Gold prices arrested this week's slide on Friday to rise nearly 1 percent ahead of a speech from Federal Reserve chairman Ben Bernanke in Jackson Hole, Wyoming, later, which will be closely watched for hints on the outlook for Fed monetary policy.
Spot gold was steady on Friday, but was likely to register its first weekly drop after seven straight weeks of gains as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.
Billionaire Warren Buffett would invest $5 billion in Bank of America Corp. (NYSE:BAC), expressing his biggest vote of confidence in the banking giant.
Legendary investor Warren Buffett made a phone call to Bank of America CEO Brian T. Moynihan on Aug. 24 and offered to invest a staggering $5 billion in the bank. The Bank of America shares had been in doldrums amid questions over its liquidity situation and rumors that it would need a massive capital injection.
This year's heady bout of risk aversion on financial markets has ratcheted up demand for gold, U.S. Treasuries and the Swiss franc to levels that suggest they may no longer be the safe havens they are claimed to be.
The U.S. wealth management industry is shrinking, losing legions of advisers, just as demand for their services is on the rise.
President Bashar al-Assad's forces killed eight people across Syria overnight, activists said Friday, in a renewed campaign to crush protesters cheered by the downfall of Moammar Gadfafi in Libya.
Spot gold lost 0.4 percent Friday, on course for its first weekly drop after seven straight weeks of gains, as investors awaited a speech by U.S. Federal Reserve Chairman Ben Bernanke later in the day.
Warren Buffett showed again this week that his name and money is enough to give a struggling company instant credibility in the market. But the legendary investor also demonstrated his canny command of that reputation means that such deals can immediately generate profits.
Presidential candidate Rick Perry has touted Texas' thriving economy as a sign that he would make an excellent economic steward, but one of his proposals might not do so well on a national scale: a plan to let Wall Street gamble on when retired Texas teachers would die.
While no one can know ahead of time just how much destruction a Category 3 Hurricane like Irene will do, specialty companies that specialize in catastrophic risk analysis are armed with historical data as well as links to national computer centers that track the storm in real time.
Gold prices fought off an early drop to post modest gains Thursday as investors thought better of the yellow metal's value as a safe haven.
Fed Chairman Ben Bernanke's much-anticipated speech Friday will likely disappoint investors and policy makers hoping for signs the central bank will try to rev up the weak economy, but the speech is likely to relieve gold investors who have booked big profits from that same economic malaise.
Gold rose on Thursday after two days of sharp declines, as tumbling European and U.S. equity markets sparked by talk that Germany might enact a short-sale ban prompted investors to buy gold as a safe haven.
Trust Co of the West worked for months in secret to acquire an entire firm to replace its star bond fund manager Jeffrey Gundlach and his mortgage-backed securities department before terminating him, TCW's chief executive testified in court.
China hopes that Europe will take steps to protect China's investments there, Chinese President Hu Jintao told the French President Nicolas Sarkozy on Thursday, nonetheless voicing confidence in the euro and vowing to keep investing in it.
China's planned deregulation in October of its fund distribution business has drawn interest from both independent advisers and locally-incorporated foreign banks, as they eye a slice of the market dominated by Chinese banks.
UBS cut its 2011 and 2012 growth forecasts for China on Thursday to reflect weaker growth prospects in developed economies, saying the central bank may relax policy if the world's second-largest economy falters.
China home grown sport brand Li Ning Co Ltd. , which posted a 50 percent fall in its first half profit, said the operating environment is expected to remain challenging on intensifying competition among brands and escalating cost.
China's main state-owned companies will double their investments in the restless far western region of Xinjiang over the next five years to 991.6 billion yuan ($155 billion), a major Chinese newspaper reported on Thursday.
Gold Fields Ltd., a major gold mining company, warned Thursday that there were several Web sites that use Gold Fields branding and purport to be investment vehicles on behalf of the company.
Popular travel site CouchSurfing has picked up a $7.6 million investment to become a for-profit company.
