Warren Buffett picks unnamed successor
NEW YORK, Feb. 25 (UPI) -- Warren Buffett, the head of U.S. investment giant Berkshire Hathaway, said the firm had chosen his successor, but he has not said who it is.
Buffett said in a 22-page letter to shareholders he is in "excellent health" and has no plans of "going anywhere."
The Wall Street Journal reported Saturday Buffett's letter points out there were two backup candidates for the job in case the heir-apparent, for some reason, does not accept the job.
The letter said the board at Berkshire Hathaway has had a great deal of "exposure" to the nominal successor, which suggests he or she is someone who already works at the firm.
Berkshire Hathaway is an investment firm that has made Buffett one of the richest men in the country, frequently appearing as No. 1 or No. 2 on the Forbes list of wealthiest individuals.
But he is 81 years old and the company's chairman, chief executive officer and chief investment officer. That makes his successor the heir to possibly many roles, although Buffett has said his work would be divvied up among several individuals when he quits working.
His letter says the transition to a new CEO will be "seamless."
Regulators take over Ga., Minn. banks
WASHINGTON, Feb. 25 (UPI) -- State and federal regulators said they closed banks in Georgia and Minnesota this week.
The Georgia Department of Banking and Finance said it had seized the Central Bank of Georgia, which has its main office in Ellaville, The Street reported Saturday.
The bank, which had $278.9 million in assets and $266.6 million in deposits, was sold to Ameris Bank of Multire, Ga., the same bank that took over One Georgia Bank when it failed last year.
Central Bank has five offices, which were schedule to open for business Saturday under the auspices of Ameris Bank.
The Federal Office of the Comptroller of the Currency this week took over Little Falls, Minn., bank Home Savings of America.
The firm has $434.1 million in total assets and $532.2 million in deposits. Currently, the Federal Deposit Insurance Corp. is taking the role of receiver for the failed bank.
A buyer has not been found, The Street said.
The FDIC said loan payments should be made "as usual."
Honda, Porsche, Nissan issue recalls
WASHINGTON, Feb. 25 (UPI) -- U.S. regulators said Honda, Porsche and Nissan all announced recalls at the end of the week.
Honda said it would recall 8,700 Pilot and Acura MDX sport-utility vehicles because a vapor recovery system inside the fuel tank was molded using material that did not meet the company's standards, The Detroit News reported Saturday.
The Wall Street Journal said the recall is to begin in mid-March. Consumers can call 800-999-1009 for information.
The National Highway Traffic Safety Administration said Porsche is recalling 20,278 Cayenne SUVs from model years 2011 and 2012.
Porsche said it has received 20 reports of loose headlamps in the vehicles. The company is calling in the cars to replace the headlamp locking components.
Nissan Motor Co. is recalling 3,000 Murano and Rogue vehicles from model year 2012 to activate the vehicle's tire pressure monitoring systems.
The only vehicles involved in Nissan's recall are still in dealership lots, and the dealers have been notified and will activate the systems, Nissan said.
Consumers can apply for LCD settlement
SACRAMENTO, Feb. 25 (UPI) -- California says consumers can register for a share of a $500 million settlement in a lawsuit over alleged price fixing by LCD computer screen manufacturers.
The state Department of Justice said people who lived in California and purchased an electronic device with an LCD screen between 1999 and 2006 were eligible for compensation.
"In October 2010, Attorney General Kamala D. Harris filed a lawsuit against 10 companies for engaging in price fixing of LCD panels from 1999 to 2006 that resulted in higher prices for California residents and businesses, as well as government agencies," the Justice Department said in a written statement.
California was joined in the suit filed by seven other states against 10 companies. Seven of the companies agreed to the settlement, the Los Angeles Times said.
Consumers can register for the settlement by calling (855) 115-1886 or logging on to lcdclass.com.
