07/04/2010: Daily Economic Headlines

Euro may weaken as Greece tries to stem concern over aid plan.

  • Fell the most in six weeks against the yen after a report that Greece wants to bypass IMF conditions for possible aid.
  • Canada’s currency reached parity with the U.S. dollar for the first time since July 2008 as crude oil prices trade at its highest level in more than 17 months.
  • The dollar may fall a third day against the yen as signs of U.S. recovery may be dampen by high unemployment and tight credit.

Buffett reaps dividend millions without Berkshire.

  • Warren Buffett earns millions of dollars of dividend income every quarter even though Berkshire Hathaway Inc., his insurance and investment company, has never made a payout.
  • His dividend earnings comes from the his personal holdings in other U.S. companies (the latest Berkshire filings with the Securities and Exchange Commission showed that he had multimillion-dollar stakes in 10 companies).
  • Payout to Buffett peaked at an estimate $15.5 million a quarter!
  • His portfolio includes Exxon Mobil Corp., General Electric Co., United Parcel Service Inc., Ingersoll-Rand PLC, Johnson & Johnson, Kraft Foods Inc., Procter & Gamble Co. and Wall-Mart Stores Inc.

Apple’s iPad bet requires ‘leap of faith’ from buyers.

  • Bigger than a mobile phone yet smaller than a laptop, the iPad is a touch-screen device that allows users to surf the Web, read e-books, watch videos and play games (it won’t have a camera, support for Flash video or run multiple programmes at once).
  • The iPad would go on sale this weekend starting at $499.
  • Tablet computers have been available since 1990s without any visible success in market share. They currently account for only less than 1 percent of the personal computer market (Source: Gartner Inc.).

Source: Bloomberg

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