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Financial News Network
September 24, 2012 AT 2:55 PM
Good Morning! You are watching The Financial News Network on FNNO.com, I'm Geoffrey Parrish and here is what's in the news today, September 14th, 2012. According to the Wall Street Journal, some $28B in U.S. deals between private-equity firms have been announced this year, more than double the amount for all of 2011, and on pace to be the most since 2007's $51.1B, according to Dealogic. Also, the proposed merger of Airbus parent European Aeronautic Defence & Space (EADSY) and BAE Systems (BAESY) is being structured in large part to appease possible security concerns of the U.S. Defense Department, sources say. Reuters reports that Apple (AAPL) did not embed NFC chips into the iPhone 5, the technology used to turn cellphones into mobile wallets, supposedly the next wave of technology. Japan said it intends to stop using nuclear power by the 2030s, a major shift from policy goals set before last year's Fukushima disaster that sought to increase the share of atomic energy to more than half of electricity supply. Bloomberg reported that Berkshire Hathaway (BRK.A) locked in a gain on its Intel (INTC) bet by selling its stake less than a year after making the investment, shunning the buy-and-hold strategy favored by Chairman Warren Buffett. Also, Berkshire's Geico unit accumulated 11.5M shares of Intel in the second half of 2011 for an average price of about $22 each. The firm sold the stake in the world's largest semiconductor maker for an average price of $27.25 this year through May 8, netting about $60M in profit. And finally Bloomberg also reports that JPMorgan Chase (JPM), which fell as much as 24% in the month after disclosing a multibillion-dollar trading loss, has erased that decline. The shares rose 3.7% to $41.40 yesterday, passing the $40.74 closing price of May 10 when a trading loss of about $2B was announced. The loss this year now stands at $5.8B. Well, thats whats in the news this morning. For more on these stories and other news topping the business world, follow us on Twitter @fnnonline.