The Earth Times Online Newspaper - Business News

Buffett pulls out of RBS insurance sale: report

Fri, 16 May 2008 06:07:06 GMT

LONDON (Reuters) - Warren Buffett's Berkshire Hathaway Inc has pulled out of the bidding in Royal Bank of Scotland's 7 billion pound ($13.62 billion) auction of its UK insurance business, the Financial Times reported on Friday.

FAA studying American's lightning checks procedure: report

Fri, 16 May 2008 05:58:01 GMT

NEW YORK (Reuters) - Federal aviation officials are examining why AMR Corp's American Airlines asked mechanics to start skipping some safety checks to detect damage to planes from suspected lightning strikes, the Wall Street Journal said on Friday, citing internal company and agency documents.

Macy's to have FAO Schwarz boutiques in stores: report

Fri, 16 May 2008 05:27:00 GMT

NEW YORK (Reuters) - Macy's Inc is expected to announce plans on Friday to open specialty U.S. toy retailer FAO Schwarz's toy boutiques in its 685 stores that carry children's clothing, the Wall Street Journal said.

Japan's economy grows annualized 3.3 per cent in January-March

Fri, 16 May 2008 02:55:01 GMT

Tokyo - Japan's economy grew an annualized 3.3 per cent in real terms in the January-March quarter, the government said Friday. The nation's economy, which grew three quarters in a row, came out stronger than the average market expectation of a 2.6-p...

China eyes stake in giant miner BHP

Fri, 16 May 2008 02:45:05 GMT

Sydney - China has approached Australian companies to team up for a billion-dollar share raid on giant miner BHP Billiton, news reports said Friday. A tilt at the world's biggest miner and Australia's largest company would alarm the Canberra governme...

Tokyo stocks open higher on overnight US gains, stronger GDP data

Fri, 16 May 2008 02:45:05 GMT

Tokyo -Tokyo stocks continued to rally Friday on overnight gains in the US market and Japan's stronger-than-expected gross domestic product for the January-March period. The Nikkei 225 Stock Average rose 21.97 points, or 0.15 per cent, to 14,273.71. ...

LG Display sinks after Lehman downgrade

Fri, 16 May 2008 02:17:01 GMT

SEOUL (Reuters) - Shares in South Korea's LG Display <034220.KS> plunged as much as 6.7 percent after Lehman Brothers downgraded its rating on the company and the whole LCD sector, citing worries of oversupply and weaker profitability.

Senators say have accord on housing rescue

Fri, 16 May 2008 01:19:01 GMT

WASHINGTON (Reuters) - Leaders of the Senate Banking Committee said on Thursday they have agreed to the underpinnings of a housing rescue plan that will create a federal backstop for failing loans.

Icahn's Yahoo fight puts Microsoft in driver's seat

Fri, 16 May 2008 01:06:04 GMT

SEATTLE (Reuters) - Two weeks after Microsoft Corp abandoned its pursuit of Yahoo Inc , a proxy fight launched by activist investor Carl Icahn has put Microsoft in the driver's seat.

LG Display shares plunge on LCD outlook

Fri, 16 May 2008 00:59:02 GMT

SEOUL (Reuters) - Shares in South Korean flat panel maker LG Display <034220.KS> plunged as much as 6.62 percent after Lehman Brothers downgraded its rating on the LCD maker on worries of sector oversupply and a slowdown in shipments.

Lockheed wins potential $3.6 bln US GPS satellite deal

Fri, 16 May 2008 00:27:02 GMT

WASHINGTON (Reuters) - Lockheed Martin Corp won a potential $3.6 billion contract to start building a new generation of global positioning satellites that will boost accuracy for worldwide users, the Air Force said Thursday.

Icahn launches Yahoo proxy fight to spur Microsoft deal - Summary

Fri, 16 May 2008 00:26:04 GMT

San Francisco - Billionaire investor Carl Icahn officially launched a proxy fight Thursday to oust the Yahoo board in a bid to revive Microsoft's spurned deal for the internet powerhouse. It is quite obvious that Microsoft's bid of 33 dollars per sh...

Department store sales weak, but beat Street

Thu, 15 May 2008 22:43:09 GMT

LOS ANGELES (Reuters) - The weak economy took its toll on department stores on Thursday, as retailers Nordstrom, Kohl's and J.C. Penney reported lower first-quarter net profits, with all citing challenges stemming from the weakened U.S. economy.

United in alliance talks with Continental: sources

Thu, 15 May 2008 22:28:00 GMT

NEW YORK (Reuters) - United Airlines has begun talks with Continental Airlines Inc on a possible alliance, even as its merger talks with US Airways Inc continue, sources briefed on the matter said.

Fed sees some healing in scarred credit markets

Thu, 15 May 2008 22:25:05 GMT

CHICAGO (Reuters) - Top Federal Reserve officials on Thursday cited progress in alleviating months of turmoil in financial markets, but said a full return to normalcy was still some time away.

Lockheed wins $1.5 bln GPS satellite deal

Thu, 15 May 2008 22:08:06 GMT

WASHINGTON (Reuters) - Lockheed Martin Corp said on Thursday it had won a U.S. Air Force contract to start building a new generation of global positioning satellites, a deal valued by one source at up to $1.5 billion.

Oil's fall, techs' gain drive stocks higher

Thu, 15 May 2008 21:53:10 GMT

NEW YORK (Reuters) - Stocks rose in light trading on Thursday, pushing the S&P 500 to its highest close since January, as a pullback in oil prices eased concerns about inflation and a battle to control Yahoo Inc helped the tech sector.

CBS to buy web publisher CNET for $1.8 billion

Thu, 15 May 2008 21:49:00 GMT

NEW YORK (Reuters) - CBS Corp said on Thursday it would buy web media company CNET Networks Inc for about $1.8 billion to boost the television broadcaster's reach across the Internet.

Shares rise on Wall Street

Thu, 15 May 2008 21:32:04 GMT

New York - Stocks rose on Wall Street Thursday led by computer chip maker Intel after analysts said there was rising demand for the product. If we can get through this high-risk period of a US recession, and we appear to be skirting that, technology...

Berkshire holds no Ameriprise shares: SEC filing

Thu, 15 May 2008 21:22:02 GMT

WASHINGTON (Reuters) - Berkshire Hathaway Inc , billionaire Warren Buffett's investment company, no longer held any Ameriprise Financial Inc stock as of March 31, according to a U.S. regulatory filing on Thursday.