TRANSPORTATION
Uber wants to develop flying cars
Uber Technologies Inc., still in the midst of trying to remake transportation on the ground, is exploring the viability of an aircraft that can take off and land vertically for city use. The ride-hailing giant published a 98-page whitepaper outlining its research titled “Fast-Forwarding to a Future of On-Demand Urban Air Transportation.’’ While Uber isn’t planning to build its concept for a helicopter-like vehicle, the San Francisco startup said it would organize a conference to discuss the development of what it calls VTOL, or an aircraft for vertical takeoff and landing (rendering above). It refers to the nascent flying-car program as Uber Elevate. — BLOOMBERG NEWS
MORTGAGE
Rates decline, closer to historic lows
Long-term US mortgage rates declined this week, moving closer to historically low levels. Mortgage giant Freddie Mac said Thursday the average for a 30-year fixed-rate mortgage eased to 3.47 percent from 3.52 percent last week. The benchmark rate is down from 3.76 percent a year ago and close to its all-time low of 3.31 percent in November 2012. The 15-year fixed-rate mortgage, popular with homeowners who are refinancing, ticked down to 2.78 percent from 2.79 percent. — ASSOCIATED PRESS
SOCIAL MEDIA
An app for the kids of the One Percenters
For the low, low price of 1,000 pounds (about $1,225) per month, the new social network Rich Kids promises the one-percent of the one-percent an exclusive, virtual club designed just for them — a place where anyone can view pictures, but only the uber-rich can publish them. Since launching in late September, the Slovakian app has recruited a dozen members, including a Russian heiress, a rare coin dealer, and the scions of several prominent real estate families. It’s also attracted a great deal of condemnation — even from the Apple App Store, which pulled Rich Kids last week. On Product Hunt, a sort of proving ground for new tech concepts and companies, critics panned the app as ‘‘awful,’’ ‘‘stupid,’’ ‘‘fantastically ridiculous,’’ ‘‘everything that is wrong with the world’’ and ‘‘disgusting.’’ — WASHINGTON POST
EMPLOYMENT
Jobless claims fall for first time in three weeks
Filings for jobless benefits fell for the first time in three weeks, staying near a four-decade low as employers remain unwilling to part with workers. Jobless claims declined by 3,000 to 258,000 in the week ended Oct. 22, a Labor Department report showed Thursday in Washington. Continuing claims dropped to the lowest level since June 2000. — BLOOMBERG NEWS
AVIATION
Boeing gets a boost from UPS
Boeing Co.’s 747 jumbo jet may have won a reprieve from an uncertain future as United Parcel Service Inc. agreed to buy at least 14 freighters — the biggest order in almost nine years. The deal for 747-8 aircraft, valued at $5.3 billion based on list prices and fueled by UPS’s international expansion, may provide the first signs of an air-cargo recovery that would renew demand for the iconic hump-backed plane dubbed the “Queen of the Skies.’’ Sales have dwindled for the four-engine 747 and Airbus Group SE’s A380 superjumbo as passenger carriers shift long-range flights to more fuel-efficient twin-engine jets. — BLOOMBERG NEWS
MEDIA
Gannett takeover of Tronc in jeopardy
Banks financing Gannett Co.’s potential takeover of Tronc Inc. have backed out, according to people familiar with the matter, putting a merger of the newspaper companies in doubt. Gannett and Tronc had agreed to a deal price of about $18.75 a share, but several lenders withdrew over concerns about the health of the two companies’ businesses at that valuation, said the people, who asked not to be identified because the discussions are private. Talks between Gannett and Tronc continue in the hopes of salvaging their effort to merge, the people said. Gannett, the owner of USA Today, has been trying to buy Tronc for months to create a company with the scale to compete more aggressively with online news sites for national readers and advertisers. A deal would marry Gannett’s portfolio of more than 100 dailies and 1,000 weeklies with Tronc’s Los Angeles Times, Chicago Tribune, San Diego Union-Tribune, Baltimore Sun, and other publications. — BLOOMBERG NEWS
ONLINE RETAILING
Amazon profits triple in third quarter
Amazon.com rang up a $252 million profit in the third quarter, more than three times the $79 million it reported a year ago, as it cashed in on blistering growth in its cloud computing division and booming sales in its flagship e-commerce business. The company on Thursday reported that its revenue soared to $32.7 billion, a 29 percent increase from the same period a year earlier. Still, the report managed to put the brakes on long hot streak for Amazon’s stock, which had soared more than 20 percent so far this year. Analysts had been expecting greater than the 52 cents per share earnings that the company posted, and investors sent the stock down about 5 percent in after-hours trading.
AUTOMOTIVE
Volkswagen’s outlook improves
Volkswagen reported its latest financial results Thursday, offering a lens into how the carmaker is faring in the wake of its emissions scandal. Its earnings remain burdened by the deception, in which the company equipped 11.5 million cars worldwide with software intended to cheat emissions tests. The costs of the scandal have risen to nearly 19 billion euros, or $20.7 billion, adding to the pressure on management to slash production costs, stabilize revenue and revive the profitability of its marquee brand. But the financial fallout shows signs of stabilizing. Volkswagen improved its outlook for the full year, predicting that sales would match last year’s 213 billion euros. — NEW YORK TIMES
TECHNOLOGY
Google parent beats expectations
Alphabet Inc. reported third-quarter revenue and profit that topped analysts’ estimates, fortified by Google’s steady internet ad business even amid continued investment in unprofitable experimental units and its new hardware division. Revenue, excluding payments to partner sites, rose to $18.3 billion, the company said in a statement Thursday. Profit before certain items climbed to $9.06 a share. Analysts on average had projected sales of $18 billion and per-share profit of $8.61, according to data complied by Bloomberg. Gains in Google’s core ads business continued to offset spending on businesses the company calls Other Bets — riskier long-term projects like the Fiber Internet service and autonomous vehicle project. — BLOOMBERG NEWS
TRADE
Stalled EU, Canadian trade deal back on track
A stalled deal to deepen commercial ties between the European Union and Canada appears back on track, after Belgium overcame objections that had threatened to derail the region’s entire trade agenda. The deal, the Comprehensive Economic and Trade Agreement, was held hostage by the French-speaking portion of Belgium, Wallonia, where the rust belt has been hit hard and farmers worry about potential competition. The Belgian prime minister, Charles Michel, said on Thursday that the country’s leaders had reached a compromise that would restrict biotech crops and address a disputed legal provision. Although the breakthrough paves the way for a deal, it could still run into problems. The Belgium regional parliaments have to vote on the compromise, which the prime minister said was expected by Friday at midnight. The other 27 countries in the European Union must agree. And Canada needs to sign it. — NEW YORK TIMES
