Goldman Sachs sped up stock awards; other business briefs

NEW YORK

Goldman rushed exec awards

Goldman Sachs accelerated delivery of $65 million in stock awards to 10 executives, including CEO Lloyd Blankfein, helping them avoid higher tax rates that take effect this year. The awards are restricted stock granted for years before 2012, according to 10 separate filings made public late Monday. Each executive surrendered 45 percent to 50 percent of their awards in order to pay taxes, according to the filings. Goldman Sachs stock climbed 41 percent in 2012, its first annual gain since 2009. Goldman typically delivers executives' restricted stock during January. The decision to speed up the delivery came as the U.S. Congress debated and ultimately passed a bill that would increase tax rates on capital gains and on individuals who make taxable income of $400,000 or more. Blankfein, 58, received 66,065 shares of restricted stock, worth $8.43 million at the closing share price Dec. 31, according to a company filing. -- Bloomberg News

Tiffany, Peretti ink 20-year pact

Tiffany & Co. has signed a contract that extends its long-standing exclusive license to sell jewelry and other items under Italian jewelry designer Elsa Peretti's name for another 20 years. Tiffany has been the only licensee for Elsa Peretti designs since 1974. Tiffany will make a one-time payment of $47 million to Peretti as part of the new contract. Peretti will also get royalties and fees related to the licensed jewelry. Elsa Peretti jewelry accounts for about 10 percent of Tiffany's sales, according to Jefferies analyst Randal Konik. He said the agreement is a big positive for the New York jewelry chain, because it removes potential uncertainty that the company might lose the exclusive license.-- AP

NATION

2013 auto sales could top 15M

A healthier economy and more model introductions should push U.S. auto sales above the 15 million mark this year, predicts an auto industry research firm. The Polk research firm says auto sales should continue to lead the country's economic recovery, rising nearly 7 percent over 2012 to 15.3 million new vehicle registrations. Automakers release December and full-year sales for 2012 today. Analysts think sales reached 14.5 million last year, the strongest performance since 2007 -- just before Americans felt the impact of the recession. Sales of more than 15 million are considered a sign of health for the economy, many analysts say. Polk expects 43 new models to be introduced this year, up 50 percent from last year. New models usually boost sales. -- AP

Buffett's company beats S&P

Warren Buffett's bet on Bank of America Corp. and a more-generous stock buyback plan helped his Berkshire Hathaway Inc. beat the Standard & Poor's 500 index last year. Berkshire's Class A shares advanced 17 percent, beating the 13 percent gain in the S&P 500. The Omaha, Neb.-based company is also poised to extend its record of outperforming the equity benchmark on Buffett's favored scorecard: the change in book value per share over time. Buffett's stock picks and acquisitions have expanded Berkshire's book value, a measure of assets minus liabilities, more than 5,000-fold since he took control of the company in the 1960s. Buffett, Berkshire's 82-year-old billionaire chairman and CEO, wrote to investors in February that he earns his paycheck if the company's per-share intrinsic value rises faster than the S&P 500. Because that number is hard to pinpoint, Buffett has said measuring book value per share is the best alternative. Berkshire's book value may have hit $113,579 a share on Dec. 31, according to an analyst estimate. That would give the firm a 7.8 percent annual growth rate for the past five years, compared with 1.7 percent for the S&P 500. Berkshire typically discloses year-end book value per share in February when it releases annual results. -- Bloomberg News