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AP Business NewsBrief at 11:40 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Buffett invests $5 billion in Bank of AmericaNEW YORK (AP) _ Warren Buffett is coming to the rescue of another fallen giant. Buffett's Berkshire Hathaway announced Thursday that it would invest $5 billion in Bank of America Corp., giving a much-needed vote of confidence in the struggling bank. Visa, other cards not valid under Syria sanctionsDAMASCUS, Syria (AP) _ Visa and MasterCard credit cards are no longer valid in Syria under new U.S. sanctions targeting Damascus because of its deadly crackdown on a 5-month-old uprising, officials said Thursday. The Treasury Department this month added the state-owned Commercial Bank of Syria and its Lebanon-based subsidiary to its sanctions list, citing their links to human rights abuses and to illegal weapons trade with North Korea. The action freezes any assets the firms have in U.S. jurisdictions and bans Americans from doing business with them. Social media firms meet UK govt for riot talksLONDON (AP) _ More than two weeks after the end of riots in London and other English cities, Britain's government and police met social media executives Thursday to discuss how to prevent their services from being used to plot violence. But authorities did not seek new powers to shut down Facebook, Twitter or BlackBerry Messenger in times of crisis. Business world donating expertise to aid groupsNAIROBI, Kenya (AP) _ Bar codes and electronic way bills. Those trade crafts help businesses turn big profits. Now companies like UPS and Wal-Mart are teaching these methods to aid workers so they can deliver food and shelter to famine victims more quickly and cheaply, saving money and ultimately more lives. World Food Program Executive Director Josette Sheeran said that WFP is moving to a computerized system of delivery that includes bar coding aid products and using electronic way bills. WFP would have had to spend hundreds of millions of dollars to access such technology, she said, but the business world is sharing its secrets for free, to help save lives. Without Jobs, Apple must show it can still deliverSAN FRANCISCO (AP) _ With Steve Jobs bowing out as CEO, Apple Inc. must persuade investors and consumers that it doesn't need the force behind the iMac, iPod, iPhone and iPad in charge to keep the technology hits coming. Tim Cook, his hand-picked successor, has handled the top job repeatedly in the absence of the ailing Jobs, who resigned as chief executive Wednesday and was elected chairman of Apple's board. Though not nearly as recognizable as Jobs, Cook had been running Apple since January. The company's stock has risen 62 percent during that time. Apple's magic enthralls Main Street., Wall StreetSAN FRANCISCO (AP) _ It's easy to forget now, but Apple's magnetism was once confined to a cult-like following of geeks seduced by the elegance and simplicity of the company's computers. Over the past decade, though, Apple has emerged as a trendsetter and a wealth-making machine _ the rare company that appeals to the cool cats hanging out in hip cafes and the fat cats looking to make another killing on Wall Street. Low rates squeeze savers and may hold back economyWASHINGTON (AP) _ Super-low interest rates haven't done what they usually do after a recession. They haven't ignited economic growth or revived the home market or persuaded consumers to spend freely again. They have, though, caused misery for retirees and others who depend on interest income. Such income plummeted 27 percent from 2008 to last year. Stocks open lower; BofA jumps on Buffett dealNEW YORK (AP) _ Stocks fell in morning trading Thursday, giving up early gains. Bank of America Corp. led other bank stocks higher on news that Warren Buffett is investing $5 billion in the bank. BofA jumped 17 percent in early trading. The bank had lost half its value this year as investors grew worried about its need to raise capital and its liabilities related to subprime mortgages. Delta confirms plan to buy 100 Boeing planesNEW YORK (AP) _ Delta Air Lines on Thursday confirmed its plan to buy 100 Boeing 737 jets as part of a fleet upgrade, with delivery set for 2013 to 2018. The order announced Thursday is valued at $8.5 billion at list prices, although airlines commonly get discounts. The newer planes offer perks for travelers including a roomier cabin, less engine noise and more room in overhead bins. But they also have huge benefits for airlines because they are more efficient, require less maintenance and burn less fuel. Fixed mortgage rates rise from decades lowsWASHINGTON (AP) _ Fixed mortgage rates edged up this week from their lowest levels in decades. But few have been able to capitalize on them. The average rate on the 30-year fixed mortgage rose to 4.22 percent, Freddie Mac said Thursday. That's up from 4.15 percent last week, the lowest level on records dating to 1971. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |