TOURISM
Philadelphia wants Airbnb rentals taxed like hotel rooms
PHILADELPHIA — Philadelphia wants to cash in on Airbnb. Mayor Michael Nutter is proposing to have the city’s 8.5 percent hotel tax applied to short-term home and room rentals, too. City Councilman William Greenlee said Thursday Airbnb-type rentals are essentially short-term hotels and should be made to follow the same rules. His legislation would adjust zoning rules that have made most rentals illegal in residential areas. It would require a city-issued license for rentals more than 31 days.
ASSOCIATED PRESS
PUBLIC POLICY
Postal service reports $1.5b loss in first quarter
Stephen Lam/Getty Images/File
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WASHINGTON — The US Postal Service on Friday reported a net loss of $1.5 billion during the first three months of this year, noting that while more people are using its shipping and package services, it’s costly to do and revenues from other products have declined. According to its latest financial statement, which covers Jan. 1 through March 31, the Postal Service sent 420 million fewer pieces of mail compared to the same period last year. But a 14.4 percent increase in shipping and package volume contributed to a slight uptick — 1.3 percent — in operating revenue.
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RETAIL
Walmart targets former Target stores in Canada
NEW YORK — Walmart, already Canada’s biggest retailer, wasted little time in cementing that title after its rival, Target, retreated back to the United States. The company is buying 13 former Target stores and one distribution center and said it will hire 3,400 new employees. It is spending $290 million to buy and renovate the stores and said that will created 1,500 construction jobs. Walmart Stores Inc. has 395 Canadian stores.
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TRAVEL
Memorial Day travel to hit 10-year high, AAA says
Elise Amendola/Associated Press
More than 37 million Americans will travel on Memorial Day weekend, according to AAA Northeast, the highest level in a decade. The auto club said Friday that it projected a 4.7 percent increase over last year’s count of 35.5 million, with most Americans traveling by car. Vacationers also will face higher costs, according to AAA’s leisure travel index, with middle-range hotel costs climbing and the average daily car rental cost rising $19. “A strong employment market and low gas prices have driven consumer optimism to new highs and boosted Americans’ disposable income. This is welcome news for the travel industry,” said Lloyd Albert, a AAA spokesman. About 1.7 million New Englanders are expected to travel, a 5.1 percent increase over last year.
JACK NEWSHAM
RETAIL
Bojangles climbs as IPO raises $147.3m
NEW YORK — Shares of Bojangles surged in its market debut after the chicken and biscuits restaurant operator’s initial public offering raised $147.3 million. The company sold almost 7.8 million shares for $19 per share. That price was at the high end of its estimates. Bojangles Inc. stock jumped $5.80, or 31 percent, to $24.80 Friday. The Charlotte, N.C.-based company had 622 restaurants at the end of 2014, all but three in the United States.
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TRANSPORTATION
Toyota posts record profit behind sales growth
TOKYO — Toyota zoomed to a record $18.1 billion profit for the fiscal year through March, up 19 percent from the previous year, buoyed by sales growth in the United States and a perk from the cheap yen. Toyota Motor Corp. president Akio Toyoda told reporters Friday the Japanese automaker appeared to be back on track for ‘‘sustainable growth,’’ although the coming year would be a critical test.
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WORKPLACE
Pao seeks to avoid $1m court fee bill
Former Kleiner Perkins Caufield Byers junior partner Ellen Pao urged a court to reject the venture capital firm’s bid for almost $1 million in court costs after it defeated her gender-bias claims at trial. Pao filed her opposition to the fee demand in San Francisco state court Friday. Kleiner Perkins previously offered to drop its request if she didn’t appeal.
BLOOMBERG NEWS
TECHNOLOGY
AOL revenue rises as ad sales strengthen
Justin Sullivan/Getty Images/File
NEW YORK — AOL’s first-quarter revenue climbed on strong advertising sales, seemingly validating the company’s decision in recent years to spend heavily on advertising technology. The New York company earned $7 million, or 9 cents per share, for the period ended March 31. That compares with $9.3 million, or 11 cents per share, a year ago. Revenue rose to $625.1 million from $583.3 million, benefiting from an increase in global advertising sales.
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RETAIL
Baby’s Dream recalls cribs and furniture with excessive lead
NEW YORK — Baby’s Dream Inc. is recalling about 4,600 cribs and assorted pieces of furniture because they contain excessive levels of lead paint, which can cause nervous system damage and delayed development if ingested. The recalled cribs and furniture were sold in a vintage grey paint finish under the Brie, Braxton, Heritage, Everything Nice, and Legendary collections. The items were made in Chile and sold between March 2014 and March 2015 at specialty furniture stores and at BabysDream.com. The items include cribs, hutches, nightstands, bookcases, and chests. Baby’s Dream furniture is featured at two locations in Massachusetts, according to the company website, A Baby’s Nest in Norwell and Baby Boudoir in New Bedford.
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ADVERTISING
Mullen expands reach in merger with sister agency
Interpublic Group unveiled a merger on Friday between Mullen, one of Boston biggest ad agencies, and a sister agency, London-based Lowe and Partners. The advertising conglomerate promoted Mullen chief executive Alex Leikikh to run the group, which will be called Mullen Lowe Group. Leikikh will oversee a company with 6,400 employees in roughly 70 countries, an increase from the roughly 650 who work with him at Mullen. Leikikh will continue to live here with his family in Marblehead, but he’ll have offices in New York and London as well as in Boston. Mullen’s big customers include American Greetings, JetBlue, Acura, and MassMutual, while Lowe’s include Unilever and Volkswagen’s SEAT subsidiary.
JON CHESTO
PUBLIC POLICY
At hearing on new law, domestic workers make their case
More than two dozen home workers, advocates, and employers testified at a hearing Friday at the attorney general’s office on the new Domestic Workers’ Bill of Rights. The law took effect last month and is aimed at protecting nannies, housekeepers, and other home workers, regardless of immigration status, from employers who fail to pay them properly or are abusive in other ways. For instance, the law calls for employers to create a written contract outlining duties, pay, and time off. Workers are to be paid no less than the minimum wage of $9 an hour and must receive overtime pay and at least one day off a week.
BETH HEALY
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