DIRS.INFO The most relevant business & tech news

☆ UBS mulls Credit Suisse takeover amid US bank fallout: What you need to know
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +2 min

DEVELOPMENTS* A takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S) could see the Swiss government offer a guarantee against the risks involved, two people with knowledge of the matter said. * U.S. investment giant BlackRock (BLK.N) denied a report in the Financial Times that it was participating in a rival bid for all or parts of Credit Suisse. * The lightning speed of the banking industry's descent into turmoil has shaken global markets and governments, reviving eerie memories of the global financial crisis. * Goldman Sachs cut its recommendation on exposure to European bank debt to neutral from overweight, saying a lack of clarity on Credit Suisse's future path would put pressure on the broader sector. Fed faces calls to pause* Bank panic raises specter of 2008, may bring lasting changeCompiled by Reuters editorsOur Standards: The Thomson Reuters Trust Principles.

March 19 (Reuters) - Talks over rescuing Credit Suisse (CSGN.S) rolled into Sunday as UBS AG (UBSG.S) sought $6 billion from the Swiss government to cover costs if it were to buy its struggling rival, a person with knowledge of the talks said. The guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters. Credit Suisse, UBS and the Swiss government declined to comment. U.S. President Joe Biden's administration moved to backstop consumer deposits while the Swiss central bank lent billions to Credit Suisse to stabilise its shaky balance sheet. There were multiple reports of interest for Credit Suisse from other rivals.

☆ Warren Buffett in discussions with Biden officials on banking crisis
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Warren Buffett, Chairman, CEO and largest shareholder of Berkshire Hathaway takes part in interviews before a fundraising luncheon for the nonprofit Glide Foundation in New York September 8, 2015. REUTERS/Lucas Jackson/File PhotoWILMINGTON, Delaware, March 18 (Reuters) - Berkshire Hathaway Inc's (BRKa.N) Warren Buffett has held discussions with senior Biden adminstration officials about the banking crisis, a source familiar with the matter told Reuters on Saturday. Bloomberg News reported earlier that Buffett had been in touch with administration officials in recent days about the regional banking crisis, Bloomberg News reported on Saturday. The source declined to elaborate on the details of the discussions. The collapse of Silicon Valley Bank and Signature Bank this month has shaken confidence in the banking system and prompted a sell-off in banking stocks.

☆ Warren Buffett's Berkshire Hathaway rejects call for silence on hot-button issues
▼ + stars: | 2023-03-17 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

March 17 (Reuters) - Berkshire Hathaway Inc (BRKa.N), run by billionaire Warren Buffett, on Friday urged shareholders to reject proposals that it avoid discussing hot-button social and political issues, and competing proposals that it disclose more about its climate change and diversity efforts. While Buffett's salary is low, his 15.6% Berkshire stake comprises most of his $101.6 billion net worth, which Forbes magazine said makes him the world's sixth-richest person. Berkshire's more than $60 billion of stock repurchases since the end of 2019 helps preserve Buffett's voting power. Abel would become chief executive and Buffett's son Howard Buffett would become non-executive chairman if Warren Buffett could not continue. Berkshire's businesses include Geico car insurance, the BNSF railroad, Berkshire Hathaway Energy, Dairy Queen, Fruit of the Loom and many others.

☆ Norfolk Southern shareholders sue over Ohio derailment
▼ + stars: | 2023-03-17 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

March 17 (Reuters) - Norfolk Southern Corp (NSC.N) shareholders have accused the railroad of defrauding them by prioritizing profit over safety prior to last month's derailment of a train carrying hazardous chemicals in East Palestine, Ohio. A Norfolk Southern spokesman declined to comment, saying the Atlanta-based company does not discuss pending litigation. Norfolk Southern has faced many lawsuits over the Feb. 3 derailment, including cases brought by local residents and Ohio's attorney general. Six of the seven largest U.S. freight railroads use Precision Scheduled Railroading: Norfolk Southern, Canadian National, Canadian Pacific, CSX, Kansas City Southern and Union Pacific. The case is Bucks County Employees Retirement System v Norfolk Southern Corp et al, U.S. District Court, Southern District of Ohio, No.

☆ Berkshire Hathaway buys more Occidental shares, stake rises to 23.1%
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) purchased more Occidental Petroleum Corp (OXY.N) shares, increasing its stake in the oil company to about 23.1%, a regulatory filing showed on Wednesday. Berkshire paid about $466.68 million for 7.9 million Occidental shares between March 13 and March 15, according to the filing. Earlier this month, filings revealed that Berkshire Hathaway had resumed its purchases of Occidental Petroleum Corp shares after a five-month hiatus. The Omaha, Nebraska-based company company now owns about 208.04 million Occidental shares worth $11.81 billion, based on Wednesday's closing price of $56.80. Berkshire began buying large quantities of the Houston-based company's stock about one year ago.

☆ Berkshire Hathaway to beef up risk disclosures following SEC request
▼ + stars: | 2023-03-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

In correspondence made public on Tuesday, the SEC's division of corporate finance asked Berkshire to "enhance" its risk management disclosures in its annual proxy filings, and Berkshire agreed to make the requested changes. It also asked Berkshire to address whether its lead independent director can override Buffett on risk matters or ask the board to consider them. The SEC made its requests in a Sept. 2, 2022 letter, and Berkshire Chief Financial Officer Marc Hamburg agreed to them six days later. Berkshire also does not hold analyst calls, and communicates to the public mainly through financial disclosures, its annual meeting and Buffett's annual shareholder letter. He has also said Berkshire's disclosures are sufficient, and many businesses are too small to merit lengthy discussion.

Ahead of the crucial non-farm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." ET, Dow e-minis were up 33 points, or 0.1%, S&P 500 e-minis were up 4.25 points, or 0.11%, and Nasdaq 100 e-minis were up 19.75 points, or 0.16%.

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 3.1% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Berkshire Hathaway resumes Occidental purchases, stake reaches 22.2%
▼ + stars: | 2023-03-08 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Berkshire paid about $355 million for 5.8 million Occidental shares between March 3 and March 7, according to the filing. Buffett's company now owns about 200.2 million Occidental shares worth $12.2 billion, based on Tuesday's closing price of $60.85. Berkshire also owns $10 billion of Occidental preferred stock that throws off $800 million of annual dividends, plus warrants to buy another $5 billion of common stock. Occidental ended January with about 900 million shares outstanding. Berkshire ended 2022 with $128.6 billion of cash and equivalents.

Ahead of the crucial nonfarm payrolls report on Friday, data showed U.S. private payrolls increased more than expected in February, pointing to continued labor market strength. A closely watched part of the U.S. Treasury yield curve saw its deepest inversion in more than 40 years on Tuesday. "Unless we get some data over the course of the next two weeks, we really don't know which way we should be landing. Unfortunately the most important piece of the data doesn't come until Friday, that's why we've got a market that's meandering a bit." BlackRock's chief investment officer of global fixed income, Rick Rieder, said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation.

☆ Futures edge higher after Wall St selloff on Powell remarks
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +3 min

Traders drastically increased their bets that the U.S. central bank will raise rates by 50 basis points later this month, with money market futures pricing in a 64.1% chance of such a move. BlackRock's top fixed-income investor Rick Rieder said the Fed could raise rates to 6% and keep them there for an extended period of time to fight inflation. ET (1315 GMT) is expected to show private employers hired 200,000 workers in February after adding 106,000 jobs in January. Occidental Petroleum Corp (OXY.N) gained 2.5% after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) increased its stake in the oil company to about 22.2%. Reporting by Sruthi Shankar in Bengaluru, additional reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ The 1% Stock-Buyback Tax Hasn’t Slowed Repurchases. A Proposed 4% Tax Might.
▼ + stars: | 2023-03-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

Executives largely shrugged off a new 1% tax on stock buybacks as the cost of doing business. Even with the 1% tax, stock buybacks are the preferred way to return cash to shareholders, Mr. Krone said at a conference in February. Stock repurchases by Berkshire and the publicly traded companies it owns benefited investors, he wrote in the Feb. 25 letter. For one, share repurchases typically don’t commit them to continuing to buy shares, and offer flexibility on timing. “We only really consider share repurchases when we have an attractive repurchase price,” the CFO said.

Organizations: & $, & $, & $

☆ Wall Street climbs after worst weekly selloff of 2023
▼ + stars: | 2023-02-27 | by ( Sruthi Shankar | ) www.reuters.com time to read: +4 min

"February historically is the second worst month of the year for the stock market. So investors are concluding from a seasonal perspective that maybe stocks could rally at least in the near term." The yield on two-year notes , the most sensitive to short-term rate expectations, slipped after touching a near four-month high earlier in the session. After last week's hawkish comments from the Fed policymakers, investors will turn to Fed Governor Philip Jefferson's speech later in the day. Seagen Inc (SGEN.O) surged 12.2% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm.

☆ Warren Buffett, in annual letter, stays upbeat and preaches patience
▼ + stars: | 2023-02-25 | by ( Jonathan Stempel | ) www.reuters.com time to read: +5 min

In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire's. And I doubt very much that any reader of this letter will have a different experience in the future." "Buffett is very humble in assessing his own investment prowess, and unnecessarily so," said Thomas Russo, a partner at Gardner Russo & Quinn and longtime Berkshire investors. It also became a big seller of stocks including Taiwanese semiconductor maker TSMC (2330.TW) late in the year, while stepping up repurchases of its own stock. Buffett also urged investors not to dwell on near-term market conditions - he said Berkshire offers "modest protection from runaway inflation, but this attribute is far from perfect."

☆ Buffett's Berkshire profit falls on investments, currencies
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: 1 min

Feb 25 (Reuters) - Warren Buffett's Berkshire Hathaway Inc (BRKa.N) on Saturday said fourth-quarter profit fell, reflecting lower gains from investments and foreign currency exchange losses as the U.S. dollar lost value. Berkshire also repurchased $2.6 billion of its own stock in the quarter, boosting full-year buybacks to $7.9 billion. Quarterly net income fell 54% to $18.16 billion, or $12,412 per Class A share, from $39.65 billion, or $26,690 per share, a year earlier. Operating profit fell 8% to $6.71 billion, or $4,596 per Class A share, from $7.29 billion. Reporting by Jonathan Stempel in New York Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Warren Buffett calls stock buyback critics 'economic illiterate' in Berkshire Hathaway annual letter
▼ + stars: | 2023-02-25 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

An Andy Warhol-like print of Berkshire Hathaway CEO Warren Buffett hangs outside a clothing stand during the first in-person annual meeting since 2019 of Berkshire Hathaway Inc in Omaha, Nebraska, U.S. April 30, 2022. Warren Buffett defended stock buybacks in Berkshire Hathaway 's annual letter, pushing back on those railing against the practice he believes beneficial to all shareholders. The conglomerate spent a record $27 billion in buybacks in 2021 as Buffett found few opportunities externally. Buffett believes buybacks are beneficial to shareholders as they provide a lift to per-share intrinsic value. "American tailwind"Buffett's widely read shareholder letter is released with Berkshire's annual report and usually sets the tone before the conglomerate's big annual meeting in May in Omaha, Nebraska, nicknamed "Woodstock for Capitalists."

☆ 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.

☆ 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.

Organizations: & $

☆ Berkshire Hathaway Sheds Most of Its Stake in Chip Maker TSMC
▼ + stars: | 2023-02-15 | by ( Dave Sebastian | Dan Strumpf | ) www.wsj.com time to read: 1 min

Workers at a TSMC chip factory in Tainan, Taiwan, late last year. Warren Buffett ’s Berkshire Hathaway Inc. sold billions of dollars worth of shares in a Taiwanese chip maker just months after taking a stake in the company. The Omaha, Neb.-based conglomerate cut its position in Taiwan Semiconductor Manufacturing Co. by 51.8 million shares in the last three months of 2022, according to a regulatory filing Tuesday. That was roughly 86% of its investment.

☆ Charlie Munger downplays risk of Taiwan invasion, says crypto fans are 'idiots'
▼ + stars: | 2023-02-15 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc (BRKa.N), on Wednesday said China remains a top opportunity for investors despite geopolitical risks. Munger also doubled down on his recent Wall Street Journal editorial calling for the U.S. government to follow China and ban cryptocurrency, saying "people who oppose my position are idiots." Referring to Chinese President Xi Jinping and Russia's nearly yearlong invasion of Ukraine, Munger downplayed concern that China might invade Taiwan. Munger also called TSMC the "strongest semiconductor company on earth," though Berkshire recently cut its formerly $4.1 billion stake by 86%. Reporting by Jonathan Stempel in New York; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves premarket: Kraft Heinz, Paramount, Airbnb, Tripadvisor and more
▼ + stars: | 2023-02-15 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Airbnb — The home-sharing company gained nearly 10% in the premarket after posting fourth-quarter earnings that beat analysts' expectations. Airbnb reported earnings per share of 48 cents, compared to the 25 cents expected, per Refinitiv. Generac — Shares added more than 2% after the power generator maker reported fourth-quarter earnings results. Generac posted earnings of $1.78 per share, better than the $1.75 per share expected by analysts polled by FactSet. Analog Devices — Shares were up 6.7% in premarket trading after the company reported better-than-expected earnings for the fiscal first quarter.

SummarySummary Companies Retail sales up 3% in Jan vs. est. A Commerce Department report showed retail sales surged 3% in January, driven by purchases of motor vehicles and other goods. "These numbers (retail sales) beat consensus by a long shot and it just shows that the consumer is still in a good spot," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Of the more than half of the S&P 500 firms that have reported results so far, nearly 70% have topped profit expectations, as per Refinitiv data. ET, Dow e-minis were down 82 points, or 0.24%, S&P 500 e-minis were down 11.25 points, or 0.27%, and Nasdaq 100 e-minis were down 25.5 points, or 0.2%.

☆ TSMC shares fall after Berkshire cuts stake
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Feb 15 (Reuters) - Shares in Taiwan's TSMC (2330.TW), opened 3.3% lower on Wednesday after Warren Buffett's Berkshire Hathaway Inc (BRKa.N) slashed its stake in the chipmaker. Berkshire cut its position in Taiwan Semiconductor Manufacturing Co Ltd (TSMC) by 86.2% to 8.29 million sponsored American depositary shares, a regulatory filing showed. read moreTSMC did not immediately respond to a request for comment. Reporting by Faith Hung; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Cable maker Credo slumps on forecast hit as top customer cuts orders
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

Feb 15 (Reuters) - Credo Technology Group Holding (CRDO.O) forecast fourth-quarter revenue well below estimates on Tuesday following a cut in orders from the cable maker's largest customer, sending its shares down as much as 43% on Wednesday. The stock, which fell to $11.07, is set for its worst day since going public in January last year at an issue price of $10. According to a company filing, one of Credo's customers accounted for 44% of its revenue in the second quarter of fiscal 2023. Credo, which makes cables used in data centers, said it was expecting fourth-quarter revenue of $30 million to $32 million, below estimates of $58.3 million, according to Refinitiv data. Credo, which also designs chips, currently outsources all its semiconductor manufacturing to Taiwan Semiconductor Manufacturing Company (2330.TW).

Search resuls for: "Berkshire Hathaway Inc"

25 mentions found