6at4 Business Report: Facebook tax, Gap, Piperlime, oil prices
Facebook workers will soon a bucket load in taxes!
The "Facebook IPO Tax"
Facebook's IPO is about to make its many employees millionaires, and their windfall will be a boost to government coffers. The social network has set aside $4 billion to pay taxes on money earned from the company's initial public offering. Facebook's 3,500 employees will pay on the average $1.1 million, or about 45% of the sudden wealth they'll gain when the stock begins to trade. That will happen Friday, with an expected opening price of $28 to $35 a share.
Saving Some Post Offices?
The U.S. Postal Service will keep rural offices open. Instead of a complete shutdown, it plans to cut hours at as many as 13,000 locations. It's a move that'll save $500 million dollars a year! Only a few offices in small communities will be closed. The service is trying to cut costs as mail volume falls. Last quarter, it posted $3.3 billion in losses.
Crude oil fell to the lowest level this year after a report showed oil supplies are at the highest in almost 22 years. At one point, crude oil was at $95 a barrel but closed at $97. Crude is also under pressure as Greece struggles to form a government and that's adding to concern that Europe's debt crisis will spread and push economies around the world into a recession.
Piperlime Opening Stores
Gap's online-only Piperlime brand plans to open their own brick and mortar store in downtown Manhattan. The store will be in Soho and will feature brands like Frye and Citizens of Humnaity. Piperlime has evolved into a boutique-style shopping website and represents the fastest-growing online brand in the U.S. for gap.
Falling Orange Juice Prices
Orange juice prices are getting a little easier to swallow. In January prices shot up after cold weather caused damage to some crops, and concerns over oranges coming from Brazil. But now demand has dropped, and prices are down by 40%.
6at4, stock market, facebook, taxes, food, gap, gas prices, business/finance
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