DealBook: Buffett’s Annual Letter Plays Up Newspapers’ Value

Over the last half-century, Warren E. Buffett has built a reputation as a contrarian investor, betting against the crowd to amass a fortune estimated at $54 billion.Mr. Buffett underscored that contrarian instinct in his annual letter to shareholders published on Friday. In a year when Mr. Buffett did not make any large acquisitions, he bought dozens of newspapers, a business others have shunned....

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Detroit Car Sales Climb Again

General Motors reported a 7 percent gain in auto sales in the United States in February, beating several analyst estimates on the strength of its crossover models and pickup trucks, while Detroit rival Ford Motor Co. posted a slightly weaker-than-expected 9.0 percent gain. G.M. sold 224,314 cars and trucks last month. Sales of its Chevrolet Silverado pickup trucks jumped nearly 30 percent,...

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DealBook: As Losses Mount, R.B.S. Unveils Plan to Sell Assets

LONDON – The Royal Bank of Scotland, hammered by losses, announced plans on Thursday to sell assets and pare back its investment banking business, in an effort to appease regulators and its biggest shareholder, the British government.R.B.S. said it planned to sell a stake in the Citizens Financial Group, the American lender it bought in 1988, through an initial public offering in two years. The bank...

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DealBook: Obama’s Nominee for S.E.C. Tries to Allay Skepticism

Mary Jo White’s path to the Securities and Exchange Commission has reached a crucial juncture: the Congressional charm campaign.Lawmakers are scrutinizing Ms. White ahead of her Senate confirmation hearing, raising questions about the former prosecutor’s lack of regulatory experience and the challenge of policing Wall Street firms she recently defended in private practice. But Ms. White is seeking...

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British Government Seeks to Limit Disclosure in Litvinenko Case

The British government sought on Tuesday to limit the information it is ready disclose at a planned inquest into the death of Alexander V. Litvinenko, a former officer in the K.G.B. who died of radiation poisoning in London more than six years ago, and the coroner hearing the case said it may now be postponed. “Due to the complexity of the investigation which necessarily precedes the hearings”...

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Many Cruise Ship Lack Backup Power Systems, Vexing Regulators

Denis Poroy/Associated PressThe Carnival Splendor cruise ship was towed into San Diego Bay in 2010, after a fire destroyed its electrical systems. It is becoming a familiar tale: When the cruise ship was towed into port, the endless hours for passengers of sleeping on deck and going without electricity or toilets were finally over. “It was really hell,” said Bernice Spreckman, who is 77 and...

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Major Banks Aid in Payday Loans Banned by States

Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps...

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Many States Say Cuts Would Burden Fragile Recovery

States are increasingly alarmed that they could become collateral damage in Washington’s latest fiscal battle, fearing that the impasse could saddle them with across-the-board spending cuts that threaten to slow their fragile recoveries or thrust them back into recession. Some states, like Maryland and Virginia, are vulnerable because their economies are heavily dependent on federal workers,...

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Room for Debate: Should Companies Tell Us When They Get Hacked?

A National Priority and a Business Priority Lauren Gelman, BlurryEdge Strategies Like pollution, an insecure infrastructure is bad for everyone. Disclosing security breaches reintroduces the public's collective interest. Disclosure Plays Into Hackers’ Hands Alexander Tabb, partner, research and consulting firm...

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Euro Watch: Manufacturers Survey Points to New Downturn in Euro Zone

LONDON — Hopes the euro zone might emerge from recession soon were dealt a blow on Thursday, as surveys showed the downturn in the region’s businesses worsened unexpectedly this month — especially in France. The data came a day before the European Commission is due to announce interim economic forecasts for the 27-nation bloc, including which countries did not meet E.U. budget deficit targets....

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DealBook: Office Depot and OfficeMax Announce Plans to Merge, After Erroneous Release

10:21 a.m. | Updated Office Depot and OfficeMax announced plans to merge on Wednesday, just hours after an erroneous news release about the deal surfaced briefly.Under the terms of the deal, Office Depot said it would issue 2.69 new shares of common stock for each share of OfficeMax. At that level, the transaction would value OfficeMax at $13.50, or roughly $1.19 billion, a premium of more than 25...

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Homebuilder Confidence Dips

LOS ANGELES (AP) — Confidence among U.S. homebuilders slipped this month from the 6½ year high it reached in January, with many builders reporting less traffic by prospective customers before the critical spring home-buying season. The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday dipped to 46 from 47 in January. It was the first monthly decline...

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Disruptions: Disruptions: 3-D Printing Is on the Fast Track

Will the future be printed in 3-D?At first glance, looking at past predictions about the future of technology, prognosticators got a whole lot wrong. The Web is a garbage dump of inaccurate guesses about the year 2000, 2010 and beyond. Flying cars, robotic maids and jet packs still are nowhere near a reality.Yet the prediction that 3-D printers will become a part of our daily lives is happening much...

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A First Step on Continent for Google on Use of Content

PARIS — Publishers in France say they have struck an innovative agreement with Google on the use of their content online. Their counterparts elsewhere in Europe, however, say the French gave in too easily to the Internet giant. The deal was signed this month by President François Hollande of France and Eric E. Schmidt, the executive chairman of Google, who called it a breakthrough in...

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Common Sense: High Taxes Are Not a Prime Reason for Relocation, Studies Say

Pool photo by Mikhail KlimentyevGerard Depardieu with Vladimir Putin in January. Russia granted Mr. Depardieu a passport after his spat with France over taxes. Last month, Vladimir V. Putin hugged his newly minted fellow Russian citizen, the actor Gerard Depardieu, posing for cameras at the Black Sea port of Sochi. “I adore your country,” Mr. Depardieu gushed — especially its 13 percent flat tax on...

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DealBook: Confidence on Upswing, Mergers Make Comeback

The mega-merger is back.For the corporate takeover business, the last half-decade was a fallow period. Wall Street deal makers and chief executives, brought low by the global financial crisis, lacked the confidence to strike the audacious multibillion-dollar acquisitions that had defined previous market booms.Cycles, however, turn, and in the opening weeks of 2013, merger activity has suddenly roared...

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DealBook: Berkshire and 3G Capital to Buy Heinz for $23 Billion

10:12 a.m. | Updated Warren E. Buffett has found another American icon worth buying: H. J. Heinz.Berkshire Hathaway, the giant conglomerate that Mr. Buffett runs, said on Thursday that it would buy the food giant for about $23 billion, adding Heinz ketchup to its stable of prominent brands.The proposed acquisition, coming fast on the heels of a planned $24 billion buyout of the computer maker Dell...

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DealBook: Big Banks Are Told to Review Their Own Foreclosures

Washington is seeking help from an unlikely group in its effort to distribute billions of dollars to struggling homeowners in foreclosure: the same banks accused of abusing homeowners with shoddy foreclosure practices.In doing so, the regulators are trying to speed the process after a flawed, independent foreclosure review delayed relief for millions of borrowers, according to people briefed on the...

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Group of 7 Says It Will Let Market Decide Currency Values

BRUSSELS — Seven major developed countries including the United States and Germany pledged on Tuesday to let foreign exchange markets determine the value of their currencies. The statement by the Group of 7 prompted relief in Japan, where policy makers have been under fire from some officials in Europe and the United States who say they are unfairly seeking to give their economy a shot in...

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