WASHINGTON - The United States Air Force has said on Friday it had picked a transatlantic team led by Northrop Grumman, instead of Boeing, to start constructing a new aerial refueling fleet in a surprise choice worth about $35 billion.
NEW YORK - Warren Buffett’s Berkshire Hathaway Inc has said on Friday quarterly profit fell 18 percent, hurt by lower earnings from insurance underwriting and a decrease in investment gains.
NEW YORK - Stocks tumbled on Friday as another round of weak economic data added to United States recession fears and a record loss at insurer AIG underscored worries about more write-downs in the financial sector.
NEW YORK - The Federal Reserve’s rapid-fire interest rate reductions were warranted, but the central bank must reverse course quickly once calm is restored to financial markets, Fed officials has said on Friday.
NEW YORK - Billionaire Wilbur Ross has agreed to invest up to $1 billion in Assured Guaranty Ltd , bypassing large bond insurers like Ambac Financial Group Inc in favor of a rival that has largely avoided the credit problems plaguing the industry.
LONDON - Venezuelan state oil firm PDVSA told a UK court on Friday that a $12 billion freeze on its assets should not have been granted to Exxon Mobil as the oil major’s arguments were “sheer fantasy land”.
NEW YORK - The Dow industrials and S&P 500 index fell more than 2 percent on Friday on fears of recession and a huge loss at insurer American International Group .
NEW YORK -Moody’s Investors Service on Friday has said ratings on the insurance arm of Ambac Financial Group remain on review for downgrade, adding the insurer is around $2 billion short of its “target” capital level for an “Aaa” company.