NEW YORK – The New York Stock Exchange edged out its tech-heavy rival for the biggest stock debut of the year.
Twitter says it will list its shares on the NYSE. The micro-blogging service does not say in its latest regulatory filing when it expects to start trading, but the debut is expected before Thanksgiving.
It chose the NYSE over the Nasdaq stock exchange, which fumbled Facebook Inc.’s debut last year, damaging its reputation. Both exchanges heavily courted Twitter, which is expected to be the marquee IPO of the year.
Puerto Rico default unlikely, governor says
SAN JUAN, Puerto Rico – The government of Puerto Rico denies it is near bankruptcy or might need U.S. federal intervention, offering those assurances during a conference call with investors aimed at alleviating concerns about a recent drop in bond sales and the island’s continuing financial crisis.
Gov. Alejandro Garcia Padilla said Tuesday that the U.S. territory will not default on its bonds as it heads into its eighth year of recession.
Officials pledged to cut an $820 million budget deficit in half by 2015, create more than 90,000 jobs by 2016 and strengthen manufacturing and tourism.
World market boosts profits, Coca-Cola says
NEW YORK – Coca-Cola says its profit rose in the third quarter as the world’s biggest beverage maker managed to sell more of its drinks despite choppy economic conditions.
The maker of Sprite, Powerade and Vitaminwater said global sales volume edged up 2 percent, fueled by its performance in emerging markets such as China, India and Russia.
Although the Atlanta-based company is struggling to sell more of its namesake soda back at home, it has continued to boost sales by introducing smaller cans and bottles that better fit with people’s lifestyles, as well as focusing more heavily on other drinks, such as flavored water.
EU finishing up plans for central supervisor
LUXEMBOURG – European Union finance ministers are set to give the green light to the creation of a centralized banking supervisor.
European Central Bank executive board member Joerg Asmussen said Tuesday in Luxembourg that the decision marks “a very important day” in Europe’s quest to stabilize its financial system.
The expected decision by the finance ministers from the 28-country bloc marks the final legal step to the establishment of the new banking supervisor, which will be anchored at the ECB. The so-called single supervisory mechanism is set to be fully operational in a year.
The ministers are also expected to continue a thorny discussion on the establishment of a common fund that will be able to pay for the restructuring or bailouts of troubled banks as a last resort.
Falling PC demand leaves Intel income flat
NEW YORK – Intel says its third-quarter income was unchanged as it continues to struggle with a global slump in PC demand.
The chipmaker earned $2.95 billion, or 58 cents per share, compared with $2.97 billion, or 58 cents per share, in the same quarter of 2012.
Revenue was unchanged at about $13.5 billion.
The results for the quarter ending Sept. 28 beat Wall Street predictions. Analysts polled by FactSet expected a profit of 53 cents per share on revenue of $13.4 billion.
Revenue at the company’s personal-computer business fell 3.5 percent to $8.4 billion.