LONDON (ShareCast) - The Federal Reserve made it plain on Wednesday that job creation had become its primary focus, announcing that it planned to continue suppressing interest rates so long as the unemployment rate remained above 6.5 percent. It was the first time the nation’s central bank had publicized such a specific economic objective, underscoring the depth of its concern about the persistence of what the Fed chairman, Ben S. Bernanke, called “a waste of human and economic potential.”

To help reduce unemployment, the Fed said it would also continue monthly purchases of $85 billion in Treasury securities and mortgage-backed securities until job market conditions improved, extending a policy announced in September. But the Fed released new economic projections showing that most of its senior officials did not expect to reach the goal of 6.5 percent unemployment until the end of 2015, raising questions of why it was not moving to expand its economic stimulus campaign. [The New York Times]

Warren Buffett's Berkshire Hathaway Inc. repurchased $1.2 billion in stock from an unnamed shareholder, an unusual deal for a company that typically eschews buybacks. Berkshire bought the shares from a "long-time shareholder," allowing it to cash in on the holdings before the federal government raises taxes on such gains. Berkshire's board signed off on the repurchase of 9,200 of Berkshire's Class A shares at $131,000 apiece. The deal tops the maximum price Mr. Buffett has said he was willing to pay for Berkshire's own stock: no more than 10% above its per-share book value. The company said Wednesday it would now pay as much as 20% above book, which stood at $111,718 a share as of Sept. 30. [The Wall Street Journal]

Sprint Nextel is ready to flex its new financial muscle. After striking a partnership with the deep-pocketed SoftBank, Sprint Nextel is moving to secure access to a big chunk of spectrum, offering $2.1 billion for the portion of Clearwire it does not already own. The deal, which values Clearwire at $4 billion, will help Sprint build out its next generation wireless network. Under the terms of the deal, Sprint would pay $2.90 a share for Clearwire, according to a regulatory filing. Sprint, which currently owns 51.7 percent of Clearwire, will need SoftBank to sign off on the deal. [The New York Times]

Google Maps is back on the iPhone after a nearly three-month hiatus. The map app became available in the Apple App Store late Wednesday night. However, the app offers a far different experience than what users had before Google Maps was removed from the iPhone as a pre-installed app when iOS 6 launched in September. The new Google Maps is similar to the version available for Android phones, and it offers a flurry of new features. Among them are Streetview and photos of the insides of some businesses, such as restaurants and bars. Onwers of iPhones, however, might be more interested to know that the app also offers turn-by-turn voice navigation and public transit information -- a feature not available on Apple Maps. [Los Angeles Times]

For more than a decade, telecom moguls and hedge fund titans have wrangled with regulators in a bid to wring billions of dollars out of thin air. This week, the government crowned a winner. The Federal Communications Commission late Tuesday said Dish Network Corp., led by satellite-TV pioneer Charlie Ergen , would be able to use a slice of the airwaves designated for satellite-phone transmissions to instead offer much more lucrative cellphone service. [The Wall Street Journal]

Best Buy stock was up 15% Thursday on reports that founder Richard Schulze will make an offer to buy the consumer electronics giant by the end of the week, possibly on Friday, according to the Minneapolis StarTribune. The newspaper says Schulze will submit his bid to the board of directors by a Sunday deadline. He is reported to have financing in place. The big-box retailer has struggled with increasing competition from online electronics retailers. [USA Today]

MetLife Inc. raised its earnings estimate for the current year, citing solid investment spreads and favorable insurance margins, but gave a weak outlook for 2013. "During the year, we continued to benefit from our strong risk management focus and good expense management," Chief Executive Steven A. Kandarian said. "We also made significant progress on our strategic objectives, expanding in emerging markets, reducing product risk, growing our global employee benefits business and becoming more customer centric." [The Wall Street Journal]

BC

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