LOS ANGELES – Twitter Inc. Chief Executive Dick Costolo said the short message social network has a “truckload of money in the bank” and would remain a private company for as long as it wants.
In an interview with Los Angeles Times staff members on Tuesday, Costolo reiterated that the company has no reason to go public. The market for initial public offerings, especially in the wake of Facebook Inc.’s fiasco, has been weak.
“We are going to remain private as long as we want,” he said. “I like being private for all sorts of reasons. It allows us to think about the business and the way we want to grow it in the small boardroom as opposed to being beholden to a particular way of growing the business, such as quarter to quarter.”
Google’s privacy breach to cost $22.5 million
SAN FRANCISCO – Google is poised to pay a $22.5 million fine to resolve allegations that it broke a privacy promise by secretly tracking millions of Web surfers who rely on Apple’s Safari browser, according to a person familiar with the proposed settlement.
The person who spoke to the Associated Press on Tuesday asked not to be identified because the fine has yet to be approved by the Federal Trade Commission, which oversees online privacy issues in the U.S.
If approved by the FTC’s five commissioners, the $22.5 million penalty would be the largest the agency has ever imposed on a single company.
“We do set the highest standards of privacy and security for our users,” Google said in a statement Tuesday. The company, which is based in Mountain View, Calif., emphasized the tracking technology inserted into the Safari browser didn’t collect any personal information.
Google will not acknowledge any wrongdoing under the proposed settlement, according to the person familiar with the terms. The proposed settlement was first reported by the Wall Street Journal.
Pacific Rim nations closer to trade agreement
SAN DIEGO – Negotiators from the United States and eight other Pacific Rim countries concluded a round of talks Tuesday on one of the most ambitious trade agreements in decades, as pressure mounted on Japan to decide if it wants to join Mexico and Canada as the newest members of the pact.
The administration of President Barack Obama notified Congress this week that Mexico and Canada were joining the Trans-Pacific Partnership, triggering a 90-day waiting period before those two countries can enter talks later this year.
Japan expressed interest last year in joining the pan-Pacific pact, which would slash import tariffs on a wide range of goods and services. But it was unclear if Prime Minister Yoshihiko Noda has enough domestic support to make the move.
The pact promises to sharply increase trade in the Pacific Rim, with the notable exception of China. It has met stiff opposition from Democrats and allies of organized labor who complain the talks have been shrouded in secrecy.