Markets

Warren Buffett sheds big stakes in banks and goes for the gold

Warren Buffett's Berkshire Hathaway Inc. (BRKA)(BRKA) unloaded a more than a quarter of its stake in Wells Fargo & Co. (WFC) and about 61% of its position in JPMorgan Chase (JPM), while acquiring a new position in Barrick Gold Corp. (ABX.T), according to 13-F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon.

US July retail sales rose 1.2%

U.S. households boosted retail spending 1.2% in July, the third straight monthly increase despite a rise in coronavirus infections, the Commerce Department reported Friday.

WeWork gets new $1.1B commitment from SoftBank

The owner of money-losing shared office provider WeWork told employees on Thursday it has slashed its cash burn rate almost in half from the end of last year and obtained a $1.1 billion commitment in new financing from majority owner SoftBank.