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☆ Dollar eyes best week against yen in three months; cryptos leap
▼ + stars: | 2023-11-10 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. The dollar stood near a one-year high at 151.38 yen on Friday and touched one-week highs against the Australian and New Zealand dollars. The greenback, however, regained its footing this week and was eyeing a weekly gain of roughly 1.3% against the yen, its best performance since August. The Aussie and the kiwi were likewise headed for a 2.4% and 1.8% weekly decline against the dollar respectively, also their steepest drop in months. "Even though we don't expect Powell to deliver on the tightening bias, that tightening bias does support the dollar," said Kong.

Persons: Rick Wilking, Jerome Powell, Powell, Tina Teng, it's, Carol Kong, Carl Szantyr, Rae Wee, Lincoln Organizations: REUTERS, Rights, Federal, New, CMC Markets, Fed, Commonwealth Bank of Australia, Australian, New Zealand, U.S . Securities, Exchange Commission, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, New Zealand, U.S, China

☆ More junk-rated companies downgraded than upgraded in October -JPM
▼ + stars: | 2023-11-09 | by ( Matt Tracy | ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNov 9 (Reuters) - More U.S. high-yield bond issuers saw downgrades to their credit ratings than upgrades last month, JPMorgan (JPM.N) said in a research report. October saw downgrades to 18 junk bond issuers' ratings accounting for $22.2bn in debt, while just 16 issuers were given upgrades by ratings agencies, the JPMorgan report said. This is the first time downgrades have surpassed upgrades on U.S. junk-rated borrowers in four months, it added. Changes to credit ratings are significant for a company, since lower ratings most often result in higher borrowing costs. While high-grade companies' credit ratings have proven resilient during the Federal Reserve's interest-rate hikes, businesses with significant leverage and floating-rate debt have struggled to keep pace with rising debt-servicing costs.

Persons: Rick Wilking, downgrades, Matt Tracy, Alexander Smith Organizations: REUTERS, U.S, JPMorgan, Moody's, Service, Thomson Locations: Westminster , Colorado

But they are going only as far as the safest bets in the junk category, bonds rated BB and B. Junk bond spreads, the additional interest rate investors demand over safe Treasury bonds, tightened sharply. The spreads of those rated BB and B, or the higher rungs of junk, had tightened 47-52 basis points last week, according to Informa Global Markets data. Four junk bond issuers – Bombardier (BBDb.TO), Venture Global LNG, Smyrna Ready Mix Concrete and InfraBuild Australia - announced bond offerings on Monday. The spotty access to bond markets does not bode well for poorly rated companies.

Persons: Rick Wilking, ”, Edward Marrinan, Peter Knapp, Winnie Cisar, bode, Morgan Stanley, Moody's, Manuel Hayes, Shankar Ramakrishnan, Paritosh Bansal, Andrea Ricci Organizations: REUTERS, Federal, Nikko Securities Americas, Investors, JPMorgan, Informa, CCC, Bombardier, Venture Global LNG, “, London, Insight Investment, Barclays, Thomson Locations: Westminster , Colorado, Smyrna, Australia

☆ Buffett's Berkshire posts bigger loss as stocks fall; operating profit sets record
▼ + stars: | 2023-11-04 | by ( Jonathan Stempel | ) www.reuters.com time to read: +6 min

Operating profit rose 41% to $10.76 billion, even as Berkshire's net loss more than quadrupled to $12.77 billion. "Against that backdrop it's not surprising that Berkshire's consumer and housing-related subsidiaries are seeing pressure," she said. "Berkshire is disciplined," said Tom Russo, a partner at Gardner Russo & Quinn in Lancaster, Pennsylvania who has owned Berkshire stock since 1982. Berkshire's net results swing widely because accounting rules require the company to report investment gains and losses even if it buys and sells nothing. His $117.5 billion net worth ranks fifth worldwide according to Forbes magazine.

Persons: Rick Wilking, Warren Buffett's, Jim Shanahan, Edward Jones, Cathy Seifert, extol, Buffett, Tom Russo, Gardner Russo, Quinn, Cash, Berkshire's, Ian, Geico, Shanahan, PACIFICORP, Haslam, Jonathan Stempel, Ira Iosebashvili, Jason Neely, Diane Craft Organizations: Berkshire Hathaway, REUTERS, Warren Buffett's Berkshire Hathaway Inc, Apple, Treasury, BNSF, Clayton Homes ., Berkshire, Forbes, . Berkshire, Thomson Locations: Omaha, U.S, Berkshire, Omaha , Nebraska, Lancaster , Pennsylvania, California, Florida , New Jersey, New York, United States, Israel

☆ Buffett's Berkshire posts loss as stocks fall, operating profit rises
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +1 min

Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsNov 4 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday posted its first overall quarterly loss in a year as the prices of stocks it owns fell, while improved results from insurance operations bolstered operating profit. Berkshire said its third-quarter net loss was $12.77 billion, or $8,824 per Class A share, and compared with a $2.8 billion loss a year earlier. Operating profit rose 41% to $10.76 billion, or $7,444 per Class A share, from $7.65 billion a year earlier. Berkshire said it repurchased $1.1 billion of its stock in the quarter, and has bought back about $7 billion this year.

Persons: Rick Wilking, Warren Buffett's, Jonathan Stempel, Jason Neely Organizations: Berkshire Hathaway, REUTERS, Warren Buffett's Berkshire Hathaway Inc, Berkshire, Thomson Locations: Omaha, Berkshire, New York

The projections prompted U.S. Treasury debt yields to fall slightly, with the benchmark 10-year yield last at 4.88%. "Interest in today's borrowing projections have been higher than normal," said Thomas Simons, money market economist at Jeffries in New York. Investors awaited the Treasury's quarterly refunding statement on Wednesday for details on which maturities will be increased as the department pursues record borrowing levels. QUARTERLY RECORDSThe reduced $776 billion borrowing estimate would still be a record for any October-December period, exceeding the $689 billion in the 2021 quarter boosted by high COVID-19 relief outlays. In the third calendar quarter of 2023, the Treasury said it borrowed $1.01 trillion and ended that period with a cash balance of $657 billion.

Persons: Rick Wilking, Thomas Simons, Jeffries, Steven Zeng, Wednesday's, Zeng, Karen Brettell, David Lawder, Daniel Burns, Davide Barbuscia, Andrea Ricci, Richard Chang Organizations: REUTERS, U.S . Treasury, Treasury, Investors, Deutsche Bank, Thomson Locations: Westminster , Colorado, U.S, California, New York

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsWASHINGTON, Oct 20 (Reuters) - A trio of U.S. banking regulators announced on Friday they were giving the public extra time to digest and provide feedback on a broad proposal to raise bank capital requirements that is already facing fierce industry pushback. The regulators are similarly extending the window for a separate proposal that would raise a capital surcharge for the largest global banks. Firms have warned the proposal if finalized could force them to curtail lending, curb product offerings, and lead to economic harm. The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis.

Persons: Rick Wilking, Banks, Pete Schroeder, Andrea Ricci Organizations: REUTERS, Rights, Federal Reserve, Federal Deposit Insurance Corporation, Currency, Regulators, Banking, Fed, Thomson Locations: Westminster , Colorado

☆ Starboard says Rupert Murdoch's News Corp should break up
▼ + stars: | 2023-10-17 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Jeff Smith, CEO and chief investment officer of Starboard Value, L.P., speaks at a panel discussion at the SALT conference in Las Vegas May 14, 2014. Smith's remarks at the 13D Monitor Active Passive Investor Summit came after Reuters revealed last week that Starboard had become a News Corp shareholder, a prelude to a potential shake-up at Murdoch's media empire. "We believe separate news and real estate assets could help unlock $7 billion or more in value," he added. Starboard, which has pushed for changes at companies ranging from Salesforce (CRM.N) to Darden Restaurants <DRI.N,> would struggle to shake up News Corp without Murdoch's consent. If News Corp separates its real estate assets, shareholders would benefit, Smith said.

Persons: Jeff Smith, Rick Wilking, Rupert, Smith's, Smith, REA, Murdoch, Lachlan, Svea Herbst, Bayliss, Sharon Singleton, David Gregorio Our Organizations: SkyBridge, Rupert Murdoch's News Corp, 13D, Investor, Reuters, News Corp, Dow Jones, Street, Darden, Corp, Svea, Thomson Locations: Las Vegas

☆ Dollar pauses ahead of Fed minutes, US yield moves weigh
▼ + stars: | 2023-10-11 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. U.S. Treasury yields continued to slide, pinning the dollar close to two-week lows as markets digest recent comments from policymakers that the Fed may not need to tighten monetary policy further. The benchmark 10-year U.S. Treasury yield dropped ten basis points, extending declines from Tuesday after a sharp sell-off in September left bonds cheap. On Tuesday, Atlanta Fed Bank President Raphael Bostic said the central bank did not need to raise borrowing costs any further, while Minneapolis Fed President Neel Kashkari said it was "possible" that further hikes might not be needed. The European Central Bank has made "important progress" in getting inflation back down to target but there is still a long road ahead and a further rate hike cannot be ruled out, Dutch central bank chief Klaas Knot said on Wednesday.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Klaas Knot, Iain Withers, Rae Wee, John Stonestreet, Kirsten Donovan Organizations: REUTERS, Federal, Treasury, Hamas, ING, Atlanta Fed Bank, Minneapolis, Bank's, ECB, European Central Bank, Thomson Locations: Westminster , Colorado, Israel, Palestinian, U.S, London, Singapore

☆ Dollar loses steam ahead of Fed meeting minutes, US inflation test
▼ + stars: | 2023-10-11 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. A slew of Fed officials have signalled in recent days that the U.S. central bank may not need to tighten monetary policy much further than initially thought. Atlanta Fed Bank President Raphael Bostic said on Tuesday the central bank did not need to raise borrowing costs any further, and Minneapolis Fed President Neel Kashkari followed with similar remarks later in the day. U.S. Treasury yields have similarly tracked lower following the dovish Fed comments, with the two-year yield , which typically reflects near-term rate expectations, hitting a one-month low of 4.9260% on Tuesday. The offshore yuan , which touched a roughly one-month high of 7.2700 per dollar on Tuesday, last bought 7.2839.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Thierry Wizman, Carol Kong, CBA's, Rae Wee, Jamie Freed Organizations: REUTERS, Rights, Treasury, dovish, Atlanta Fed Bank, Minneapolis Fed, U.S, Commonwealth Bank of Australia, New Zealand, Bloomberg, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Asia, CHINA, China

☆ Shares of dialysis providers drop after Ozempic's early kidney trial success
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

The outdoor sign seen at the DaVita Dialysis clinic in Denver February 16, 2016. U.S.-listed shares of Fresenius fell 16.4%, to $17.5, and Davita fell about 16%, to $76.7, in premarket hours. Shares of U.S.-based Baxter International (BAX.N), which makes products used by dialysis therapy providers, also fell about 9%, to $33.99 premarket. Davita and U.S.-listed shares of Fresenius Medical are among the top percentage losers on the New York Stock Exchange. As of Tuesday's close, U.S.-listed shares of Fresenius were up about 28.2%, Davita's shares were up 22.2%, while Baxter's shares were down about 27% so far this year.

Persons: Rick Wilking, Ozempic, Danish drugmaker, Veronika Dubajova, Davita, Eli Lilly's, Akash Tewari, Fresenius, Mariam Sunny, Janane Venkatraman, Pooja Desai Organizations: REUTERS, Novo Nordisk's, Citi, Baxter, Jefferies, Fresenius, New York Stock Exchange ., Thomson Locations: Denver, Danish, Fresenius, New York Stock Exchange . Frankfurt, U.S, Bengaluru

☆ Dollar pauses rally as markets brace for US nonfarm payrolls test
▼ + stars: | 2023-10-06 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. The dollar index , which earlier in the week hit a roughly 11-month high of 107.34, last settled at 106.37, but remained on track for 12 straight weeks of gains. The benchmark 10-year Treasury yield last stood at 4.7269%, while the two-year yield settled at 5.0267%. The pause in the dollar's rally has also provided a much-needed reprieve for the yen , which last bought 148.48 per dollar. Sterling edged 0.03% lower to $1.2188 and was likewise headed for five straight weeks of losses, struggling against a dominant dollar.

Persons: Rick Wilking, Rodrigo Catril, We've, Vishnu Varathan, Thierry Wizman, Rae Wee, Shri Navaratnam Organizations: REUTERS, Rights, . Treasury, greenback, U.S, Treasury, National Australia Bank, Bank of Japan, Ministry of Finance, Mizuho Bank ., Sterling, European Central Bank, Bank of England, Reserve Bank of Australia, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Reserve Bank of New Zealand

☆ Undeterred by dollar's renewed strength, analysts see weakness ahead: Reuters poll
▼ + stars: | 2023-10-05 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. Adam Cole, the chief currency strategist at RBC, says he is biased toward a stronger dollar but admits the prevailing foreign exchange view in markets remains a tough nut to crack. "If you look at consensus forecasts, the consensus has been dollar negative for five years now and it hasn't worked," Cole said. One notable outlier among major central banks is the Bank of Japan, which has made the yen one of the worst-performing major currencies this year, down over 13%. (For other stories from the October Reuters foreign exchange poll:)Reporting by Hari Kishan; Polling by Prerana Bhat, Purujit Arun, Pranoy Menon and Anant Chandak; Editing by Ross Finley and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Rick Wilking, Adam Cole, hasn't, Cole, Jane Foley, Rabobank's Foley, Hari Kishan, Prerana Bhat, Purujit Arun, Pranoy Menon, Anant Chandak, Ross Finley, Paul Simao Organizations: REUTERS, Rights, greenback, Treasury, RBC, U.S, Futures, Bank of Japan, Rabobank, Reuters, Central Bank, Thomson Locations: Westminster , Colorado, U.S

☆ Amazon dominated the first cloud era. The AI boom has kicked off Cloud 2.0, and the company doesn't have a head start this time.
▼ + stars: | 2023-10-04 | by ( Alistair Barr | ) www.businessinsider.com time to read: +11 min

There's a new stack of hardware, software, tools, and services that will power AI applications for years to come. Cloud 2.0Another key point here: Most AI developers already know how to use CUDA and Nvidia GPUs. Arguably, Nvidia has already created an AI cloud platform – as AWS once did for the Cloud 1.0 era. James Hamilton is an AWS cloud infrastructure genius who can take on Nvidia, even if the chipmaker has a major head start. Her startup spent months building a data center from scratch to help customers train AI models.

Persons: —, Jensen Huang, Nvidia Rick Wilking, Andrew Ng, CUDA, Michael Douglas, Bernstein, Douglas, Luis Ceze, Ceze, It's, Andy Jassy, Adam Selipsky, James Hamilton, Oren Etzioni, Claude, Dario Amodei, Anthropic Anthropic, Noah Berger, Sharon Zhou, Zhou, Lamini didn't, Etzioni Organizations: Amazon Web Services, Nvidia, Service, Home Depot, AWS, VMware, Cloud, Madrona Venture, Amazon, Amazon Web, Annapurna Labs, Intel, AMD Locations: San Francisco, Seattle, Selipsky

☆ Warren Buffett has only topped Forbes' rich list once – while Bill Gates ranked first for 24 years straight
▼ + stars: | 2023-10-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Yet the famed investor has only topped Forbes' list of the wealthiest Americans once, in 1993. AdvertisementAdvertisementWarren Buffett has been a billionaire for nearly four decades – but only topped Forbes' annual list of the 400 richest Americans on one occasion, back in 1993. He has topped the Forbes list 25 times, including for 24 consecutive years between 1994 and 2017. Individuals worth less than $10 billion topped Forbes' rankings every year between 1982 and 1994. The leader was worth below $90 billion each year until 2018, when Bezos ranked first with a $160 billion fortune.

Persons: Warren Buffett, Buffett, Bill Gates, —, Forbes, Daniel Ludwig, Gordon Getty, Sam Walton, John Kluge, Jeff Bezos, Elon Musk, Gates, Larry Ellison, he's, outshone Buffett, –, Alice Schroder, Rick Wilking, Melinda French Gates, Bezos Organizations: Forbes, Service, Walmart, Microsoft, Amazon, SpaceX, Oracle, Berkshire Hathaway, Gates Locations: Berkshire, Omaha

☆ Anheuser-Busch says it has stopped cutting tails of Clydesdales
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +1 min

The Budweiser brewing company Clydesdale horses arrive for the second 2016 U.S. presidential debate at Washington University in St. Louis, Missouri, October 7, 2016. REUTERS/Rick Wilking/File Photo Acquire Licensing RightsSept 20 (Reuters) - Brewer Anheuser-Busch said on Wednesday it has stopped cutting off the tails of Clydesdale horses used in publicity for its Budweiser brand of beer after People for the Ethical Treatment of Animals (PETA) launched a campaign against the practice. "The safety and well-being of our beloved Clydesdales is our top priority. The practice of equine tail docking was discontinued earlier this year," Anheuser-Busch, part of the Anheuser-Busch InBev (ABI.BR) global brewing giant, said in a statement. PETA launched its campaign against docking just before the big game last February.

Persons: Rick Wilking, Brewer Anheuser, Busch, Daniel Trotta, Edwina Gibbs Organizations: Budweiser, Clydesdale, Washington University, REUTERS, Animals, PETA, Anheuser, Busch, Busch InBev, American Veterinary Medical Association, Super, Thomson Locations: St, Louis , Missouri, Scotland

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ Foot Locker plummets, drags down peers, on forecast cut, dividend pause
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

The Foot Locker store in Broomfield, Colorado is seen on November 17, 2016. The athletic-wear retailer also missed expectations for quarterly sales, said it would pause its dividend payouts and flagged softer demand in July, which is typically when back-to-school shopping starts. The shares of the company's larger rivals Nike (NKE.N), Dick's Sporting Goods (DKS.N) and Under Armour fell between 2% and 4% in premarket trade. Foot Locker's warnings kept the pressure on sportswear retailers after they tumbled on Tuesday when Dick's Sporting Goods also cut its full-year profit targets, slammed by hits to its margins from retail theft. Foot Locker also said its quarter was hit by inventory shrink, or retail theft, and steeper discounts.

Persons: Rick Wilking, Mary Dillon, Armour, Locker, Juveria Tabassum, Savio D'Souza Organizations: REUTERS, Nike, Dick's Sporting, Adidas, Puma, Dick's Sporting Goods, Thomson Locations: Broomfield , Colorado

☆ 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

☆ Dollar tentative as US inflation data looms
▼ + stars: | 2023-08-07 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

REUTERS/Rick Wilking/File PhotoSINGAPORE, Aug 7 (Reuters) - The dollar was on the back foot on Monday after a mixed U.S. jobs report provided little directional conviction and as market focus turned to inflation data from the world's two largest economies due this week. The U.S. economy added fewer jobs than expected in July, data on Friday showed, but it recorded solid wage gains and a decline in the unemployment rate. "There was a narrative in there for everyone, depending on your bias," said Pepperstone's Head of Research Chris Weston of the jobs report. U.S. inflation data is due on Thursday, where expectations are for core inflation to have risen 4.7% on an annual basis in July. Elsewhere, the Australian dollar edged 0.1% higher to $0.6577, while the New Zealand dollar gained 0.18% to $0.6109.

Persons: Rick Wilking, Chris Weston, Weston, Rae Wee, Jacqueline Wong Organizations: REUTERS, U.S, Sterling, New Zealand, Bank, Japan, Thomson Locations: Westminster , Colorado, SINGAPORE, U.S, Friday's, China, Asia

☆ Berkshire posts record operating profit, rising rates boost Buffett's returns
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

"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

☆ Berkshire posts record operating profit, $35.9 billion of net income
▼ + stars: | 2023-08-05 | by ( Jonathan Stempel | ) www.reuters.com time to read: +4 min

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

☆ US money market funds draw biggest inflow in four months
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File PhotoAug 4 (Reuters) - U.S. money market funds saw robust demand in the seven days to Aug. 2 as investors favoured safer assets on concerns over a U.S. credit rating downgrade and economic reports signalling a still-tight labour market. Investors secured U.S. money market funds worth about $58.56 billion in their biggest weekly net buying since March 29, data from Refinitiv Lipper showed. Reuters Graphics Reuters GraphicsU.S. equity funds drew $133 million worth of inflows, compared with about $2.57 billion worth of net purchases a week ago. U.S. equity growth funds saw net outflows worth $3.48 billion, the biggest since June 7, but value funds had $891 million worth of net buying. Reuters Graphics Reuters GraphicsU.S. bond funds witnessed about $1 billion worth of outflows, the first weekly net selling since June 28.

Persons: Rick Wilking, Lipper, baring industrials, Gaurav Dogra, Shilpi Majumdar Organizations: REUTERS, Investors, Reuters Graphics Reuters Graphics, Reuters Graphics Reuters, Thomson Locations: Westminster , Colorado, U.S, Patturaja, Bengaluru

☆ Hedge fund investors hunt credit, equity portfolios
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

The bank's capital introduction team, which introduces hedge funds to money managers, interviewed in July 340 investors, with over $1 trillion invested in hedge funds. Credit hedge funds were up 2.9% between January and June. Second on the most-wanted list of global hedge fund strategies were equity long/short strategies, with a net 17% of investors planning to increase allocation. Equity long/short strategies were up 5.3% in the first half of the year, according to Goldman Sachs, underperforming the main stock indexes. A net 13% of investors planned to increase allocation, versus 27% in the first half of the year.

Persons: Rick Wilking, Goldman Sachs, Carolina Mandl, Frances Kerry Organizations: REUTERS, Carolina, Thomson Locations: Westminster , Colorado, New York

☆ Morning Bid: Triple-A headache
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +4 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. On Tuesday, Fitch became the second major agency, after Standard & Poor's in 2011, to strip the United States of its prized triple-A credit rating. Jefferies notes that, with two of the three major agencies listing U.S. debt at AA, U.S. bonds no longer count as AAA in some key indices. However, according to Jefferies, most investors have moved away from some of the stricter criteria around holding triple-A rated debt, given Germany is the only large issuer left with that rating. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011.

Persons: Rick Wilking, Amanda Cooper, Fitch, Jefferies, it's, Dupont Nemours, Kraft, Phillips, Ingersoll Rand, John Stonestreet Organizations: REUTERS, Standard, Capitol, Investors, Treasury, Moody's, Moody's Investors Service, U.S ., U.S, AA, AAA, CVS Health, Entergy, Kraft Heinz, Garmin, Brands, Bunge Ltd, Lincoln National, Occidental Petroleum, ETSY, Cognizant Technology Solutions, Atmos Energy, Equinix, Qualcomm, MGM Resorts, MetLife, Fitch, Reuters Graphics U.S, Thomson, Reuters Locations: Westminster , Colorado, U.S, United States, Aaa, Germany, Exelon, Albemarle, Occidental, Clorox

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