Investor Warren Buffett has a knack for explaining what he does in simple terms that sound easy to follow, and his ranking as one of the world's richest men inspires many to copy his moves.

President Barack Obama on Thursday chose two old friends with business executive experience for top posts on his economic team, naming longtime fundraiser Penny Pritzker to the Commerce Department and adviser Michael Froman as U.S. Trade Representative.

Americans are saying goodbye to text messaging, a wireless industry group says, as Internet-based applications such as Apple's Messages are starting to take over from what was once a cash cow for phone companies.

The U.S. Federal Reserve said on Wednesday it will keep buying US$85 billion in bonds each month to keep interest rates low and spur growth, but added it could lift or taper this pace of purchases depending on the economy's path.

The first Chinese-owned vehicle manufacturer in the United States unveiled ambitious plans Wednesday to eventually build as many as 1,000 plug-in electric buses a year at a refurbished RV manufacturing plant in a wind-swept, sage-dotted corner of the Mojave Desert.

The number of Americans filing new claims for jobless benefits fell sharply last week to its lowest level since the early days of the 2007-09 recession, suggesting the job market is still healing despite weakness in the broader economy.

The U.S. private sector added only 119,000 jobs in April, the slowest job growth in seven months, according to a report by payrolls firm ADP published Wednesday.

Payments processor MasterCard Inc. says its profit and revenue rose in the first quarter as its customers spent more. Profit beat the forecasts of Wall Street analysts, though revenue missed slightly and the company's stock fell in pre-market trading.

U.S. auto sales looked set to continue their winning streak in April as Ford and Chrysler reported double digit growth Wednesday.

U.S. home prices rose in February at their fastest rate in almost seven years, a fresh sign the housing market recovery will help counter the drag on the economy from government belt tightening. The S&P/Case Shiller index of 20 metropolitan areas released on Tuesday showed single-family home prices rose 9.3 percent in February from a year earlier.