dailyfinance business news roundupHere's news from the business world and other money matters to watch out for Thursday (last updated at 7:20 a.m. Eastern time):

Billionaires To Donate Fortunes: The Sage of Omaha, Warren Buffett, said Wednesday he and 39 other of America's wealthiest people have agreed to donate a bulk of their wealth to charity either during their lifetimes or upon their deaths. As DailyFinance's Carrie Coolidge reports, the initiative, known as Giving Pledge, is a moral commitment to give, not a legal contract. "At its core, the Giving Pledge is about asking wealthy families to have important conversations about their wealth and how it will be used," says Buffett, chairman and CEO of Berkshire Hathaway (BRK.A).

Big Apple, Rich People: New York has been named America's richest city with a record 667,000 high-net worth individuals, as Luxist's Jared Paul Stern reports. New York not only topped the list but had a sum greater than the total of the next three runners up combined -- Los Angeles, Chicago and Washington, D.C..

Feds OK Cementing Broken Well: BP (BP) has been given the green light to begin pouring cement into the damaged Macondo well in the Gulf of Mexico. After successfully plugging the well with heavy mud earlier this week, the so-called "static kill" procedure appears to have worked, federal officials said. "Based on the successful completion of the static kill procedure and a positive evaluation of the test results, I have authorized BP to cement its damaged well," said retired Coast Guard Adm. Thad Allen in a brief statement late Wednesday.

Time Gets New CEO: Time Inc. is getting a new boss. Ann Moore, who has served as chairman and chief executive of the world's largest magazine publisher since 2002, is relinquishing her CEO title to a newcomer, Jack Griffin, according to reports. Earlier this week, Griffin suddenly resigned his post as chief of Meredith Corp.'s (MDP) National Media Group.

Wall Street Awaits Jobs Data: Stock futures were little changed ahead of the latest weekly data on initial claims for unemployment benefits, due from the Labor Department at 8:30 a.m. Eastern time. The report is the latest in a string of data released this week about jobs and employment that culminates with the government's Employment Situation report on Friday.

Google, Verizon Set Pact: Google (GOOG) and Verizon (VZ) have reportedly negotiated an agreement on how to handle Web traffic that may result in higher charges to consumers, several news sources reported Wednesday. The agreement, expected within days, comes as the Federal Communications Commission is trying to get major Internet content firms, such as Google, and network service providers, such as Verizon, to strike a deal on disputed points of so-called net neutrality rules. Critics argue that the companies' agreement and the meetings are giving giant Internet firms too great a say in the future of how consumers access the Web. Separately, as DailyFinance's Amey Stone reports, Google said Wednesday on its blog that it is halting development of Google Wave, citing slow adoption. When introduced in May 2009, Wave was thought to be a breakthrough technology that combined elements of live chat and real-time document sharing.

News Corp. Earnings Rise: News Corp. (NWS) racked up an $875 million profit in its fiscal fourth quarter. The media giant reported Wednesday that revenue grew 5.7%, and operating income was up for its cable, television and newspaper divisions, although down for its second-largest unit, filmed entertainment. Still, the results had Chairman Rupert Murdoch ebullient, saying he's "very, very confident of the next six months."

Heatwave Boosts Wheat Prices: The weather hasn't only been warmer than usual in much of the U.S. Parts of Russia, too, are enduring a heatwave. The central part of the Asian nation is having the hottest summer on record, which is affecting wheat crops. As DailyFinance's Charles Wallace reports, that could send food prices higher for American consumers in coming months.

Jacko's Mansion 'For Sale'
: The Hollywood mansion where Michael Jackson died last year is back on the market for $29 million, reports WalletPop's Sarah Coffey. That may seem pricey, but it's $10 million less than businessman Hubert Guez, chief executive of the Ed Hardy clothing brand, listed it for back in 2008.


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peggy

I think what is being done is great. But some of it should be given to actual "PEOPLE" not to charities that are paying their "staffers" a hundred thousand dollars a year to "run" the charities. They should "donate" their time too. I will not send money to charities that are "paying" people to call me for money. Most of what I would be sending goes to their salaries first.

December 09 2010 at 10:05 AM Report abuse rate up rate down Reply
Kris

Hi Mr Buffett and the 39 other billionaires, I am a desperately poor person is about to loose my home, car and everything that I own. Jobs are hard to come by, my kids cannot go to college because of lack of finances. I do need your help. Please reach out of your kindness with just a grain of sand it is for you. Thank you

August 05 2010 at 4:59 PM Report abuse rate up rate down Reply
cmeichman

This is definitely a positive step in the world, except for one personal aspect needing thought. Just remember folks that wealth will not buy you into heaven. Jesus said to a wealthy young man lovingly, to sell all his possessions, and give to the poor, and follow Him. But He also knew how hard it was for the wealthy to set their riches aside, and to go on to heaven. Fortunately that is why Jesus came to the world, so that we might do so because of His sacrifice, and our belief in Him. So I hope that this is in each of your individual equations when you give this wealth away.
On a personal note I hope you will think about whether the charity directly serves the people who most need it. I think you all have made a positive start in your thinking about wealth and its use.

August 05 2010 at 11:57 AM Report abuse rate up rate down Reply
obamasneakers

hey mr schepp can you ask those guys to sponser 20.000 of my barack obama sneakers to donate to haiti to give them spiritual strenght, mitchroseboxer@aol.com aka the man who beat butterbean

August 05 2010 at 11:09 AM Report abuse rate up rate down Reply
AWY70X7

Well that's nice giving money why don't they use their minds to create businesses that can stimulate the ecconomy and each business create another one people would buy because they know it is done to help everybody,but , they don't understand they have gotten were they are because they only thought of themselves.

I had and Idea and nobody had the insight to see what i saw. I took it upon myself to continue myself. I spent 3yrs and $5,000.00 of my own money to patent it. Now there are many other products on the market. I tell people it's not the item it's how i figured out how to produce it here in the U.S. cheaper than over seas that's the whole idea provide job here. I was oproched to license it but they were going to take it overseas i refused. I wasn't in it for the money to get rich it was to stay here to provide jobs so people could servive nobody could get rich only if they learned to live cheaply and save money not become in debt. I did it and everybody thought i was rich and working to not be bored. I was willing to show them not by telling them to buy my book as others do which the only one to profit is the seller. I don't have and college degrees but common sense to watch what was going on around me to make my decisions. Things paid off well. I became disabled in a near fatal car accident 7-21-08, because of the way i chose to live to help others i can servive on S.S. disability and save money, and still help others buy i never helped anyone who ask because i was watching and helping the ones who were trying and lacking. want to know more about me try. I SHARE BECAUSE I CARE.com one word no spaces it tells about my acident and how i use it to help others. Local, atate, and federal government don't respond because they don't care about the people. this is all i can do is every time i find the chance to speak out somebody may be stired to research what i'm saying. Allan Young 813-986-0296

August 05 2010 at 10:44 AM Report abuse rate up rate down Reply
boxerktt

Nice idea from all of those rich folks. They need to remember that just giving money away to just give it away doesn't always help anyone for any amount of time. It's the old give a fish or teach to fish thing.

The biggest things on the planet today are the over all economy... (not enough GOOD jobs to go around)... too much unrest / wars, conflicts whatever you want to call them and then of course fresh water and food.

It's probably going to take some pretty smart people to find a solution for this stuff. We are already heading towards future conflicts revolving around fresh water and food so maybe THESE should be the questions they ask before they take action.

I would think figuring out an inexpensive way to desalinize salt water to fresh water would be a great place to start... It could create world wide jobs... create conditions so food could be grown... and improve over-all human health.

Just my thoughts... Regards... Kevin Thrun

August 05 2010 at 9:43 AM Report abuse rate up rate down Reply
geraldinemysasa

why do billionaires have to wait until they die to help with their fortune today.you don't know who you are helping in the grave. when you here you can feel the joy of knowing you are doing good for your fellow americans. they cannot fix the world. But they could relieve the worst times of peoples lives. Each could sponsonor one of those free 2 day clinics in every city, that would be the badge of honor i would want if i could. i don't have your funds, but i donate my time and talent to cook at our local small church, its a small spanish community, no i am not of that decent. who cares, they are hungry, so we give our talents to see they have good food each day, as long as we can keep the ingrediatents coming donated by others who have money. Think of more Mr & Mrs Billionares, you will sleep good at night, instead of only these mass charities when you don't know who gets or does what.

August 05 2010 at 9:39 AM Report abuse rate up rate down Reply
llamp84795

I think this is wonderful. But I am wondering if any of these people would be willing to help someone out so they don't lose our home? Thank you Linda

August 05 2010 at 6:16 AM Report abuse rate up rate down Reply