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Lunch With Warren Buffett: $3,456,789

NEW YORK, (UPI) — An anonymous bidder won lunch with billionaire investor Warren Buffett for a record $3,456,789, a charity that works to fight poverty said. Glide, a charity based in San Francisco, said 10 active bidders kept the price of lunch with Buffett rising during an eBay auction that began Sunday. There were more […]

Kodak Failing To Find 'Pre-Auction' Bid

ROCHESTER, N.Y., (UPI) — An opening bid for auction of bankrupt Eastman Kodak patents eluded the Rochester, N.Y., company, sources told The Wall Street Journal. Kodak is attempting to use an auction of its digital patent portfolio to help it emerge from bankruptcy court. But the firm has yet to find a so-called “stalking horse […]

Iran Points Out OPEC Quota Violators

TEHRAN, (UPI) — Iranian oil industry official Mohammad Ali Khatibi said hard times and over-production by three oil cartel members were responsible for falling oil prices. The production cap set by the Organization of Petroleum Exporting Countries is 30 million barrels per day, the Islamic Republic News Agency reported Saturday. But certain OPEC members were […]

'Manic Culture' Led To Credit Meltdown

LEICESTER, England, (UPI) — Bankers, economists and politicians shared a “manic culture” of denial and omnipotence 20 years before the 2008 financial collapse, a British researchers says. Professor Mark Stein of the University of Leicester School of Management said the Western financial world saw but did not heed warning signs from the collapse of the […]

U.S. Trade Deficit Narrows Slightly

WASHINGTON (UPI) — The U.S. trade deficit dropped slightly from March to April, from $2.5 billion to $50.1 billion, the U.S. Census Bureau said Friday. The trade gap declined for the second time in a six-month span as exports reached $182.9 billion and imports hit $233 billion. Imports, which declined, included a $2 billion scale-back […]

Wholesale Inventories Rose In April

WASHINGTON (UPI) — U.S. wholesale inventories rose 0.6 percent in April, reaching $483.5 billion, the Commerce Department said Friday. Inventories were up 8.2 percent from April 2011, the department said, while the March estimate, released a month earlier, was revised higher by $100 million to $480.5 billion, the department said. The figures are adjusted for […]

Nasdaq Could Face Suits Over Facebook IPO

NEW YORK (UPI) — Knight Capital Group, a Jersey City, N.J., securities firm, said Wednesday it is considering suing over the bungled Facebook initial public offering. The company, headquartered in Jersey City, estimated it lost $35 million due to problems that delayed trade confirmations for as long as 2 hours, the Los Angeles Times reported […]

Officials: Fed May Need To Take New Action

WASHINGTON (UPI) — The U.S. economic recovery risks being derailed and the Federal Reserve might have to take action to support growth, Fed officials said. Fed Chairman Ben Bernanke Thursday added his voice to three other high-ranking Fed officials who have recently suggested a policy change is in order. Bernanke’s remarks fell under the category […]

Initial Jobless Benefit Claims Drop

WASHINGTON (UPI) — First-time jobless claims fell by 12,000 in the week ended Saturday, the U.S. Labor Department said. Initial claims for unemployment benefits dropped to 377,000 from the previous week’s revised estimate of 389,000. The four-week rolling average, which gives a steadier indication of the direction of jobless claims rose by 1,750 to 377,750. […]

Mother Nature's Bill In May In Billions

CHICAGO (UPI) — Reinsurance firm Aon Benfield said earthquakes in Italy topped May’s list for monetary losses from natural events, but rains in China killed more people. Two earthquakes in a nine-day period killed 25 people and injured 400 others. Including aftershocks, the events also caused extensive damage to the Emilia-Romagna region of Italy. The […]

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