Billionaires
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SAN FRANCISCO, May 16- Dell Inc, the subject of a takeover battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79 percent slide in profit as personal computer sales continued to shrink.
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NetApp Inc.' s shares rose Thursday on a report that hedge fund Elliott Management is pushing for major changes at the data storage company. THE SPARK: A report by Bloomberg, citing an unidentified person familiar with the situation, said Elliott has proposed new directors for NetApp's board and has asked the company to return cash to shareholders.
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A huge diamond unearthed in Botswana commanded an unearthly price of $26.7 million from Christie's auction house Wednesday amid the spring ritual of well-heeled bidders flocking or phoning in to Geneva's luxury sales.
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*French bank's Russia strategy questioned. MOSCOW, May 16- The head of Societe Generale's Russian unit Rosbank was charged with bribery on Thursday after investigators released a film of him with cash piled on his office desk in what several bankers said may have been a set up.
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A wealthy Chinese businessman hired a crew to smash his Maserati with sledgehammers to protest poor customer service, but the story is similar to another incident. Is this a trend or a stunt?
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May 16- Credit-rating agency Standard& Poor's on Thursday cut its rating on Berkshire Hathaway Inc, the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, one notch, citing the company's reliance on its insurance operations for dividend income.
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May 16- Credit rating agency Standard& Poor's on Thursday cut its rating on Berkshire Hathaway Inc, the insurance and industrial conglomerate controlled by billionaire investor Warren Buffett, by one notch, citing the company's reliance on its insurance operations for dividend income.
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*Rupert to take one year leave after September AGM. ZURICH, May 16- Richemont's chairman and founder will take a year off from September, leaving the world's No. 2 luxury group in the hands of recently-named joint chief executives at a time of faltering growth in the industry's key market of China.
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The billionaire bet more heavily on mortgage insurers, suggesting he expects the housing recovery to continue.
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BOSTON, May 15- Billionaire investor John Paulson bet more heavily on mortgage insurers during the first quarter, which suggests that his hedge fund expects the housing recovery to grow stronger in the months ahead.
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BOSTON, May 15- Several top stock-picking hedge funds bought about 30 million shares of PC maker Dell Inc in the first quarter, possibly increasing pressure on company founder Michael Dell to improve his bid to take the company private.
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The art auctions in New York this week are fetching some huge prices, with CNBC's Robert Frank.
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Michael Novogratz of Fortress Investment Group said the art market is "100 percent a bubble," and he predicts it will be the next gold.
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*BG Group, OGX, Total, BP among winners at Brazil auction. RIO DE JANEIRO, May 15- For the first time in nearly five years, Brazil's flagging oil industry has received serious interest from private investors.
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CARACAS, May 15- Socialist leader Nicolas Maduro and the billionaire boss of Venezuela's biggest private company have buried the hatchet after a war of words over food shortages and other economic problems in the South American nation.
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The world's wealthy are pouring more of their fortunes into prime vineyards, and brokers say demand is rising for raw acreage as well, prompting Christie's to start a new real estate service.
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HONG KONG, May 15- Warren Buffett- backed Chinese carmaker BYD Co Ltd rolled out Hong Kong's first electric taxi fleet on Wednesday, marking a milestone for its all-electric battery car that highlights its promise and its limitations.
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*BG Group, OGX, Total, BP among big winners at Brazil auction. RIO DE JANEIRO, May 15- For the first time in nearly five years, Brazil's flagging oil industry has received a jolt of serious interest from private investors.
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TOKYO, May 14- Billionaire hedge fund investor Daniel Loeb on Tuesday called on Sony Corp to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker.
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TOKYO, May 15- Japan's Nikkei share average is expected break above 15,000 and hit fresh 5-1/ 2 year highs on Wednesday, with Sony Corp likely to surge after a proposal from an activist fund to list its entertainment unit sent its U.S.-listed shares soaring 10 percent.