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

La Liga: Athletic ease pain of Europa League exit with victory over Malaga

first_img Goalkeeper Gorka Iraizoz put in a top class display for Athletic 1 You can listen to live La Liga commentary on talkSPORT 2. For details of how to retune your radio, click here.An Athletic Bilbao team unable to call upon top scorer Aritz Aduriz managed to secure a tight 1-0 win over Malaga at La Rosaleda Stadium.Aduriz, unavailable due to injury, missed the La Liga victory which eases the pain of the Basque club’s exit from the Europa League last week.The victory tightens Bilbao’s hold on the qualification places for next season’s edition of the tournament, and keeps them in with a shot of qualifying for the Champions League.Raul Garcia headed the only goal of the game after 53 minutes, but goalkeeper Gorka Iraizoz took all the plaudits for the win, pulling off a number of fine saves to secure all three points.The hosts dominated the game, managing 17 shots to Athletic’s six, but Iraizoz saved a number of efforts from Juanpi and Chory Castro to keep the clean sheet.last_img read more