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Among the earnings stories for Friday, Nov. 6, from AP Financial News:
Paper gains on derivative contracts helped Berkshire Hathaway Inc. triple its third-quarter profit as its insurance businesses did well, but Warren Buffett's company said Friday that many of its other operating businesses struggled.
Private air service NetJets Inc., unit of Warren Buffett's Berkshire Hathaway Inc, says it will lay off up to 495 pilots nationwide because of a drop in demand.
Fitch Ratings warned Thursday that Berkshire Hathaway Inc.'s deal for Burlington Northern Santa Fe Corp. could overexpose Warren Buffett's company to weaknesses in the economy at the expense of its more durable investments.
Montana political and agricultural leaders hope Berkshire Hathaway's planned purchase of the Burlington Northern Santa Fe railroad will lead to lower shipping costs in Montana, but they doubt much will change.
Warren Buffett's Berkshire Hathaway Inc. is sending a plan to split the iconic company's Class B shares to a shareholder vote as part of its plan to buy the Burlington Northern Santa Fe Corp.
In a Nov. 4 story, The Associated Press reported that the total value of Berkshire Hathaway's planned purchase of Burlington Northern Santa Fe Corp. was $34 billion. The story should have specified that Berkshire has agreed to pay $26.3 billion in cash and stock for the 77.4 percent of the company it doesn't now own, valuing the entire company at $34 billion.
Berkshire Hathaway Inc. has sold almost 1.2 million shares of Moody's Corp. stock as it keeps cutting its stake in the company, which provides credit rating and market research and analysis.
Home improvement chain Lowe's Cos. and building products company Johns Manville, a Berkshire Hathaway company, have signed an exclusive supply deal for insulation products.
Billionaire investor Warren Buffett says the economy appears to have leveled off at the bottom of the recession over the summer, but Berkshire Hathaway's CEO still isn't seeing much improvement.
A former executive of Berkshire Hathaway's General Re was sentenced Tuesday to two years probation for his role in a financial scandal that cost shareholders of insurer American International Group Inc. more than $500 million.
Warren Buffett's company on Friday reported a 14 percent jump in second-quarter profit as the improving stock market boosted the value of Berkshire Hathaway Inc.'s derivative contracts but the recession continued to weigh on its operating businesses.
The departure of NetJets Inc.'s founder is stirring speculation about who has the inside track on succeeding billionaire Warren Buffett at the aviation services company's parent, Berkshire Hathaway Inc.
Billionaire Warren Buffett has donated $1.25 billion in Berkshire Hathaway Inc. stock to the Bill & Melinda Gates Foundation.
Berkshire Hathaway chairman and CEO Warren Buffett and vice chairman Charlie Munger spent more than five hours Saturday answering questions from shareholders.
Warren Buffett's company reported a $1.5 billion first-quarter loss as it wrote down its ConocoPhillips investment and mostly unrealized derivative losses helped drag Berkshire Hathaway's results below last year's $940 million profit.
Billionaire Warren Buffett spent Saturday praising the decisions U.S. officials made to right the economy in the midst of a "financial hurricane" and defending the ones he made to help his company navigate the storm.
Warren Buffett's Berkshire Hathaway Inc. will release its first-quarter earnings report on May 8.
Warren Buffett's Berkshire Hathaway Inc. will not release its first-quarter earnings report this week on the eve of its annual meeting.
Billionaire Warren Buffett's company lost its pristine triple-A rating from Moody's on Wednesday because the recession has diminished Berkshire Hathaway Inc.'s financial strength.
Berkshire Hathaway Inc. says the chief executive of its Helzberg Diamond unit has resigned, but Warren Buffett's company did not say why.
Berkshire Hathaway Inc. is at risk of losing its "AAA" credit rating from Standard & Poor's, after the ratings agency revised its outlook on billionaire Warren Buffett's company to "negative" from "stable."
The world's second-richest man, Warren Buffett, wasn't even the highest paid employee at Berkshire Hathaway's 19-person headquarters again last year.
Billionaire Warren Buffett has devoted nearly five pages of his letter to Berkshire Hathaway shareholders to explaining the role derivatives played in the company's nearly $7.5 billion investment losses last year.
Buffett's Bet on Rail: What Does It Mean for Transport and Energy?The financial world was riveted this morning by billionaire investor Warren Buffett's move to take full ownership of the Burlington Northern Santa Fe (BNSF) railroad, a $34 billion deal that ranks as the largest ever executed by Buffett's company, Berkshire Hathaway.
Buffett's Big Bet - $34B on 2nd-Largest RailroadNEW YORK (AP) -- The biggest name in investing is making what he calls an ''all-in wager'' on the U.S. economy -- $34 billion to own a railroad that hauls everything from corn to cars across the country.
Faux Bank AXP Upgraded by Goldman (Pssst! Buffett invest $5B in '08)Well, if you pay attention historically, Buffett got himself a spectacular deal on Goldman Sachs late last year. He plunked down $5 Billion for that. (See: online.wsj.com/article/SB122220798359168765.html)
Insurance still pillar of Berkshire empire: BuffettBeing a big insurer will cost Berkshire Hathaway Inc dearly when severe catastrophes strike, but it is a good place to be in the midst of an economic downturn, Chairman Warren Buffett said.
Berkshire Hathaway Investors Ask Warren Buffet To Step Down As Chairman After 5th Consecutive Decline In Quarterly ProfitsMore than 35,000 investors turned out to question the investor known as the "Sage of Omaha" at Berkshire's annual meeting in the Nebraska town yesterday.
Warren Buffett Warns Inflation is on the HorizonOMAHA, Neb. (Fortune) -- Berkshire Hathaway chief Warren Buffett defended the government's handling of the economic crisis, but warned that the purchasing power of the dollar may fall as policymakers stretch to finance expensive rescue plans.
Buffett Refocuses Attention on Berkshire After Slump Billionaire Warren Buffett, who entertained shareholders at past Berkshire Hathaway Inc. annual meetings with musings on baseball and Paris Hilton, will focus investor attention this weekend on his efforts to turn around the company after its worst year in four decades.
Debt Collectors - Third Parties - Attorneys - Infringement OH MY!American Express has failed to recognize the intellect of the public... we're also creative as hell. The marketing and legal pimping is over. Go get 'em, Tiger!!
Credit Crunch? Even Warren Buffett's Company Has Lost Its Top Credit RatingUS financier Warren Buffett's holding company, Berkshire Hathaway, has lost its top credit rating. Ratings agency Moody's cut the debt rating from Aaa, the highest, to Aa2, meaning that it thinks the company is less likely to pay back its debt.
Moody's Downgrades Berkshire HathawayWarren Buffett's Berkshire Hathaway lost its triple-A grade from Moody's Investors Service, the very ratings firm in which the billionaire holds a 20 per cent stake.
Credit Cards Losses Continue to Skyrocket - Gravity Theory ChallengedWarren gets buffetted today by Moody's with a downgrade and no immediate end in sight for defaults in credit cards. Remember he's a 13% holder in American Express.
Comprehensive 10 Year Review of AIG s Accounting PracticesAIG now stands for "arrogance, incompetence and greed" ...according to U.S. House Representative Paul Hodes (D-NH). Now it ratchets way up...
Buffet says five years till economy recovers Warren Buffett expects it may take five years to recover from the stock market meltdown and financial fiasco. He compared it to Pearl Harbor.
Buffett Says Economy In Shambles Berkshire Hathaway Inc , Warren Buffett's insurance and investment company, barely broke even in the fourth quarter because of losses on derivatives contracts tied to the stock market.
American Express Financial advisers punished for 'selling away'Working out of an Ameriprise Financial Services Inc. branch in Orlando, Fla., Christopher Coulther offered his clients a deal that was hard to resist. Promising a 100 percent return on Costa Rican real estate, he enticed 98 people to invest almost $12 million.
Small Business Merchants versus American Express - Look Who's Winning!The Friedman Law Group in New York and Patton Boggs found of a group of these merchants to challenge AmEx's so-called "Honor All Cards" provision as a violation of antitrust law.
American Express Can't Use Arbitration To Thwart Merchant Class ActionsA three-judge panel for the federal appellate court in New York reversed a lower court by ruling Friday that the arbitration provision in American Express Co.
Standard Chartered Dumps American Express Bank "Global Investment Distribution Platform"Standard Chartered Bank has announced it will be selling its global investment distribution platform and Sicav business to Threadneedle.
American Express Keeps a Closer Eye on Your Charges than You Think!All of that uber-personalised login information you see or offers that appear in your mailbox stem from the mounds of data that are tied to card purchases.
GE, American Express, Santande - Spain's Largest Bank and Bernard MadoffMarch 27, 2008, General Electric Co. reached separate deals Thursday with American Express Co. and Spain's Banco Santander, getting $1.1 billion in cash and an Italian banking operation in return for selling its corporate card business and various European personal-finance units.
American Express Drops 79% this Quarter: Ken out dancing it up on the town...Since AmEx sponsored and K&K C. chaired... that means the taxpayers didn't get invited to the fancy-schmancy European extravaganza. How much was your flight, Kenny? Who paid for that, Kenny?
US family gets 445 credit card offers in a year - AmEx says Paper WorksAlthough American Express has funded over $20 million for their Green Eco-Friendly strategy, the company notorious for talking out of both sides of their mouth agrees that the garbage ending up in your mailbox is their most effective marketing strategy.
Commercial Paper Falls By Record Amount As Fed Program MaturesAnd American Express was up there in the top with GE leading the commercial paper until everything went sideways. Naturally, since that was unsecured debt, they couldn't function without a handout or a massive change.
Warren Buffett's Unhappy New YearEven Warren Buffett is starting 2009 with his pockets quite a bit lighter. He invested heavily in financial stocks like US Bancorp, Wells Fargo, and American Express.
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