OMAHA, Neb.— Berkshire Hathaway Inc.' s fourth quarter profit slid 17 percent because of declines in the paper value of its investments and derivative contracts. Berkshire's quarterly net income declined to $4.16 billion, or $2,529 per Class A share, on $48.3 billion revenue. Those were $3.96 billion, or $2,412 per share, up from $3.78 billion, or $2,297 per share.» Read More
SEATTLE-- The King County Council and the Seattle City Council gave their final approval Monday to an agreement to build a $490 million basketball and hockey arena in the city, despite the threat of a lawsuit from longshore workers. Mayor Mike McGinn called the votes important steps toward bringing professional men's basketball back to Seattle.
NEW YORK-- A renewed focus on investment returns and continuing market share gains should lead to higher earnings for The Kroger Co., an analyst said Tuesday, as he lifted his rating on the stock to "Buy."
MADISON, Wis.-- Wisconsin's first organized wolf hunt got under way Monday even as animal welfare advocates demanded federal officials return Great Lake wolves to the endangered species list. Mark Dahms, a 54- year-old electrician from Waukesha in suburban Milwaukee, was one of 1,160 people to win the right to buy a license through a state lottery.
KENNEBUNK, Maine-- The first batch of more than 100 men accused of paying a fitness instructor for sex were laying low after police began releasing their names in a small New England town where rumors have run rampant for weeks.
JERUSALEM-- Israel officially opened its election season on Monday as parliament dissolved itself and scheduled a vote for January, plunging the country into a vicious, three-month political campaign. Prime Minister Benjamin Netanyahu boasted of his achievements, while the opposition heckled and insulted him mercilessly.
"It's just way too much," says Scot French, a history professor at the University of Central Florida. He lives along the swing-voting Interstate 4 corridor that will play an important role in deciding whether President Barack Obama or Mitt Romney wins the state, and perhaps the White House.
WASHINGTON-- Higher gas costs drove up U.S. consumer prices in September for the second straight month. The Labor Department said Tuesday that the consumer price index rose a seasonally adjusted 0.6 percent last month, matching the August increase.
Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director. A second top executive resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi's Institutional Client Group.
CENTRAL ISLIP, N.Y.-- Mark Hotton appeared on the high-stakes Broadway theater scene out of nowhere this year, offering to come to the financial rescue of a fledgling Broadway adaptation of the psychological thriller "Rebecca."
GENEVA-- Switzerland has blocked almost 1 billion Swiss francs linked to rulers in four Arab Spring nations, a senior government official said Tuesday.
WASHINGTON-- More than 56 million Social Security recipients will see their monthly payments go up by 1.7 percent next year. It shows that inflation has been relatively low over the past year, despite the recent surge in gas prices, resulting in one of the smallest increases in Social Security payments since automatic adjustments were adopted in 1975..
NEW YORK-- The Coca-Cola Co. says its net income rose 4 percent in the third quarter, as the world's biggest beverage maker expanded in in emerging markets and relied more heavily on sports drinks and teas for growth at home. In India, by contrast, sales volume for the Coca-Cola brand rose by 34 percent and overall sales volume rose 15 percent in the country.
PITTSBURGH-- The PNC Financial Services Group Inc.' s net income rose solidly in the third quarter, boosted by a one-time gain from a sale of Visa shares and higher fees from corporate clients. The bank's income from interest on loans increased, bucking an industry-wide trend, because PNC acquired RBC Bank since last year's third quarter.
WALTHAM, Mass.-- A123 Systems says a default on some of its debt is likely and it may be heading for bankruptcy protection. There were enormous hopes for A123 when it went public three years ago and shares soared 50 percent to more than $20 on the first day. A123 also got a $249 million government grant to help it build a battery factory in Michigan.
NEW YORK-- Citigroup Inc. says Vikram Pandit is stepping down as CEO and a board member. The New York bank's new CEO will be Michael Corbat, the CEO of the company's Europe, Middle East and Africa division. Pandit says that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."
Johnson& Johnson's third-quarter profit fell 7 percent as litigation and acquisition costs and factory upgrade expenses related to its consumer product recalls offset higher medicine and medical device sales.
NEW YORK-- Goldman Sachs easily beat analysts' estimates for earnings and revenue in the third quarter. On a per-share basis Goldman earned $2.85, blowing away Wall Street's expectations. Revenue more than doubled, to $8.4 billion from $3.6 billion, and also beat estimates of $7.2 billion.
NEW YORK-- The Coca-Cola Co. says its net income rose 3 percent in the third quarter, as the world's biggest beverage maker sold more of it drinks around the globe and raised prices. The company says it earned $2.31 billion, or 50 cents per share, for the period ended Sept. 28.