Buffett's Berkshire buys $4bn in shares
Berkshire Hathaway added $4bn (€2.9bn) in shares to its investments during the third quarter, taking advantage of undervalued equities, CEO Warren Buffett said. The net change doesn't include Nebraska-based Berkshire's $5bn investment in Bank of America. Mr Buffett's firm outlined plans this week to purchase its own shares because its stock was also undervalued. "If the stock is cheap, we will buy it," he said.
Investment banking fees at two-year low
Investment banking fees fell to their lowest level for more than two years in the third quarter, dragged down by a collapse in capital markets mandates that led to fierce competition for the few remaining deals. Global investment banking fees totalled $13.2bn in the third quarter, according to estimates from ThomsonReuters/Freeman Consulting, a fall of 43pc on the healthier second quarter.
Worries over low price of Kindle Fire
The rock-bottom price of the new Kindle Fire tablet computer is raising questions about Amazon.com's ability to keep up with demand and the device's effect on the company's already razor-thin profit margins. Amazon chief executive Jeff Bezos unveiled the Fire on Wednesday at a lower-than-expected price of $199.
Bank of England to decide on stimulus
Bank of England faces a finely balanced decision next week on whether to launch a second round of stimulus to boost Britain's ailing economy, and a weak run of data at the start of next week might be enough to tip the balance. Inflation is double the bank's target at 4.5pc, but the risk of a big hit to Britain's already-stagnant economy from the eurozone debt crisis has risen sharply during the past three months.
Springer bids for part of WAZ group
AXEL Springer has made an offer for parts of WAZ media group, one of Germany's largest publishing houses, setting up a bid battle with a WAZ shareholder. A Springer spokesman confirmed the Berlin-based publisher had made an offer and that due diligence was pending, but declined to quantify the bid.