Billionaire Buffett says US has entered recession

Billionaire investor Warren Buffett said the US economy is in recession and that stocks are "not cheap" despite recent declines.

Europeans urge action on dollar

Worried euro zone policymakers pressured Washington yesterday to do more to halt the dollar's decline, a day after the US currency hit a record low against Europe's single currency.

Cheap bikinis buoy H&M stock

Hennes & Mauritz AB is selling 10-euro bikinis online in a bid to regain its crown as Europe's largest clothing retailer. The strategy might help boost the shares more than 10 percent.

Citigroup 'may need more outside cash'

Citigroup Inc, the biggest US bank, may need additional capital from outside investors as losses stemming from the collapse of the US subprime mortgage market increase, the head of Dubai International Capital said.

Piech drives toward goal of global auto empire

Ferdinand Piech made two giant strides on Monday toward forging a global automotive empire by gathering Swedish truckmaker Scania into the arms of Volkswagen and preparing Porsche in turn to take control of VW.

IN BRIEF (Page 16)

Business International

Oz miner launches $5.6b offer for Zinifex

Australian miner Oxiana Ltd launched an agreed A$6 billion ($5.6 billion) takeover offer for Zinifex Ltd yesterday, as they look to diversify to benefit from booming global minerals demand.

Pearson profit exceeds estimates

Pearson Plc, the publisher of the Financial Times newspaper, reported 2007 profit that surpassed analyst estimates as the company expanded its education business and sold some assets.

United Tech sets sights on Diebold takeover

United Technologies Corp, the maker of Otis elevators and Chubb security systems, went public with its offer to buy Diebold Inc for $2.63 billion after failing for two years to persuade the manufacturer of automated teller machines to discuss a combination.

Biz people

Carlyle Group hires Sarkozy

IN BRIEF (Page 16)