• ‘Joe Biden blew it’: rail unions decry plan to impose deal through Congress

    Workers could be prevented by congressional decree from striking over paid sick leave and quality-of-life issuesRailroad workers have expressed dismay at Joe Biden’s proposed solution to a looming strike that threatens to derail the US economy, which they say belies his image as the most pro-union president in generations.As a 9 December deadline looms for the long-running labor dispute between the US’s largest railway companies and their unions, Biden has called on Congress to inter
  • US rail unions decry Biden’s proposal to impose settlement through Congress

    Workers could be prevented by congressional decree from striking over paid sick leave and quality-of-life issuesRailroad workers have expressed dismay at Joe Biden’s proposed solution to a looming strike that threatens to derail the US economy, which they say belies his image as the most pro-union president in generations.As a 9 December deadline looms for the long-running labor dispute between the US’s largest railway companies and their unions, Biden has called on Congress to inter
  • Billionaire MacKenzie Scott donates $15m to help provide glasses to farmers in developing countries

    Exclusive: Donation is believed to be the largest single donation towards helping solve the problem of uncorrected blurry visionMacKenzie Scott, the billionaire philanthropist and former wife of the Amazon founder Jeff Bezos, has donated $15m (£13.5m) to a social enterprise that helps provide glasses to farmers in developing countries.Scott’s donation to VisionSpring is believed to be the largest single private donation towards helping solve the problem of uncorrected blurry vision w
  • US railroad workers prepare for strike as rail companies see record profits

    As Biden’s recommendations fall flat, negotiations between management and unions are at an impasse – and workers are prepared to walkUS freight railroad workers are close to striking over claims that grueling schedules and poor working conditions have been driving employees out of the industry over the past several years.Heated negotiations over a new union contract between railroad corporations and 150,000-member-strong labor unions have been ongoing for nearly three years. A &ldquo
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  • Buffett-owned lender discriminated against Black homebuyers, DoJ finds

    Buffett-owned lender discriminated against Black homebuyers, DoJ finds
    Trident Mortgage Company, owned by Berkshire Hathaway, agrees to second-largest settlement over ‘redlining’A mortgage lender owned by the billionaire Warren Buffett’s holding company, Berkshire Hathaway, engaged in lending discrimination against homebuyers of color, or redlining, in communities around Philadelphia, the US Department of Justice announced on Wednesday.An agreement with Trident Mortgage Company resulted in the second-largest settlement over redlining in DoJ histor
  • Berkshire Hathaway shareholders vote to keep Warren Buffett as chair

    Berkshire Hathaway shareholders vote to keep Warren Buffett as chair
    Shareholders reject proposals for independent chair and greater disclosure of company’s climate-related risksBerkshire Hathaway Inc shareholders on Saturday rejected proposals to have an independent chair replace Warren Buffett, and require his company to disclose more about its climate-related risks and efforts to improve diversity.Shareholders supported letting Buffett keep both the chairman and chief executive roles by a nearly 6-to-1 margin, Berkshire said at its annual meeting in Omah
  • Paypal founder launches tirade against ‘gerontocracy’ over bitcoin

    Paypal founder launches tirade against ‘gerontocracy’ over bitcoin
    Peter Thiel, the libertarian tech investor, says figures such as Warren Buffett are hindering cryptocurrencyPeter Thiel, the co-founder of PayPal and a Donald Trump ally, has accused a “finance gerontocracy” including Warren Buffett and Jamie Dimon of hindering bitcoin’s progress.The outspoken libertarian tech investor described multibillionaire Buffett, the world’s richest investor, as the “sociopathic grandpa from Omaha” in a keynote address at the Bitcoin 2
  • ‘White knuckle’ week for tech titans as shares and fortunes fall

    ‘White knuckle’ week for tech titans as shares and fortunes fall
    Nine of world’s 10 richest billionaires see wealth dented as rising interest rates spur sell-off of ‘stay at home’ stocksThe world’s richest billionaires have lost more than $50bn (£37bn) this week as their fortunes – mostly held in technology companies – dropped in a “white knuckle” rout on tech shares.Elon Musk, the wealthiest person on the planet, saw his fortune fall by $25.8bn in a single day on Thursday, according to the latest data ava
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  • Wealthiest Americans’ tax avoidance – the shock report’s most striking details

    Wealthiest Americans’ tax avoidance – the shock report’s most striking details
    A new investigation by ProPublica shows in some years men such as Jeff Bezos and Elon Musk paid no federal income taxThat wealth largely remains in the hands of the already wealthy is nothing new. Income inequality in the US has only increased since the 1980s, far exceeding that of the UK and other G7 nations; upper-income families have increased their share of the country’s aggregate income in that same timeframe while middle-income households have lost theirs in proportion; and three of
  • Richest 25 Americans reportedly paid ‘true tax rate’ of 3.4% as wealth rocketed

    Richest 25 Americans reportedly paid ‘true tax rate’ of 3.4% as wealth rocketed
    ProPublica investigation shows how little US super-rich including Jeff Bezos and Elon Musk reportedly paid between 2014 and 2018The 25 richest Americans including Jeff Bezos, Warren Buffett and Elon Musk paid a “true tax rate” of just 3.4% between 2014 and 2018, according to an investigation by ProPublica, despite their collective net worth rising by more than $400bn in the same period. Related: Global economy set for fastest recovery for more than 80 yearsContinue reading...
  • Bill Gates and Warren Buffett to build new kind of nuclear reactor in Wyoming

    Bill Gates and Warren Buffett to build new kind of nuclear reactor in Wyoming
    The project in Wyoming – the country’s top coal-producing state – is a small advanced reactor that runs on different fuels to traditional onesPower companies run by billionaire friends Bill Gates and Warren Buffett have chosen Wyoming to launch the first Natrium nuclear reactor project on the site of a retiring coal plant.TerraPower, founded by Gates about 15 years ago, and power company PacifiCorp, owned by Warren Buffett’s Berkshire Hathaway, said on Wednesday that the
  • Fund management ‘irretrievably broken’, says star investor

    Fund management ‘irretrievably broken’, says star investor
    James Anderson of Baillie Gifford criticises ‘near pornographic allure’ of earnings reports and headlinesThe star technology investor James Anderson has taken a parting shot at fellow fund managers addicted to the “near pornographic allure” of earnings reports and macroeconomic headlines, as he claimed the industry was “irretrievably broken”.The outgoing co-manager of the FTSE 100-listed Scottish Mortgage Investment Trust said his own “greatest failing h
  • Fund management ‘irretrievably broken’, says James Anderson

    Fund management ‘irretrievably broken’, says James Anderson
    Baillie Gifford’s outgoing star investor criticises ‘near pornographic allure’ of earnings reports and headlinesThe star technology investor James Anderson has taken a parting shot at fellow fund managers addicted to the “near pornographic allure” of earnings reports and macroeconomic headlines, as he claimed the industry was “irretrievably broken”.The outgoing co-manager of the FTSE 100-listed Scottish Mortgage Investment Trust said his own “great
  • Warren Buffett names Greg Abel as next CEO of Berkshire Hathway

    Warren Buffett names Greg Abel as next CEO of Berkshire Hathway
    Billionaire, 90, lets slip plan for vice-chairman to take over at $644bn investment groupBillionaire investor Warren Buffett has confirmed that the vice-chairman of his Berkshire Hathaway investment conglomerate, Greg Abel, will succeed him as chief executive.The 90-year-old’s succession plan was teased out of him – apparently by accident – by his longtime business partner, 97-year-old Charlie Munger, at the company’s annual meeting over the weekend. Buffett, speaking to
  • Warren Buffett names Greg Abel as next CEO of Berkshire Hathaway

    Warren Buffett names Greg Abel as next CEO of Berkshire Hathaway
    Billionaire, 90, lets slip plan for vice-chairman to take over at $644bn investment groupBillionaire investor Warren Buffett has confirmed that the vice-chairman of his Berkshire Hathaway investment conglomerate, Greg Abel, will succeed him as chief executive.The 90-year-old’s succession plan was teased out of him – apparently by accident – by his longtime business partner, 97-year-old Charlie Munger, at the company’s annual meeting over the weekend. Buffett, speaking to
  • Warren Buffett warns about inflation amid ‘red hot’ recovery from pandemic

    Warren Buffett warns about inflation amid ‘red hot’ recovery from pandemic
    Legendary investor also warns about share-trading apps and investment Spacs while partner calls cryptocurrencies ‘disgusting’The billionaire investor Warren Buffett has warned of inflation hitting the US economy amid a “red hot” recovery from the worst of the coronavirus pandemic.Buffett said his portfolio companies were “seeing very substantial inflation” in a range of sectors amid shortages of raw materials and high savings among those who kept jobs but were
  • Warren Buffett says online trading platforms encourage ‘gambling impulse’

    Warren Buffett says online trading platforms encourage ‘gambling impulse’
    Legendary investor warns about the risks of stock trading while his partner calls cryptocurrencies ‘disgusting’Warren Buffett warned people not to think investing is an easy way to make a fortune as he answered a variety of questions at the annual meeting of his conglomerate Berkshire Hathaway.Speaking in Los Angeles, the legendary billionaire investor said it could be tough to pick the long-term winners. He pointed out that in 1903 there were more than 2,000 car companies, and nearl
  • Warren Buffett, Amazon, Starbucks and others condemn voting restrictions in letter

    Warren Buffett, Amazon, Starbucks and others condemn voting restrictions in letter
    ‘Voting is the lifeblood of our democracy,’ says the double-page letter published in the New York Times and Washington PostAmazon, BlackRock, Google, Starbucks, billionaire investor Warren Buffett and hundreds of other companies published a letter on Wednesday condemning “discriminatory legislation” designed to hinder voting rights in the US.The letter – the biggest statement yet from corporate America – follows weeks of heated debate over corporate opposition
  • Ten billionaires reap $400bn boost to wealth during pandemic

    Ten billionaires reap $400bn boost to wealth during pandemic
    Covid-19 pushed many into poverty but brought huge benefits for some of the wealthiest, renewing calls for fairer taxes
    Coronavirus - latest updatesCoronavirus - see all our coverageTen of the richest people in the world have boosted their already vast wealth by more than $400bn (£296bn) since the coronavirus pandemic began as their businesses were boosted by lockdowns and financial crises across the globe.The extra wealth accumulated by the 10 men – approximately $450bn, using Forbe
  • MacKenzie Scott: ex-wife of Jeff Bezos gives away $4bn in four months

    MacKenzie Scott: ex-wife of Jeff Bezos gives away $4bn in four months
    The 50-year-old, who was married to Amazon founder for 26 years, donates to Covid charitiesCoronavirus – latest updatesSee all our coronavirus coverageMacKenzie Scott, the ex-wife of the Amazon founder, Jeff Bezos, has donated more than $4bn in the past four months to hundreds of charities and aid organisations, including food banks fighting the impact of the coronavirus pandemic.Scott, who has a personal net worth of more than $60bn (£44.5bn), pledged to give away much of her wealth
  • Warren Buffett makes big investment in US pharmaceutical firms

    Warren Buffett makes big investment in US pharmaceutical firms
    Berkshire Hathaway bought $5.7bn worth of shares in four companies in third quarterThe investment company run by billionaire investor Warren Buffett bet $5.7bn (£4.3bn) on pharmaceutical companies during the third quarter of 2020, as the sector takes centre stage in the fight against the coronavirus pandemic.Berkshire Hathaway bought shares in drug companies AbbVie, Bristol-Myers Squibb, Merck and Pfizer between July and September, according to filings with the US regulator. Continue readi
  • How philanthropy benefits the super-rich – podcast

    How philanthropy benefits the super-rich – podcast
    There are more philanthropists than ever before. Each year they give tens of billions to charitable causes. So how come inequality keeps rising?Continue reading...
  • How philanthropy benefits the super-rich

    How philanthropy benefits the super-rich
    There are more philanthropists than ever before. Each year they give tens of billions to charitable causes. So how come inequality keeps rising? By Paul VallelyPhilanthropy, it is popularly supposed, transfers money from the rich to the poor. This is not the case. In the US, which statistics show to be the most philanthropic of nations, barely a fifth of the money donated by big givers goes to the poor. A lot goes to the arts, sports teams and other cultural pursuits, and half goes to education
  • Warren Buffett invests $6bn in Japan's five biggest trading houses

    Warren Buffett invests $6bn in Japan's five biggest trading houses
    The 90-year-old US business tycoon hopes for ‘opportunities of mutual benefit’Warren Buffett has invested $6bn in Japan’s five biggest trading houses, giant conglomerates involved in everything from importing food and textiles to the technology and manufacturing industries, as he looks to diversify beyond the US.The surprise move by Buffett, who has just turned 90, means he is one of the biggest shareholders in Mitsubishi Corp, Mitsui & Co, Itochu Corp, Sumitomo Corp and Ma
  • In a pandemic, billionaires are richer than ever. Why aren't they giving more? | Chuck Collins

    In a pandemic, billionaires are richer than ever. Why aren't they giving more? | Chuck Collins
    Billionaires get huge tax breaks to park money in private family foundations operated by wealthy heirs. Little goes to actual charity work
    A decade ago, Bill Gates and Warren Buffett did an important thing. They organized the Giving Pledge to inspire their fellow billionaires to donate more money to charity. Related: Revealed: super-rich donate to Cuomo as he rejects tax hikes for billionaires The notion that philanthropy is a private preserve, apart from the government, is a myth Related: Tesla
  • German company allegedly cons Warren Buffett out of €643m

    German company allegedly cons Warren Buffett out of €643m
    US investor may have paid over four times too much for firm now being investigated for fraudA German manufacturing company is being investigated for fraud after allegedly conning the legendary US investor Warren Buffett into paying at least four times over the odds for its business by Photoshopping company orders and invoices.In February 2017 a unit of Buffett’s Berkshire Hathaway Inc paid €800m (£715m) to buy Wilhelm Schulz, a family-run manufacturer of stainless steel based in
  • Warren Buffett dumps US airline stocks, saying 'world has changed' after Covid-19

    Warren Buffett dumps US airline stocks, saying 'world has changed' after Covid-19
    The legendary investor indicates that financial markets could still have further to fall as worldwide cases edge towards 3.5mCoronavirus latest updatesWarren Buffett, the legendary American investor, has sold his firm’s entire holdings in the four major US airlines, warning that the “world has changed” for the aviation industry because of the coronavirus crisis.In comments that will send shockwaves through financial markets already pulverised by the economic shock of the outbre
  • Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak

    Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak
    Hedge fund manager took advantage of market turmoil to make almost 100 times his outlay Coronavirus – latest updatesSee all our coronavirus coverageThe hedge fund manager Bill Ackman has claimed his firm made $2.6bn (£2.2bn) betting that the coronavirus outbreak would cause a market crash, barely a week after warning that “hell is coming” for US companies.Ackman took advantage of bond market turmoil to make almost 100 times his original outlay of $27m on bets on market mo
  • Wealthy people are spending less – are they seeing signs of a recession?

    Wealthy people are spending less – are they seeing signs of a recession?
    A recent USB report found wealthy investors are increasing their cash reserves, adding to growing evidence suggesting they see trouble on the horizonDo the ultra-wealthy know something we don’t? US consumers in general are still spending, but the 1%? Not so much.A UBS report released last week found wealthy investors around the world are holding a relatively high level of cash in anticipation of global turmoil in 2020. That report added to a growing body of evidence that suggests the wealt
  • Think billionaires are just super-rich people? Big mistake | Arwa Mahdawi

    The hard realities of extreme wealth – political influence and jaw-dropping inequality – should have us all protesting in the streetsShould billionaires exist? There has been much heated debate in the US and the UK on this subject recently. Bernie Sanders says billionaires should be taxed out of existence while Joe Biden has warned against demonising rich people.The fact that we are even having this debate is a depressing indication of the extent to which extreme inequality has been
  • Warren Buffett donates $3.6bn to Gates' and family charities

    Donation is biggest in billionaire’s plan to give away fortuneBill & Melinda Gates Foundation receives 80% of shares giftWarren Buffett is donating roughly $3.6bn of Berkshire Hathaway stock to five charities including the Bill & Melinda Gates Foundation, the biggest contribution in Buffett’s plan to give away his fortune.Berkshire said Buffett’s 14th annual donation comprises about 16.81m class B shares of Berkshire. Related: Warren Buffett says Republican tax cut 'del
  • Amazon's Jeff Bezos pays out $38bn in divorce settlement

    Ex-wife MacKenzie Bezos will become world’s fourth-richest woman but has promised to give away half of awardThe world’s biggest divorce settlement will be made official this week as Amazon billionaire Jeff Bezos hands over a 4% stake in the online shopping giant to his soon-to-be ex-wife MacKenzie Bezos.A judge is expected to sign legal papers transferring the Amazon shares – worth $38bn (£29bn) – into MacKenzie Bezos’s name. It is by some distance the largest
  • MacKenzie Bezos pledges more than half her wealth to charity

    Jeff Bezos’ former wife, known as world’s 22nd richest person with $36.6bn fortune, signs up to the Giving PledgeMacKenzie Bezos, who recently became the world’s fourth richest woman following her divorce from Jeff Bezos, founder and chief executive of Amazon, has promised to give away more than half her $36.6bn (£28.4bn) fortune.The 49 year-old novelist and founder of the anti-bullying group Bystander Revolution said on Tuesday that she had “a disproportionate amou
  • MacKenzie Bezos pledges at least half her wealth to charity

    Jeff Bezos’ former wife, known as world’s 22nd richest person with $36.6bn fortune, signs up to the Giving PledgeMacKenzie Bezos, who recently became the world’s fourth richest woman after her divorce from Jeff Bezos, founder and chief executive of Amazon, has promised to give away at least half her $36.6bn (£28.4bn) fortune.The 49 year-old novelist and founder of the anti-bullying group Bystander Revolution said on Tuesday that she had “a disproportionate amount of
  • Warren Buffett takes swipe at Trump in shareholder letter

    Investor wrote that ‘it is beyond arrogance for American businesses or individuals to boast that they have “done it alone”’The billionaire investor Warren Buffett has used his widely-read annual letter to shareholders to take a swipe at Donald Trump, saying no one person should claim credit when the US economy goes well. Related: Kraft Heinz share plunge loses Warren Buffett $4bn in one dayContinue reading...
  • Warren Buffett seeks 'elephant-sized acquisition' after large quarterly loss

    Investor said he is hoping for one the day after Berkshire Hathaway took a write-down on its stake in Kraft HeinzThe billionaire investor Warren Buffett said he is looking for an “elephant-sized acquisition”, one day after his company, Berkshire Hathaway, reported one of its largest quarterly losses in history, taking a multi-billion-dollar write-down on its stake in the food giant Kraft Heinz. Related: Kraft Heinz share plunge loses Warren Buffett $4bn in one dayContinue reading...
  • Kraft Heinz share plunge loses Warren Buffett $4bn in one day

    Shares in the food and beverage giant fell nearly 25% in Friday trading, Berkshire Hathaway has been particularly hard hitShares in the food and beverage giant Kraft Heinz fell nearly 25% in Friday trading, a day after the company wrote down by $15.4bn the value of its Kraft and Oscar Mayer brands.The company, which has disclosed that in October it received a subpoena from the Securities and Exchange Commission (SEC), has been battling pressure on the value of its brands since it came into exist
  • It’s still the rich what gets the treasure: governments ignore this at their peril

    Rising political instability and trade disputes are symptoms of the rampant disease of inequality, and rich men giving away their billions is not the answerThere are two worrying things to consider about the world economy in 2018 – beyond the obvious risks of Brexit, Donald Trump’s trade war with China and steep losses on the financial markets.First, there is the news that the world’s billionaires made more money last year than at any time in recorded history. The richest peopl
  • You Can Like Bitcoin Again

    You Can Like Bitcoin Again
    How significant is the relaxation of Facebook’s ban on cryptocurrency advertising?
    The British head of a financial consulting firm eschewed a stiff upper lip in a press release distributed to financial journalists.
    “I believe history will show that this decision to lift the ban will prove to be another catalyst for the unstoppable cryptocurrency revolution,” said Nigel Green, chief executive of deVere Group.
    Mr. Green last month pilloried Warren Buffett “and his 94-year-o
  • How Corporate America Tries to Forget Its Mistakes

    Companies are notorious for burying their blunders. “You can understand why the people who made the mistake want to make sure it gets forgotten before it makes an impact on their pay,” says Charles Munger, Warren Buffett’s business partner.
    “It’s in the nature of humans and organizations, after they succeed mightily, to get very pompous and complacent,” says Mr. Munger when asked about Wells Fargo & Co., which has had repeated failures of risk management.
  • Anonymous Bidder Pays $3.3 Million for Lunch With Warren Buffett

    The money goes to a charity in San Francisco. The winner goes to lunch with Mr. Buffett in New York.
  • U.S. Markets Close for Holiday, and May Jobs Numbers Come Out

    In addition, Starbucks will close its stores for an afternoon of anti-bias training, and Commerce Secretary Wilbur Ross will head to China for trade talks.
  • Elon Musk Wants to Fill Warren Buffett’s ‘Moat’ With Candy, but It Still Holds Water

    Mr. Musk is the business world’s gleeful invader, but Mr. Buffett’s mantra of investing in businesses with “moats” remains secure.
  • Musk vs. Buffett: An Invitation for Investors to Take Sides

    A tiff between Warren Buffett and Elon Musk reignited over the weekend. But the two do have common ground, and betting against either is risky.
  • There’s Only One Warren Buffett

    The Berkshire Hathaway C.E.O.’s three-day extravaganza — er, shareholders’ conference — drew tens of thousands of fans to Omaha.
  • What Caused Bitcoin to Tumble From Its High?: DealBook Briefing

    Researchers at the Federal Reserve Bank of San Francisco blame it on the CME Group’s decision to list bitcoin futures, which allowed investors to bet against bitcoin.
  • Is Warren Buffett ‘Semiretired’? Sort Of: DealBook Briefing

    At Berkshire Hathaway’s annual meeting, Mr. Buffett noted that he has ceded slightly more control of the conglomerate, but still runs the show.
  • Is Comcast Going to Crash Disney’s Deal With Fox?: DealBook Briefing

    Shares of 21st Century Fox jumped more than 4 percent on reports that Comcast is preparing to upend Disney’s $52 billion deal to acquire most of Fox’s assets.
  • Is Comcast Going to Crash Dinsey’s Deal With Fox?: DealBook Briefing

    Shares of 21st Century Fox jumped more than 4 percent on reports that Comcast is preparing to upend Disney’s $52 billion deal to acquire most of Fox’s assets.
  • Elliott, Frustrated With Athenahealth, Offers to Buy It: DealBook Briefing

    Elliott Management sent a letter to Athenahealth’s board, offering to buy the company for $160 a share, or $6.5 billion.
06 Dec 2022
30 Nov 2022

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