Buffett says financial pain largely self-inflicted

Billionaires Warren Buffett and Charlie Munger say the pain many financial institutions are feeling because of the credit crunch is well deserved.

IN BRIEF (Page 16)

Business International

Writedown sends bank into the red

Deutsche Bank AG, Germany's biggest bank, reported its first quarterly loss in five years after writing down the value of loans for leveraged buyouts and asset-backed securities by 2.7 billion euros.

Investors say Time Warner should dump cable unit

Shareholders of Time Warner Inc, the world's largest media company, are urging Chief Executive Jeffrey Bewkes to get rid of the cable-television unit and buy back shares after the stock fell 30 percent from a 2007 high.

Shell Q1 profit rises 25%

Royal Dutch Shell Plc, Europe's biggest oil company, said first-quarter profit climbed 25 percent, boosted by record crude prices and higher natural gas.

IN BRIEF (Page 16)

Business International

Is UK ready for Russian knickers?

Holding up a lacy black G-string, one of the seamstresses in this derelict Russian town beams with pride at the thought that her work could soon be sold on UK high streets.

Job-cut costs take their toll on Electrolux earnings

Electrolux AB, Europe's largest appliance maker, reported a first-quarter loss on costs to cut jobs and a decline in North American demand.

Ballmer prepares for bitter battle

Microsoft Corp Chief Executive Officer Steve Ballmer is weighing a fight to oust Yahoo Inc's board and pave the way for a takeover, after the Internet company let his deadline pass without agreeing to a deal.

Company denies rescue plans

Japanese consumer electronics giant Matsushita Electric Industrial Co denied a report yesterday that it may take an equity stake in Sanyo Electric Co to help rehabilitate its smaller rival.