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May 16 (Reuters) - Tesla Inc (TSLA.O) Chief Executive Elon Musk on Tuesday warned that the electric-vehicle maker was not immune to the global economy, which he said will be difficult for the next 12 months. At the meeting, shareholders voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board. They also rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. In November, Tesla director James Murdoch testified in court that Musk had identified someone as a potential successor.

May 16 (Reuters) - Tesla Inc (TSLA.O) shareholders on Tuesday voted to appoint the company's co-founder and former chief technology officer, JB Straubel, to the board, and rejected a proposal to publish a report that sought to establish succession plans for Chief Executive Elon Musk. Proxy advisory firm Glass Lewis had recommended that shareholders vote against Straubel's appointment, citing worries about his independence. Tesla shareholders on Tuesday swiftly voted with the board's recommendations on nearly all proposals. Shareholders also voted to re-elect Musk and Chair Robyn Denholm as board members. Tesla board members have discussed CFO Zach Kirkhorn as a possible successor as CEO, the Wall Street Journal reported last week, citing a person familiar with the matter.

The billionaire entrepreneur, also the top boss of Twitter, last week announced that NBCUniversal's former advertising head Linda Yaccarino will succeed him as Twitter CEO and that he will focus on products and technology at the social media firm. Here are some topics that may be discussed at the shareholder meeting. Proxy advisory firm Glass Lewis recommended Tesla shareholders vote against Straubel's appointment, citing worries about his independence. DEMANDInvestors hope Musk will talk about demand against the backdrop of a slowing economy and growing competition. He had flagged strong demand for the Cybertruck, but it takes time to get the manufacturing line going for the "very radical product".

☆ Analysis: India's opposition Congress gains key foothold with state election win
▼ + stars: | 2023-05-14 | by ( Yp Rajesh | ) www.reuters.com time to read: +4 min

At the same time, they cautioned that Congress' victory on Saturday in Karnataka state, home to the booming tech hub of Bengaluru, was largely due to local factors. The party has won just one state election since December 2018, crumbling under the onslaught of the BJP's Hindu nationalism, the government's generous social spending, Modi's popularity, and its own leadership vacuum. "This is an amazing beginning," said Rajeev Gowda, the head of research at Congress and a former federal lawmaker. "We need to adapt these learnings to every election-going state in 2023 and more importantly to parliamentary elections next year," he said. Asked by the India Today-Axis poll how they would vote if the Karnataka election had been a national election instead, 10% of the respondents shifted to Modi, enough to overturn the result.

☆ India's opposition Congress gains key foothold with state election win
▼ + stars: | 2023-05-14 | by ( Yp Rajesh | ) www.reuters.com time to read: +4 min

Since forming in the Bay of Bengal early Thursday, tropical Cyclone Mocha has intensified to a high-end Category 4 Atlantic hurricane, with sustained winds of 240kph (150mph). Tropical cyclones (also known as hurricanes, typhoons and tropical storms depending on ocean basin and intensity), feed off ocean heat. They need temperatures of at least around 27 degrees Celsius (80 Fahrenheit Fahrenheit) to form, and the warmer the ocean, the more moisture they can take up. The waters in the Bay of Bengal are currently around 30 degrees Celsius (86 Fahrenheit Fahrenheit), about 2 degrees Celsius (3.6 degrees Fahrenheit) warmer than average for May. Climate-change fueled sea-level rise adds to the risks, worsening storm surges from tropical cyclones and allowing them to travel further inland.

☆ Factbox: Novo Nordisk's weight-loss drug cuts heart disease risk in study
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. AMGENAmgen's (AMGN.O) experimental obesity drug, AMG133, showed a mean weight loss of 14.5% after 12 weeks of treatment at the highest monthly dose. The company plans to test higher doses of the drug over a longer treatment window in a mid-stage trial. ZEALAND PHARMADenmark's Zealand Pharma (ZELA.CO) and Boehringer Ingelheim's experimental obesity treatment achieved up to 14.9% weight loss in a mid-stage trial on Wednesday. OPKO HEALTH Opko Health (OPK.O) has completed a mid-stage trial of its obesity drug, pegapamodutide, which it expects will have fewer side effects.

Persons: Jim Vondruska, Wegovy, Eli Lilly, ELI LILLY Lilly, Mounjaro, LLY.N, danuglipron, AMGEN, ALTIMMUNE, Mariam Sunny, Pratik Jain, Sriparna Roy, Sriraj Kalluvila, Anil D'Silva Organizations: REUTERS, Novo Nordisk, Pfizer, NOVO NORDISK Novo Nordisk, Novo, PFIZER Pfizer Inc, danuglipron, THERAPEUTICS, Therapeutics, ZEALAND PHARMA Denmark's Zealand Pharma, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Rivian's quarterly net loss narrowed to $1.35 billion from $1.59 billion a year earlier.

☆ Rivian quarterly revenue beats estimates on higher-priced EV sales
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

May 9 (Reuters) - Rivian Automotive Inc (RIVN.O) beat Wall Street estimates for quarterly revenue on Tuesday as it sold more higher-priced electric vehicles and stood by its annual production forecast of 50,000 cars. Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data. Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period. Reporting by Akash Sriram and Tanya Jain in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola to pause truck production after posting bigger quarterly loss
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - Nikola Corp (NKLA.O) on Tuesday reported a bigger quarterly loss and said it would pause production to streamline the assembly line at its Coolidge, Arizona factory amid sluggish demand for its battery-powered trucks. "At the end of May, we plan to pause truck production as we convert the line to accommodate both hydrogen fuel cell and battery electric trucks on the same line and will resume production in July with the first saleable hydrogen fuel cell trucks," Nikola said. Earlier in the day, Fisker Inc (FSR.N) cut its full-year production target as the electric-vehicle startup seeks to keep a leash on expenses and reported a smaller first-quarter loss. Nikola's net loss widened to $169.09 million in the quarter, from $152.94 million a year earlier. Reporting by Tanya Jain and Tiyashi Datta in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Omaha man sails into Florida’s imperfect storm
▼ + stars: | 2023-05-09 | by ( Robert Cyran | ) www.reuters.com time to read: +3 min

This imperfect storm suits the Berkshire Hathaway (BRKa.N) CEO’s investing style. Underwriters in the state have been feverishly trying to offload risk following last year’s Category 5 hurricane that was Florida’s deadliest in nearly 90 years. The upside is several billion dollars, Jain said, if Mother Nature turns out to be more forgiving. “If the big hurricane happens in Florida, we could lose – across all the units, we could lose as much as $15 billion. And if there isn’t a loss, we’ll make several billion dollars as profit,” Jain said during Berkshire Hathaway’s annual shareholder meeting in Omaha.

☆ Warren Buffett's rival for attention at Berkshire weekend: Squishmallows
▼ + stars: | 2023-05-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

[1/2] Investors and guests walk by a Squishmallow display during the Berkshire Hathaway Inc in Omaha, Nebraska, U.S. May 5, 2023. On Friday, the start of Berkshire Hathaway Inc's (BRKa.N) three-day shareholder weekend, thousands thronged a convention hall in downtown Omaha, Nebraska, for five hours to buy discounted products from many Berkshire-owned brands. For many, the $9.99 Squishmallows featuring Buffett and Munger, made by Berkshire's recently acquired toy company Jazwares, were the must-have memento. About 10,000 Buffett and Munger Squishmallows were sold, and by Monday they were fetching as much as $255 at auction on eBay. Reporting by Jonathan Stempel in Omaha, Nebraska Editing by Megan Davies and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Buffett’s imprint on Berkshire reaches its limit
▼ + stars: | 2023-05-08 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, May 8 (Reuters Breakingviews) - Warren Buffett gives off a zen vibe about Berkshire Hathaway (BRKa.N) after his time is up. They’ll have over a decade to wind down the inheritance, in effect insulating Berkshire’s new leaders while they leave their own imprint. The succession planning has been possible because of Buffett’s iron grip, and not everyone is happy about it. One shareholder, Peter Flaherty, proposed separating the chairman and CEO roles at Berkshire. Berkshire security may be able to shut down such dissent at its own shareholder meeting, but it can’t stifle the doubts about life after Buffett.

☆ Berkshire Hathaway shares rise as investors cheer earnings beat and Geico's quick turnaround
▼ + stars: | 2023-05-08 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Warren Buffett tours the grounds at the Berkshire Hathaway Annual Shareholders Meeting in Omaha Nebraska. Berkshire's B shares climbed 1.5% in premarket trading, set to add to their 5% gain so far this year. — Berkshire Hathaway shares rose on Monday as Warren Buffett's conglomerate wooed investors with a strong earnings report and an insightful "Woodstock for Capitalists" over the weekend. The strong performance was driven by a rebound in Berkshire's insurance business, especially auto insurer Geico. Geico's surprise recoveryGeico, the crown jewel of Berkshire's insurance empire and Buffett's favorite child, saw a big turnaround in the quarter, returning to an underwriting profit of $703 million.

☆ I shifted my work schedule to fit mostly into a 4-day week. Now I devote Fridays to my side hustle.
▼ + stars: | 2023-05-07 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Priyanka Jain works in communications at Arup, a British design firm with flexible work options. Before moving around her work schedule, her side hustle felt like an "afterthought." Knowing Arup was flexible with work in that way, I decided to pitch the idea of a different work schedule to my boss. I felt like I had all this creativity, all these ideas for my business, but I couldn't juggle it with my work schedule at the time. Because I've seen flexible work done well, I would think twice if there was a company that had a very rigid structure.

[1/9] Investors and guests arrive for the Berkshire Hathaway annual shareholders' meeting in Omaha, Nebraska, U.S. May 6, 2023. Speaking at Berkshire's annual shareholder meeting, Buffett criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. At the meeting, Berkshire shareholders reelected all directors and rejected shareholder proposals concerning climate change, diversity and political activities. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." He also said bank shareholders and executives should bear the risks of mismanagement, with Munger criticizing executives concerned more with getting rich than with customers.

Speaking at the annual meeting of his conglomerate Berkshire Hathaway Inc (BRKa.N), criticized how politicians, regulators and the press have handled the recent failures of Silicon Valley Bank, Signature Bank and First Republic Bank, saying their "very poor" messaging has unnecessarily frightened depositors. The meeting featured Buffett, 92, who is Berkshire's chairman and chief executive, and Vice Chairman Charlie Munger answering five hours of shareholder questions. LIGHTED MATCHBuffett said regulators were right to guarantee depositors of Silicon Valley Bank, saying that not doing so "would have been catastrophic." Buffett defended the size of Berkshire's $151 billion Apple investment, saying consumers are less likely to shed their $1,500 iPhones than, for example, their $35,000 second cars. Many recognized it could be one of their last chances to see Buffett and Munger, given their ages.

Buffett spoke hours after Berkshire posted a $35.5 billion quarterly profit and said it bought back $4.4 billion of its own stock, a sign it considered the shares undervalued. The meeting features Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, answering five hours of shareholder questions. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

OMAHA, Nebraska, May 6 (Reuters) - Warren Buffett on Saturday offered a vote of confidence in the United States, saying he could not imagine the government letting it default on its debt and risk letting the world's financial system "go into turmoil." Buffett, 92, who is Berkshire's chairman and chief executive, and Charlie Munger, 99, a vice chairman, are answering five hours of shareholder questions at the meeting. Many recognized it could be one of their last chances to see Buffett and Munger, given their advanced ages. Yongsheng Zhao, who lives in Shanghai and is a researcher for an asset management firm, said he showed up at midnight to attend his eighth Berkshire meeting. "I am inspired by their passion and normalcy," he said, referring to Buffett and Munger.

☆ Warren Buffett set for 59th Berkshire Hathaway shareholder marathon as big questions loom
▼ + stars: | 2023-05-06 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 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. Tens of thousands of people are flocking to Omaha, Nebraska this weekend for the extravaganza that Buffett, 92, calls "Woodstock for Capitalists." "Charlie is 99 and Warren turns 93 on Aug. 30," Lountzis added, "and you just don't know how many more you're going to have." Buffett and Munger are due to answer five hours of shareholder questions at the meeting. "We believe in constructive engagement and dialogue, whether it's Warren Buffett or another company," Frerichs said in an interview.

Prince Albert of Monaco said in an interview with People magazine that he and his wife, Charlene, would be attending. King Felipe VI of Spain, who ascended to the throne in 2014 after his father’s abdication, will attend, according to the Spanish news media. Crown Prince Fumihito of Japan and Crown Princess Kiko, on behalf of Emperor Naruhito and Empress Masako, will attend, according to the Japanese news media. Credit... Clodagh Kilcoyne/ReutersSeveral members of Britain’s government will attend, as will about 100 heads of state from around the world, according to Buckingham Palace. British RoyalsImage Prince Harry, center, will be present at the coronation, though his wife, Meghan, and their children, will remain in California.

☆ Buffett shares story on when he hired Ajit Jain: I knew I had struck gold
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBuffett shares story on when he hired Ajit Jain: I knew I had struck goldBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting.

☆ Berkshire's Ajit Jain says Geico is 'taking the bull by the horns' to improve telematics
▼ + stars: | 2023-05-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBerkshire's Ajit Jain says Geico is 'taking the bull by the horns' to improve telematicsBerkshire Hathaway Chairman and CEO Warren Buffett and Vice Chairman Charlie Munger preside over the 2023 Berkshire Hathaway annual meeting. Ajit Jain, vice chairman of Berkshire Hathaway's insurance operations and Greg Abel, vice chairman for non-insurance operations at Berkshire Hathaway discuss GEICO.

☆ Berkshire Hathaway's operating earnings increase 12% in the first quarter, cash hoard tops $130 billion
▼ + stars: | 2023-05-06 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

Earnings for Warren Buffett's Berkshire Hathaway jumped in the first quarter, thanks in part to a rebound in the conglomerate's insurance business. Operating earnings, which encompass profits from the conglomerate's fully-owned businesses, totaled $8.065 billion in the first quarter. Profit from insurance underwriting came in at $911 million, up sharply from $167 million a year prior. The auto insurer suffered a $1.9 billion pretax underwriting loss last year as it lost market share to competitor Progressive. Berkshire's cash hoard swelled to $130.616 billion from $128 billion in the fourth quarter of 2022.

☆ Warren Buffett's successor Greg Abel is wooing shareholders, but some questions remain
▼ + stars: | 2023-05-05 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

To say that Warren Buffett's successor Greg Abel has big shoes to fill would be an understatement. The vice chairman for non-insurance operations at Berkshire Hathaway recently joined Buffett in Japan to visit the country's top trading houses. Skin in the gameAbel recently loaded up on Berkshire Hathaway shares with his personal assets. Berkshire acquired MidAmerican Energy in 1999, and Abel became CEO of MidAmerican Energy in 2008, six years before it was renamed Berkshire Hathaway Energy in 2014. How does dispute resolution work if there is a dispute," said a Berkshire shareholder, who spoke on the condition of anonymity.

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