At the Reuters Tech Summit, Trulia chief executive Pete Flint says private equity investors are starting to pull back from buying U.S. real estate, while overseas buyers are coming on strong once again. Video
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WASHINGTON - Small business optimism rose to a one year-high in May, a hopeful sign for an economy that has hit a soft patch.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Buffett cancelled municipal debt bet 5 years early: WSJ
(Reuters) - Berkshire Hathaway Inc (BRKa.N) terminated a large wager on the municipal-bond market five years early, the Wall Street Journal quoted a person familiar with the transaction as saying.
In a quarterly regulatory disclosure filed this month, the Warren Buffett-owned company terminated credit-default swaps insuring $8.25 billion of municipal debt.
The paper said the early termination is deepening questions among some investors about the risks of buying debt issued by cities, states and other public entities.
The WSJ quoted the source as saying that Buffett's bet that more than a dozen U.S. states would keep paying their bills on time had been made before the financial crisis.
The insurance-like contracts, which required Berkshire to pay in the event of bond defaults, were bought by Lehman Brothers Holdings Inc in 2007, more than a year before the firm filed for bankruptcy, the WSJ quoted the source as saying.
Buffett declined to comment on the details of the termination with the Lehman Brothers estate, the paper added. It is not clear if the move would leave the company with a profit or loss on the wager.
Berkshire was not immediately available for comment outside regular office hours.
(Reporting by Sunayan Bhattacharjee in Bangalore; Editing by Edwina Gibbs)
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