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...The sale, representing about 1.1 per cent of Berkshire’s holding in the technology company, was notable as Buffett had said as recently as 2021 that an earlier decision to cut its Apple stake was “probably...
...The acquisition by Berkshire, whose related interests include car insurer Geico and dealership Berkshire Hathaway Automotive, was regarded as a vote of confidence in the US economy and more particularly...
...The company’s Geico auto-insurer, which had struggled to cope with payouts on claims for much of the past two years, showed improvement....
...IBM’s decision to reinstate its defined benefit scheme makes good business sense — other companies should follow, she argues....
...That list includes Todd Combs and Ted Weschler, who help manage Berkshire’s $319bn stock portfolio, as well as vice-chairs Greg Abel and Ajit Jain, who run its operating businesses and insurance unit, respectively...
...The results were buoyed by the company’s core insurance businesses, where underwriting profits climbed 74 per cent to $1.2bn, as well as its large holdings of cash and Treasury bills....
...The sprawling conglomerate is now worth more than $780bn, with stakes in Apple, Coca-Cola and Bank of America as well as ownership of the BNSF railroad and Geico insurer....
...Even as insurers have benefited from sharply rising premiums, increasing “convective” (severe) thunderstorms or hurricanes are making insurance another business facing day-to-day climate risks....
...The slide in the housing market hit Berkshire’s building products business, as well as its real estate broker and manufactured homes businesses....
...So when it stops people from doing things, what is it stopping them from doing reckless things or . . .? Huggy RaoGood friction, what it does is it arrests overconfidence and myopia....
...American clients also have become more cautious over the risk of doing business with Ukrainian companies. So what is her advice for global companies on keeping business going in a crisis?...
...“For us to hold the same bargaining power as the large processing companies in China, we need to have a bigger scale,” Yoshimura said....
...“Warren Buffett speaks about many benefits [for] companies to be a part of Berkshire’s long-term business, but this opportunity for added value is not something he has talked about as much.”...
...“As a result, we currently expect Geico to generate an underwriting profit in 2023,” Berkshire said....
...So they are an insurance company for insurance companies. They do have a primary property casualty insurance unit, but mostly they’re reinsurance....
...“It just happens to be a better business than any we own,” he said. “Our railroad is a very good business but its not remotely as good as Apple’s business.”...
...Make sure you check back tomorrow for the latest business news. [MUSIC PLAYING]...
...Fintechs have started to eat into the business of acquirer banks by taking on more of their job at lower cost. The work comes in three parts....
...But this year the heir apparent to the $710bn business that includes the BNSF railroad, private jet operator NetJets and insurer Geico, as well as the other public and private groups Berkshire has invested...
...Others, like Cinven, are buying back the companies outright. Doing so can give the buyout firm more time to build a more profitable business away from the scrutiny of public markets....
...Gallagher, whose grandfather founded the business in 1927, pointed to the rules of doing business in many US states such as California, where insurers have to get sign-off from the regulator for their insurance...
...As their report shows, and Labour will discover, when it comes to life after Brexit, saying is much easier than doing. Britain after Brexit is edited by Gordon Smith....
...He wrote: “From a historical perspective, no country has delivered sustained growth for long by replacing the judgment of markets with that of the state, as China increasingly is doing . . ....
...The results were helped by larger profits in its manufacturing and services business lines....
...Make sure you check back tomorrow for the latest business news....
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