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| CA-BUSINESS Summary Saturday, May 04, 2013 06:23 PM PDT Buffett maps out hopes for Berkshire without him OMAHA, Nebraska (Reuters) - Warren Buffett on Saturday gave the most extensive comments to date about the future of Berkshire Hathaway Inc after he is gone, saying he still expects the conglomerate to be a partner of choice for distressed companies. Buffett, 82, also defended his plan to install his son, Howard, who has little investing experience, as nonexecutive chairman, saying the younger man's role would be to ensure that Berkshire had the right CEO in place. ... Full Story | Top |
| Audi needs clarity on laws before decision on Brazil plant: CEO Saturday, May 04, 2013 06:22 PM PDT  PUEBLA CITY, Mexico (Reuters) - Volkswagen AG's Audi premium brand will not build a vehicle assembly plant in Brazil until the laws governing what exactly is required to ensure a car is considered locally built are clarified, the unit's chief executive said on Saturday. "We are studying now some details, but even the government is not really clear when it comes to localization, what type of parts do they mean?" Rupert Stadler told reporters in Puebla City, Mexico after Audi celebrated the laying of the foundation stone in a nearby town for a $1.3 billion plant that will open in mid-2016. ... Full Story | Top |
| Auto industry love for Mexico grows with new Audi plant Saturday, May 04, 2013 03:54 PM PDT  By Ben Klayman SAN JOSE CHIAPA, Mexico (Reuters) - The automotive industry's growing love affair with Mexico was celebrated here on Saturday as Audi executives laid the foundation stone for its first assembly plant in the Americas. Volkswagen AG's premium brand is joining a parade of automakers who have announced plans to build cars in a country that is seen as a doorway not only to the rest of North and South America but to the world. Audi officials said the $1. ... Full Story | Top |
| JPMorgan shareholders urged to reject three directors Saturday, May 04, 2013 02:19 PM PDT  NEW YORK (Reuters) - JPMorgan Chase & Co shareholders should vote against the re-election of three board members because they failed to properly oversee risk-taking that led to $6.2 billion of losses on the so-called "London Whale" trades, an influential proxy advisory firm said. ISS Proxy Advisory Services said in a report released late Friday that directors David Cote, James Crown and Ellen Flutter should not be re-elected at the company's annual meeting this month because of "material failures of stewardship and risk oversight. ... Full Story | Top |
| Berkshire Hathaway's annual meeting of shareholders Saturday, May 04, 2013 01:40 PM PDT OMAHA, Nebraska (Reuters) - More than 35,000 people descended on Omaha, Nebraska, on Saturday for the annual shareholder meeting of Warren Buffett's ice cream-to-insurance conglomerate, Berkshire Hathaway Inc. Following are selected comments by Buffett, Vice Chairman Charlie Munger and other Berkshire executives on a broad range of topics: BUFFETT ON HIS SON HOWARD'S QUALIFICATIONS TO BE NONEXECUTIVE CHAIRMAN AFTER THE ELDER BUFFETT IS NO LONGER RUNNING THE FIRM: Buffet says Howard is taking the role "in case a mistake is made" in choosing a CEO, the odds of which are "less than 1 in 100. ... Full Story | Top |
| Warren Buffett says son Howard qualified to be nonexecutive chairman Saturday, May 04, 2013 01:00 PM PDT OMAHA, Nebraska (Reuters) - Warren Buffett's son, Howard, will take over as Berkshire Hathaway Inc's nonexecutive chairman someday in order to ensure that Berkshire has the right chief executive in place, the elder Buffett said on Saturday. Warren Buffett has said in the past that Howard would assume that role when his father was no longer running Berkshire. The "Oracle of Omaha" said Saturday that Howard would take that role primarily "in case a mistake is made" in picking a CEO. (Reporting by Jonathan Stempel and Jennifer Ablan; editing by Matthew Lewis) Full Story | Top |
| France spurns call to take over Saint-Nazaire shipyard Saturday, May 04, 2013 12:03 PM PDT PARIS (Reuters) - France's government dismissed a call to nationalize the Saint-Nazaire shipyard on Saturday but said it was committed to the survival of the facility after a South Korean shareholder threatened to sell its stake. The Korean company, STX Offshore & Shipbuilding , has been hurt by a shipping industry downturn since the financial crisis and may also sell shipyards in Finland and China. The French government came to Saint-Nazaire's rescue at the end of 2012, helping it win new contracts to stave off the threat of bankruptcy, including a 1 billion euro ($1. ... Full Story | Top |
| Egypt eyes 5.5 pct budget deficit in 2016-17 - Fin Min Saturday, May 04, 2013 08:14 AM PDT CAIRO (Reuters) - Egypt hopes to lower its budget deficit to 5.5 percent in the 2016-1017 fiscal year from 10.7 percent in 2012/13, the finance minister told Egypt's Al-Ahram daily newspaper on Saturday. Egypt's budget deficit will reach 197.5 billion Egyptian pounds or 9.5 percent of gross domestic product in the fiscal year starting July 1 after a revised 184.9 billion pounds or 10.7 percent in 2012/13, according to a draft budget previously seen by Reuters. ... Full Story | Top |
| EU's Barnier calls on France to pursue economic reforms Saturday, May 04, 2013 08:03 AM PDT  PARIS (Reuters) - European Union Internal Market Commissioner Michel Barnier, the EU's top financial regulator, called on the French government to pursue its planned reforms despite the Commission allowing two more years to meet its budget deficit target. Olli Rehn, the European monetary affairs commissioner, said on Friday France badly needed to unlock its growth potential and create jobs, adding Spain, Italy and the Netherlands as well as France - four of the euro zone's five largest economies - would remain in recession this year. ... Full Story | Top |
| Canada's Magna to cut jobs in Europe, U.S.: report Saturday, May 04, 2013 06:59 AM PDT  FRANKFURT (Reuters) - Canadian auto parts maker Magna International plans to cut jobs in Europe and the United States as it seeks to reduce costs and offset weak demand in Europe, Chief Executive Donald Walker told German magazine WirtschaftsWoche. Magna, which also manufactures complete vehicles on a contract basis, has been pushing to turn around inefficient operations in Europe, where sales rose 2 percent in 2012, compared with a 10 percent increase in North America. ... Full Story | Top |
| Former Finmeccanica chief released from jail Saturday, May 04, 2013 06:45 AM PDT  MILAN (Reuters) - Former Finmeccanica Chairman and CEO Giuseppe Orsi, who faces a trial in June over allegations of corruption in a helicopter deal with India, was released from jail on Saturday, his lawyer said. Orsi was arrested on February 12 on a warrant alleging he paid bribes to win a 560 million euro ($727 million) contract to sell helicopters to India in 2010, when he was at the helm of Finmeccanica's helicopter unit AgustaWestland. Orsi, who resigned from the state-owned aerospace and defense group a few days after his arrest, denies any wrongdoing. ... Full Story | Top |
| Higginbotham extends Wallabies deal, eyes Lions success Saturday, May 04, 2013 01:25 AM PDT SYDNEY (Reuters) - Australia back row forward Scott Higginbotham has extended his deal with the Wallabies until after the 2015 World Cup and is hoping a series triumph against the British and Irish Lions this year will be the start of a string of successes. The 26-year-old has played mainly as blindside flanker in his 23 internationals since his debut in the 59-16 hammering of France in Paris in 2010 but can also play at number eight. ... Full Story | Top |
| South Sudan's Kiir to visit Sudan for oil flow in May Saturday, May 04, 2013 01:16 AM PDT  By Hereward Holland JUBA (Reuters) - South Sudan's President Salva Kiir will visit Sudan this month to witness with his counterpart Omar Hassan al-Bashir the first shipment of oil from the south after a 15-month shutdown, an official said on Friday. In March, the African neighbours agreed to resume oil exports from landlocked South Sudan through Sudan and defuse tension that has plagued them since South Sudan seceded in 2011. ... Full Story | Top |
| Wall Street Week Ahead: Few roadblocks to equities' climb after new high Saturday, May 04, 2013 12:40 AM PDT  By Chuck Mikolajczak NEW YORK (Reuters) - With Friday's payrolls report serving as a springboard to lift Wall Street stock indexes to fresh all-time highs, investors are left to contemplate whether the gains will fizzle or if the upward momentum will continue. Investors cheered the jobs report on Friday, which showed employment rose at a faster than anticipated pace an April and hiring in the prior two months was much stronger than previously thought. ... Full Story | Top |
| Job market resilience eases growth concerns Saturday, May 04, 2013 12:39 AM PDT  By Lucia Mutikani WASHINGTON (Reuters) - Employment rose at a faster pace than expected in April and hiring was much stronger than previously thought in the prior two months, a sign of resilience that should help the economy absorb the blow from belt-tightening in Washington. Nonfarm payrolls rose by 165,000 jobs last month and the unemployment rate fell to 7.5 percent, the lowest level since December 2008, the Labor Department said on Friday. The job counts for February and March were revised up by a net 114,000. "This bolsters the case that the U.S. ... Full Story | Top |
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