world. WeWork canceled its initial public offering as investor skepticism about the company’s worth grew. — ASSOCIATED PRESS



Ford to put Mustang name and insignia on electric crossover

Ford Motor Co., which pioneered the racy pony-car body style 55 years ago, will use the Mustang name and insignia on an electric crossover utility vehicle coming next year. The automaker said it’s expanding the Mustang stable for the first time with a model that will lead its charge in the electric-vehicle market dominated by Tesla Inc. The battery-powered Mustang Mach-E will be unveiled Nov. 17 at an event preceding the Los Angeles Auto Show. — BLOOMBERG NEWS


Pope Francis urges tech companies to remove child pornography from the Internet

Pope Francis called Thursday for Facebook, Apple, Microsoft, Google, and other tech companies to urgently take measures to remove child porn from the Web and prevent children from accessing pornography online. Francis told a Vatican conference of religious leaders and high-tech representatives that it’s no longer acceptable to merely follow the law in monitoring online content, because technology is fast outpacing regulation. He said tech and computer software companies should assume a moral responsibility to protect young people from what he said were the ruinous effects of pornography on their emotional and sexual development. — ASSOCIATED PRESS


Man arrested for fatally stabbing man who cut the line for Popeyes chicken sandwich

The suspect accused of fatally stabbing a man who was cutting in line for Popeyes chicken sandwiches in Maryland has been arrested. A tweet Thursday morning from Prince George’s County police confirmed the capture of 30-year-old Ricoh McClain. He was wanted on murder charges in the death of 28-year-old Kevin Tyrell Davis. Police Chief Hank Stawinski has said only 15 seconds elapsed from when the Nov. 4 altercation started to when it ended with the stabbing. Stawinski said Davis had been “methodically” cutting the line for the rereleased chicken sandwiches for 15 minutes before McClain confronted him. — ASSOCIATED PRESS



Man wants his past scrubbed from Google but won’t give his name

A mystery entrepreneur with a criminal past failed to get Google to remove links to a blog post about his old conviction after he refused to disclose his name to the search-engine giant or a London judge. The man, known only as Mr. ABC, sought an injunction and damages from the tech giant for causing serious harm to his reputation, defamation, and breaching data-processing laws after it kept search links to the article. “This is an extraordinary case in that the identity of Mr. ABC remains unknown to both the Defendant and the Court,” Judge Pushpinder Saini said in his ruling. “It is obvious that basic common law fair trial requirements require a defendant to know who it is being sued by.” — BLOOMBERG NEWS


Jobless claims rise to highest level since June

Applications to collect unemployment benefits rose last week to the highest level since the end of June, topping all economists’ forecasts. Jobless claims increased by 14,000 to 225,000 in the week ended Nov. 9, Labor Department data showed on Thursday. The figure reflected estimates of filings for five states and Puerto Rico, a greater number than is typical, because of the Veterans’ Day holiday on Monday. — BLOOMBERG NEWS



Rates rose this week

Long-term mortgage rates rose this week amid optimism over prospects for the US economy. Rates remain at historically low levels, however, as an incentive to prospective homebuyers. Mortgage giant Freddie Mac says the average rate for a 30-year fixed-rate mortgage jumped to 3.75 percent from 3.69 percent last week. The average rate on a 15-year mortgage increased to 3.2 percent this week from 3.13 percent last week.


Charles Schwab’s free trading brings in more than 140,000 new accounts

Charles Schwab Corp.’s free trading offer is turning out to be a hit, drawing in new customers at a fast clip. Clients opened 142,000 new trading accounts in October, a 31 percent jump over September’s pace , according to a report Thursday before markets opened. Total brokerage accounts climbed to 12.2 million and firmwide assets grew to a record $3.85 trillion. Schwab escalated the brokerage industry’s price war on Oct. 1 when it eliminated commissions on US stocks, mutual funds, exchange-traded funds, and some options. — BLOOMBERG NEWS


Walmart raises profit expectations on strong grocery business

Walmart is offering some holiday cheer heading into the crucial Christmas shopping season even as many of its traditional peers struggle. The nation’s largest retailer raised its annual profit expectations on Thursday after reporting strong third-quarter results helped by its grocery business. The results offer the latest evidence that Walmart’s efforts to expand online grocery services are widening the gap between itself and traditional rivals. At the same time, it’s holding its own against Amazon despite the online leader’s increasing dominance. — ASSOCIATED PRESS



Motorola reviving the Razr flip phone as a smartphone, with a $1,499 price tag

Motorola is rebooting the iconic Razr flip phone as a 6.2-inch smartphone with a foldable display that gives the Lenovo-owned brand a unique selling point against Apple and Samsung Electronics’s finest. The new device reprises the Motorola Razr name and looks like a modernized version of the original. It costs $1,499 and will be available for pre-order in December in Europe and as a Verizon exclusive in the United States, ahead of its retail arrival in January. — BLOOMBERG NEWS


McClatchy may seek takeover of its pension obligations

McClatchy Co. said Wednesday that it’s in talks with its largest creditor about a debt restructuring as it warns of a looming liquidity challenge due to the $124 million the company must contribute to its pension plan in 2020. The news company, which operates 30 local newsrooms including the Miami Herald and the Kansas City Star, is also in discussions with the Pension Benefit Guaranty Corporation about its pension obligations, according to a news release that also disclosed its third-quarter results. McClatchy’s pension plan is underfunded by about $535 million. A possible solution is a PBGC takeover of the plan’s assets and obligations, with the PBGC then paying the company’s pensioners their benefits, according to the release. — BLOOMBERG NEWS