Business Today: Rating for Buffett's Berkshire cut by S&P

	Click to View in Browser 05/16/2013 Rating for Buffett's Berkshire cut by S&P (Reuters) - Warren Buffett's Berkshire Hathaway Inc had its credit rating cut one notch by Standard & Poor's, which cited a new methodology for evaluating insurers and Berkshire's dependence on its insurance business for dividend income. Dell's profit dives as billionaire battle rages on SAN FRANCISCO (Reuters) - Dell Inc, the subject of a takeover battle between activist investor Carl Icahn and the company's billionaire founder, reported a 79 percent slide in profit as personal computer sales continued to shrink. J.C. Penney first-quarter sales plunge Retailer J.C. Penney Co Inc on Thursday posted a sharp drop in first-quarter sales, in line with its recent warning. Wall Street sags after Fed comments, but Cisco surges NEW YORK (Reuters) - Stocks fell on Thursday, with the downturn accelerating late in the day after a Federal Reserve official said the central bank could begin easing up on its monetary stimulus this summer. Evidence mounts on slower U.S. economic growth WASHINGTON (Reuters) - The U.S. economy showed fresh signs of slower growth in the second quarter, with factory activity slipping in the mid-Atlantic region while groundbreaking declined at home construction sites. UK lawmakers challenge Google's 'smoke and mirrors' on tax LONDON (Reuters) - Google Inc faced angry questions on Thursday from British lawmakers investigating its tax affairs and whether it had misled parliament in testimony last year, adding fuel to a debate on taxation that has risen to the top of the UK political agenda. Canada PM touts Keystone pipeline in U.S., says must be approved NEW YORK (Reuters) - Canadian Prime Minister Stephen Harper turned into a pitch man for TransCanada Corp's Keystone XL oil pipeline on Thursday, telling a New York audience the project is so important that Washington has to approve it. Wal-Mart U.S. sales weak; outlook below analysts' forecast (Reuters) - Wal-Mart Stores Inc posted weaker-than-expected quarterly earnings on Thursday due to poor U.S. sales and said its profit for this quarter might also miss Wall Street's forecast. U.S. airline group sees pickup in summer air passengers (Reuters) - More people will likely fly this summer compared with a year ago as U.S. airlines gain a record level of international passengers, an industry association said on Thursday. SocGen's Russia unit CEO charged with bribery, faces seven years MOSCOW (Reuters) - The head of Societe Generale's Russian unit Rosbank was charged with bribery on Thursday after investigators released a film of him with cash piled on his office desk in what several bankers said may have been a set-up. Related Video Techquity: Google gets a grilling, Amazon receives praise Daily Digit: Wal-Mart returns $3.8 bln to shareholders Economic News Fed hawks unite in call to retreat from mortgage stimulus Evidence mounts on slower U.S. economic growth A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend