AP
Business Highlights
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Allied
Irish Banks, p.l.c. Comm
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Berkshire
Hathaway Inc. Common
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The Hershey Company Common Stoc
On Wednesday March 30, 2011, 6:11 pm
EDT
WASHINGTON
(AP) -- President Barack Obama on Wednesday called for a one-third reduction in
U.S. oil imports by 2025, reviving a long-elusive goal of reducing America's
dependence on foreign supplies as political unrest rocks the Middle East and
gasoline prices rise at home. Tackling
an issue that has vexed nearly every U.S. president since Richard Nixon, Obama
said the country can't solve the problem with quick fixes and political
gimmicks. But he offered little in the way of new initiatives, relying instead
on a litany of energy proposals he's already called for, including boosting
domestic oil production, increasing the use of biofuels and natural gas, and
making vehicles more energy efficient. AP-GfK
Poll: Americans souring more on economy WASHINGTON
(AP) -- For all the talk of recovery, Americans are growing increasingly
pessimistic about the economy as soaring gas costs strain already-tight
budgets. But so far, people aren't taking it out on President Barack Obama, a
new Associated Press-GfK poll shows. Even
so, the survey highlights a central challenge Obama will face in his campaign
for re-election. The president will have to convince a lot of voters who are
still feeling financial hardship that things are getting better. Obama's
approval ratings have held steady at around 50 percent over the past month. But
the disconnect between negative perceptions of the economy and signs that a
rebound are under way could provide an opening for Republicans at the outset of
the 2012 campaign. Tainted
seafood fears spread as Japan plant leaks TOKYO
(AP) -- Fears about contaminated seafood spread Wednesday despite reassurances
that radiation in the waters off Japan's troubled atomic plant pose no health
risk, as the country's respected emperor consoled evacuees from the tsunami and
nuclear emergency zone. While
experts say radioactive particles are unlikely to build up significantly in
fish, the seafood concerns in the country that gave the world sushi are yet
another blemish for Brand Japan. It has already been hit by contamination of
milk, vegetables and water, plus shortages of auto and tech parts after a
massive quake and tsunami disabled a coastal nuclear power plant. Irish
bank stress tests to drive up bailout costs DUBLIN
(AP) -- Ireland is publishing stress tests on its four surviving banks Thursday
-- and analysts expect the results to force all of them to come under majority
state control and perhaps even shove the country into an eventual default. Regulators
are revealing numbers on two banks that are already majority state-owned --
Allied Irish Banks and the Educational Building Society -- and two others
expected to join that club soon: the Bank of Ireland and Irish Life &
Permanent. Debt-laden
Portugal's borrowing rates hit new high LONDON
(AP) -- Debt-heavy Portugal's hopes of avoiding a financial bailout were fading
fast Wednesday as the country's borrowing rates continued their upward spiral
to hit new euro-era highs. The
yield on the ten-year government bonds rose another 0.03 percentage point to
8.02 percent, the highest level since the country joined in the founding of the
17-nation euro currency in 1999. Portugal
accounts for less than 2 percent of the bloc's gross domestic product, but its
troubles could weaken market confidence in the eurozone's efforts to beat a
sovereign debt crisis that has plagued it for more than a year. Europe has
already had to come up with multibillion bailouts for Greece and Ireland. Buffett
surprised as top Berkshire exec departs OMAHA,
Neb. (AP) -- A top executive of Berkshire Hathaway who was believed to have had
the inside track to one day succeed billionaire Warren Buffett as CEO has
suddenly resigned. Buffett
said Wednesday that David Sokol's resignation letter, delivered by his
assistant late Monday, came as a surprise. Buffett said Sokol, who had been
serving as chairman of Berkshire's MidAmerican Energy, NetJets and Johns
Manville units, indicated that he wants to spend more time on philanthropy. Marchionne
says Chrysler IPO could be delayed TURIN,
Italy (AP) -- Fiat and Chrysler CEO Sergio Marchionne suggested Wednesday that
Chrysler may delay its initial public offering depending on the cash needs of
the U.S. automaker and the auto workers union trust fund. Marchionne
has previously hinted that an IPO could happen by the end of the year. He
said a decision on whether and when to take Chrysler public would depend on how
much the automaker itself and the United Auto Workers health care trust, which
pays health benefits for retirees and holds a 63.5 percent share in Chrysler,
need liquidity. Nissan:
To restart normal operations in mid-April TOKYO
(AP) -- Nissan Motor Co. said Wednesday that it will resume normal operations
in mid-April at nearly all of its Japanese plants. After
the March 11 tsunami, Nissan shut down its entire auto production in Japan from
March 14 to 16. All auto plants have been running at limited capacity due to
parts shortages, but the company expects to start receiving supplies again. Hershey
to raise candy prices nearly 10 percent HERSHEY,
Pa. (AP) -- The Hershey Co. is raising wholesale prices by 9.7 percent, because
its own costs have risen. The
candy maker says the price increase takes effect immediately. Consumers
may not see the impact on store shelves right away, because many retailers will
be able to buy products at the old prices for about eight weeks. The
announcement comes just before a popular candy consumption holiday. Americans
spend about $2 billion on Easter candy annually. By
The Associated Press The
Dow Jones industrial average gained 71.60 points, or 0.6 percent, to 12,350.61.
The S&P index rose 8.82, or 0.7 percent, to 1,328.26. The Nasdaq composite
rose 19.90, or 0.7 percent, to 2,776.79. Benchmark
West Texas Intermediate crude for May delivery fell 52 cents to settle at
$104.27 per barrel on the Nymex. In London, Brent crude lost 1 cent to settle
at $114.95 on the ICE Futures exchange. In
its weekly report on petroleum supplies, the Energy Department said U.S. crude
supplies rose by 2.9 million barrels last week. Gasoline supplies fell by 2.7
million barrels. In
other Nymex trading for April contracts, heating oil was flat to settle at
$3.0534 per gallon and gasoline added 1.4 cents to settle at $3.0573 per
gallon. ·
TIMELINE-Sokol's role in Berkshire's Lubrizol deal
- at Reuters ·
Warren Buffett heir apparent quits after stock purchases
- Reuters ·
UPDATE 4-Buffett heir apparent quits after stock
purchases - at Reuters ·
Sokol Resigns From Berkshire After Investing in Takeover
Target - at Bloomberg ·
Five Things We're Watching: March 31, 2011 -
at CNBC ·
Home Prices Keep Falling - Zacks ·
Berkshire Hathaway - B (BRK.B) - Zacks
·
Record Low New Home Sales - Zacks
·
Goldman to Pay Back Buffett - Zacks
·
Allied Irish Banks, p.l.c. Comm ·
Berkshire Hathaway Inc. Common ·
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