Business

NEW YORK (Reuters) - Allied World Assurance Holdings Ltd said it bought back $250 million worth of stock from funds affiliated to Goldman Sachs Group Inc that are its founding shareholders. Full Story »

WASHINGTON (Reuters) - The top Republican on the House Financial Services Committee called on Friday for an investigation into charges that mortgage finance giant Fannie Mae pushed borrowers into a mortgage aid program so it could receive incentive payments from the U.S. government. Full Story »

LONDON (AFP) - Leading shares in London closed lower on Friday after a much weaker-than-expected US jobs report added to growing concerns the US economic recovery is faltering. Full Story »

Employment shrank more than expected in July, the Labor Department said Friday, as the sluggish recovery from the sharpest job losses in decades raised speculation that the Federal Reserve may take new action this week. Full Story »

OMAHA, Neb. - Warren Buffett's company reported a 40 percent drop in second-quarter profit Friday because the improvement at Berkshire Hathaway Inc.'s operating companies couldn't overcome $1.4 billion in paper losses on derivative contracts. Full Story »

BRUSSELS (Reuters) - A European Union financial stability fund with the potential to raise up to 440 billion euros ($580 billion) to help EU countries weather debt problems is now fully operational, officials said on Friday. Full Story »

The coffee market continues to expand. Starbucks (Nasdaq: SBUX - News) announced that it moved $100 million of its Via instant coffee packets in their first 10 months on the market. Full Story »

TOKYO (AFP) - Asian and Pacific countries agreed on Sunday to improve the "quality" of their growth and help put the global economy back on track from its crisis. Full Story »

HONG KONG - China's biggest appliance retailer is suing its founder and former chairman for damages after he was jailed for economic crimes and maneuvers from prison to exert control over the company. Full Story »

WASHINGTON — In February 2009, the United States had fallen into what many economists called the deepest economic slowdown since the Great Depression. The housing bubble had burst, unemployment was nearing its highest level in almost three decades and the once-freewheeling banking sector had turned tightfisted. Full Story »

THERIOT, La. - Docked boats were bedecked with fluttering red, white and blue streamers and rainbows of balloons in a bayou-country, pre-shrimp season tradition known as the "Blessing of the Boats." Full Story »

• Slideshow: Gulf Coast Oil Spill

Atlanta - As the Gulf oil spill disaster wanes, attention has turned to the White House's ability to hold BP to its promise of "making the Gulf whole again." Full Story »

DETROIT - A year after getting billions of dollars in federal aid to stay in business, Chrysler now brags each month about growing sales, insisting it is rolling down the road to recovery. Full Story »