Buffett is chairman and chief executive officer of Berkshire Hathaway. The publicly traded holding company operates a broad collection of businesses, including insurance (Geico), manufacturing (Clayton Homes), energy (MidAmerican Energy, Lubrizol) and service (NetJets). It also owns stakes in Coca-Cola, American Express, Procter & Gamble and Wells Fargo.
China’s Fosun International Ltd. bought 80 percent of Portugal’s Caixa Geral de Depositos SA’s insurance unit for 1 billion euros ($1.36 billion), beating out U.S. buyout firm Apollo Management International LLP.
M&T Bank Corp., the lender struggling to complete its merger with Hudson City Bancorp Inc., shuffled its top managers after Vice Chairman Michael P. Pinto, 57, resigned from its board, citing “a serious medical condition.”
Treasury Secretary Jacob J. Lew will press European officials to follow the U.S. lead in adopting tougher banking regulations to ensure that American financial firms aren’t put at a competitive disadvantage.
The richest people on the planet got even richer in 2013, adding $524 billion to their collective net worth, according to the Bloomberg Billionaires Index, a daily ranking of the world’s 300 wealthiest individuals.