Business in brief: Google to tweak China site amid threat to license
BEIJING – China is threatening to revoke Google’s business license over the company’s decision to redirect Chinese traffic to computers in Hong Kong that are not governed by the communist government’s censorship practices.
Google agreed Tuesday to dismantle the virtual bridge to its Hong Kong site, but it was unclear whether that will be enough to stay in business in China. The license is required for the company to continue providing its mapping and music services in China.
Google hopes to keep its license by turning its Chinese website into a so-called “landing page” anchored by a link that users must click on to send them to the Hong Kong search service.
Tesla Motors shares jump in initial public offering
NEW YORK – Shares of Tesla Motors Inc. gained more than 40 percent in their public trading debut on Tuesday after the electric car manufacturer raised more money than expected in its initial stock offering.
Investors snapped up Tesla’s shares even as the broader markets took a beating. The stock soared $6.89, or 40.5 percent from its offering price, to close at $23.89 – marking the second-biggest first-day gain among initial public offerings this year.
April’s gain in home prices first increase in months
NEW YORK Home prices in April rose for the first time in seven months as government tax credits bolstered the housing market. But the rebound may be short-lived now that the incentives have expired.
The Standard & Poor’s/Case-Shiller 20-city home price index posted a 0.8 percent gain. It had fallen in each of the past six months.
Eighteen of 20 cities showed price increases in April from March. Washington, San Francisco and Dallas each posted gains of 2 percent or more. Eleven cities reversed their declines from the month before.
From wire reports
•General Mills Inc. reported Tuesday that it earned $211.9 million, or 31 cents per share, for the quarter. That’s down from $358.8 million, or 53 cents per share, in the same quarter last year.
•Online video site Hulu launched a subscription service Tuesday with complete access to back episodes of popular television shows. For $9.99 a month, subscribers can get the entire current season of “Glee,” “The Office,” “House” and other shows from broadcasters ABC, Fox and NBC, as well as all the past seasons of several series. However, paying subscribers will get the same number of ads as users of the free website.
•Cisco Systems Inc. said it aims to take the tablet computer into the business world with its own device, the Cius, early next year. The Cius will have a 7-inch screen, making it smaller and lighter than the iPad. While the iPad has no camera, the Cius will have two, facing both toward and away from the user. Videoconferencing on the go will be a major focus of the product. The Cius will run Google Inc.’s Android software.
•The New York Stock Exchange halted trading of Citigroup Inc. shares Tuesday under a new system of market curbs, after an error sent the stock sliding nearly 13 percent. Citigroup dropped at about 10:03 p.m. PDT. The decline was more than 10 percent within a five-minute period and triggered new “circuit breakers” that halted trading for five minutes.