When Warren Buffett announced that his company, Berkshire Hathaway, was buying 63 newspapers from Media General on May 17, he issued a soaring statement about his belief in a beaten-down industry. “In towns and cities where there is a strong sense of community, there is no more important institution than the local paper,” Buffett said. “The many locales serviced by the newspapers we are acquiring fall firmly in this mold, and we are delighted they have found a permanent home with Berkshire Hathaway.” Many see the deal as a rare expression of faith by an important investor in an industry that Wall Street has shunned. “It’s obvious … that this is a statement that local newspapers are going to be around for a while,” veteran ... Continue reading →
Enlarge image Record Gas Use by U.S. Utilities Fails to Drive Up Price Marketed gas production reached a record 66.22 billion cubic feet a day in 2011. Marketed gas production reached a record 66.22 billion cubic feet a day in 2011. Photographer: Daniel Acker/Bloomberg U.S. utilities led by Southern Co. (SO) are burning a record amount of natural gas for generating electricity without triggering a forecasted boost to the fuel’s price from near 10-year lows. The power companies used 34 percent more gas in February than a year earlier, Energy Department data show. Even Atlanta- based Southern, historically one of the largest U.S. coal-plant operators, is on pace to consume more of the cleaner-burning fuel than coal in 2012 for the first time in its ... Continue reading →
