Warren Buffett looks to Japan, takes 5% stakes in five trading companies

first_imgBerkshire Hathaway Inc said it has acquired slightly more than 5 percent of the shares in five large Japanese companies, marking a departure for Chairman Warren Buffett as he looks outside the United States to bolster his conglomerate.In a statement on Sunday, Buffett’s 90th birthday, Berkshire said it acquired its stakes in Itochu Corp, Marubeni Corp, Mitsubishi Corp, Mitsui & Co and Sumitomo Corp over approximately 12 months.Berkshire said it intends to hold the investments for the long term, and may boost its stakes to 9.9 percent. A Berkshire insurance business, National Indemnity Co, is holding the shares. “I am delighted to have Berkshire Hathaway participate in the future of Japan,” Buffett said in a statement. “The five major trading companies have many joint ventures throughout the world and are likely to have more…. I hope that in the future there may be opportunities of mutual benefit.”The Japanese investments will help Buffett reduce his Omaha, Nebraska-based conglomerate’s dependence on the United States economy, which last quarter suffered its deepest contraction in at least 73 years as the coronavirus pandemic took hold.Many of Berkshire’s own operating businesses have struggled, and Berkshire this month took a $9.8 billion writedown on its Precision Castparts aircraft parts business.Berkshire owns more than 90 businesses including the BNSF railroad and Geico car insurer outright.It also invests in dozens of companies including Apple Inc, with a roughly US$125 billion stake based on its holdings as of June 30, as well as American Express Co, Bank of America Corp and Coca-Cola Co.Most of Berkshire’s operating businesses are American, though it has acquired a handful of foreign companies including Israel’s IMC International Metalworking and German motorcycle apparel retailer Detlev Louis.Additional investments in Japan could also help Buffett reduce Berkshire’s cash stake, which ended June at a record $146.6 billionTopics :last_img read more

Mikel Arteta set daunting Champions League target by Arsenal chief Raul Sanllehi

first_imgRaul Sanllehi insists Champions League qualification is still the target for Mikel Arteta’s Arsenal (Picture: Arsenal.com)Raul Sanllehi insists qualifying for the Champions League remains a realistic target for Mikel Arteta, despite Arsenal’s woeful start to the season.The Gunners parted company with Unai Emery last month following a run of one win in nine matches, and their form has hardly improved at all under interim coach Freddie Ljungberg.Arteta was officially confirmed as Emery’s permanent successor on Friday but he will watch Saturday’s match against Everton at Goodison Park from the stands.Arsenal are currently seven points behind Chelsea, who are in fourth place ahead of their visit to Spurs on Sunday, and face their west London rivals as well as Manchester United in the coming weeks.AdvertisementAdvertisementADVERTISEMENTSanllehi helped mastermind Arsenal’s transfer strategy in the summer and stated Champions League qualification was the minimum required of Emery. And he hasn’t altered that target in spite of the difficult situation Arteta as walked into. Comment Metro Sport ReporterSaturday 21 Dec 2019 10:52 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link161Shares Mikel Arteta set daunting Champions League target by Arsenal chief Raul Sanllehi Everton v Arsenal: Mikel Arteta first press conferenceTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 15:44FullscreenEverton v Arsenal: Mikel Arteta first press conferencehttps://metro.co.uk/video/everton-v-arsenal-mikel-arteta-press-conference-2074552/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.‘We are not yet halfway through the season and I make that point because we do strongly believe we still have time to amend and reach our objectives,’ said Arsenal’s head of football.‘It is for the short-term Champions League because we are Champions League club and we need to go back to where we belong.‘Of course that is not the ultimate ambition we want to win titles and we are preparing the squad to do that.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal‘This is not an immediate thing, we are building a squad that can give us many, many years of glory.‘You look from our ages, in the Under-23s we are one of the strongest, if not the strongest, team in England and we are getting the right pieces to compliment that to get the whole picture.‘We have Edu leading that in the right way, he is putting in many many hours analysing not only the market. We are confident.’MORE: Paul Merson slams Arsenal’s appointment of Mikel Arteta with Conor McGregor analogyMORE: Freddie Ljungberg worried about Arsenal players ahead of Everton clash following Mikel Arteta announcement Advertisement Advertisementlast_img read more