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☆ Buffett's Berkshire posts record annual operating profit
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and lower gains from investments caused fourth-quarter profit to fall. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Profit also fell at the BNSF railroad, while Berkshire generated more profit from its energy businesses and more income from its insurance investments as interest rates rose. For all of 2022, Berkshire lost $22.82 billion, largely because of losses in its $308.8 billion common stock portfolio. "We're delighted to see the growth in float," said Thomas Russo, a partner at Gardner Russo & Quinn who helps invest $8 billion, about 17% of which is in Berkshire stock.

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☆ Buffett's Berkshire has record annual operating profit despite inflation, rate pressures
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday reported its highest-ever annual operating profit, even as foreign currency losses and rising interest rates contributed to lower earnings in the fourth quarter. Buffett called 2022 a "good year" for Berkshire in his annual shareholder letter, after the conglomerate's dozens of businesses generated $30.8 billion of profit despite rising inflation and supply chain disruptions, including from the war in Ukraine. Berkshire also bulked up its cash hoard, ending the year with $128.6 billion after selling about $16.3 billion of stocks in the fourth quarter. Quarterly operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Berkshire projected that Geico, which shed 7% of its 41,000-person workforce last year, will generate an underwriting profit in 2023.

☆ Returning pharma CEO has one prescription: M&A
▼ + stars: | 2023-02-17 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 17 (Reuters Breakingviews) - Brent Saunders is back in charge of a pharmaceutical company, which usually means one thing: M&A. The buyer, Actavis, appointed Saunders CEO of the combined company. Bausch + Lomb remains a subsidiary of Bausch Health, which owns nearly 90% of the shares. Considering Bausch Health’s stake in Bausch + Lomb is worth more than $5 billion, the implication is that bondholders are in charge. Saunders was CEO of Bausch + Lomb from 2010 until 2013, when it was acquired by Valeant Pharmaceuticals.

☆ TSMC out of favor with slew of funds alongside Berkshire, filings show
▼ + stars: | 2023-02-15 | by ( Carolina Mandl | ) www.reuters.com time to read: +2 min

The announcement drove shares in TSMC down 6% on Wednesday, although they remain up 23.5% this year. Equity long-short hedge fund Tiger entirely sold its 1.3 million shares in TSMC in the fourth quarter, a stake worth $119 million at current prices. Fund manager Capital Group also sold over 9.5 million shares in the chipmaker, regulatory filings showed. JPMorgan and BlackRock dumped roughly 4 million shares in TSMC each. On Tuesday, Charles Munder, a director and vice-chairman of Berkshire, said TSMC is the "strongest semiconductor company on earth," without elaborating on the reasons for the sale.

☆ Fact Check-Earthquake in Turkey was not a HAARP operation
▼ + stars: | 2023-02-10 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

Multiple experts told Reuters that HAARP could not have been responsible for the earthquake in Turkey or anywhere as it does not have such capabilities. HAARP CANNOT TRIGGER EARTHQUAKESAccording to the HAARP website’s FAQ section, it cannot control or manipulate the weather (haarp.gi.alaska.edu/faq). Nishimura said there may not have been lightning strikes at all in the video shared online. Experts say the Feb. 6 earthquake in Turkey was not a result of a HAARP operation because HAARP does not have capabilities to trigger earthquakes. (Update Feb. 13, 2023: Replaces paragraph 8 with response from HAARP program manager)This article was produced by the Reuters Fact Check team.

Chicago prosecutors alleged that Girardi misappropriated more than $3 million in client funds owed to families of the victims of the 2018 Boeing (BA.N) 737 MAX Lion Air Flight 610 crash in Indonesia. Christopher Kamon, the former chief financial officer of Girardi's now-defunct law firm Girardi Keese, was also charged in the Chicago and Los Angeles cases. Girardi's son-in-law, David Lira, who worked at the firm, was charged with wire fraud and criminal contempt of court by the Chicago prosecutors. The California Supreme Court disbarred Girardi in June in connection with his alleged conduct in the Lion Air case. Kamon was separately charged with wire fraud in November for allegedly embezzling $10 million from the defunct Girardi Keese firm.

☆ 6 hotels near Glendale, Arizona, you can book right now for the 2023 Super Bowl, recommended by a local
▼ + stars: | 2023-01-27 | by ( Wendy Rose Gould | ) www.businessinsider.com time to read: +8 min

The 2023 Super Bowl will take place at State Farm Stadium in Glendale, Arizona. These six hotels have availability as of Friday and are located near the stadium. The 2023 Super Bowl will take place at State Farm Football Stadium in Glendale, Arizona. Book Comfort Suites Glendale - State Farm Stadium AreaScottsdale, Arizona, is around a 45-minute drive from Glendale. The hotel is about a 25-minute drive from State Farm Stadium.

☆ If Marc Benioff is forced to sell Slack to appease activist investors, it would probably be worth less than half the $28 billion he paid just 18 months ago
▼ + stars: | 2023-01-27 | by ( Julie Bort | ) www.businessinsider.com time to read: +5 min

He calculated Slack would be worth less than half what Salesforce paid for it, and could still be worth selling. Salesforce founder and CEO Marc Benioff has multiple activist investors with stakes in his company, circling him to demand changes. One possible outcome is that Benioff is forced to sell or spinoff Slack, according to analysts. It paid more than twice that — $27.7 billion — in an acquisition that closed just 18 months ago. Under siege from fearsome activist investorsWhen we say Benioff has multiple activist investors circling, we mean he's practically under siege.

☆ Elliott Management's Jesse Cohn just picked his next target for an activist campaign: an ailing software giant
▼ + stars: | 2023-01-24 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

A battle is on the horizon between Jesse Cohn and Salesforce. But the first rule of activist investing is you HAVE to talk about your activist investment. Jesse Cohn, a managing partner at the hedge fund Elliott Management, is leading his firm's latest activist campaign against troubled tech giant Salesforce via a multibillion-dollar stake. Activist investing, as we've previously covered, is set to be all the rage in 2023. Click here to learn more about Jesse Cohn, a tenacious activist investor who just set his sights on Salesforce.

Sentencing Commission unanimously voted to publish for public comment a proposed amendment to federal sentencing guidelines relied upon by judges nationally that would limit them from considering a defendant's "acquitted conduct." The vote came a day before U.S. Supreme Court justices were scheduled to meet privately to consider hearing, among other cases, four different appeals by criminal defendants urging them to end to this common judicial practice. The U.S. Supreme Court in 1997 held that a jury's verdict of acquittal does not prevent a judge at sentencing from considering conduct underlying the acquitted charge. Some U.S. lawmakers and defense lawyers have criticized the practice as unfair and a potential violation of defendants' civil rights. Some members of the judiciary including current Supreme Court justices have questioned it.

☆ Purdue’s 1st Asian American president takes office weeks after school official mocks Asian languages onstage
▼ + stars: | 2023-01-11 | by ( Kimmy Yam | Kimmy Yam Is A Reporter For Nbc Asian America. | ) www.nbcnews.com time to read: +5 min

Chiang’s tenure comes shortly after Thomas L. Keon, chancellor of PNW mocked Asian languages during a winter commencement. A post published by nonprofit Asian American Legal Defense and Education Fund, written by writer Emil Guillermo, said that action from Chiang could send a strong message. The first Asian American president fires the racist chancellor who told a bad Asian joke.”Keon did not respond to a request for comment. “The Board has therefore issued a formal reprimand to Dr. Keon.”Thomas L. Keon, chancellor of Purdue University Northwest in Indiana. Instead, he said, it’s reflective of larger problems that Asian and Asian American students often faced.

☆ How Anti-Abortion Activists Bought Access to the Supreme Court
▼ + stars: | 2023-01-07 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +29 min

In exchange for as little as a few thousand dollars in contributions to the nonprofit, these people received easy access to events where Supreme Court justices would be. Supreme Court Historical society trustee Jay Sekulow, center, represented President Trump during the latter's impeachment trial in 2020. Anti-abortion advocates cheer in front of the Supreme Court after the decision in Burwell v. Hobby Lobby Stores was announced in 2014. Alito did not respond to a request for comment on his involvement in the Supreme Court Historical Society. Supreme Court justices, though, aren't even required to stay within those weak guardrails because no code of ethics governs justices' behavior.

☆ KeyBanc says former meme stock Bed Bath & Beyond will fall to 10 cents after bankruptcy warning
▼ + stars: | 2023-01-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Don't be surprised if beaten-down retail stock Bed Bath & Beyond falls even more from here, according to KeyBanc Capital Markets. "We do not see Bed Bath & Beyond as a strategic fit for any of the home furnishings retailers in our coverage group, but see interest from retailers in the company's Bed Bath & Beyond store leases, which are ~30,000 sq. ft. and generally in good locations," wrote analyst Cristina Fernández in a Friday note. "Over the past few months, management has stemmed the bleeding, improved liquidity, and improved relations with these two stakeholders," wrote analyst Christopher Horvers. Bed Bath & Beyond shares have experienced a roller-coaster ride in recent years, as smaller traders on Reddit piled into the heavily shorted retailer.

Musk's email said hiring Perkins Coie was "an error on the part of a member of the Twitter team." A Perkins Coie spokesperson did not immediately respond to a request for comment. Musk tweeted on Dec. 8 that Twitter "isn't using Perkins Coie" as outside counsel and urged other companies to boycott the firm. He singled out a former Perkins Coie lawyer, Michael Sussmann, who advised Clinton's 2016 presidential campaign while at the firm. In May, Musk tweeted that Perkins Coie and another large law firm were made up of "white-shoe lawyers" who "thrive on corruption."

☆ Ginni Thomas told the Jan. 6 committee she 'regret' texting Mark Meadows about a 'coup' and pushing Sidney Powell's 'Kraken' plan
▼ + stars: | 2022-12-30 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +4 min

Virginia "Ginni" Thomas she regrets her text messages and posts sent in the wake of the 2020 election. "I regret all of these texts," Thomas, who goes by Ginni, told the panel during a closed-door deposition in September. The closest Ginni Thomas came to acknowledging any political conversation with Justice Thomas was a reference to her "best friend" bucking her up on November 24th. "I wish I could remember, but I have no memory of the specifics," Thomas told the panel of the conversation with her husband. The Washington Post and CBS' publication of Ginni Thomas' texts with Meadows in March caused a public firestorm, especially among Democrats.

☆ 11 retinol and retinoid products for acne, wrinkles and more
▼ + stars: | 2022-12-28 | by ( Morgan Greenwald | Morgan Greenwald Is A Senior Editor For Select On Nbc News. | ) www.nbcnews.com time to read: +16 min

SKIP AHEAD Retinol and retinoid products | Retinol vs. retinoid | How to use retinol | What are the potential side effects of retinol? The serum contains time-released 1.5% retinol — which is on the higher side for retinol products — as well as vitamins C and E and squalane to moisturize the skin, according to the brand. Since retinoid products speeds up skin cell turnover, it can leave your skin feeling and looking dry, red and irritated. Greenwald has tried dozens of skin care products and brands over the years, including retinol products. Based on their guidance and recommendations, Greenwald reviewed the features and ingredients of highly rated retinoid products from brands like Neutrogena, Skinceuticals, Peter Thomas Roth, The Ordinary and more.

Employers may go through 'culture shift'Prioritizing quality of life for employees is one of the biggest career trends of 2022, said management consultant Christine Spadafor. Workers continue to demand flexibilityChandra Sahu's job gives her the flexibility to work remotely. Sahu's job changes may reflect another trend some workplace management experts call a "career correction." "The right skills, and getting those, top getting that talent into the right positions within organizations." Remote work is here to stayRecognizing employees' need for flexibility will be essential to filling roles.

☆ Fact Check-Pepto-Bismol not a proven treatment for COVID-19
▼ + stars: | 2022-12-09 | by ( Reuters Fact Check | ) www.reuters.com time to read: +5 min

Pepto-Bismol, the familiar pink over-the-counter medicine, might be expected to ease diarrhea symptoms in people with or without COVID-19. The claim that “big pharma” is hiding the benefits of Pepto-Bismol as a treatment for COVID-19 is part of a narrative that COVID-19 was manufactured for the pharmaceutical industry as a source of profit, previously debunked by Reuters (here). Bruce Yacyshyn, an adjunct professor at the University of Cincinnati and co-principal investigator of the Pepto-Bismol clinical trial, told Reuters via email that there was a valid scientific reason to test the medication in the context of COVID-19. But it remained as yet an “unproven treatment” for the virus because “no placebo controlled, randomized clinical trial data is yet available for this drug in this indication.”WHY PEPTO-BISMOL? There is no scientific evidence that Pepto-Bismol provides any benefit as a treatment for COVID-19, and a clinical trial testing that question has not yet produced results.

☆ Penguin Random House CEO to quit after merger blocked
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Dec 9 (Reuters) - Penguin Random House head Markus Dohle will step down at the end of the year after a U.S. judge blocked a planned $2.2 billion merger of the world's largest publisher and rival Simon & Schuster, the company said in a statement on Friday. Nihar Malaviya, who is president and chief operating officer of Penguin Random House U.S., will take over as interim CEO from Jan. 1, the company said. Thomas Rabe, chief executive of Penguin's German owner Bertelsmann (BTGGg.F), expressed full confidence in Malaviya, who he said had a chance of permanently becoming CEO. With the deal's dissolution, Penguin will pay a $200 million termination fee to Paramount. Reporting by Klaus Lauer, Writing by Miranda Murray, Editing by Rachel More and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Arielle Charnas' company, Something Navy, is floundering amid dwindling sales, an employee exodus, and furious suppliers
▼ + stars: | 2022-12-08 | by ( Katie Warren | ) www.businessinsider.com time to read: +36 min

From the outside, it doesn't look as if Charnas' company is in trouble. Mark Sagliocco/Getty Images for Beach MagazineSeveral former employees told Insider they cut ties with Something Navy because they saw signs the company was struggling. Several current and former Something Navy employees told Insider they'd been inundated with emails since the spring from suppliers, freelancers, and models asking where their money was. In one email viewed by Insider, Scanlan told a supplier that cash was tight but promised payment was on the way. The current Something Navy employee said that based on data she'd seen, the retail locations most likely don't turn a profit.

☆ Read the pitch deck for a startup that's aiming to disrupt film production in Hollywood with an app that's 'like fantasy football for film buffs'
▼ + stars: | 2022-11-29 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Startup production company Legion M is crowdsourcing funds and promising to give movie fans greenlight power. Legion M, founded by Paul Scanlan and Jeff Annison, lets investors buy shares for as little as $40. Legion M now has four films in post-production slated to be released in 2023, the cofounders added. Legion MLegion MLegion MLegion MLegion M'A company with a built-in audience for everything it creates'One slide spells out the potential power of one million fan-investors — as consumers, promoters, and predictors of successful projects. Legion MThe Nicolas Cage film 'Mandy' was an early success for Legion MLegion MLegion MLegion MLegion MLegion M says its annual revenue has surpassed $1 millionLegion MLegion MLegion M

☆ Fact Check-The common cold is an upper respiratory illness, not a detox process
▼ + stars: | 2022-11-16 | by ( Reuters Fact Check | ) www.reuters.com time to read: +6 min

While it remains true that there is no cure for the common cold, social media users are sharing a misleading message that the common cold is itself a “cure” for built-up toxins and debris. The common cold is the body’s response to infection by a variety of common viruses, and there is no evidence that cold symptoms have a detoxifying effect, experts told Reuters. But the most common cause is the large family known as the rhinoviruses (here) (here). Social media claims that the common cold is actually a detox capable of removing toxins from the body are false, Russo said in a phone interview. Like common cold viruses, RSV is a respiratory virus that transmits from person to person and typically causes moderate cold symptoms in most people.

☆ Check out the 15-page pitch deck that Legion M, a Hollywood production startup, is using to recruit movie fans as investors for as little as $40
▼ + stars: | 2022-11-15 | by ( Reed Alexander | ) www.businessinsider.com time to read: +6 min

Nov 14 (Reuters) - Squire Patton Boggs on Monday said it will open an office in Dublin next year, becoming the latest international law firm to expand into Ireland. Agnew was a founding partner of Pinsent Masons' Dublin office. A Squire Patton Boggs spokesperson said the firm is currently looking at space in Dublin's central business district. Agnew said in an email that the exact timing of his departure from Pinsent Masons "has still to be agreed." Squire Patton Boggs was created in 2014 by the merger of Washington, D.C.-founded Patton Boggs and Cleveland-founded Squire Sanders.

☆ ‘Yellowstone’ Star Gil Birmingham Left Home So He Could Feel Whole
▼ + stars: | 2022-11-09 | by ( Marc Myers | ) www.wsj.com time to read: 1 min

Gil Birmingham, 69, is an actor who co-starred in the “Twilight Saga” films and on TV’s “Pieces of Her” and “Under the Banner of Heaven” series. He currently plays Thomas Rainwater in Paramount Network’s “Yellowstone” series. He spoke with Marc Myers. I never had a permanent home growing up. My family moved around the country so often that my early childhood was a long series of culture shifts and shocks.

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