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AP Business NewsBrief at 2:51 p.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. 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. 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 rose 62 percent when Cook was in charge in the first half of 2009, and it gained 8 percent since Jobs announced his most recent leave. 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 sink; Banks rise on BofA dealNEW YORK (AP) _ Stocks fell in afternoon trading Thursday, erasing early gains. Bank of America Corp. led other bank stocks higher on news that Warren Buffett will invest $5 billion in the bank. The rest of the market turned lower. Oil fell and Treasurys rose after the government said more people hit the unemployment line last week. Airlines begin canceling flights as Irene nearsAirlines are beginning to cancel flights and get planes out of the way as Hurricane Irene barrels toward the U.S. East Coast. The storm is likely to force hundreds of flights to be canceled through this weekend and create delays that could ripple across the country. 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. AP-GfK poll: Views on economy, Obama role sourWASHINGTON (AP) _ Americans' views on the economy have dimmed this summer. But so far, the growing pessimism doesn't seem to be taking a toll on President Barack Obama's re-election prospects. More people now believe the country is headed in the wrong direction, a new Associated Press-GfK poll shows, and confidence in Obama's handling of the economy has slipped from just a few months ago, notably among fellow Democrats. Oil rises as Irene heads for the East CoastNEW YORK (AP) _ Oil rose Thursday afternoon as concerns grew about the potential impact of Hurricane Irene on U.S. oil and gas supplies. Benchmark West Texas Intermediate crude rose 62 cents at $85.78 per barrel in New York. Brent crude, which is used to price oil produced abroad, rose $1.10 to $111.25 per barrel in London. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |