Forestate Group offering raises $144 million
Austin-based Forestar Group Inc. says it has raised more than $144 million through and underwritten public offering, and says it plans to use the new capital for “investments in strategic growth opportunities,” among other purposes.
Forestar Group said the offering consisted of 6 million “Tangible Equity Units,” each of which includes a prepaid stock purchase contract and an amortizing note. The company had previously estimated it would receive about $130 million in net proceeds from the securities offering, but said this week that the net proceeds to the company will be $144 .8 million.
Forestar, which was spun off from the former Temple-Inland Inc. in 2007, has substantial operations in real estate development, oil and gas holdings, water resource holdings and timberlands.
Oil edges up in thin post-holiday trading
NEW YORK — Oil remained below $93 a barrel Friday, in light trading a day after the Thanksgiving holiday in the U.S.
For the week, oil fell by $2.32 a barrel.
At the gas pump, the average price of a gallon of gasoline is $3.28. That’s up 4 cents from a week ago, but down 13 cents from this time last year.
The nationwide average is the cheapest for the day after Thanksgiving since 2010.
Benchmark U.S. crude for January delivery rose 42 cents to close at $92.72 a barrel Friday on the New York Mercantile Exchange.
Brent crude, a benchmark for international oils, was down $1.17 at $109.69 a barrel on the ICE exchange in London.
Moody’s upgrades Greek credit rating
ATHENS, Greece — Ratings agency Moody’s has upgraded Greece’s credit rating, citing improved results in the crisis-hit country’s economic adjustment program.
The agency late Friday announced the two-notch upgrade from C to Caa3 — still well below investment grade — in a move seen as a boost for the government that has promised to end a crippling recession and return to international markets next year.
The news was announced hours after the government said talks with bailout out creditors had hit snags, pushing back negotiations on cost-cutting reforms for at least a week.
Japan sees gains in prices, industrial output
TOKYO — Japan’s economy is gaining momentum, data for October showed, with consumer prices excluding food and energy rising 0.3 percent from a year earlier, the biggest gain since 1998. However, household spending remained tepid, as incomes slipped from the same month a year before.
The slew of indicators released Friday suggests that the ultra-loose monetary policy and stimulus strategy of Prime Minister Shinzo Abe is helping end a long bout of deflation for the world’s No. 3 economy.
Indian growth edges up, still weak at 4.8 percent
MUMBAI, India — India says its economic growth has risen to 4.8 percent in the quarter ending in September. It is an improvement over the previous quarter’s dismal figure but still far below what it needs to pull millions out of poverty.
Asia’s third-largest economy had averaged a healthy 8 percent expansion for the last decade but recently has been faltering. The previous quarter’s growth of 4.4 percent was the lowest in 10 years.
India’s government estimates it needs 8 percent growth to provide jobs for the 13 million people entering the workforce each year out of a population of 1.2 billion. Friday’s figures for the July-September quarter were dragged down by a weak manufacturing expansion of just 1.0 percent.