Gates, Buffett to fellow billionaires: Donate Microsoft Corp. co-founder Bill Gates and billionaire investor Warren Buffett are launching a campaign to get other American billionaires to give at least half their wealth to charity. Buffett, chairman and CEO of Berkshire Hathaway Inc., said in a letter introducing the concept that he couldn't be happier with his decision in 2006 to give 99 percent of his roughly $46 billion fortune to charity. The friends and philanthropic colleagues are asking people to pledge to donate either during their lifetime or at the time of their death.
Advance iPhone 4 sales swamp Apple, AT&T Barely a day after its new iPhone went on sale, Apple Inc. and partner AT&T Inc. said they were so slammed with orders that they were temporarily suspending sales to make sure they didn't sell more units than they could make. Apple said it sold 600,000 phones Tuesday, the first day in which it began taking orders online. That amounted to 10 times more advance orders than it had received for the previous version last year. The new phone hits Apple and partner stores June 24.
Pilots, Spirit Airlines reach deal to end strike Spirit Airlines made a deal with its pilots that will end their five-day-old walkout, the union said. The airline said it will resume flights on Friday. Pilots were working out a back-to-work agreement and technically remain on strike until that is done, said Andy Nelson, the vice chairman of the council for the Spirit branch of the Air Line Pilots Association. "Our intention is to help get the airline back up and running as quickly and efficiently as possible," he said. Spirit had already canceled its Thursday flights before the agreement was reached.
FedEx says global trade is coming back FedEx said people are too pessimistic about a recovery in global trade, after it reported that strong exports from Asia and other international shipments drove its improved fourth-quarter results. FedEx said international shipments overall grew by 23 percent. Still, the company has a conservative outlook for the next year, expecting rising costs as shipments pick up. FedEx shares fell 6 percent to close at $78.07.
New curbs stop Washington Post Co. trading The New York Stock Exchange halted trading in Washington Post Co. shares under a new system of market curbs, after the stock doubled in price in apparently erroneous trades. It was the first day that new "circuit breakers" took effect for all 500 stocks in the Standard & Poor's 500 index. Washington Post shares jumped from about $450 to $919 at about 2:07 p.m. CDT, according to the NYSE. The three trades at about $919 were deemed erroneous and were canceled. The stock ended regular trading at $458.19.
United Auto Workers choose new president The United Auto Workers, struggling with declining membership and diminished wages, elected a lawyer and longtime union negotiator as its new president. More than 2,000 UAW members supported Bob King in an hourlong roll-call vote at the union's convention in Detroit. He replaces Ron Gettelfinger, 65, who is stepping down after eight years as president because of an age limit set by the union. Unless that policy changes, the 63-year-old King is expected to serve just one four-year term.
Fannie, Freddie to delist shares from NYSE Government-sponsored mortgage purchasers Fannie Mae and Freddie Mac plan to delist their shares from the New York Stock Exchange. The companies' regulator, the Federal Housing Finance Agency, said it expects Fannie Mae and Freddie Mac shares to trade on the Over-the-Counter Bulletin Board, an electronic quotation service. Fannie shares have been below the $1 average price level for 30 trading days. NYSE rules require a company to take action to boost its shares or delist.
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