Wells Fargo & Co on Wednesday posted a $3.05 billion first-quarter profit, in line with its prior forecast, as a surge in mortgage banking as well as benefits from the purchase of Wachovia Corp offset rising credit losses.
Chinese carmaker BYD is hopeful its exports can recover by the second half of 2009, after a decline of more than 70 percent in the first quarter due to the economic recession.
Goldman Sachs Group Inc sold $5 billion of stock to help fulfill what it called its duty to repay a federal bailout, but the government worries a quick return of funds could pressure other banks to repay their aid prematurely.
Amid a growing push for energy efficient vehicles, Fortune magazine has hit the stands this week with a cover showcasing magnate Warren Buffett and a much expected all-electric E6 car which will hit the Chinese market later this year from manufacturer BYD, a company in which Buffett has a considerable stake.
Wells Fargo & Co said it expects to post a record $3 billion first-quarter profit, causing its shares to soar 31.7 percent and providing a welcome jolt to the stock market and a still-troubled banking sector.
A day after Warren Buffett's Berkshire Hathaway Inc lost its triple-A credit rating, its shares rose to the highest since mid-January after Wells Fargo & Co , one of its largest investments, projected a surprise $3 billion first-quarter profit.
U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.5 percent, Dow Jones futures up 0.5 percent and Nasdaq 100 futures up 0.4 percent at 4:37 a.m. EDT (0837 GMT).
U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.5 percent, Dow Jones futures up 0.5 percent and Nasdaq 100 futures up 0.4 percent at 4:37 a.m. EDT (0837 GMT).
Moody's Investors Service cut its credit ratings on Berkshire Hathaway Inc from Aaa, the top rating, saying the recession and investment losses at insurance operations of investor Warren Buffett's holding company reduced its ability to support funding needs.
Stocks snapped a two- day slide on Wednesday on news the government is shoring up life insurers and optimism about consumer spending after Bed Bath & Beyond Inc reported a better-than-expected profit.
U.S. securities regulators charged a Toronto-based fund manager, who describes himself as the Chinese Warren Buffett and his hedge fund with operating a multimillion dollar investment fraud, the Securities and Exchange Commission said on Monday.
Washington Post Co plans to offer a new round of buyouts in 2009 to employees at its namesake, money-losing newspaper and cannot rule out layoffs, its publisher said on Thursday.
Washington Post Co plans to offer a new round of buyouts in 2009 to employees at its namesake, money-losing newspaper and cannot rule out layoffs, its publisher said on Thursday.
Washington Post Co plans to offer a new round of buyouts in 2009 to employees at its namesake, money-losing newspaper and cannot rule out layoffs, its publisher said on Thursday.
Warren Buffett's Berkshire Hathaway Inc may lose its AAA credit rating from Standard & Poor's within a year if the insurance and investment company's capital levels or value of its equity holdings face more downward pressure.
Goldman Sachs Group Inc is prepared to pay back the U.S. government's $10 billion Troubled Asset Relief Program investment as soon as allowed by regulators, but some hurdles remain, a person familiar with the situation said on Tuesday.
Time is making Warren Buffett's investment in Goldman Sachs Group Inc look better.
Credit protection costs for Warren Buffett's Berkshire Hathaway Inc on Friday traded at a level more appropriate for a borderline junk-rated company or emerging market nations such as Turkey or Peru after Berkshire lost its AAA credit rating.
Billionaire investor Warren Buffett saw his net worth plunge 40 percent in 2008 as his holdings tumbled along with the rest of the market. Meanwhile, his annual salary remained $100,000 for the 28th straight year.
China's campaign to bring cleaner, low-emission vehicles to its roads may take a back seat as the government seeks first to stimulate growth and counter dwindling sales in the world's largest car market.
Warren Buffett was awarded compensation of $491,000 in 2008 for running Berkshire Hathaway Inc , which just lost its AAA credit rating from Fitch Ratings because of potential losses from derivatives.
Warren Buffett's Berkshire Hathaway was stripped of its 'AAA' credit rating by Fitch, barely hours after S&P cut General Electric Co's top-tier rating, as the global financial crisis pummels America's corporate titans.
