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  • NEW YORK, Feb 28- Warren Buffett, in his 50th anniversary letter to shareholders, said on Saturday that Berkshire Hathaway had finally chosen the right person to succeed him.

  • LONDON, Feb 28- John Browne, the former chief executive of BP, will take charge of a $10 billion oil and gas venture backed by Russian billionaire Mikhail Fridman to help it expand internationally through partnerships and acquisitions, the Financial Times reported. Browne told the newspaper he will be appointed executive chairman of L1 Energy on Monday, giving...

  • NEW YORK, Feb 27- Billionaire Ira Rennert and his investment firm were ordered on Friday to pay $118.2 million after being found liable for looting a magnesium company to build one of the most expensive mansions in America. A Manhattan federal jury found Rennert and Renco Group Inc liable for breach of fiduciary duty and other claims following a three-week...

  • NEW YORK, Feb 27- Billionaire Ira Rennert and his investment firm were ordered on Friday to pay more than $118 million after being found liable for looting a magnesium company to build one of the most expensive mansions in America. A Manhattan federal jury found Rennert and his Renco Group Inc liable for breach of fiduciary duty and other claims following a...

  • A Manhattan federal jury levied $118 million in damages against Rennert and his Renco Group Inc.. The lawsuit stemmed from the 2001 bankruptcy of the Magnesium Corp. of America, or MagCorp, a Salt Lake City- based producer of magnesium. Rennert's company, Renco Group Inc., said that aspects of the complicated verdict were contradictory and that the company would...

  • *Vodafone, alternative ops warn on "re-monopolisation". Germany's Deutsche Telekom and Spain's Telefonica have predicted that revenues will grow this year, while France's Orange and Norway's Telenor have promised higher future dividends, a major motivation for investors in the sector. Deutsche Telekom Chief Executive Tim Hoettges attributed the rebirth...

  • Correction: Sears-Results story Friday, 27 Feb 2015 | 10:49 AM ET

    NEW YORK— In a story Feb. 27 about Sears Holdings Corp., The Associated Press reported erroneously that Chief Financial Officer Rob Schriesheim said in a statement that the actions Sears took in 2014— such as store closures and inventory reduction— generated $2.3 billion in liquidity. Sears says the actions that generated that cash included: the spinoff of Lands'...

  • *Vodafone, alternative ops warn on "re-monopolisation". Germany's Deutsche Telekom and Spain's Telefonica have predicted that revenues will grow this year, while France's Orange and Norway's Telenor have promised higher future dividends, a major motivation for investors in the sector. Deutsche Telekom Chief Executive Tim Hoettges attributed the rebirth...

  • Forestry company J.D. Irving filed a notice with Canadian regulators this week, saying it was "vitally concerned" about how TransCanada Corp's proposed Alberta- to- New Brunswick pipeline would affect its operations. In a filing with the National Energy Board on Monday, J.D. Irving said about 170 km of the proposed pipeline route would cross its forest holdings in...

  • Forestry company J.D. Irving filed a notice with Canadian regulators this week, saying it was "vitally concerned" about how TransCanada Corp's proposed Alberta- to- New Brunswick pipeline would affect its operations. In a filing with the National Energy Board on Monday, J.D. Irving said about 170 km of the proposed pipeline route would cross its forest holdings in...

  • Hard Rock: We'll be open as long as Taj Mahal casino is Thursday, 26 Feb 2015 | 10:34 AM ET

    ATLANTIC CITY, N.J.— Atlantic City's Hard Rock Cafe is shutting down in April. The restaurant and bar filed a warning notice late Wednesday with the New Jersey Labor Department that it would close on April 22, putting 73 people out of work. The nightspot operates inside the Trump Taj Mahal Casino Resort, which is trying to emerge from bankruptcy.

  • RIO DE JANEIRO— Judicial officials have requested the removal of the magistrate overseeing the trial of former billionaire Eike Batista after he was caught driving a Porsche he'd ordered seized from the fallen magnate, the Federal Prosecutors' Office said. With a fortune estimated at $30 billion, Batista clocked in at No. 7 on the Forbes' billionaires list and...

  • Sears 4Q loss narrows, sales slide as business shifts Thursday, 26 Feb 2015 | 6:42 AM ET

    NEW YORK— Sears recorded its fourth straight year of falling profit and revenue, even as cost cutting and store closures helped narrow its loss for the fourth quarter. Lampert, a billionaire hedge fund manager, combined Sears and Kmart in 2005, about two years after he helped bring Kmart out of bankruptcy. To try to get back on track, Sears has shifted its focus from...

  • RIO DE JANEIRO, Feb 26- Brazilian miner Vale SA posted full-year net income of $657 million on Thursday, well below analyst forecasts, hurt by weakness in iron ore prices and in Brazil's real currency versus the dollar. Despite record production of iron ore and nickel last year, the dramatic fall in profits and cash flow is increasing pressure on Vale to sell assets...

  • NEW YORK— Billionaire businessman Charles G. Koch is working on a book in which he offers advice on management and entrepreneurship. Koch says in a statement issued through Crown that he hopes that Koch Industries Inc.' s trademarked "Market-Based Management" approach will be a model for others. Besides being among the world's richest men, Koch and brother David...

  • HONG KONG, Feb 26- Hong Kong billionaire Li Ka- shing on Thursday said he is upbeat on the outlook for the China- controlled city, and that the biggest threat is if a Hong Kong government proposal on universal suffrage fails to get passed. Li, 86, speaking at an earnings briefing for his companies Cheung Kong Holdings Ltd and Hutchison Whampoa Ltd, also said he has no...

  • No prison for key informant in major insider trading case Wednesday, 25 Feb 2015 | 6:32 PM ET

    He made his former firm more than $1 million by trading on secret information about such companies as Google Inc. and Hilton Worldwide, and he passed the tips to other traders who profited off them, Manhattan federal prosecutors said in sentencing papers. As soon as FBI agents approached him in July 2008, he acknowledged his wrongdoing and began helping...

  • LONDON/ PARIS, Feb 25- Lazard banker Vincent Le Stradic recently took a break from his job advising Europe's top telecoms companies on deals to help little-known French start-up Sigfox raise 100 million euros. Not many of his peers would spend months working on a relatively small transaction when big fees were there for the taking from industry leaders such as...

  • Feb 25- A prominent investor in Wal-Mart Stores Inc is pushing ahead with a campaign to link a portion of executive compensation to staff motivation, a sign that the retailer's wage hike last week won't end outside pressure over employee pay and benefits. Connecticut Treasurer Denise Nappier, whose office oversees $40 million worth of Wal-Mart shares in state...

  • Former Coca-Cola executive Donald Keough dies Tuesday, 24 Feb 2015 | 3:46 PM ET

    Feb 24- Donald Keough, Coca-Cola Co's COO and president during the company's intense "cola war" days with PepsiCo Inc in the' 80 s, has died at the age of 88.. Keough, who came to Coke following the purchase of Duncan Foods in 1960, rose through the ranks and became president and chief operating officer in 1981.. Goizueta and Keough replaced the Coca-Cola formula for the...