Buffett’s Berkshire Hathaway hits $1 trillion market value

Buffett’s Berkshire Hathaway hits $1 trillion market value
Buffett, who turns 94 on Friday, headed Berkshire Hathaway since 1970, transforming it from a small textile company into one of the world’s most valuable firms. (REUTERS)
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Updated 29 August 2024
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Buffett’s Berkshire Hathaway hits $1 trillion market value

Buffett’s Berkshire Hathaway hits $1 trillion market value
  • Berkshire Hathaway is the only publicly-traded, non-tech firm other than Saudi Aramco, to hit such heady heights
  • The firm has plowed its growing cash pile into government bonds and now owns more short-term US Treasury bills than the Federal Reserve

NEW YORK: Warren Buffett’s Berkshire Hathaway holding company crossed $1 trillion in market value Wednesday, making it the first non-tech firm on Wall Street to pass the milestone.
Buffett, who turns 94 on Friday, has been chair of Berkshire Hathaway since 1970, transforming it from a small textile company into one of the world’s most valuable firms, and turning him into one of the world’s richest men.
On Wednesday, Berkshire Hathaway’s market capitalization crossed $1 trillion in early trading, putting it in an exclusive club alongside tech titans like Apple, Nvidia and Microsoft.
The company’s Class A shares closed up 0.8 percent, and its Class B shares closed up 0.9 percent, leaving it with a total market value of just over $1 trillion.
It is the only publicly-traded, non-tech firm other than Saudi Arabia’s state-owned oil company, Saudi Aramco, to hit such heady heights. Electric vehicle maker Tesla, which previously hit a $1 trillion market capitalization, is considered to be a technology company by many analysts.
The Nebraska-based firm’s portfolio spans a vast array of sectors, including insurance, railroads and retail.
Buffett, who has been dubbed the “Sage of Omaha,” popularized a dispassionate, long-term approach to investing that ran counter to the short-term thinking of many market players at the time.
Buffett has been in a selling mood of late, convincing Berkshire Hathaway to dump large quantities of stock in some of its biggest holdings, including Apple and Bank of America, accumulating vast cash reserves.
The firm has plowed its growing cash pile into government bonds to such an extent that it now owns more short-term US Treasury bills than the Federal Reserve.
 


Philippine lawmakers vote to impeach VP Sara Duterte

Philippine lawmakers vote to impeach VP Sara Duterte
Updated 6 sec ago
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Philippine lawmakers vote to impeach VP Sara Duterte

Philippine lawmakers vote to impeach VP Sara Duterte
  • Duterte is first sitting vice president to face impeachment in Philippine history
  • Final decision to remove her from office is now with the upper house

MANILA: The Philippine House of Representatives voted on Wednesday to impeach Vice President Sara Duterte, following a petition signed by the majority of legislators.

House of Representatives Secretary-General Reginald Velasco told a plenary meeting of the lower house that more than two-thirds of lawmakers had endorsed a complaint seeking to remove Duterte from office.

“The total number of House members who verified and swore before me this impeachment complaint is 215 House members,” he said.

In the Philippines, an impeachment complaint requires at least one-third of support from the 306-member House of Representatives before it can be transmitted to the upper house, where the 23 senators would serve as jurors in a process that could result in Duterte’s removal from office and her lifetime disqualification from holding office.

“There is a motion to direct the secretary-general to immediately endorse to the Senate … the motion is approved. The secretary-general is so directed,” House Speaker Manuel Romualdez said.

Duterte is the first sitting vice president to face impeachment in the country’s history. She has been embroiled in a row with Marcos, following the collapse of a powerful alliance between their families that brought them a landslide victory in the 2022 election.

She has faced at least four impeachment complaints by a number of legislators and activist groups over a range of issues, including a death threat that she publicly made against Marcos, his wife and the House speaker last year, betrayal of public trust, as well as misusing millions of dollars in public funds.

The daughter of former president Rodrigo Duterte has consistently denied wrongdoing, describing the moves against her as a political vendetta.

She is expected to stay in office until the Senate delivers its judgment. A trial date has not yet been set.


Saudi ambassador urges Bangladeshi companies to join FIFA World Cup 2034 projects

Saudi ambassador urges Bangladeshi companies to join FIFA World Cup 2034 projects
Updated 05 February 2025
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Saudi ambassador urges Bangladeshi companies to join FIFA World Cup 2034 projects

Saudi ambassador urges Bangladeshi companies to join FIFA World Cup 2034 projects
  • Ambassador cites Bangladeshis’ experience of 2022 World Cup Qatar projects
  • Bangladeshi expat workers in Saudi Arabia are hardworking and intelligent, he says

DHAKA: Saudi Arabia’s ambassador to Dhaka has invited Bangladeshi companies to bid for FIFA World Cup construction projects as the tournament, to be hosted by the Kingdom in 2034, will require the construction of new stadiums and supporting infrastructure.

Saudi Arabia won the bid to host the world’s largest sporting event, with plans to hold games across 15 stadiums in five cities. Many migrant workers will be involved in building new sports facilities, transport networks, and hotel infrastructure.

“Bangladeshi workers already have experience with the World Cup in Qatar,” Ambassador Essa Al-Duhailan told Arab News at his office in the Bangladeshi capital on Tuesday.

“I urge the construction companies from Bangladesh to go to Saudi Arabia because we will build 11 stadiums and renovate five other existing stadiums. So this will also be a big opportunity for the companies and for the workers to go and participate in this ... And not only the construction of stadiums, but hotels and resorts. This will be a very good opportunity for Bangladesh.”

Some 2 million expatriate workers in Qatar were crucial in making the 2022 World Cup mega-projects a reality. Most of them were Bangladeshis. They have constructed and renovated eight stadiums, a whole new city, Lusail, the Doha Metro, hotels, and new transportation routes.

“You have enough numbers of skilled workers. We are happy to accommodate them and to welcome them. And they will have very good opportunities,” Al-Duhailan said.

“Bangladeshi workers and migrants are hard workers, and they are intelligent, and you can rely on them.”

Around 3 million Bangladeshi nationals live and work in Saudi Arabia. They are the largest expat group in the Kingdom and the largest Bangladeshi community outside Bangladesh. Many are employed in the construction sector and more are likely to find jobs in the industry in the next few years, as the Kingdom prepares to host not only the 2034 World Cup, but also the AFC Asian Cup in 2027, the Asian Winter Games in 2029, and the World Expo in 2030.

“The business of construction will be in high demand (of workers),” Al-Duhailan said.

“We already started preparations ... We are processing 5,000 to 7,000 visas (for Bangladeshis) every day. And we are (willing) to accommodate more.”


Sweden’s worst mass shooting leaves at least 11 dead at an adult education center

Sweden’s worst mass shooting leaves at least 11 dead at an adult education center
Updated 05 February 2025
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Sweden’s worst mass shooting leaves at least 11 dead at an adult education center

Sweden’s worst mass shooting leaves at least 11 dead at an adult education center

OREBRO, Sweden: Sweden’s worst mass shooting left at least 11 people dead, including the gunman, at an adult education center west of Stockholm as officials warned that the death toll could rise.
The gunman’s motive, as well as the number of wounded, hadn’t been determined by early Wednesday as the Scandinavian nation — where gun violence at schools is very rare — reeled from an attack with such bloodshed that police early on said it was difficult to count the number of dead among the carnage.
The school, called Campus Risbergska, offers primary and secondary educational classes for adults age 20 and older, Swedish-language classes for immigrants, vocational training and programs for people with intellectual disabilities. It is on the outskirts of Orebro, which is about 200 kilometers (125 miles) west of Stockholm.
Justice Minister Gunnar Strömmer called the shooting “an event that shakes our entire society to its core.” King Carl XVI Gustaf and Prime Minister Ulf Kristersson ordered flags to be flown at half-staff at the Royal Palace and government buildings. The Swedish news agency TT reported that officials have planned a news conference for Wednesday morning.
The shooting started Tuesday afternoon after many students had gone home following a national exam. Students sheltered in nearby buildings, and other parts of the school were evacuated following the shooting.
Authorities were working to identify the deceased, and police said the toll could rise. Roberto Eid Forest, head of the local police, told reporters that the suspected gunman was among the dead.
There were no warnings beforehand, and police believe the perpetrator acted alone. Police haven’t said if the man was a student at the school. They haven’t released a possible motive, but authorities said there were no suspected connections to terrorism at this point.
Police raided the suspect’s home after Tuesday’s shooting, but it wasn’t immediately clear what they found.
“Today, we have witnessed brutal, deadly violence against completely innocent people,” the prime minister told reporters in Stockholm late Tuesday. “This is the worst mass shooting in Swedish history. Many questions remain unanswered, and I cannot provide those answers either.
“But the time will come when we will know what happened, how it could occur, and what motives may have been behind it. Let us not speculate,” he said.
While gun violence at schools is very rare in Sweden, people were wounded or killed with other weapons such as knives or axes in several incidents in recent years.


Trump says he would love to make a deal with Iran

Trump says he would love to make a deal with Iran
Updated 05 February 2025
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Trump says he would love to make a deal with Iran

Trump says he would love to make a deal with Iran

US President Donald Trump said on Tuesday that he would love to make a deal with Iran to improve bilateral relations, but added that Tehran should not develop a nuclear weapon.

“I say this to Iran, who's listening very intently, 'I would love to be able to make a great deal. A deal where you can get on with your lives,”” Trump told reporters in Washington.

“They cannot have one thing. They cannot have a nuclear weapon and if I think that they will have a nuclear weapon ... I think that's going to be very unfortunate for them,” He said.


Drone attack sparks blaze at oil depot in Russia’s Krasnodar, governor says

Drone attack sparks blaze at oil depot in Russia’s Krasnodar, governor says
Updated 05 February 2025
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Drone attack sparks blaze at oil depot in Russia’s Krasnodar, governor says

Drone attack sparks blaze at oil depot in Russia’s Krasnodar, governor says

A Ukrainian drone attack overnight sparked a fire at an oil depot in Russia’s southern region of Krasnodar that has since been extinguished, regional officials said on Wednesday.
A series of drone attacks by Ukraine on Russia’s energy facilities have sparked fires in recent days at a major oil refinery in the Volgograd region, as well as at the Astrakhan gas processing plant.
“The fire in a tank with oil product residues in the village of Novominskaya in the Kanevsky District was fully extinguished,” the region’s operational authorities said on the Telegram messaging app.
Earlier, Veniamin Kondratyev, governor of the Krasnodar region, said that there were no injuries in the fire that was caused by a falling drone debris. A team of 19 people wielding 19 items of equipment were fighting the flames, he said.
Kondratyev did not say which depot was on fire or detail the extent of damage.
The Russian defense ministry said that four Ukrainian drones were destroyed over the Russian territory overnight, but did not mention the Krasnodar region in a statement on the Telegram messaging app.
The ministry only reports drones that its air defense systems destroy, not how many were launched.
There was no immediate comment from Ukraine. Kyiv says that its attacks inside Russia are aimed at destroying infrastructure key to Moscow’s war in Ukraine and are in response to Russian continued bombing of Ukraine.