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Buffett discusses financial crisis, derivatives

In an interview with Spiegel, Warren Buffett sounds an optimistic tone about the financial industry despite the upheaval. He said the “weapons of mass destruction” that he has mentioned in the past are a reference to “the out-of-control trading in derivatives” and that they will be difficult if not impossible to regulate. “You can’t put the genie back into the bottle,” Buffett said.

Chevron looks to pump natural gas in Indonesia

Chevron (stock ticker: CVX) could produce close to 1 billion cubic feet of natural gas a day by 2016 from Indonesia’s deep-sea fields. Indonesia’s oil and gas regulator still must approve a development plan that Chevron submitted last year. It could take six to eight years to develop the fields before they can start pumping gas, said Steve Green, head of Chevron’s Indonesian and Philippine operations.GDP growth slightly up in 1Q 2008

The economy plodded ahead at a 0.9 percent pace in the first quarter — slightly better than first estimated — but still underscoring caution on the part of consumers and businesses walloped by housing, credit and financial problems.

Sears posts an unexpected loss, while Costco porfits exceeds estimates

Sears Holdings Corp. (stock quote: SHLD), the largest U.S. department-store chain, reported an unexpected quarterly loss, while Costco Wholesale Corp. posted profit that rose more than analysts estimated as customers sought cheaper food and gasoline.

Sears and Costco both advanced in early U.S. trading. Sears’s first-quarter loss of $56 million, or 43 cents a share, compared with net income of $223 million, or $1.45, a year earlier, the Hoffman Estates, Illinois-based retailer said today in a statement. Sales declined to $11.1 billion, also trailing analysts’ estimates.

Costco (COST), the biggest U.S. warehouse club, said third- quarter net income increased 32 percent to $295.1 million, or 67 cents a share.