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

Governor Wolf Statement on Treatable Cancer Diagnosis

first_imgGovernor Wolf Statement on Treatable Cancer Diagnosis Press Release Harrisburg, PA – Governor Wolf recently learned he has a treatable form of prostate cancer. The governor released the following statement and he will hold a brief availability this morning.“Frances and I recently learned I have prostate cancer that was thankfully detected early. My doctors made the diagnosis after a regular checkup revealed abnormalities. In consultation with my doctors, I have a planned treatment schedule that will begin in the coming weeks. Those treatments will last the next several months, but they will present no impairment to my ability to perform my duties as governor. Prior to beginning treatment, I will take a brief time to spend with my family. I am very thankful that my doctors caught this cancer quickly and have worked with me to plan a treatment schedule that will address my medical issues and allow me to serve the people of Pennsylvania. I encourage everyone in Pennsylvania to make sure they schedule regular checkups with their doctors and be aware of screening guidelines so early detection and treatment can be possible.”Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf February 24, 2016center_img SHARE Email Facebook Twitterlast_img read more

Manchester United enter Europa League last eight

first_imgLONDON: Former Europa League winners Manchester United booked a quarter-final spot in the tournament after their second-string side laboured to a 2-1 home win over LASK Linz on Wednesday to seal a 7-1 aggregate rout of the Austrian side.United’s reward is a clash with FC Copenhagen in Cologne on Monday after the Danish side beat Istanbul Basaksehir 3-0 at home earlier on Wednesday to wipe out a 1-0 first-leg deficit. United, who won Europe’s second-tier club competition in 2017, appeared to be going through the motions and fell behind to a spectacular Philipp Wiesinger goal in the 55th minute before Jesse Lingard and Anthony Martial replied. Having been virtually assured of progress after a 5-0 win at LASK in March, United manager Ole Gunnar Solskjaer fielded a below-strength side at Old Trafford and they looked completely at sea for an hour. Solskjaer said the fringe players needed a run out to stay in shape for United’s trip to Germany, where the latter stages of the competiton will be played in a mini-tournament, as his side aim to end the season on a high note. “We learned that the players need to play to keep that sharpness,” the Norwegian told BT Sport. “Some of these lads haven’t played for a while and it showed. Some haven’t played since lockdown. For me, it was a good exercise. It’s job done, minutes under the belt and on to (face) Copenhagen.” United found themselves under pressure early on as LASK defender Andres Andrade hit the bar in the 10th minute and Husein Balic fired just wide from the ensuing scramble before striker Marko Raguz twice came close in a one-sided first half. LASK took a deserved lead when United half cleared a corner and Wiesinger gave home goalkeeper Sergio Romero no chance with a screaming first-time shot from 25 metres into the top corner. Falling behind finally spurred United into action and Lingard equalised after a defence-splitting pass by Juan Mata left him with time and space to steer his shot past goalkeeper Alexander Schlager. Late substitute Martial completed United’s comeback on the night in the 88th minute when his close-range shot trickled over the line after squeezing through Schlager’s legs. Romero spared United more blushes when he kept out a Raguz back-heel from two metres with a superb reflex save deep into stoppage time. The last eight will be played in four German cities as part of the mini-tournament, with the final on Aug. 21 in Cologne. Agencies Also Watch: #NewsMakers: Exclusive chat with Jeevan B, DC, Lakhimpur with Oineetom Ojahlast_img read more