Billionaire investment legend Warren Buffett's Berkshire Hathaway Inc. has had its credit rating lowered from AA+ to AA by Standard & Poor's Ratings Services.
In a statement, S&P says that even though Berkshire Hathaway has an "excellent business profile," the lower credit rating "better reflects our view of BRK's dependence on its core insurance operations for most of its dividend income." (S&P's statement is posted on its website, but you have to register to view it.)
-- There were 360,000 first-time claims for unemployment insurance last week, up 32,000 from the week before, the Employment and Training Administration says. At 360,000, the pace was the fastest since the last week of March. But it remained well below the 400,000-and-higher rate that lasted from mid-2008 into 2011.
Japan's economy is finally getting a lift. The stock market is soaring there. Companies like Toyota and Sony are seeing a surge in profits. And today, Japan's government reported the economy grew a three-and-a-half percent annual rate in the first three months of the year, a significant improvement.
Minnesota. Vermont. South Dakota. OK. These are not states people normally associate with fantastic wine - or wine at all, for that matter. Grapes didn't always ripen in the state's short growing season. And even when they did, the grapes were better suited for jelly and juice. Their musty taste left little to really desire in a glass of wine.
The broadcast networks are in New York this week pitching their fall TV shows to advertisers. David Greene talks with reporter Kim Masters, of The Hollywood Reporter, about the new shows and indications the industry is in decline. Masters also hosts The Business on member station KCRW.
The House Agriculture Committee on Wednesday approved a sweeping farm bill that would trim the $80 billion-a-year food stamp program. The panel rebuffed Democratic efforts to keep the program whole, as debate on the farm bill turned into a theological discourse on helping the poor.