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

Update on the latest in sports:

first_imgNew tennis tournament in France aiming for younger audiencePARIS (AP) — With discussions ongoing over whether the U.S. Open or the French Open can even take place later this year, a new digitally friendly tennis tournament starts Saturday in southern France with four Top 10-ranked players involved.Co-founder Patrick Mouratoglou hopes the Ultimate Tennis Showdown can change the way tennis is viewed by allowing a younger audience to access the raw feelings of players.The UTS features ATP Finals winner Stefanos Tsitsipas and U.S. Open semifinalist Matteo Berrettini. There will be 10 players with matches every weekend for five weeks in a round robin format.Matches will be streamed live with organizers saying every sight and sound will be captured.  FORT WORTH, Texas (AP) — Scott Dixon was the fast driver for most of the all-in-one-day delayed opener for IndyCar.Five-time champion Dixon took the checkered flag at dusk Saturday for his fourth win at the 1 1/2-mile, high-banked oval in Texas. He had been the fastest in practice earlier in the day and qualified second.The 39-year-old New Zealander raced to his 47th career victory and matched A.J. Foyt’s record of 18 seasons with a win.After a restart with three laps left, Dixon sped away in the No. 9 Chip Ganassi Honda.TENNIS-NEW TOURNAMENT UFC-MCGREGOR RETIRES AGAINConor McGregor again says he’s doneUNDATED (AP) — Conor McGregor has announced his retirement from fighting for the third time in four years.McGregor abruptly made his latest dubious declaration on his Twitter account, where the former two-division UFC champion also announced his retirement in 2016 and 2019.The 31-year-old McGregor revitalized his combat sports career in January with an impressive first-round stoppage of Donald “Cowboy” Cerrone at UFC 246. McGregor remains the UFC’s biggest star and biggest financial draw. Associated Press Share This StoryFacebookTwitteremailPrintLinkedinRedditFOOTBALL-OBIT-KEN RILEYFormer Bengals star Ken Riley dead at 72ST. PETERSBURG, Fla. (AP) — Former Cincinnati Bengals standout Ken Riley, who was also a coach and athletic director at his alma mater Florida A&M, has died. The university made the announcement Sunday. June 7, 2020 Riley was 72. He played 15 seasons for the Bengals as a defensive back, with 65 career interceptions for 596 yards, and five touchdowns. The interceptions rank fifth in NFL history. He also recovered 18 fumbles.Before his NFL career, Riley was a four-year starter at quarterback for the Rattlers. Later, he returned to become Florida A&M’s head football coach and then athletic director.The university did not reveal a cause of death.INDYCAR-TEXASDixon takes checkered flag Update on the latest in sports: UFC 250Nunes defends beltLAS VEGAS (AP) — Amanda Nunes earned a dominant unanimous decision victory over featherweight contender Felicia Spencer at UFC 250.Nunes became the first UFC fighter to defend a championship belt while holding titles in two divisions with her one-sided win. Nunes also is the UFC’s long-reigning bantamweight champion.Cody Garbrandt also knocked out Raphael Assunção an instant before the second-round bell in the co-main event at a fan-free gym on the UFC’s corporate campus in Las Vegas.last_img read more

2019 President’s Cup replay postponed to December 22

first_imgThe replay of the 2019 President’s Cup between Hearts of Oak and Asante Kotoko has been postponed to December 22 and it will now be played at the Baba Yara Stadium.The development was announced via a letter from the Ghana League Clubs Association (GHALCA) who are the organisers of the match.The letter did not state any reasons for the change of date and venue but it said that the decision was taken after all parties were consulted.However, Citi Sports sources say that the decision to change the venue was down to the poor state of the pitch of the Accra Sports Stadium after it hosted a concert that starred US rapper Cardi B last Sunday.Sources say that the National Sports Authority was not happy with the condition of the playing surface and thus, it had to find an alternative.The initial match in September was called off after 10 minutes due to a soggy Baba Yara Stadium pitch following heavy rains in Kumasi.GHALCA further apologised to the many fans who were prepping to see the two biggest clubs in Ghana face each other in Accra.last_img read more

Trashing the Valley

first_imgWe’re not sure what’s worse, that the Los Angeles City Council voted 13-1 on Tuesday to continue dumping in Sunshine Canyon for the next five years, or that it did so under a bogus pretext. The council members swear they weren’t really extending the city’s contract with Browning Ferris Industries to keep dumping on the Granada Hills community. This was just a temporary measure, an “extension” so that “negotiations” with the trash giant over use of Sunshine Canyon can continue until March 17. Then, they claim, they will finally do what they have failed to do these past six months and these past six years for that matter – get a better deal for the people of L.A. Don’t believe it for a second. As the City Attorney’s Office has made clear, by accepting BFI’s last-minute proposal, the council did, in fact, approve the five-year contract. Period. It can rescind the contract any time between now and March 17, but doing that would take the support of eight council members. AD Quality Auto 360p 720p 1080p Top articles1/5READ MORECasino Insider: Here’s a look at San Manuel’s new high limit rooms, Asian restaurant Make no mistake about it: The very nature of the city’s dealings with BFI has now changed decidedly in BFI’s favor. No longer must the council actively do something for the dumping to continue; that will happen even if it does nothing – and doing nothing is what the council does best. Don’t be surprised if, come March 17, the council finds itself where it is now, still having failed to fully research dumping alternatives, and still unwilling to make the investments to stop dumping in urban areas. Members will wring their hands over whether they should rescind the BFI deal they just approved, but some – most likely those living farthest away from Granada Hills – will say there’s just no other option. And when the final votes are cast, don’t be surprised if the council falls just short of the majority needed to overturn the deal. The council’s Valley members will be able to return to their districts and say they tried to stop Sunshine Canyon, hoping that constituents won’t remember that on Feb. 28, they voted to perpetuate it. That said, not all members of the council disgraced themselves equally. Some credit is due to Alex Padilla – the lone councilman who denounced this sham deal for what it was and voted against it. Greig Smith, likewise, is the only council member who has seriously taken on the issue of finding alternatives to the Granada Hills landfill. Still, one good vote doesn’t change the fact that Padilla did very little in his tenure as City Council president to address this issue, and that that inaction made the prolonged dumping at Sunshine Canyon all but inevitable. Nor does Smith’s good work in the past justify his vote in favor of more dumping – a move that provided political cover for his cowardly colleagues to do the same. We’ve seen these sorts of shenanigans before. Last year, council members approved a hated plan for LAX expansion, with a wink-wink promise that they wouldn’t really act on their own legislation. Now they’re pulling the same trick – approving perpetual dumping, while insisting that, somehow, perpetual dumping won’t really result. The contempt for the public is bad enough, but the dishonesty is even worse. These deals-that-aren’t-deals aren’t fooling anybody. They’re just making fools of the city’s leaders. And the biggest fool of all in this deal is the mayor himself, Antonio Villaraigosa, who betrayed his promise to stop city dumping at Sunshine Canyon. The mayor, who is everywhere talking nonstop about everything, was silent on the issue. Villaraigosa proved to be as invisible as his predecessor, who made and broke the same promise, and ended up on the scrap heap of the city’s political history.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more