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Buffett defends investments in stocks, which fueled record Berkshire profit

February 22, 2020 admin Comments Off on Buffett defends investments in stocks, which fueled record Berkshire profit

Buffett made his assessment in his annual letter to Berkshire shareholders, where the 89-year-old also assured that Berkshire is “100% prepared” for the eventual departures of himself and Vice Chairman Charlie Munger, 96. Berkshire also reported record net income for the year of $81.42 billion, reflecting enormous gains in its common stock holdings, though operating profit fell 3%. The annual letter has long been eagerly awaited by investors and fans for its straight talk about Berkshire, the economy, investing and other topics. …read more […]

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Warner Music Group Announces IPO for New Investors

February 22, 2020 admin Comments Off on Warner Music Group Announces IPO for New Investors

Ten years ago, the rise of technology started turning the music industry upside-down. Issues such as piracy caused labels to struggle. But thanks to subscription streaming services, such as Spotify and Apple Music, the industry is making a comeback. Earlier this month, investors saw proof of that when a report revealed Warner Music IPO details.
Warner Music IPO: The Business

Warner Music Group, or simply Warner Music, is an American entertainment and record label. It has labels such as Atlantic, Elektra, Reprise and Parlophone. The company’s music publishing firm, Warner Chappell Music, has over 1.4 million copyrights across all genres. Warner Music …read more […]

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Chevron’s Future Growth Prospects Dwindle With Reserves Decline

February 22, 2020 admin Comments Off on Chevron’s Future Growth Prospects Dwindle With Reserves Decline

(Bloomberg) — Chevron Corp.’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields.New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing on Friday. That was Chevron’s poorest performance in that important metric since 2010.The measure, known as the reserves-replacement ratio, is key for investors because it helps them gauge whether an oil driller is doing enough to sustain future production that underpins everything from dividends …read more […]

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Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal

February 22, 2020 admin Comments Off on Wells Fargo to pay $3 billion to U.S., admits pressuring workers in fake-accounts scandal

Wells Fargo & Co has agreed to pay $3 billion (2.3 billion pounds) to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, U.S. officials said on Friday, wrapping up one of the last major investigations looming over the bank. Wells Fargo will pay the penalties to the U.S. Justice Department and Securities and Exchange Commission and enter into a three-year deferred prosecution agreement during which the San Francisco-based bank will continue to cooperate with any ongoing government investigations, Justice Department officials said. In a statement, Charles Scharf, …read more […]

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The Gas Station M&A Frenzy Looks Like a Bubble

February 22, 2020 admin Comments Off on The Gas Station M&A Frenzy Looks Like a Bubble

(Bloomberg Opinion) — Investors in the retail sector can’t get their fill of gas stations. Seven & i Holdings Co., the Japanese company that controls 7-Eleven, is in exclusive talks to acquire Marathon Petroleum Corp.’s Speedway gas stations for about $22 billion, people familiar with the matter told Scott Deveau, Kiel Porter and Manuel Baigorri of Bloomberg News.That’s not the only deal out there. EG Group, a closely held U.K. forecourts operator that had also shown an interest in Speedway, this week offered A$3.9 billion ($2.6 billion) in cash for the gas stations owned by Caltex Australia Ltd.Alimentation Couche-Tard Inc. …read more […]