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AP Business NewsBrief at 11:44 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. 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. Oil falls on higher jobless claimsNEW YORK (AP) _ Oil dropped Thursday on higher U.S. unemployment claims and concerns about less demand for oil and gas. Benchmark West Texas Intermediate oil lost 95 cents at $84.18 per barrel in New York. Brent crude, which is used to price oil produced abroad, fell 49 cents to $109.66 per barrel in London. Sarkozy urges China to help in building free LibyaBEIJING (AP) _ French President Nicolas Sarkozy urged a once reluctant China on Thursday to join Western nations in rebuilding Libya, inviting Beijing to a conference to discuss the North African country's future. Stopping in Beijing for a few hours on his way to the South Pacific, Sarkozy said he and Chinese President Hu Jintao also discussed the global economy and the economic travails of Europe and the euro. Hu declared confidence in the eurozone and the euro, the French leader said, after his meeting and dinner with Hu. Verizon strike boosts unemployment aid requestsWASHINGTON (AP) _ Thousands of Verizon workers on strike pushed the number of people seeking unemployment benefits last week to its highest level in a month. But excluding the work stoppage, layoffs appear to be stabilizing. That should help ease fears that the economy is on the verge of a recession. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |