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☆ Enhanced Games Are Olympics With Steroids, Pay; Meet the Founder
▼ + stars: | 2024-03-31 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +14 min

Several countries pay bonuses to medal winners, and high-profile athletes may get brand deals and sponsorships, but many Olympic athletes live quiet lives. AdvertisementD'Souza suggested he received funding for the Enhanced Games in the "single-digit millions" but declined to specify the amount. So far, it's unclear what kind of talent Enhanced Games will attract. He said that at the Enhanced Games, athletes would get comprehensive health checkups to monitor the effects of "whatever enhancement protocols" they're on and ensure they're fit to compete. D'Souza said he planned to announce more details about the Enhanced Games this summer — right around the Paris Olympics.

Persons: Aron D'Souza, gymgoers, D'Souza, Thomas Bach, Bach, Uber, Christian, Christian Angermayer, Balaji Srinivasan, Coinbase's, Peter Thiel, Angermayer, Srinivasan, Thiel, Hulk, Charles Harder, Harder, didn't, Sargon, Peter, VCs, Thiel hasn't, he's, James Magnussen, James, he'd, Marta Nawrocka, BI's Gabby Landsverk, Jim Walden, Grigory Rodchenkov, it's, who'd Organizations: International, Olympic, IOC, West Germany's Olympic, The New York Times, Business, Apeiron Investment, University of Melbourne, Gawker Media, BuzzFeed, Gawker, Abrams, Australian Financial, US, Doping Agency, UFC, Drug Free, NFL, NBA, MLB, Testing Agency, ITA, CNN, FBI, Sports, Gaming Initiative, Paris Locations: Miami, Lausanne, Switzerland, Oxford, Australian, Russia

☆ Who ends up holding the bag for the Baltimore bridge collapse?
▼ + stars: | 2024-03-28 | by ( Catherine Thorbecke | Nathaniel Meyersohn | ) edition.cnn.com time to read: +7 min

Marine insurance companies will be on the hook for much of the costs. These insurance companies are backed by insurance companies of their own – a type of business known as a reinsurer. The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday. “But other than that, the economic impact of what has happened will be enormous, but not recoverable from the ship,” Davies said. Maryland lawmakers, meanwhile, are drafting an emergency bill to provide income replacement for Port of Baltimore workers impacted by the bridge collapse.

Persons: Baltimore’s Francis Scott Key, ”, John Miklus, Dali, Brendan Holmes, Miklus, Loretta Worters, Worters, Martin Davies, ” Davies, Joe Biden, Francis Scott Key, it’s, ” Biden, Scott Olson, Davies, Bill Ferguson Organizations: New, New York CNN, American Institute of Marine Underwriters, “, Barclays, Grace Ocean, Britannia, Indemnity, International Group, International, CNN, Insurance, Costa, Maritime Law Center, Tulane University, “ Maersk, Federal Highway Administration, Infrastructure Investment, Jobs, Biden, . Workers, Robins, Repair, Port, Maryland Locations: New York, Singapore, Costa Concordia, Italy, Danish, Baltimore , Maryland, Maryland, Baltimore

☆ A complex and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are duly updating those books as a picture emerges of the true cost of damages. Economists told Business Insider the port closure itself will cost $15 million per day in lost economic activity, with other disruptions pushing the total into the tens of millions per day. All told, Barclays said insurance companies could be looking at claims as high as $3 billion as a result of the crash, Bloomberg reported. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Morningstar, Marcos Alvarez, Edward Lloyd, doesn't, Lloyd's, John Miklus Organizations: Service, Business, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

☆ The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster
▼ + stars: | 2024-03-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Huge insurance claims are expected after the Dali collided with a major bridge on Tuesday. The claims could be on par with the $1.5 billion from the Costa Concordia disaster, an expert told Insurance Business. AdvertisementThe marine insurance industry is bracing for huge claims from Tuesday's Baltimore bridge disaster. AdvertisementThe marine insurance and reinsurance markets are likely to foot most of the bills, S&P Global reported on Tuesday. The Baltimore bridge itself is insured by insurance giant Chubb, per Insurance Insider.

Persons: Dali, —, Francis Scott Key, John Miklus, Miklus, Costa Concordia's, You've, Cintia Nazima, Chubb, SCOR Organizations: Business, Insurance, Service, American Institute of Marine Underwriters, Costa Concordia, Maryland Transportation Authority, Wall, P Global, Britannia Locations: Costa Concordia, Tuesday's Baltimore, Costa, Italy, Baltimore, Dali's Baltimore, Britannia, London, Suez

☆ A historic and clubby group in London could face billions in claims from the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Claims from the container ship Dali's crash into Baltimore's Key Bridge could cost insurers a lot. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With the crash of the container ship Dali into the Francis Scott Key Bridge in Baltimore on Tuesday, insurance underwriters are updating those books as a picture of the true cost of damages emerges. Economists told Business Insider the port closure itself will cost $15 million a day in lost economic activity, with other disruptions pushing the total into the tens of millions a day. AdvertisementStill, the collapse of the Key Bridge could lead to "one of the largest claims ever to hit the marine (re)insurance market," John Miklus, the president of the American Institute of Marine Underwriters, told Insurance Business.

Persons: —, Dali, Francis Scott Key, Marcos Álvarez, Edward, doesn't, Lloyd's, John Miklus Organizations: Service, Barclays, Bloomberg, Port, Reuters, Lloyd's, American Institute of Marine Underwriters, Insurance Business Locations: London, Baltimore, Port of Baltimore, Britannia

☆ What the Baltimore bridge collapse means for the US economy
▼ + stars: | 2024-03-27 | by ( George Glover | Pete Syme | ) www.businessinsider.com time to read: +5 min

Read previewThe collapse of the Francis Scott Key Bridge on Tuesday is a reminder that the economy remains vulnerable to sudden supply-chain shocks, experts say. Here's how the catastrophe could affect the economy, trade, and the city of Baltimore. "This event will have greater economic implications for the Baltimore economy than nationally," Oxford Economics' chief US economist Ryan Sweet said on Tuesday in a research note. The container ship Dali collided with a key bridge in Baltimore on Tuesday. The port of Baltimore is the busiest for "roll-on/roll-off" cargo, which includes cars, light trucks, and agricultural and construction equipment.

Persons: —, Francis Scott Key, Dali, Ryan Sweet, Michael A, McCoy, Sweet, Michael Tamvakis, Tamvakis, Ioannis Moutzouris, Moutzouris Organizations: Service, Business, Maersk, Oxford Economics, Washington Post, Getty, JPMorgan, International Monetary Fund, City , University, London's Bayes Business, Maxar, University of London Locations: Baltimore, Norfolk, New York, New Jersey, Suez

☆ Opinion: These three Oscar-nominated films couldn’t be more different. Together, they represent the change we need
▼ + stars: | 2024-03-07 | by ( Opinion Noah Berlatsky | ) edition.cnn.com time to read: +7 min

All three films question male conventions and genres in ways that show exactly why we need more films by, and more nominations for, women-directed films. Les Films PelléasTriet’s “Anatomy of a Fall” is about a German novelist, Sandra (Sandra Hüller), accused of murdering her husband Samuel (Samuel Theis). Director Celine Song talks to lead actress Greta Lee on the set of "Past Lives." That doesn’t mean that women directors are less interesting or less original than male directors. Triet, Song and Gerwig have proved that women directors are uniquely positioned to question and rethink old genres, old stories and old ideas.

Persons: Noah Berlatsky, — Justine Triet’s “, Celine Song’s “, Greta Gerwig’s “, ” —, Noah Berlatsky Noah Berlatsky, it’s, Randa Haines, ”, —, Sandra Hüller, Justine Triet's, Pelléas, Sandra, Samuel, Samuel Theis, Billy Wilder’s, David Fincher’s, Triet, Nora Moon, Greta Lee, Hae Sung, Teo Yoo, Nora, Arthur, John Magaro, Celine Song, doesn’t, Gerwig, “ Barbie, “ Barbie ”, Barbie, Ken, Greta Gerwig, Margot Robbie, Jaap Buitendijk, Barbie ”, Bradley Cooper’s, Maestro ”, Christopher Nolan’s “ Oppenheimer, clichés, Alexander Payne’s “, Kelly Reichardt’s, Nida Organizations: CNN, USC, Initiative, Academy, New York Times, Everett, Warner Bros ., Warner Bros, Entertainment, ” Locations: Chicago, German, South Korea

Maxar Technologies Visual Investigations The $2.8 Billion Hole in U.S. Sanctions on Iran A Times investigation reveals how lax government oversight allowed shadowy oil tankers, covered by American insurance, to fund Iran’s regime. The American Club is one of only 12 major insurers of its kind, and the only one based in the United States. By then, the tankers had transported at least $2.8 billion in crude oil, based on the lowest reported prices of Iranian oil in 2023. The Treasury office has publicly enforced sanctions on the American Club only once in the past 20 years. Ultimately, the office said the American Club did “not appear to have been willful or reckless” and the case was settled.

Persons: Biden, ”, penna gabrielle toyomi, penna selene gabrielle, gabrielle, selene, lisa marianne selene, Samir Madani, Maggie Hassan, Daniel Tadros, “, Mr, Tadros, Shipowners, ” Mr, Madani of TankerTrackers.com, David Tannenbaum Organizations: Maxar, Maxar Technologies, Sanctions, U.S, White, New York Times, Times, Treasury Department, American Club, Treasury, cathay kirin, Copernicus, Planet Labs, Star, American, The Times, Revolutionary Guards Corps, Anadolu Agency, Getty, Club’s, Hamas, Bloomberg, United Against Nuclear, Nuclear, Glory, United, National Iranian Tanker, Labs, Copernicus Sentinel, Club, International Maritime Organization, AIS, Spire Locations: Gulf of Oman, American, U.S, Iran, New York, New Hampshire, United States, Hong Kong, Kharg, Kpler, China, Israel, Yemen, United Against Nuclear Iran, Nuclear Iran, United Arab Emirates, Asaluyeh, Dubai, of Oman, Persian, Oman, Cuba, Sudan, MarineTraffic, SynMax, TankerTrackers.com

ACCRA, Ghana (AP) — Seven royal artifacts looted 150 years ago by British colonial forces from Ghana’s ancient Asante kingdom and kept by a United States museum have been returned and presented to the kingdom on Thursday, the latest of a series of stolen treasured items being repatriated to several African countries. After decades of resistance from European and Western governments and museums, the efforts of African countries to repatriate stolen artifacts are paying off with the increasing return of treasured pieces. That was when four of the items were looted while the other three were part of an indemnity payment made by the Asante kingdom to the British, the museum said. All seven items are being returned unconditionally and permanently though the kingdom allowed their replicas to be made, the museum added. “And ever since, as a kid, I had the vision that one day we shall have all these artifacts back to our Asante nation.”

Persons: Otumfuo Osei Tutu, Asante, ”, Kwasi Ampene, Silvia Forni, Samuel Opoku Acheampong, Acheampong Organizations: United, Fowler Museum, University of California, Asante Locations: ACCRA, Ghana, United States, British, Los Angeles, Asanteman, Ghana’s, Kumasi, Asante

☆ UK museums to loan looted gold artifacts to Ghana
▼ + stars: | 2024-01-25 | by ( Jack Guy | ) edition.cnn.com time to read: +3 min

CNN —The United Kingdom will send back gold and silver artifacts looted from Ghana in the 19th century after a long-term loan agreement was struck. Both the British Museum and the V&A will send items related to the Asante royal court to Ghana, where they will be displayed at the Manhyia Palace Museum in Kumasi, according to a press release from the UK museums Thursday. “Asante kings grew powerful on local gold deposits and the palace in Kumasi became the focal point for a lucrative international gold trade,” it adds. The items will be displayed in Ghana on a long-term loan. Lissant Bolton, keeper of Africa, Oceania and the Americas at the British Museum, hailed the partnership with the Manhyia Palace Museum.

Persons: Asante, ”, Osei Tutu, Albert Museum “, “ Asante, Albert Museum Tristram Hunt, he’s, Asantehene Otumfuo Osei Tutu II’s, Hunt, Lissant Bolton, Emmanuel Macron, Lord Elgin Organizations: CNN, British Museum, Asante, Albert, Victoria, Albert Museum, “, French Locations: United Kingdom, Ghana, Manhyia, Kumasi, Asante, Victoria, London, Asantehene, Africa, Oceania, Americas, Bolton, Greece

☆ Three tips to maximize benefits during open enrollment
▼ + stars: | 2023-11-08 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

More than two out of three employees (67%) spend less than 30 minutes reviewing benefits options during open enrollment season, while almost half spend less than 20 minutes, a new Voya Financial survey shows. To get enrollment over with quickly, more than 90% of employees click the same options as last year, a new report by insurer Aflac shows. Compound that figure from enrollment every November, and you can see how your options can create a solid financial future or a shaky one. "Open enrollment isn't just a formality. After all, things might have changed since the previous open enrollment.

Persons: Eric Thayer, Sean Lovison, Jack Heintzelman, Spenser Liszt, Liszt, Nate Black, Black, it's, Chris Taylor, Lauren Young, Richard Chang Organizations: Macy's, of Labor Statistics, Employers, Employees, Thomson Locations: New York, Moorestown , New Jersey, Needham Heights , Massachusetts, Dallas

Major technology companies like Google have been investing heavily in generative AI and racing to incorporate it into their products. Google said its new policy applies to software, including its Vertex AI development platform and Duet AI system, which generates text and images in Google Workspace and Cloud programs. The press release did not mention Google's more well-known generative AI chatbot program Bard. The new wave of lawsuits over generative AI has generally targeted the companies that own the systems, including Google, and not individual end users. AI defendants have said that the use of training data scraped from the internet to train their systems qualifies as fair use under U.S. copyright law.

Persons: Annegret, Bard, Blake Brittain, David Bario, Aurora Ellis Organizations: Google, Arena, REUTERS, Microsoft, Adobe, Thomson Locations: Berlin, Germany, Washington

☆ Adobe rolls out AI features, plans for price hikes and payouts
▼ + stars: | 2023-09-13 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Adobe makes Photoshop and other editing tools that form the core of its Creative Cloud subscription software business. For the past six months, the company has been steadily adding new AI features to those programs, such as the ability to generate images from text. Adobe customers will get a certain number of "credits" toward using generative AI features. Adobe also said it will pay the contributors to its stock imagery databases that are used to train its AI systems. After that, Adobe will start paying out the bonus each year for the training work done with its AI systems.

Persons: Ely Greenfield, Stephen Nellis, Richard Chang Organizations: Wednesday, Adobe, Reuters, Thomson Locations: San Francisco

☆ Ecuador presidential hopeful Zurita promises better policing, social programs
▼ + stars: | 2023-08-15 | by ( Alexandra Valencia | ) www.reuters.com time to read: +4 min

[1/2] Ecuadorean presidential candidate Christian Zurita, who has replaced assassinated presidential candidate Fernando Villavicencio, speaks during an interview with Reuters prior to Sunday's presidential election, in Quito, Ecuador August 15, 2023. REUTERS/Henry Romero Acquire Licensing RightsQUITO, Aug 15 (Reuters) - Ecuador presidential hopeful Christian Zurita, who is running in place of his friend, slain candidate Fernando Villavicencio, said on Tuesday he would better equip the police and enshrine intelligence protocols to fight crime, and use international loans to shore up social programs. Like his predecessor, Zurita is an investigative journalist known for tracking alleged corruption. The two men worked on 300 investigations together over the last decade, Zurita, 53, told Reuters in an interview on Tuesday. Villavicencio's death must be thoroughly investigated, Zurita added, and given how much corruption Villavicencio exposed, the suspect list is long.

Persons: Christian Zurita, Fernando Villavicencio, Henry Romero, Villavicencio, Fernando, Zurita, There's, SLB, Rafael Correa, Luisa Gonzalez, Correa, Alexandra Valencia, Gary McWilliams, Julia Symmes Cobb, David Gregorio Our Organizations: Reuters, REUTERS, Rights, Schlumberger, Thomson Locations: Quito, Ecuador, Rights QUITO, Houston

A Biden administration source said such conversations with service providers about their requirements have been constant during the implementation of the caps. The price cap bans Western companies from providing services such as transportation, insurance and financing for the oil sold above the cap. Treasury uses a monthly average of prices to calculate the Urals price, which means it may be a while before the Russian oil price can be considered over the cap. 'POLICY PICKLE'The administration, however, is set to move slowly, wary of creating ripples in a market that could send rising global oil prices higher. "But there won't likely be a dramatic change unless oil prices stay high for a while."

Persons: Biden, We’ve, Joe Biden, Wally Adeyemo, Elizabeth Rosenberg, Adeyemo, Ben Cahill, Cahill, Timothy Gardner, Marguerita Choy Organizations: Group, European Union and Australia, Treasury, Foreign Assets, RUSSIA, The State Department, EU, Center for Strategic, International Studies, Thomson Locations: Washington, Ukraine, U.S, Urals, India, China, Russia, Europe, Russian, Eastern

☆ SEC seeks rule change that could cause fund managers to take less risk
▼ + stars: | 2023-07-07 | by ( Leslie Picker | ) www.cnbc.com time to read: +3 min

A sweeping change sought by the Securities and Exchange Commission would take fund managers' culpability a step further than current standards if they don't effectuate a greater standard of care. The rule change involves lowering the bar for indemnification of fund managers to "ordinary negligence" from "gross negligence." "It would monumentally change the relationship between fund managers and investors," said Marc Elovitz, partner and chair of the regulatory practice at Schulte Roth & Zabel, in an interview for the Delivering Alpha Newsletter. And investment managers are going to have a hard time protecting themselves from being on the hook for those risks." However, ILPA said that, "an ordinary negligence standard as applied to breach of contract would assure meaningful progress."

Persons: Marc Elovitz, Schulte Roth, Zabel, Schulte's Elovitz, ILPA, Gary Gensler Organizations: New York Stock Exchange, Securities and Exchange, Alpha, Institutional Limited Partners Association, SEC, Fund Advisers Locations: New York City

☆ William Byrd: An Essential English Composer for Four Centuries
▼ + stars: | 2023-07-04 | by ( Hugh Morris | ) www.nytimes.com time to read: +2 min

It was not a conventional chapel, Johnstone noted, but a semiautonomous corporation of musicians in service of the monarch. The Chapel Royal also brought Byrd into contact with its then-organist, Thomas Tallis, who became his teacher and mentor and later a collaborator. After studying with Tallis, in 1563, Byrd left to take up the post of organist and master of the choristers at Lincoln Cathedral. But the cathedral’s governing chapter disapproved of Byrd’s organ playing and suspended his salary was suspended in 1569. And support for Byrd’s burgeoning career came from both England’s extant Catholic establishment and the queen herself.

Persons: Johnstone, Byrd, Thomas Tallis, Tallis, Lincoln “, ” Johnstone, ” Phillips, “, wasn’t, Queen Elizabeth I, John Dowland, John Bull, Richard Dering, Byrd didn’t, ”, Elizabeth Organizations: Royal, Lincoln Cathedral, Catholic, Chapel Royal Locations: Lincoln

☆ Berkshire Hathaway's holdings in five Japanese companies could go beyond 10%, Jefferies says
▼ + stars: | 2023-06-20 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's Berkshire Hathaway once again increased its stakes in five Japanese trading houses, and Jefferies said watch out for more such buying from the "Oracle of Omaha." Thanh Ha Pham, equity analyst at Jefferies, said Berkshire's holdings in these companies could go even beyond 10% in the future, and collaboration with Berkshire's businesses is another avenue to explore. The 92-year-old Buffett paid a visit to Japan and met with the heads at these Japanese firms earlier this year. Like Berkshire, the Japanese trading firms, also known as sogo shosha, are conglomerates that are involved in a wide range of products and services, including energy, machinery, chemicals, food, finance and banking. "By investing in trading houses, investors obtain a well-diversified business portfolio that is not exposed to any single industry or geography," Pham said.

Persons: Warren, Berkshire Hathaway, Jefferies, Thanh Ha Pham, Warren Buffett, Pham, Buffett Organizations: National Indemnity Company, Mitsubishi, Mitsui, Sumitomo, Jefferies, Tokyo Stock Exchange, Itochu Locations: Omaha, Itochu, Berkshire, Japan

Berkshire Hathaway on Monday said its wholly-owned subsidiary National Indemnity Company has increased its stake in five Japanese trading firms to average more than 8.5%. Berkshire Hathaway said it intends to hold its Japanese investments for the long term, with CEO Warren Buffett pledging the company will only purchase up to 9.9% of any of the five firms. Buffett visited Japan in April to announce that Berkshire Hathaway would boost its investment in the various Japanese trading houses to 7.4%, after identifying the five businesses as comparable entities to his Omaha-based conglomerate. The five firms are the largest of Japan's so-called sogo-shosha, or general trading companies, and focus on diversified long-term investments that prioritize value and cash flow. Berkshire Hathaway owns no other investments in Japan.

Persons: Berkshire Hathaway, Warren Buffett, Buffett Organizations: National Indemnity Company, Mitsubishi, Mitsui, Sumitomo, Berkshire Locations: Berkshire, U.S, Japan, Omaha

☆ Adobe tops quarterly results and forecast estimates driven by AI
▼ + stars: | 2023-06-15 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

June 15 (Reuters) - Adobe Inc (ADBE.O) surpassed Wall Street estimates for quarterly results and forecast on Thursday as the Photoshop maker's efforts to drive up demand with generative artificial intelligence (AI) integrations paid off. Adobe's spree to boost AI innovation has been evident by AI features being introduced into Acrobat, Express, Photoshop and Premiere Pro. Analysts see generative AI as both a near- and long-term benefit to both the creative and experience businesses, which could be a catalyst to 2024 revenue growth. Focus continues to remain on the impact of generative AI and the pending close of the Figma deal. Adobe has been waiting to finalize its $20 billion buyout deal for the cloud-based designer platform, with management expecting an initial ruling this month.

Persons: integrations, Dan Durn, Samrhitha, Pooja Desai Organizations: Adobe Inc, Acrobat, Adobe, Users, Reuters, Analysts, Zoom Video Communications, Airbnb Inc, Revenue, Thomson Locations: San Jose , California, Bengaluru

☆ Adobe pushes Firefly AI into big business, with financial cover
▼ + stars: | 2023-06-08 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

June 8 (Reuters) - Adobe Inc (ADBE.O) said on Thursday it will offer Firefly, its artificial intelligence tool for generating images, to its large business customers, with financial indemnity for copyright challenges involving content made with the tools. Adobe earlier this year released a test version of Firefly, its own service which it says was created with legally safe image data. On Thursday, San Jose, California-based Adobe said it will start offering Firefly to its corporate customers as part of Adobe Express, a tool aimed at helping business users who do not specialize in design to create images and documents. "Rather than someone going over and pulling the data for a time range and generating the report, now you can see it. Reporting by Stephen Nellis in San Francisco; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Adobe, Ashley Still, Suman Basetty, Basetty, Stephen Nellis, Sonali Paul Organizations: Adobe Inc, Adobe Express, Firefly, Adobe, Reuters, Thomson Locations: San Jose , California, San Francisco

☆ Warren Buffett's Berkshire Hathaway has been a fortress stock during recessions and bear markets. Here's how
▼ + stars: | 2023-05-05 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Since 1980, Berkshire shares have beat the broader market over the course of six recessions by a median of 4.41 percentage points. The iPhone maker has outperformed throughout the bear market, similarly driving outperformance for Berkshire Hathaway as Apple accounts for roughly 45% of the firm's portfolio, according to CNBC's Berkshire Hathaway portfolio tracker. That has helped Berkshire Hathaway Class A shares climb more than 4% this year. That's who's gotten rich from owning Berkshire Hathaway," said Bill Smead, founder and chairman of Smead Capital Management and a Berkshire shareholder. "People held Berkshire Hathaway to a fault and they got that benefit."

☆ Factbox: Warren Buffett, Berkshire Hathaway at a glance
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +8 min

[1/2] Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc's annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan/File PhotoMay 4 (Reuters) - Tens of thousands of people are descending on Omaha, Nebraska to attend the annual shareholder weekend for billionaire investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N). Susan Buffett and Howard Buffett are Berkshire directors. His Berkshire stock will go to philanthropy after he dies. (Interview with CNBC, April 12, 2023)Abel on Berkshire managers' relationship with him: "It's not the same as working for Warren.

☆ Negotiating Financing Provisions in Mergers
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +47 min

(For the complete version of this resource, which includes initial considerations and questions counsel should ask when drafting and negotiating financing provisions in merger agreements, see Drafting and Negotiating Financing Provisions in Mergers on Practical Law.) For a private placement under Rule 144A, the financing parties may offer some flexibility regarding the required financing statements. The term refers collectively to provisions that benefit debt financing parties by limiting their liability in an acquisition financing, including provisions that provide for:No recourse to the financing parties. The target company has no recourse against the financing parties and cannot pursue litigation against the financing parties directly. The financing parties are third-party beneficiaries of the Xerox provisions to permit the financing parties to enforce their rights under the merger agreement.

Warren Buffett released his latest annual shareholder letter for Berkshire Hathaway on Saturday. "And I doubt very much that any reader of this letter will have a different experience in the future." And I doubt very much that any reader of this letter will have a different experience in the future." Buffett defends stock buybacks "Gains from value-accretive repurchases, it should be emphasized, benefit all owners – in every respect. • Finally, I will add two short sentences by Charlie that have been his decision-clinchers for decades: "Warren, think more about it.

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