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On Tuesday, Best Buy Co Inc announced its revenue for the fourth quarter has increased 1.3% amounting to $14.2 billion. The largest US consumer electronics chain affirmed that its recent holiday season turned out to be a great one.

As per the chain, the sales increased due to more than expected sales of big-screen TVs and mobile phones. Counting special items, the chain was able to beat the predictions of analysts for the fourth quarter.

Hubert Joly, Best Buy's president and CEO, was of the view, "these two categories were the primary drivers of our year-over-year revenue growth, and more than offset weakness in the tablet category which was impacted by material industry declines".

Top business executives in the United States have been urging Congress to give President of the United States Barack Obama authority to negotiate international trade deals. As per the business executives, trade could increase employment in the country and competitiveness for their companies in other countries.

On Tuesday, the lobbying group Business Roundtable released a report where top CEOs of the country said that their expectations for the country's economy have improved, but the businesses still needs confidence to increase hiring and that would come with trade.

A young investor named Warren Buffett took control of Berkshire Hathaway, a failing textile company fifty years ago. In an annual letter to shareholders, released over the weekend, Buffett said, "I found myself ... invested in a terrible business about which I knew very little". He said that I was like the dog that caught the car.

While describing about his earlier days, Buffett wrote that at that time his approach was just like 'cigar butt' investing. He said that his move of buying shares of troubled companies with underpriced stocks was like picking up a discarded cigar butt that was left with just one puff. He mentioned that though the remains were ugly and soggy, but the puff was free.

On Tuesday, Alibaba witnessed its shares declining by almost 3%. The fall led the China-based online retail platform operator's shares to a new low since its listing and its main reason is concerns with regard to fake orders.

Among sellers struggling for increasing sales and to gain importance, fake transactions are considered to be normal. These sellers hire 'brushers' who act as customers and purchase items with the money given, said Wall Street.

Nuclear and renewable energy major Areva has made announcement about a huge transformation plan after its net loss increased to 4.8 billion euros.

According to Areva, it is going to sell assets, cut costs, decrease capital expenditure and also start discussions with unions about feasible layoffs.

"The scale of the net loss for 2014 illustrates the twofold challenge confronting Areva: continuing stagnation of the nuclear operations, lack of competitiveness and difficulties in managing the risks inherent in large projects”, said Chief Executive Philippe Knoche.

Philippe Knoche is the third CEO to run Areva in four years and he took place of Luc Oursel. In last October Oursel took leave and died in December. According to Areva, it is going to present a three-year financing plan.

Standard Chartered PLC informed that it has lowered a key financial target and also informed that it is going to take new action in order to conserve capital after profit dropped sharply last year.

It has been informed that net profit fell 37% to $2.51 billion from $3.99 billion. It is expected that the earnings will be not good. An announcement was made by the bank that former J.P. Morgan Chase & Co. executive Bill Winters is going to replace Chief Executive Peter Sands. Departure of Mr. Sands was announced last week after months of pressure from some shareholders to put new leadership in place after two years of waning earnings.