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[1/2] The seal of the U.S. Securities and Exchange Commission (SEC) is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. At issue are proposed rules that would, among other things, require greater disclosures of large security-based swap positions. "The SEC is unlawfully withholding ... information to which Elliott is entitled and for which no valid disclosure exemption applies or has been properly asserted," Elliott said. In June, the regulator strengthened rules intended to prevent anyone in the security-based swaps market from manipulating prices. The case is Elliott Investment Management LP v SEC, U.S. District Court, District of Columbia, No.
Persons: Andrew Kelly, Elliott, Paul Singer, Svea Herbst, Bayliss, Bill Berkrot Organizations: U.S . Securities, Exchange Commission, Washington , D.C, REUTERS, Elliott Investment Management, SEC, Bloomberg News, Forbes, Elliott Investment, U.S, District of Columbia, Svea, Thomson Locations: Washington ,, Washington, West Palm Beach , Florida
A decade later, Trump's failed Bills bid is one of the business moves under scrutiny in the trial of a lawsuit brought by New York Attorney General Letitia James. In offering to buy the Bills, Trump cited his net worth as $8 billion in an initial offer letter but never provided his financial statements. Throughout the sale process, Cohen insisted Trump was serious about his bid and his commitment to keeping the Bills in Buffalo. “There’s nobody more serious than Donald Trump,” Cohen said in an interview with The Associated Press in 2014. Trump told the AP in 2016 that had he been able to buy the Bills, it’s unlikely that he would've run for president.
Persons: Donald Trump, “ Trump, Morgan Stanley, K, Don Cornwell, doesn’t, he'd, Jeffrey Holzschuh, Trump, Ralph Wilson, Terry, Kim Pegula, Jon Bon Jovi, Trump's, Letitia James, James, He'd, Pete Rozelle, Rozelle, Michael Cohen, Forbes, Cohen, ” Cohen, Cornwell, ” Holzschuh, Holzschuh, he'd “, ” Trump, , Christopher Kise, John Wawrow Organizations: Buffalo Bills, NFL, Bills, of Fame, NHL’s Buffalo Sabres, New York, Republican, Trump, New, New Jersey Generals, USFL, U.S, Supreme, Forbes magazine's, Associated Press Locations: New Jersey, Buffalo, , Buffalo , New York
Basketball icon Magic Johnson has been declared a billionaire by Forbes. Johnson recently revealed he passed on an early chance to buy Nike shares that could've netted him billions. AdvertisementAdvertisementForbes magazine has declared basketball star Magic Johnson a billionaire, decades after he lost out on a Nike deal that could have netted him $5 billion. The Nike deal would've seen Johnson paid $1 for every pair of trainers sold and 100,000 shares in company stock. Back then, Nike shares were worth around 18 cents each, while today they are valued at around $100, so a shares deal would've been hugely more profitable long term.
Persons: Magic Johnson, He's, Johnson, could've, , Earvin Johnson, would've, Forbes, Johson, MLB's, Michael Jordan, LeBron James, Tiger Woods Organizations: Forbes, Nike, Service, LA Lakers, Converse, Sparks, MLB's Los Angeles Dodgers, MLS, PepsiCo, NBA Locations: Iowa
LONDON (Reuters) - Sanctioned Russian billionaire Mikhail Fridman cannot spend thousands of pounds a month on the upkeep of his London mansion, containing a 44 million-pound ($53.2 million) art collection, London's High Court ruled on Thursday. Fridman took Britain's sanctions office, OFSI, to court after it refused to allow him to spend 30,000 pounds a month to prevent Athlone House, which he bought for 65 million pounds, from falling into disrepair. The 59-year-old also wanted to spend 1,850 pounds a month on communications systems, which Fridman said regulate Athlone House's telephones, IT, lighting, heating and security. The Office of Financial Sanctions Implementation (OFSI) said it had already licensed Fridman to meet arrears and make one-off payments totalling around 1.4 million pounds, plus future payments of 760,000 pounds a year. Athlone House, in north London, was raided by Britain's National Crime Agency in December, which is the subject of a separate legal challenge by Fridman.
Persons: Mikhail Fridman, Fridman, Judge Pushpinder Saini, Fridman's, OFSI, Saini, Sam Tobin, Deborah Kyvrikosaios Organizations: Athlone, Athlone House, Britain's National Crime Agency, Forbes Locations: Russian, Athlone, Britain, Israel, Russia, London, Ukraine
Russian billionaire Fridman loses challenge over mansion upkeep
  + stars: | 2023-10-26 | by ( ) www.reuters.com   time to read: +3 min
REUTERS/Sergei Karpukhin/File Photo/File Photo Acquire Licensing RightsLONDON, Oct 26 (Reuters) - Sanctioned Russian billionaire Mikhail Fridman cannot spend thousands of pounds a month on the upkeep of his London mansion, containing a 44 million-pound ($53.2 million) art collection, London's High Court ruled on Thursday. The 59-year-old also wanted to spend 1,850 pounds a month on communications systems, which Fridman said regulate Athlone House's telephones, IT, lighting, heating and security. Athlone House, in north London, was raided by Britain's National Crime Agency in December, which is the subject of a separate legal challenge by Fridman. The Russian billionaire, whose net worth is estimated by Forbes magazine at $12.8 billion, has been subject to British sanctions since March 2022, a month after Russia invaded Ukraine. His designation under Britain's sanctions regime was updated in September to remove a reference to him being a "pro-Kremlin oligarch".
Persons: Mikhail Fridman, Sergei Karpukhin, Fridman, Judge Pushpinder Saini, Fridman's, OFSI, Saini, Sam Tobin, Deborah Kyvrikosaios Organizations: Alfa Group, Russian, Industrialists, Entrepreneurs, REUTERS, Athlone, Athlone House, Britain's National Crime Agency, Forbes, Thomson Locations: Russian Union, Moscow, Russia, Russian, Athlone, Britain, Israel, London, Ukraine
NEW YORK (AP) — Michael Cohen once proclaimed he'd “take a bullet” for Donald Trump. Trump is expected to be in court for the highly anticipated testimony, detouring from his usual campaign haunts to the Manhattan courtroom for a sixth day this month. Trump attended the trial for two days last week — having planned the trip when it was expected that Cohen would be testifying. Trump is expected to testify later in the trial. James, a Democrat, has credited Cohen as the impetus for her civil investigation, which led to the fraud lawsuit being decided at the trial.
Persons: — Michael Cohen, he'd “, Donald Trump, Trump, detouring, Cohen, wasn't, , Letitia James, Arthur Engoron, Engoron, Trump’s, , it’ll, president's Organizations: ” New York, Trump Organization, Trump, Democrat, Deutsche Bank, Buffalo Bills, Forbes, White Locations: Manhattan, Congress, Sisak, x.com
By Luc CohenNEW YORK (Reuters) - The United States on Monday sought the forfeiture of a $300 million superyacht it says is controlled by billionaire Russian oligarch Suleiman Kerimov, who is under U.S. sanctions. He amassed much of his wealth through a stake in Russian gold producer Polyus. Kerimov was sanctioned by the U.S. Treasury Department in 2014 and 2018 in response to Russia's activities in Syria and Ukraine. Those sanctions barred Kerimov from accessing the U.S. financial system. A spokesman for Khudainatov said in a statement on Monday that the vessel was "unlawfully seized" by the DOJ.
Persons: Luc Cohen NEW, Russian oligarch Suleiman Kerimov, Vladimir Putin, Kerimov, Polyus, Eduard Khudainatov, Evgeny Kochman, Kochman, Khudainatov, Luc Cohen, Jonathan Oatis Organizations: Luc Cohen NEW YORK, Authorities, Ukraine, Forbes, U.S . Treasury Department, U.S . Department of Justice, Millemarin Investments, Yachts, Prosecutors, DOJ Locations: United States, U.S, Fiji, Washington, Moscow, Manhattan, United, San Diego, Ukraine, Syria, Russian, Millemarin, New York
New York Attorney General Letitia James' office suggested Thursday that the Trump Organization failed to produce evidence in the $250 million fraud trial of Donald Trump and his company, citing a recent report accusing a key witness of lying under oath. The attorney general's suit accuses Trump, his sons Donald Trump Jr. and Eric Trump, the Trump Organization and top executives of misstating the true values of properties to obtain tax advantages and better terms on loans and insurance. Wallace, in his letter, proposed that an independent monitor conduct a forensic review of electronic data held by the Trump Organization from August to September 2016. The alleged failure to produce those emails follows "multiple affidavits on behalf of the Trump Organization attesting to the completion of their production obligations," Wallace wrote. Weisselberg, who has been loyal to Trump, served jail time for tax fraud in a criminal case related to his work at the Trump Organization.
Persons: Allen Weisselberg, Donald, Letitia James, Donald Trump, Kevin Wallace, Judge Arthur Engoron, Trump's, Trump, Donald Trump Jr, Eric Trump, James, Wallace, Weisselberg, Forbes, Steven Ekovich, Engoron Organizations: New York, Trump Organization, Forbes Magazine, Forbes, Trump, Attorneys Locations: Manhattan, New York, Weisselberg, U.S
A civil fraud trial, at which Trump risks being banned from doing business in NY, is in week three. Evidence 'omissions' include emails to Forbes concerning the worth of Trump's NY penthouse. AdvertisementAdvertisementThe Trump Organization may have failed to turn over fraud-trial evidence relating to the size of Donald Trump's triplex penthouse, New York officials alleged on Thursday, in demanding a new "forensic" search of the company's business records. "In some instances, it's been pulling teeth to get documents," Wallace complained during a hearing in April of last year. But these had not been turned over by the Trump Organization, the letter said.
Persons: , Donald Trump's, , Forbes, Letitia James, James, Barbara Jones, Kevin C, Wallace, Arthur Engoron, Trump, week's Forbes, Allen Weisselberg, Weisselberg Organizations: Trump, Forbes, Service, Trump Organization, Trump Org, New York, The Trump Organization Locations: NY, New York, Trump, Manhattan
SPRINGFIELD, Ill. (AP) — Illinois Gov. The state’s 25-year-old Gift Ban Act prohibits public employees such as Pritzker from accepting presents, with broad exceptions. Therefore, the high-priced hooch delivered compliments of the Japanese embassy and three bottles of tequila valued at $450 have remained untapped. Together, they comprise 4 1/2 years of gratuities totaling 561 gifts valued at $16,890.14, according to a log provided to The Associated Press in response to a public records request. Jim Edgar, the Gift Ban Act was the first major ethics reform in Illinois since post-Watergate campaign-finance disclosure laws.
Persons: J.B . Pritzker, Pritzker, hooch, ” Pritzker, , Jordan Abudayyeh, John Bel Edwards, Sen, Paul Simon, Barack Obama, Jim Edgar, “ It’s, , David Melton, Tiffany Kuhl, Shimon Peres, Sidney Blumenthal, Bill Clinton, Abraham Lincoln, Ralph Nader, Mark Green, Donald Trump’s, Jody Coss, ” Coss, Mike’s, Jennifer Farrar Organizations: Ill, , Democratic, Associated Press, Louisiana Gov, Hotel, Forbes, Republican Gov, Illinois, National Bobblehead Hall of Fame, Museum, Loyola University, Stephenson County Democratic Party, Associated Locations: SPRINGFIELD, — Illinois, Springfield, Chicago, Louisiana, Mardi Gras, U.S, Illinois, Swiss, Milwaukee, Victoria ”, Freeport, Stephenson County, Rockford, New York
Seth Wenig | ReutersThe $250 million civil fraud trial that could see former President Donald Trump permanently banned from doing business in New York began Monday. The trial comes a year after New York Attorney General Letitia James sued him, his company, three of his adult children, and top Trump Organization officials. Trump, who is seeking the 2024 GOP presidential nomination, arrived at Manhattan Supreme Court for the start of the trial. Engoron in that ruling canceled the defendants' New York business certificates and ordered an independent receiver to oversee their dissolution. A box is carried as the civil fraud trial of former President Donald Trump is set to begin at New York State Supreme Court on October 02, 2023 in New York City.
Persons: Donald Trump, Letitia James, Seth Wenig, James, Trump, Judge Arthur Engoron, Kevin Wallace, Wallace, Allen Weisselberg, Michael Cohen, Cohen, Christopher Kise, Kise, Michael M Organizations: U.S, Trump Organization, Reuters, New York, Manhattan Supreme, Trump, New, Trump Org, Forbes, Forbes Magazine, Court, Santiago, Getty Locations: Manhattan, New York City, U.S, New, New York, State
In front of the cameras and on his social media site, Trump attacked New York Attorney General Letitia James for bringing the case against him. Last week, Engoron ruled that Trump and his co-defendants were liable for “persistent and repeated” fraud. Trump attorney Christopher Kise argued there was no intent to defraud and “no victims” in the case. “That is not fraud, that is real estate.”Judge spars with Trump attorneysAfter Habba finished her opening statement – which attacked James for campaigning that she would “get Trump” – Engoron pushed back against the Trump attorney. The firm resigned and said Trump’s financial statements should no longer be relied upon.
Persons: Donald Trump, Arthur Engoron, Trump, general’s, Letitia James, Jack, ” Trump, “ They’re, , Kevin Wallace, Wallace, ” Wallace, James, Engoron, Christopher Kise, , Alina Habba, Habba, Mona Lisa, James ’, ” Engoron, ” Habba, Kise, haven’t, ” Kise, Eric Trump, Donald Trump Jr, Donald Bender, Bender Organizations: New, New York CNN, Trump, AG, Forbes, Trump Organization, White House, Deutsche Bank, Palm Locations: New York, Manhattan, , Palm Beach, Habba
Migration has become a hot topic of debate in Germany ahead of elections on Oct. 8 in the states of Bavaria and Hesse, and in Europe at large ahead of European parliamentary elections next year. The post shared by Musk came from an account identified as Radio Genoa. It criticized the German state for funding charities rescuing migrants in the Mediterranean and included videos of rescue missions. Germany's centre-left government confirmed this week that it was financially supporting three German non-governmental organizations that operate in the Mediterranean and regularly bring migrants to Italy. In Texas, Tesla operates a plant in Austin and Space X operates a major testing and launch facility on the Texas Gulf Coast in Boca Chica near Brownsville.
Persons: Elon Musk, Porte, Gonzalo Fuentes, Billionaire Elon, Musk, Tesla's Gigafactory, Tesla, Sarah Marsh, Andreas Rinke, Leslie Adler Organizations: SpaceX, Tesla, Viva Technology, Porte de, REUTERS, Rights, Billionaire, Radio Genoa, Forbes, Space X, Texas Gulf, Thomson Locations: Paris, France, Germany, Bavaria, Hesse, Europe, Texas, Mexico, Italy, Tesla's Gigafactory Berlin, Brandenburg, Austin, Texas Gulf Coast, Boca Chica, Brownsville, U.S
NEW YORK, Oct 26 (Reuters) - A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. Two years after launching a hedge fund, Alameda Research, Bankman-Fried founded FTX, an exchange that let users buy and sell digital assets such as bitcoin. Based in the Bahamas, Bankman-Fried became known for his mop of unkempt curly hair and for wearing rumpled shorts, even when entertaining dignitaries like Bill Clinton. They contend the theft came to a head in 2022, when crypto prices swooned and he used FTX funds to plug losses at Alameda. Defense lawyers have argued that their cooperation agreements with prosecutors encourage them to implicate Bankman-Fried in the hopes of receiving lenient sentences.
Persons: Sam Bankman, Fried, Bill Clinton, Tom Brady, Larry David, FTX, Caroline Ellison, Alameda's, Forbes, Bankman, Jane Street, Gary Wang, Ellison, Nishad Singh, Wang, Singh, District Judge Lewis Kaplan, FTX's, influencer, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Stanford Law School, Alameda Research, Forbes, Democratic, NFL, Alameda, Massachusetts Institute of Technology, Bankman, Prison, MIT, Jane, U.S, District, New York Times, Times, Thomson Locations: Bahamas, Manhattan, Alameda, United States, Asia, New York
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. Berkshire sold the shares this week for about $158 million, reducing its HP stake to about $3.27 billion, according to a filing with the U.S. Securities and Exchange Commission. Buffett's company now owns about 11.7% of HP's shares, down from 12.2% before the sales, SEC filings show. Wednesday's filing does not say why Berkshire sold shares. HP's share price has fallen 19% since Berkshire in April 2022 revealed an unexpected $4.2 billion stake in the Palo Alto, California-based company, which had been separated seven years earlier from the former Hewlett-Packard.
Persons: Warren Buffett, Scott Morgan, Warren Buffett's Berkshire Hathaway, Buffett, Jonathan Stempel, Lincoln Organizations: Berkshire Hathaway, REUTERS, HP, Berkshire, U.S . Securities, Exchange Commission, SEC, Hewlett, Packard, Companies, Forbes, Apple, Thomson Locations: Omaha , Nebraska, U.S, Palo Alto , California, China, Berkshire, New York
Jeffrey A. TrachtenbergJeffrey Trachtenberg covers the book industry and is part of the Journal’s Media and Marketing Bureau in New York. Other topics in Jeff’s coverage have included the popularity of political books, debates over “cancel culture” within publishing houses and other literary trends. Jeff co-authored a 2021 series on the succession drama at Scholastic, following the unexpected death of the children’s publisher’s longtime boss. Jeff has also covered the magazine industry for the Journal, chronicling how giants such as Condé Nast have sought to pivot from a focus on glossy print titles into online publishers. Previously, Jeff covered the retailing, consumer electronics and music industries for the Journal, reporting on such big retail chains as Federated Department Stores and Saks Fifth Avenue, and the music arms of Sony, Bertelsmann and Polygram.
Persons: Jeffrey A, Trachtenberg Jeffrey Trachtenberg, he’s, Barnes, Noble, Jimmy Carter, Philip Roth, J.K, Rowling, Jeff, Condé Nast, Barry, Meredith, Ralph Lauren, Jacqueline Bisset, Kirk Douglas, Lew Wasserman Organizations: Journal’s Media, Marketing Bureau, Scholastic, IAC, Better Homes, Gardens, Federated Department Stores, Saks Fifth, Sony, Bertelsmann, Polygram, Forbes, Franklin & Marshall College Locations: New York, Westchester, N.Y
Payouts will come from a "fair fund" created under a settlement between Musk and the U.S. Securities and Exchange Commission, arising from Musk's August 2018 post on Twitter that he had "funding secured" for a Tesla buyout. The fund was originally $40 million, with Musk and Tesla each contributing $20 million, and grew to $42.3 million with interest payments. Last week, the SEC said 3,350 claimants would share the $41.53 million payout, recouping 51.7% of their losses. He is expected to ask the U.S. Supreme Court to throw out an appeals court decision upholding the decree. The case is SEC v Musk et al, U.S. District Court, Southern District of New York, No.
Persons: Elon Musk, Ludovic Marin, Musk, Jonathan Stempel, Andy Sullivan Organizations: SpaceX, Twitter, Chateau, REUTERS Acquire, U.S . Securities, Exchange Commission, SEC, Supreme, Forbes, Court, Southern District of, Thomson Locations: Versailles, Paris, France, U.S, Southern District, Southern District of New York, New York
On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.
Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, , Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, , China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai
Payouts expected from Elon Musk's SEC settlement
  + stars: | 2023-08-24 | by ( Jonathan Stempel | ) www.reuters.com   time to read: +2 min
The "fair fund" was created under a settlement arising from Musk's August 2018 tweet that he had "funding secured" for a Tesla buyout at a premium. The fund was originally $40 million, with Musk and Tesla each contributing $20 million. The SEC settlement also included a consent decree under which Musk gave up his role as Tesla's chairman and agreed to let a Tesla lawyer approve some of his Twitter posts. Musk is expected to appeal that decision to the U.S. Supreme Court. The case is SEC v Musk et al, U.S. District Court, Southern District of New York, No.
Persons: Elon Musk, Porte, Gonzalo Fuentes, Musk, District Judge Lewis Liman, Jonathan Stempel, Jonathan Oatis Organizations: Elon, SpaceX, Tesla, Viva Technology, Porte de, REUTERS, U.S . Securities, Exchange Commission, U.S, District, SEC, Forbes, Twitter, Supreme, Court, Southern District of, Thomson Locations: Paris, France, Manhattan, U.S, Southern District, Southern District of New York, New York
Warren Buffett donates $27 mln Berkshire stock
  + stars: | 2023-08-17 | by ( ) www.reuters.com   time to read: +1 min
Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo/File Photo/File Photo Acquire Licensing RightsAug 17 (Reuters) - Warren Buffett donated nearly $27 million of Berkshire Hathaway (BRKa.N) stock this week to an unnamed charity, the latest move in the billionaire investor's plan to give away his fortune. Berkshire disclosed Buffett's donation of 50 Class A shares in a Wednesday night filing with the U.S. Securities and Exchange Commission. Buffett still owns 218,237 Class A shares of Berkshire, for an approximately 15% stake in the Omaha, Nebraska-based conglomerate he has run since 1965. Berkshire owns several dozen businesses including the BNSF railroad, Geico car insurance and many energy, manufacturing and retail operations.
Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Melinda Gates, Buffett, Jonathan Stempel, Diane Craft Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, U.S . Securities, Exchange Commission, Melinda Gates Foundation, Buffett, Forbes, Berkshire, Apple, Thomson Locations: Omaha , Nebraska, Berkshire, New York
DCG and Silbert, who is also a defendant, called Gemini a "sophisticated market participant" that had told Gemini Earn customers, who were expecting high interest rates, that it had "thoroughly vetted" Genesis. Gemini said the defendants did this so that Gemini Earn customers would continue lending crypto assets to Genesis, believing it was "business as usual." Gemini and Genesis are defendants in a U.S. Securities and Exchange Commission civil lawsuit claiming they bypassed disclosure requirements meant to protect investors in connection with Gemini Earn. According to the SEC and the Winklevosses, Genesis held about $900 million of assets from approximately 340,000 Gemini Earn customers before halting withdrawals last November. The case is Gemini Trust Co v Digital Currency Group LLC et al, U.S. District Court, Southern District of New York, No.
Persons: Entrepeneurs Tyler, Cameron Winklevoss, Manus, Lucas Jackson, Tyler, Barry Silbert, Gemini, Silbert, DCG, Genesis, Sam Bankman, Fried, Jonathan Stempel, Leslie Adler Organizations: Metropolitan Museum of Art, REUTERS, Group, Gemini Trust, Genesis Global, Gemini, Three Arrows Capital, U.S . Securities, Exchange Commission, SEC, Forbes, Currency, Court, Southern District of, Thomson Locations: Manhattan, New York, DCG, U.S, Southern District, Southern District of New York
"The earnings impact of higher interest rates on investment income is offsetting the economic softness caused by those same rates," he added. Investors closely watch Berkshire because of Buffett's reputation, and because results from the Omaha, Nebraska-based company's operating units often mirror broader economic trends. NOT LOVING VALUATIONSQuarterly operating profit rose 7% to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Berkshire repurchased $1.4 billion of stock in the quarter, down from $4.4 billion from January to March. Overall profit from Berkshire Hathaway Energy, where Berkshire has a 92% stake, was little changed at $785 million.
Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Jim Shanahan, Edward Jones, Buffett, Cathy Seifert, Seifert, PacifiCorp, Jonathan Stempel, Ira Iosebashvili, Angus MacSwan, Jan Harvey, Alistair Bell, Diane Craft Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Berkshire's Clayton Homes, Profit, BNSF, Forbes, Berkshire repurchased, Apple, Berkshire Hathaway Energy, Occidental Petroleum, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Oregon, An Oregon, Occidental, New York
Quarterly operating profit topped $10 billion for the first time but grew just 7%, in part from recent purchases of the Alleghany insurer and Pilot truck stop operator. Second-quarter operating profit rose to $10.04 billion, or about $6,938 per Class A share, from $9.42 billion a year earlier. Net income totaled $35.91 billion, or $24,775 per Class A share, compared with a year-earlier $43.62 billion loss. Pilot added $114 million to operating profit. Overall profit from Berkshire Hathaway Energy, in which Berkshire has a 92% stake, was little changed at $785 million.
Persons: Warren Buffett, Rick Wilking, Berkshire Hathaway, Cathy Seifert, Seifert, Buffett, PacifiCorp, Jonathan Stempel, Angus MacSwan, Jan Harvey, Alistair Bell Organizations: Berkshire Hathaway Inc, Omaha , Nebraska U.S, REUTERS, Berkshire, Clayton Homes, BNSF, Berkshire repurchased, Apple, Occidental Petroleum, Berkshire Hathaway Energy, Forbes, Thomson Locations: Omaha , Nebraska, Berkshire, Alleghany, Occidental, An Oregon, New York
NEW YORK, July 26 (Reuters) - British billionaire Joe Lewis has surrendered to U.S. authorities in Manhattan and is expected to appear in court later on Wednesday to face insider trading charges, a spokesperson for the U.S. Attorney's office in Manhattan said. Two of Lewis' pilots, Patrick O'Connor and Bryan Waugh, were also charged with insider trading securities fraud. Joe Lewis is a wealthy man," Damian Williams, the U.S. Attorney in Manhattan, said in a statement. Insider trading has long been a focus of Williams' office, dating to 2009 when a crackdown began under one of his predecessors, Preet Bharara. Separately on Wednesday, the U.S. Securities and Exchange Commission filed a civil insider trading case against Lewis, O'Connor, Waugh and Lewis' then-girlfriend Carolyn Carter.
Persons: Joe Lewis, Lewis, Patrick O'Connor, Bryan Waugh, David Zornow, O'Connor, Waugh, O'Connor texted, Mirati, Daniel Levy, Dylan Martinez, Damian Williams, Williams, Preet Bharara, Carolyn Carter, Carter, Gurbir Grewal, Luc Cohen, Jonathan Stempel, Chris Prentice, Chizu Nomiyama, Daniel Wallis Organizations: YORK, U.S, Tottenham Hotspur, Tottenham, Prosecutors, Mirati Therapeutics, Southampton Premier League, Reuters, Tavistock Group, Forbes, Attorney, U.S . Securities, Exchange Commission, SEC, Thomson Locations: British, U.S, Manhattan, United States, New York, Virginia
NEW YORK, July 25 (Reuters) - Joe Lewis, the British billionaire and owner of the Tottenham Hotspur soccer team, has been criminally charged in New York for orchestrating a "brazen" insider trading scheme. Joe Lewis is a wealthy man," U.S. Attorney Damian Williams said in a video on the X social media platform, formerly known as Twitter. Insider trading has long been a focus of Williams' office, dating to 2009 when a crackdown began under one of his predecessors, Preet Bharara. Prosecutors said that in some insider trading cases, Lewis lent money to recipients of his tips, including in Oct. 2019 when he wired $1 million to two pilots so they could buy more Mirati shares. Reporting by Jonathan Stempel and Luc Cohen in New York; Editing by Chris Reese and Lincoln Feast.
Persons: Joe Lewis, Lewis, Damian Williams, " Williams, Williams, Preet Bharara, Mirati, Boss, Marty, JPMorgan Chase, Jonathan Stempel, Luc Cohen, Chris Reese, Lincoln Organizations: YORK, Tottenham Hotspur, Prosecutors, U.S, Tavistock Group, Forbes, Therapeutics, Biosciences, Australian Agricultural, U.S . Securities, Exchange Commission, JPMorgan, Thomson Locations: New York, Tavistock, Bear Stearns
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