Afternoon Coffee: Lyft Exploring Options for IPO, Auto Production in Australia Ends

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Ride-hailing company Lyft has begun exploring options to go public in 2018, according to the New York Times. The move comes as the most recent of many in a long war with Uber, and Lyft is trying to strengthen its position by raising more capital, including $1 billion from Google parent Alphabet.

Australian Auto Production

After nearly 100 years, Australia’s auto industry ended on Friday with the departure of General Motors from the country’s southern region, Reuters reports. The closure of the GM Holden plant follows similar moves by Toyota and Ford, which shifted production to lower-cost locales a year ago.

Hazelnut Craze

Food producers want greater supplier flexibility for hazelnuts, and hedge funds are betting big on one region in particular. As Bloomberg reports, Swiss hedge fund ResponsAbility Investments AG has bet $3 billion on hazelnut production near the Himalayas, targeting a net return of 15%–18%.

China Numbers 

And finally an economic update: China’s economy expanded at a rate of 6.8% in the third quarter, the Wall Street Journal reports, bolstered by increased industrial activity and higher commodity prices.

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