Reported about 5 hours ago
Warren Buffett announced at the Berkshire Hathaway annual meeting his intention to recommend Greg Abel as his successor as CEO. This transition could occur as early as the end of 2025, with Abel, currently CEO of Berkshire Energy and a 25-year veteran of the company, expected to take the lead. Buffett will remain involved in decision-making while emphasizing that the final decisions will rest with Abel. The announcement was well received, and Buffett also confirmed he has no plans to sell his shares.
Source: YAHOO
Reported about 7 hours ago
Source: YAHOO
Reported about 7 hours ago
In the recent election, Singapore's ruling People's Action Party (PAP) successfully retained a significant majority, securing 87 out of 97 seats, and Prime Minister Lawrence Wong achieved a boost in support since taking office a year ago. This victory reflects voters' concerns over rising costs and their alignment with the incumbent amid a challenging global economic environment. Wong expressed gratitude for the mandate and highlighted plans for social welfare initiatives, illustrating the PAP's intent to navigate future economic challenges effectively.
Source: YAHOO
Reported about 8 hours ago
At Berkshire Hathaway's 60th annual meeting, Warren Buffett shared his thoughts on various topics including the importance of balanced trade, the unique opportunities in the U.S. securities market compared to real estate, and the need for a savvy energy policy. He emphasized the luck of being born in the U.S. and expressed concern over fiscal policy while encouraging investors to remain calm amid market fluctuations.
Source: YAHOO
Reported about 9 hours ago
Marco Rubio's recent appointment to both secretary of state and interim national security adviser marks a significant shift in U.S. national security leadership, following the ousting of Mike Waltz. Despite Rubio's prominent positions, questions remain about his actual influence on key foreign policy issues, especially as he navigates a landscape with strong contenders for Trump's favor, including Trump’s daughter, Richard Grenell, and others. As Rubio adapts to his new roles, his actions will clarify how he manages the complex dynamics of Trump's centralized administration.
Source: YAHOO
Reported about 9 hours ago
Warren Buffett affirmed his strong support for the five Japanese trading houses in which Berkshire Hathaway has invested, stating that he sees no reason to sell them over the next 50 years. At the annual shareholder meeting, Buffett highlighted the positive experiences with Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo, while Berkshire's total investment reached $23.5 billion by the end of 2024. The company aims to foster long-term relationships with these trading houses, which operate across various industries and contribute significantly to the real economy.
Source: YAHOO
Reported about 9 hours ago
At Berkshire Hathaway's annual meeting, Vice Chairman Ajit Jain reported that Geico has made significant advancements in technology, particularly in pricing insurance risks and telematics. Despite a workforce reduction of over 2,300 jobs, Geico showed substantial improvements in 2024, suggesting the company is becoming a more focused competitor, although Jain acknowledged that more work remains to catch up with rivals in data analytics by the end of 2025.
Source: YAHOO
Reported about 10 hours ago
During the annual Berkshire Hathaway meeting, Warren Buffett criticized the use of tariffs, calling trade conflicts a 'big mistake' and asserting that 'trade should not be a weapon.' He expressed concerns over the impact of tariffs on Berkshire's growth and emphasized the importance of cooperative trade. Buffett also discussed Berkshire's substantial cash reserves and acknowledged Apple's Tim Cook for his significant contributions to the company's success.
Source: YAHOO
Reported about 10 hours ago
Berkshire Hathaway's auto insurer Geico has significantly reduced its workforce from about 50,000 to roughly 20,000 as part of a turnaround strategy to improve its competitive position. Following these job cuts, Geico reported a 13% increase in pretax underwriting earnings, amounting to $2.2 billion, and gained new clients after a period of market share loss. Vice Chair Ajit Jain highlighted the importance of technological advancements and artificial intelligence for Geico's continued success.
Source: YAHOO
Reported about 10 hours ago
Warren Buffett's Berkshire Hathaway reported a significant decline in profits, earning $4.6 billion in the first quarter, impacted by $860 million in insurance losses related to Southern California wildfires. As thousands gathered for the shareholders meeting in Omaha, Buffett noted that operating earnings fell 14% to $9.6 billion. While the company faces challenges from geopolitical events and tariffs, its various business sectors, including BNSF railroad, showed resilience despite overall profit declines in insurance underwriting.
Source: YAHOO
Reported about 10 hours ago
Warren Buffett stated at Berkshire Hathaway's annual meeting that trade should not be treated as a weapon, reflecting on its potential to provoke conflict and lead to negative consequences. He emphasized the importance of the U.S. engaging positively in global trade rather than fostering animosity, particularly amidst recent uncertainties in the market and economic concerns resulting from the evolving tariff policies under President Trump.
Source: YAHOO
Reported about 11 hours ago
Keith Gangl, a senior portfolio manager at Gradient Investments, suggests that the worst of tariff impacts have passed, urging investors to prioritize corporate earnings and upcoming tax cuts from the Trump administration. With strong earnings reports from major tech companies like Meta and Microsoft, the focus should shift to companies less affected by tariffs, such as Netflix. Gangl advises that clarity in trade agreements and steady earnings growth could enhance investor confidence moving forward.
Source: YAHOO
Reported about 11 hours ago
Investor Warren Buffett cautions that the United States should avoid using trade as a weapon, which leads to global anger, as seen during Trump's tariff policies.
Source: YAHOO
Reported about 12 hours ago
The stock market is experiencing a strong bullish phase, with the S&P 500 Index achieving a record nine consecutive sessions of gains, recovering all losses since the recent trade tensions initiated by President Trump. Despite this surge being largely driven by enthusiastic individual investors, economic indicators remain mixed, with concerns about inflation-adjusted GDP contraction and uncertain earnings outlooks from major companies. While some analysts are optimistic about potential trade developments, clarity in economic conditions is lacking, and institutional investors remain cautious.
Source: YAHOO
Reported about 12 hours ago
Warren Buffett's Berkshire Hathaway reported a 14.1% decline in first-quarter operating earnings year-over-year, amounting to $9.64 billion, attributed mainly to lower profits in its insurance underwriting business. Despite this drop, the company saw its cash reserves rise to a record $347.7 billion, leading investors to speculate on future deployment strategies for this growing cash pile, especially as Berkshire did not buy back any shares during the period. The company's Class B shares have increased by 19% this year, contrasting with the S&P 500's slight losses.
Source: YAHOO
Reported about 12 hours ago
Despite a significant drop in crude prices and OPEC+'s decision to increase output, major Western oil companies like ExxonMobil and Chevron are maintaining their production growth plans. This contrasts with U.S. shale operators who are facing financial pressures due to lower prices. The production increase by OPEC+ raises concerns about global oil supply amid an uncertain economic outlook.
Source: YAHOO
Reported about 15 hours ago
Berkshire Hathaway is set to announce its first-quarter earnings during its annual shareholders meeting this Saturday, with investors eager to hear about its substantial cash reserve of over $330 billion, potential catastrophe losses, and updates on subsidiaries like Geico and BNSF. Chief Investment Officer Bill Stone notes expectations for strong interest income and discusses the company's cautious investment approach and the absence of recent stock buybacks.
Source: YAHOO
Reported about 21 hours ago
A new round of auto tariffs on parts has just been implemented, imposing a 25% import tax that could significantly affect the automotive industry by driving up costs and vehicle prices. Automakers, while able to temporarily offset some of these tariffs, will ultimately face substantial financial burdens that may lead to increased costs for American car buyers. The complex trade dynamics, especially concerning parts from Mexico and Canada, highlight the challenges in achieving 'tariff-free' status under current trade agreements.
Source: YAHOO
Reported 1 day ago
Tesla's sales in Europe have plummeted by over 50% in recent months, with a 81% drop in Sweden, 74% in the Netherlands, and 67% in Denmark. This decline comes as Elon Musk shifts his attention back to Tesla after reducing his role in government efficiency efforts. Concerns are growing about the impact of political backlash and competition from rivals, while Tesla's aging models and supply chain issues further complicate recovery efforts.
Source: YAHOO
Reported 1 day ago
As of the week ending April 26, 2025, U.S. rail freight volumes remain above those of 2024, with a reported increase of 5.5% in total traffic, including a 9% rise in carloads. Despite potential declines in imported traffic from China affecting intermodal volumes, overall carloads and intermodal units show significant growth for the year.
Source: YAHOO
Reported 1 day ago
In an interview, President Trump suggested that the U.S. economy is experiencing a 'transition period' and downplayed concerns regarding a potential short-term recession, expressing optimism about the nation's future performance. He emphasized strong employment figures and urged the Federal Reserve to lower interest rates. Despite growing public dissatisfaction and predictions of rising inflation due to tariffs, some economists remain hopeful about a rebound in growth driven by consumer spending and investment.
Source: YAHOO
Reported 1 day ago
Two Republican lawmakers have urged the U.S. Securities and Exchange Commission (SEC) to delist Chinese companies, including Alibaba, citing military affiliations that threaten U.S. national security. They argue that these companies, while appealing commercially, support the Chinese Communist Party's strategic goals, including military modernization and human rights violations. The lawmakers believe the SEC has the authority to compel delisting under existing laws.
Source: YAHOO
Reported 1 day ago
Ben & Jerry's has reported that billionaire activist investor Nelson Peltz is increasing his influence over its parent company Unilever, particularly concerning political and social issues. This comes amid a legal dispute over claims that Unilever is suppressing the ice cream maker’s social mission and censoring its communications on controversial topics. The Vermont-based company alleges that Unilever's edits align with Peltz's political views, raising concerns about potential changes in Unilever's approach to environmental and social governance.
Source: YAHOO
Reported 1 day ago
Cleveland Cliffs announced plans to indefinitely idle three steel plants in Pennsylvania and Illinois due to weak demand and pricing for certain products, affecting around 950 workers. The decision comes as the company also faces challenges with automotive production, although it plans to resume operations at a previously idled blast furnace in Cleveland.
Source: YAHOO
Reported 1 day ago
Private equity firm Apax Partners is reportedly the frontrunner to acquire Finastra's treasury and capital markets unit for approximately $2 billion, as the bidding process led by Vista Equity Partners nears conclusion. While final bids have been submitted and Apax is favored to win, there remains the possibility for other bidders to emerge before a deal is finalized.
Source: YAHOO