Business Digest || Holiday spending

Holiday spending

NEW YORK

The rich treated themselves like royalty this holiday season. That spun the holidays into gold for Tiffany & Co. and other high-end retailers. Wealthier shoppers traded up to more expensive gold and diamond jewelry from silver charms. Designer clothing and purses were back.

The splurges are good news for the economy, because the richest 5 percent of Americans, those making at least $207,000 annually, account for about 14 percent of all spending. And consumer spending makes up about 70 percent of the economy.

Employers’ market

WASHINGTON

Companies planning to ramp up hiring this year will have an added luxury: their choice from a flood of applicants, without having to pay a premium for top talent.

Unemployment remains near double digits, and there are nearly five unemployed workers competing for each available job. That is giving employers more confidence, while at the same time enabling them to keep wages low.

The lack of opportunities over the past three years means it’s risky for jobseekers to be choosy, particularly for those who have been out of work for more than six months.

Settlement challenge

SAN FRANCISCO

Former Harvard University classmates of Facebook founder Mark Zuckerberg want to throw out a $65 million settlement of their lawsuit that alleged the social network was their idea.

Lawyers for twins Tyler and Cameron Winklevoss argued their case before the 9th U.S. Circuit Court of Appeals on Tuesday. They claim they were duped into agreeing to the 2008 settlement after Facebook lawyers and executives misrepresented the value of the company.

Solar plant closing

BOSTON

A solar panel manufacturer that received $58 million in state aid in 2007 to open a factory at a former Massachusetts military base is closing the plant and laying off 800 workers.

Evergreen Solar Inc. announced Tuesday it is shutting down the Devens plant by the end of the 2011 first quarter.

Gov. Deval Patrick had heralded Evergreen as key to the state’s economic future in clean energy. Economic Development Secretary Greg Bialecki said the administration is disappointed and will work to recover any money Evergreen owes the state.

Evergreen will continue to run facilities in China and Midland, Mich.

Losses trimmed

NEW YORK

Treasurys trimmed earlier losses Tuesday after the government wrapped up its first sale of debt this week.

The Treasury Department sold $32 billion in three-year notes at a yield of 1.02 percent, a much higher borrowing rate than in previous months. Investors placed bids for 3.06 times the amount offered, slightly lower than the six-month average.

Foreign central banks appeared to increase their buying. Indirect bidders, a group which includes central banks from China, Japan and other countries, took 39 percent of the total sold, their largest share since September.

Associated Press