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Prosecutors raid unit of steel giant POSCO

SEOUL, April 16 (Yonhap) -- Prosecutors on Wednesday raided a subsidiary of top steelmaker POSCO over suspicions of corruption involving some company officials. A team of prosecutors and investigators swooped on the headquarters of POSCO Processing and Service Co., a steel products-processing subsidiary of POSCO, in southern Seoul to seize computer hard discs, account books and other materials related to its transactions of steel products. Prosecutors denied any link between the probe and POSCO, saying the investigation is about POSCO P

Warren Buffett-backed BYD plans to sell new shares in HK: report

SHANGHAI (Reuters) - BYD Co Ltd <002594.SZ> <1211.HK>, the Warren Buffett-backed Chinese carmaker, plans to sell new stocks worth as much as 20 percent of its Hong Kong-listed shares, Bloomberg reported on Thursday, citing unidentified sources. The firm's Hong Kong-traded shares fell 4.6 percent by midday and its mainland-listed shares declined 2.5 percent. BYD has submitted an application for the plan to China's securities watchdog and could raise an estimated HK$7.61 billion through the share sale, the report said.

Media General to buy LIN in $2.6 bn US broadcast deal

US broadcaster Media General said Friday it will buy LIN Media in a $2.6 billion deal that creates the nation's second-largest television broadcasting company and a digital media powerhouse. The merged company will own and operate or service 74 television stations across 46 markets, and serve some 26.5 million households, or 23 percent of the US market, Media General said in a statement. The stock-and-cash merger pays about LIN $27.82 per share, a 28 percent premium for the multimedia company.

PetroChina annual profit rises 12.4 per cent after rise in retail price narrows refining loss

BEIJING, China - PetroChina Ltd., China's biggest oil producer, says its profit rose 12.4 per cent last year after higher retail gasoline prices helped to narrow heavy losses for its refining unit. PetroChina said Thursday that earnings rose to 129.6 billion yuan ($21.6 billion). Total revenue rose 2.9 per cent to 2.2 trillion yuan ($366 billion). A change in state-set retail gasoline prices in 2013 helped to narrow state-owned PetroChina's loss on refining operations by nearly 45 per cent to 24.4 billion yuan ($4 billion).

Berkshire opposes dividend proposal; Buffett, Gates get pay rises

(Reuters) - Warren Buffett's Berkshire Hathaway Inc has urged shareholders to vote against a proposal that it consider spending some of its $48.2 billion of cash on a "meaningful" dividend. According to a Berkshire proxy filing on Friday, David Witt, a Cincinnati resident who owns nearly $8,600 of Berkshire stock, will propose the payout at the company's May 3 annual meeting. Berkshire has not paid a cash dividend since 1967.

Warren Buffett's compensation rises 15 per cent to $485,606; salary still stuck at $100,000

OMAHA, Neb. - Warren Buffett's compensation from Berkshire Hathaway Inc. rose 15 per cent last year to $485,606, although the billionaire's salary remained $100,000. The increase came in "other compensation," which includes company-paid costs for Buffett's personal and home security. As usual, Buffett reimbursed Berkshire $50,000 for personal costs such as postage and phone calls. Buffett, 83, is the Omaha, Neb., company's chairman and chief executive. Most of Buffett's wealth comes from his Berkshire stock. The share price rose 32 per cent in 2013.

Berkshire's Buffett says firm has cut U.S. catastrophe insurance

NEW YORK (Reuters) - Berkshire Hathaway <BRKa.N> chairman and chief executive Warren Buffett said on Friday that his firm had eliminated most of its catastrophe insurance business in the United States. Citing a decrease in interest rates, Buffett told cable television network CNBC: "We actually in the United States have almost eliminated our catastrophe insurance business."

Metal engineering expert takes helm of POSCO

An engineering expert on Friday took the helm of South Korea' steel giant POSCO promising an overhaul of the company as it suffers falling profits owing global economic uncertainty and competition from Chinese rivals. Shareholders and board of directors at the world's number five steelmaker approved Kwon Oh-Joon, a 64-year-old metal engineer, as its eighth CEO on Friday, putting him in charge through to March 2017.

New POSCO chairman takes office

By Nam Kwang-sik SEOUL, March 14 (Yonhap) -- An engineer savvy in technological development took office Friday as chairman of the world's fifth-largest steelmaker, POSCO, with a four-point reform plan to enhance competitiveness and weather an industry slump. POSCO's shareholders and board of directors formally approved Kwon Oh-joon, 64, as the company's eighth chairman. He will serve through March 2017, leading the country's sixth-largest conglomerate by assets.

Berkshire Hathaway buying Florida TV station as it cuts stake in former Washington Post owner

WASHINGTON - Warren Buffett's company says it has agreed to acquire a Miami-based TV station from Graham Holdings Co. in exchange for most of its shares in the company that once owned The Washington Post. The deal will nearly eliminate Berkshire's investment with the Graham family, which dates back to 1973 when Buffett invested $10.6 million in the Washington Post Co. after the newspaper's stock took a beating following the publication of its famed Watergate stories.
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