Business

Berkshire Hathaway buys 9.9 mln more Occidental shares, has 17.4% stake

Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) said it has bought another 9.9 million shares of Occidental Petroleum Corp (OXY.N), giving it a 17.4% stake in the oil company. Berkshire paid about $582 million for the shares, which it bought between Wednesday and Friday, according to a Friday night filing with the U.S. Securities and Exchange […]

Business

Wall St Week Ahead: Investors brace for pivotal July after dismal first half

The U.S. stock market is reeling from its worst first half of any year since 1970, with investors girding for a series of potential flashpoints in July that may set Wall Street’s course for the coming months. Second-quarter corporate earnings, hotly anticipated U.S. inflation data and the Federal Reserve’s monetary policy meeting are among potentially […]

Business

Exxon signals operating profits could double over the first quarter

Exxon Mobil Corp (XOM.N) on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing. Energy prices have shot up this year with oil selling for more than $105 per barrel and gasoline at about $5 per gallon in the United States. The enormous […]

Business

Wall Street ends first day of third quarter with solid rebound

Wall Street bounced back to a sharply higher close in light trading on Friday as investors embarked on the second half of the year ahead of the long holiday weekend. All three major U.S. stock indexes reversed early losses to end in well into positive territory in the wake of the stock market’s worst first […]

Business

U.S. West Coast port labor contract expires, raising stakes for talks

The union and employers negotiating a new labor contract for more than 22,000 U.S. West Coast port workers said high-stakes talks that are being closely watched by industry and the White House would continue after the agreement expired late on Friday. The agreement covers 29 Pacific Coast ports stretching from California to Washington State that […]

Business

Klarna in talks to raise fresh funds at roughly $6 bln valuation

Swedish payments firm Klarna Bank AB is nearing a deal to raise fresh capital at a valuation of about $6 billion from existing investors led by Sequoia Capital, according to a person familiar with the matter. The financing round is yet to be finalized, but if successfully completed would represent a stunning decline in the […]

Business

Mexico’s largest oil refinery opens to fanfare, not yet operational

Mexican President Andres Manuel Lopez Obrador formally opened a major new oil refinery on Friday, a signature project for the leftist leader who argues it will help the country cut a longstanding dependence on foreign gasoline and diesel supplies. The Olmeca refinery owned and operated by state-run oil company Pemex is billions of dollars over […]