Despite concerns about decreasing prices for solar panels, investors are warming again to initial public offerings by U.S. solar firms. BrightSource Energy launched its $158 million offering this week, on the heels of last week's $87 million public offering by microinverter company Enphase Energy.
Caterpillar is expanding a manufacturing facility in Xuzhou, China, increasing production capacity for hydraulic excavators by 80% by 2016. The company also plans to produce wheeled excavators at the factory starting in 2014. Caterpillar has 17 plants in China and an additional nine under construction.
Federal Reserve Chairman Ben Bernanke said that although Europe is taking action to address its financial problems and the threat to the U.S. has lessened, some concerns remain. In testimony before the House Committee on Oversight and Government Reform, Bernanke said U.S. money markets could be "structurally vulnerable." He said recent stress tests showed that a majority of major U.S. banks would have enough capital to survive a severe recession, and he said it's unlikely that the U.S. will lose money from supporting the European Central Bank.
UBS has introduced the world's first exchange-traded note investing in real estate investment trusts. The ETRACS Monthly Pay 2X Leveraged Dow Jones International Real Estate ETN is designed to deliver 200% of the performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index.
Dividend Capital Total Realty Trust has become the full titleholder of the Comerica Bank Tower after foreclosing on a nonperforming mezzanine loan on the 1.5 million-square-foot office property in Dallas. The loan was for $20 million.