Business briefs: Oil, gas prices continue surge
NEW YORK — Oil prices shot to new highs again Friday as traders, unimpressed by U.S. and Saudi efforts to boost supply, kept buying on the belief that prices had more room to rise.
Light, sweet crude for June delivery jumped $2.17 to settle at record close of $126.29 on the New York Mercantile Exchange. Earlier in the session, prices surged to $127.82 a barrel, also a new high. It was the eighth time in the past 10 sessions traders rewrote the record books, and the first time prices topped $127 a barrel.
Investors shrugged off news from Saudi Arabia’s oil minister, Ali Naimi, that the country increased its production by 300,000 barrels a day last week in response to requests from customers. The market also had little reaction to the Energy Department’s announcement said it would cancel shipments into the Strategic Petroleum Reserve for six months beginning July 1.
Crude's latest surge comes a week before the Memorial Day holiday, the traditional start of the summer driving season, suggesting that retail gas prices still have farther to rise. Motorists are now paying a national average of $3.787 a gallon for regular gasoline, up nearly a penny from the previous day, according to AAA and the Oil Price Information Service.
Berkshire eliminates stake in Ameriprise
NEW YORK — Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. reported Thursday that it eliminated its stake in Ameriprise Financial Inc. and is cutting its stake in Iron Mountain Inc., while raising its stakes in Kraft Foods Inc. and Burlington Northern Santa Fe Inc.
In a quarterly statement of holdings filed with the Securities and Exchange Commission, the closely watched investor reported no stake in financial-services company Ameriprise as of March 31, compared with 661,742 shares as of Dec. 31.
Among companies in which the “Oracle of Omaha” raised his stake were food maker Kraft, from 132.4 million shares to 138.8 million, and railroad Burlington Northern Santa Fe, from 60.8 million shares to 63.8 million. He also lifted his stake in manufacturer Ingersoll Rand Co., from 636,600 shares to 936,600.
Berkshire reported a lower stake in data- and document-storage company Iron Mountain Inc., which went from 4.7 million shares to 3.4 million.
The investment company also reported a slightly lower stake in banking company Wells Fargo & Co. and slightly higher stakes in auto retailer Carmax Inc., banking company US Bancorp and health insurer United Health Group.
Tomczyk to become CEO of TD Ameritrade
OMAHA — TD Ameritrade Holding on Thursday said its chief operating officer, Fred Tomczyk, will become chief executive in October, replacing Joe Moglia.
Moglia will retire as CEO on Oct. 1 and become chairman of the Omaha-based online brokerage. He will replace Joe Ricketts, founder and chairman, who announced earlier this year that he would step down at the end of the fiscal year in September.
Joe Ricketts will continue to serve on the board after he steps down as chairman.
GE to sell or spin off appliance business
NEW HAVEN, Conn. — General Electric Co. said Friday that it plans to sell or spin off its iconic appliance business that for a century sold refrigerators, air conditioners and ovens for millions of homes.
The industrial conglomerate said in a statement the move is part of an ongoing plan to exit “slower growth and more volatile businesses.”
GE’s 101-year-old appliance business, headquartered in Louisville, Ky., has been hurt by the housing slump and economic slowdown in the U.S. The appliance division had revenues of $7 billion last year and employs about 13,000 people worldwide.
Light, sweet crude for June delivery jumped $2.17 to settle at record close of $126.29 on the New York Mercantile Exchange. Earlier in the session, prices surged to $127.82 a barrel, also a new high. It was the eighth time in the past 10 sessions traders rewrote the record books, and the first time prices topped $127 a barrel.
Investors shrugged off news from Saudi Arabia’s oil minister, Ali Naimi, that the country increased its production by 300,000 barrels a day last week in response to requests from customers. The market also had little reaction to the Energy Department’s announcement said it would cancel shipments into the Strategic Petroleum Reserve for six months beginning July 1.
Crude's latest surge comes a week before the Memorial Day holiday, the traditional start of the summer driving season, suggesting that retail gas prices still have farther to rise. Motorists are now paying a national average of $3.787 a gallon for regular gasoline, up nearly a penny from the previous day, according to AAA and the Oil Price Information Service.
Berkshire eliminates stake in Ameriprise
NEW YORK — Billionaire investor Warren Buffett’s Berkshire Hathaway Inc. reported Thursday that it eliminated its stake in Ameriprise Financial Inc. and is cutting its stake in Iron Mountain Inc., while raising its stakes in Kraft Foods Inc. and Burlington Northern Santa Fe Inc.
In a quarterly statement of holdings filed with the Securities and Exchange Commission, the closely watched investor reported no stake in financial-services company Ameriprise as of March 31, compared with 661,742 shares as of Dec. 31.
Among companies in which the “Oracle of Omaha” raised his stake were food maker Kraft, from 132.4 million shares to 138.8 million, and railroad Burlington Northern Santa Fe, from 60.8 million shares to 63.8 million. He also lifted his stake in manufacturer Ingersoll Rand Co., from 636,600 shares to 936,600.
Berkshire reported a lower stake in data- and document-storage company Iron Mountain Inc., which went from 4.7 million shares to 3.4 million.
The investment company also reported a slightly lower stake in banking company Wells Fargo & Co. and slightly higher stakes in auto retailer Carmax Inc., banking company US Bancorp and health insurer United Health Group.
Tomczyk to become CEO of TD Ameritrade
OMAHA — TD Ameritrade Holding on Thursday said its chief operating officer, Fred Tomczyk, will become chief executive in October, replacing Joe Moglia.
Moglia will retire as CEO on Oct. 1 and become chairman of the Omaha-based online brokerage. He will replace Joe Ricketts, founder and chairman, who announced earlier this year that he would step down at the end of the fiscal year in September.
Joe Ricketts will continue to serve on the board after he steps down as chairman.
GE to sell or spin off appliance business
NEW HAVEN, Conn. — General Electric Co. said Friday that it plans to sell or spin off its iconic appliance business that for a century sold refrigerators, air conditioners and ovens for millions of homes.
The industrial conglomerate said in a statement the move is part of an ongoing plan to exit “slower growth and more volatile businesses.”
GE’s 101-year-old appliance business, headquartered in Louisville, Ky., has been hurt by the housing slump and economic slowdown in the U.S. The appliance division had revenues of $7 billion last year and employs about 13,000 people worldwide.
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