American Airlines Gets Ok To Freeze Pilot Pensions, Not Terminate Them

Alex Wong / Getty Images Warren Buffett's Berkshire Hathaway has permission to more than double its Bank of America stake to 24.9%, a spokesperson for the Federal Reserve's Richmond, Virginia outpost told Business Insider this week. The billionaire investor's company bought about $1.7 billion of the bank's stock in the last two weeks of July, lifting its ownership to 11.8%. The Richmond Fed approved Berkshire's application to raise its 10% ownership limit in April. However, Berkshire will have to file to become a bank-holding company if it wants to own 25% or more of Bank of America. Visit Business Insider's homepage for more stories. Warren Buffett's Berkshire Hathaway has the green light to more than double its Bank of America stake to 24.9%, a spokesperson for the Federal Reserve Bank of Richmond told Business Insider this week. The famed investor's conglomerate spent about $1.7 billion on the bank's shares in the space of nine trading days in July, boosting its ownership to 11.8% — a position worth more than $25 billion based on Bank of America's closing share price on Monday.

Reuters Energy giant BP reported a loss of $16.8 billion for the second quarter as it continues to battle the coronavirus pandemic's existential threat to the oil industry. The UK-based company's overall loss included a $10.9 billion impairment charge related to the pandemic. BP cut its dividend by 50% to 5.25 cents from 10.5 cents, the first time since its 2010 Deepwater Horizon incident — the largest marine oil spill in history.

Saul Loeb/AFP via Getty Images Good morning! This is the tech news you need to know this Tuesday. Sign up here to get this email in your inbox every morning. Trump reportedly said TikTok has until September 15 to find a US buyer or it will be banned — and that the US Treasury should get payment as part of the sale.

AP Photo/Evan Vucci Manhattan District Attorney Cyrus R. Vance Jr.'s office asked a judge for eight years of President Donald Trump's tax records on grounds of media reports claiming "extensive and protracted criminal conduct at the Trump Organization," the Associated Press reported. Vance cited newspaper articles that allege potential criminal activity by Trump and his organization.

Patrick McMullan via Getty Images President Donald Trump has once again extended well wishes to Ghislaine Maxwell, the associate of Jeffrey Epstein who is awaiting trial on charges of sex trafficking. In an interview with Axios' Jonathan Swan, the president also entertained conspiracy theories about Epstein's death. He added of Maxwell: "I'm not looking for anything bad for her.

Michael A. McCoy/Reuters President Donald Trump, during an Axios interview, repeatedly stopped short of describing the late Democratic Rep. John Lewis of Georgia as an impressive individual. "He chose not to come to my inauguration," Trump said of Lewis. "He chose, I never met John Lewis, I don't believe." "I find a lot of people impressive," Trump added.