IN BRIEF

NEW YORK

Gold prices float past $1,000 an ounce

The price of gold broke above $1,000 on Friday for the first time in almost a year as investors abandoned stocks and other securities seen as more risky.

Prices came down from an all-time high set last March as credit markets froze up and traders raced to unwind their positions for cash to cover huge losses.

But gold has surged 48 percent in the past four months, trading as high as $1,007.70 an ounce on the New York Mercantile Exchange on Friday. The price closed at $1001.80, up $25.70.

Analysts say gold prices will likely break a record as early as next week.

WASHINGTON

Carmakers need to reshuffle, officials say

The Obama administration says fundamental restructuring is needed to address the problems facing the auto industry.

The administration issued a statement following the first meeting of its auto task force stressing that officials understand the urgency of dealing with the auto problems.

The statement says the task force, headed by Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers, asked for more analysis and initial recommendations for what needs to be done next.

The task force was announced earlier this week after the administration decided not to appoint an auto czar to oversee the multibillion-dollar bailout packages extended to General Motors and Chrysler.

ST. JOHN'S, Antigua

Caribbean regulators seize Stanford banks

Regulators in the Caribbean took over Antiguan banks owned by Texas financier R. Allen Stanford on Friday, hoping to contain damage to the local economy as U.S. investigators explore an alleged fraud scheme involving billions of dollars.

The Bank of Antigua suffered a run on deposits, even though it has not been named in the fraud complaint by the U.S. Securities and Exchange Commission. A failure of the local bank could have severe consequences in the twin-island nation of Antigua and Barbuda, the Eastern Caribbean Central Bank said in explaining its intervention.

The SEC complaint filed Tuesday focuses on the billionaire's offshore investment bank, Stanford International Bank Ltd., where an estimated $8 billion is now being controlled by a team of accountants working for Vantis Business Recovery Services.

U.S. authorities allege Stanford lured these clients by promising unrealistic returns on certificates of deposit and other investments.

OMAHA, Neb.

Berkshire Hathaway shares hit five-year low

Shares of billionaire Warren Buffett's Berkshire Hathaway Inc. have fallen to their lowest level in more than five years.

The Class A shares of the Omaha-based company fell 6.3 percent, to $73,677.30 around midday Friday. That drop surpassed the previous low of $74,100 set in November.

Berkshire shares rebounded to close at $77,000 Friday, down 2 percent.

Berkshire's Class A shares are still the most expensive U.S. stock, but they've lost more than half their value since setting a high of $151,650 in December 2007.

The decline in Berkshire's stock price has lowered the value of Buffett's fortune. Buffett's Berkshire stock was worth roughly $32 billion at Friday's closing prices -- much less than the $62 billion estimate Forbes magazine used last March when Buffett was named the world's richest man.

NEW YORK

J.C. Penney earnings decline 51 percent

J.C. Penney Co. reported a 51 percent drop in fourth-quarter profit Friday as customers cut spending.

The retailer earned $211 million, or 95 cents per share, for the three months ended Jan. 31, down from $430 million, or $1.93 per share, a year earlier.

Sales fell 9.9 percent to $5.76 billion from $6.39 billion.

NEW YORK

Treasury prices higher amid banking worries

Treasury prices rose Friday as stocks tumbled and investors worried about the health of the banking industry.

The benchmark 10-year Treasury note rose 0.53 points to 99.63. Its yield fell to 2.77 percent from 2.85 percent.

The 30-year bond rose 1.75 points to 98.72, and its yield fell to 3.56 percent from 3.68 percent.