NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Friday, April 12.
How Obama's budget would hit the rich
Throughout his time in the White House, President Obama has pushed for the wealthiest Americans to pay more. The oft-stated goal: to help reduce deficits, help pay for new investments and make the tax system "fairer." Of course, some broad proposals in his 2014 budget would affect people up and down the income scale. For example, he would raise cigarette taxes and change how inflation is calculated. But he also includes several measures that specifically target high-income households.
Bank of the Ozarks' 1Q profit up 11 percent
Bank of the Ozarks Inc. of Little Rock on Thursday announced first-quarter net income of $20 million, up 11 percent from the same time last year. The bank company said earnings per share reached 56 cents, up nearly 8 percent from the same time last year. Earnings per share beat analysts' estimates of 55 cents per share. "We are very pleased to report an excellent first quarter," George Gleason, the company's chairman and CEO, said in a news release.
Burger King CEO heads to Heinz
Brazilian private-equity firm 3G Capital is sliding the chief executive of Burger King Worldwide Inc. BKW +4.01% into the same role at H.J. Heinz Co. HNZ +0.07% once 3G and Berkshire Hathaway Inc. BRKB +0.38% complete their $23 billion buyout of the ketchup maker. Bernardo Hees will succeed Heinz CEO William Johnson, who in his 15-year tenure has turned Heinz into more of a global food company by selling its products all across the world. In February, 3G, which already controlled Burger King, teamed up with Warren Buffett's Berkshire Hathaway to buy Heinz for $72.50 a share in one of the largest-ever acquisitions in the food industry.
Bieber launches prepaid debit card
Justin Bieber is launching a new prepaid debit card aimed at teens with a social media splash planned for Thursday night. The centerpiece will be a YouTube video featuring the teen heartthrob suggesting his fans should learn about responsible spending by using the new SpendSmart card. But consumer advocates say the card is a bad deal for young consumers. The card's issuer, SpendSmart Payments (SSPC), signed Bieber to a $3.75 million endorsement deal late last year, but his campaign on behalf of the card is just kicking off.