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Chrysler Group Files IPO

Joe Raedle / Getty Images

Number of shares and price are undetermined.

Chrysler Group might be returning to the public arena for the first time since 1998. On Monday the auto company filed with the government for an initial public offering of stock. Details of the number of shares and price range haven't been set, but those on offer would be from the 41.5 percent stake held by a United Auto Workers trust (the rest of the company is owned by Fiat), which wants cash to pay for the health benefits of the 60,000 it covers. The approval and sale could take several months.

Read it at USA Today

Mighty Have Fallen

Blackberry Agrees to Potential Sale

Neilson Barnard/Getty

To Canadian insurer.

The advent of the smartphone has not been kind to BlackBerry, the Canada-based device maker whose products once dominated the C-suite and the trading floor. In survival mode, the company has been slashing costs and laying off thousands of employees. On Monday, Fairfax Financial, a Canadian insurance company, threw its compatriot a lifeline. Fairfax agreed to acquire BlackBerry for $9 a share, or about $4.7 billion, and BlackBerry has agreed to the deal in principle. The price, while still significant, marks a huge markdown from BlackBerry’s peak value; the share traded at about $148 in the summer of 2008.

Read it at CNBC


Walmart Hiring for Holiday Season

Will add 50,000 temps and upgrade 35,000 from part-time to full-time.

In a rare dose of holiday cheer from the employment sector, on Monday Walmart announced it will hire 55,000 temporary staff for the holiday season. That’s up 10 percent from the year before. But the bigger news may be that Walmart will upgrade 35,000 temporary employees to part-time, and is upgrading 35,000 part-timers to full-time posts. Employees at Walmart, the largest private-sector employer in the U.S., have long been agitating for the creation of more full-time posts, which bring greater access to benefits and more certainty about scheduling. 

Read it at Reuters


Apple’s Busy Weekend

Paul Morris/Bloomberg, via Getty

Who says we’ve reached peak Apple? Over the weekend, the company captured the public’s imagination (and dollars) with the launch of two new iPhone models.

It turns out that reports of Apple’s death have been greatly exaggerated.It was a big weekend for Apple with the release of its new line of iPhones. The company should say a hearty “thank you” to all the fanboys and fangirls who embraced the new product. They should also start pronouncing the phrase “xie xie ni.”Why? For the first time, Apple simultaneously released a new product in the U.S. and China. And that combination of developed-world and developing-world demand powered Apple to a blockbuster launch.

No, Seriously

What Shutdown? Buy Bonds!

J. Scott Applewhite/AP

Washington is in an uproar over Friday’s House vote to defund Obamacare, threatening a default. So where should you put your money? In government bonds, of course. Daniel Gross explains why.

Washington is about to get insane again. Immense disruptions lurk. Only a few legislative days before government agencies run out of money. The new fiscal year is poised to start October 1, and there’s no mechanism for funding the government. Friday morning, the House GOP passed a law that continues to fund the government through the end of December—but only if the Senate and President Obama agree to defund implementation of the Affordable Care Act.

Worth Finishing

Business Longreads


From the biggest honey fraud in U.S. history to the most expensive weapons system ever, The Daily Beast brings you the best in business journalism from the week of September 21, 2013

The Man Behind BustleLizzie Widdicombe – The New YorkerWhen Silicon Valley entrepreneur Bryan Goldberg set out to launch Bustle, what he calls “the next great women’s publication,” he was able to raise large amounts of money after his gangbusters success Bleacher Report. But will his female-oriented site be a similar success, or just offend everybody?Will the F-35, the U.S. Military’s Flaw-Filled, Years-Overdue Joint Strike Fighter, Ever Actually Fly? Adam Ciralsky – Vanity FairThe most expensive weapons system in history, the F-35 has also been the greatest lobbying coup of all time with production spread out over 46 states.


Buffett Slams Debt Ceiling Drama

Billionaire investor expresses impatient with deadlock, but says investors expect limited irrationality from D.C.

By CNBC's Becky Quick and Matthew J. BelvedereIf Republicans and President Barack Obama were to fail to reach an agreement to raise the nation's borrowing authority, that would be "pretty damn dumb," said billionaire investor Warren Buffett in a taped interview that aired on CNBC Friday.In addition to the upcoming October or early November deadline on the debt ceiling, the prospects of a government shutdown next month also loom.

Oh Jamie

JPMorgan Chase’s (Updated) Crazy Fine Tally

Neil Hall/Reuters

It’s no fun being America’s former favorite bank JPMorgan Chase. Yesterday, September 19th, saw more eye-popping fines for the beleaguered megabank.

Back in May, we tallied up J.P. Morgan Chase’s impressive, depressing, and expensive list of legal and regulatory worries. The company has been eager to draw a line under its legal woes. But the charges, settlements, and investigations keep coming. On Thursday alone, JP Morgan Chase was hit with about $1.3 billion in new costs. While individual charges are generally drops in the bucket for big banks, the cumulative effect of JPMorgan’s woes even have members of its board asking when it will end.


Obama Revives Clean Energy Loan Program

Notorious for funding Solyndra.

Cue the outrage! Despite congressional furor over high-profile failures like Solyndra, the Obama administration announced yesterday that it is reviving the Energy Department’s loan-guarantee program. The program would have a broader scope this time, say officials. Rather than subsidize risky startups in renewable energy, like solar-panel and electric-car manufacturers, it will backstop investments that could work to move the coal and oil industries toward cleaner solutions. In other words, these are partial subsidies aimed at fossil-fuel companies. News of the revival coincides with an announcement of tough environmental rules regarding air pollution at new coal plants. 

Read it at the New York Times

Facebook Privacy Concerns Prompt 'Virtual Identity Suicides'

Robyn Beck/Getty

Apparently the annoying ads clogging the news feed is not why people leave Facebook, it's privacy concerns.

By Holly EllyatConcerns over online privacy are leading Facebook users to commit "virtual identity suicide" by deleting their Facebook accounts, according to new scientific research.A survey of around 300 Facebook users and 300 quitters of the social networking site by Austrian psychologists at the University of Vienna assessing what motivated them to use or abandon Facebook revealed an emerging counter-movement against social networking.


Shame on You, Walmart!

With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.

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Daniel Gross

Latest from The Daily Beast

Deadly Shootout in Ukraine

Deadly Shootout in Ukraine

A pre-dawn firefight has left at least one, and possibly as many as four pro-Russian activists dead. Kiev fears this could be the pretext Putin has been looking for to roll his tanks across the border.

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