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February 25, 2020
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Hedge fund Third Point calls on Britain’s Prudential to break up

Reuters
(Reuters) – Hedge fund Third Point LLC amassed a more than $2 billion stake in Prudential Plc (PRU.L) and called on the British insurer on Monday to split into two companies. FILE PHOTO: The logo of British life insurer Prudential is seen on their building in London, Britain March 17,......
Reuters - Business

Buffett defends Berkshire stock push, reassures on future as profit smashes record

Reuters
NEW YORK (Reuters) – Warren Buffett on Saturday forcefully defended Berkshire Hathaway Inc’s (BRKa.N) decision to invest heavily in stocks of companies such as Apple Inc (AAPL.O) as he labors through a four-year drought since his last major acquisition of a company. Buffett, 89, also used his annual letter to......
Reuters - Business

Buffett calls for more accountability for corporate directors

Reuters
(Reuters) – Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit......
Reuters - Business

Rising stocks fuel record profit for Buffett’s Berkshire; operating profit disappoints

Reuters
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Saturday posted a 23% decrease in quarterly operating profit, while soaring prices in stock holdings such as Apple Inc enabled the conglomerate to smash its old record for full-year earnings. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall......
Reuters - Business

Buffett defends stock investments, which fueled record Berkshire profit

Reuters
NEW YORK (Reuters) – Warren Buffett on Saturday forcefully defended Berkshire Hathaway Inc’s decision to invest heavily in stocks of companies such as Apple Inc as he labors through a four-year drought since his last major acquisition of a company. FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the......
Reuters - Business

Buffett defends investments in stocks, which fueled record Berkshire profit

Reuters
NEW YORK (Reuters) – Warren Buffett on Saturday defended Berkshire Hathaway Inc’s decision to invest heavily in the stocks of companies such as Apple Inc, while giving new details about how Berkshire Hathaway is prepared for his death in an annual letter to shareholders posted on the company’s website. FILE......
Reuters - Business

Buffett defends investments in stocks, which fueled record Berkshire profit

Reuters
FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan (Reuters) – Warren Buffett on Saturday defended Berkshire Hathaway Inc’s decision to invest......
Reuters - Business

Buffett’s Berkshire buys Kroger and Biogen, reduces Wells Fargo and Goldman stakes

Reuters
(Reuters) – Warren Buffett’s Berkshire Hathaway Inc on Friday said it has taken a $549.1 million stake in Kroger Co, investing in the largest U.S. supermarket chain as smaller rivals struggle. FILE PHOTO – Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from......
Reuters - Business

Organisers of cancelled mobile conference play down compensation chances

Reuters
BARCELONA (Reuters) – Companies that have spent money on a major telecoms conference in Barcelona that has been cancelled after mass withdrawals due to the coronavirus outbreak cannot expect compensation under the organisers’ standard insurance, they said on Thursday. The GSMA telecoms body cancelled the Feb. 24-27 event on Wednesday......
Reuters - Business

Australia court fines AMP $3.5 million over incorrect insurance advice

Reuters
FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray/File Photo (Reuters) – Australia’s Federal Court has ordered wealth manager AMP Ltd (AMP.AX) to pay a penalty of A$5.2 million ($3.5 million) for failing......
Reuters - Business

U.S. refiners, chemical makers pare insurance coverage as accidents boost costs

Reuters
(Reuters) – U.S. refineries and petrochemical plants are cutting back on insurance because several years of severe accidents have driven up the cost of coverage, industry and insurance sources said. FILE PHOTO: A process tower flies through the air after exploding at the TPC Group Petrochemical Plant, after an earlier......
Reuters - Business

Commonwealth Bank of Australia’s pension arm hit with another class-action lawsuit

Reuters
FILE PHOTO: The logo for the Commonwealth Bank of Australia adorns their head office in central Sydney, Australia, October 12, 2017. REUTERS/David Gray/File Photo (Reuters) – Commonwealth Bank of Australia (CBA.AX) said on Thursday a class-action lawsuit was filed against its pension arm, Colonial First State, for allegedly not acting......
Reuters - Business

Insurers look to curb ransomware exposure as U.S. cyber rates rise

Reuters
(Reuters) – U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. FILE PHOTO: A sign referring to the hacked computer system of Baltimore City is taped to a door near......
Reuters - Business

Citibank to pay $18 million penalty for failing to insure flood-prone properties

Reuters
FILE PHOTO: A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files/File Photo WASHINGTON (Reuters) – A U.S. banking regulator fined Citibank N.A. (C.N) $18 million for delays in purchasing mandatory flood insurance for properties where borrowers were located......
Reuters - Business

A thousand EU financial firms plan to open UK offices after Brexit

Reuters
LONDON (Reuters) – More than a thousand banks, asset managers, payments companies and insurers in the European Union plan to open offices in post-Brexit Britain so they can continue serving UK clients, regulatory consultancy Bovill said on Monday. FILE PHOTO: A person walks through the Canary Wharf financial district of......
Reuters - Business

Trade deal touts financial sector wins; China to scrap securities business cap faster

Reuters
WASHINGTON/HONG KONG (Reuters) – The long-awaited U.S.-China trade deal touted new wins for U.S. companies looking to access China’s $40 trillion financial sector, but many of the changes were already in the works with Beijing stepping up the pace of opening up in the past year. Under the deal, China......
Reuters - Business

U.S.-China trade deal touts financial sector wins, but there’s a sense of deja vu

Reuters
WASHINGTON/HONG KONG (Reuters) – The long-awaited U.S.-China trade deal unveiled on Wednesday touted new wins for U.S. companies looking to access China’s $40 trillion financial market, but many of the changes were already in the works even before the trade war ignited. U.S. President Donald Trump shakes hands with Chinese......
Reuters - Business

Chile’s Codelco says uncovered $22 million insurance fraud involving unions

Reuters
SANTIAGO (Reuters) – Chile’s state-owned Codelco, the world’s largest copper producer, said on Tuesday it had filed a lawsuit over an alleged scam in insurance contracts drawn up by unions for workers at its Chuquicamata and Radomiro Tomic mines. FILE PHOTO: Codelco’s logo is seen at the entrance of its......
Reuters - Business

Tanker owners face insurance headache as Mideast war risk haunts shipping trade

Reuters
SINGAPORE (Reuters) – Even as the United States and Iran appear to signal a keenness to avoid further conflict, oil and gas shipowners are bracing to pay a price for the war of words that culminated in rocket strikes in Iraq over the last week – higher insurance bills. FILE......
Reuters - Business

Novartis, Merck and Allergan join those raising U.S. drug prices for 2020

Reuters
NEW YORK (Reuters) – Novartis AG, Merck & Co Inc and Allergan Plc were among companies that raised U.S. prices on more than 100 prescription medicines on Friday, bringing the tally to 445 drugs that will cost more in 2020, according to data analyzed by healthcare research firm 3 Axis......

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