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QUOTES -Buffett quotes from Berkshire Meeting: Trade, Opportunities, United States
Warren Buffett presiding over the 60th Berkshire Hathaway shareholders meeting, Warren Buffett gave his views on everything ranging from investment opportunities to trade. Here are some Buffett quotes: ON TRADE Trade can be a war act. We should trade with other countries in the United States. "We want a prosperous and peaceful world." On U.S. EXCEPTIONALISM "The day I was conceived was the luckiest of my life, because I was born in America." "I'm just lucky... I've been through all sorts of things... You know, if I were born today, I'd just keep negotiating until they said I could be in the United States. "We're all very lucky." "The United States of America has changed since my birth in 1930." We've been through many things. We've experienced great recessions and wars. We've seen the development of an Atomic Bomb that we could not have imagined (when I was born). "So I wouldn't get discouraged." On Opportunities: Not that long ago, we were very close to spending $10 Billion. We would spend $100 billion. The investment business has a problem in that it is not a well-organized industry. "We're running an opportunistic business." Investing in securities vs real estate: In the United States, the opportunity in the real estate market is much greater than in the security sector. In real estate, you are dealing with...usually...a single owner or family who owns a property. Maybe they have had it for a long while, or maybe they have borrowed too much money on it. The population trends may be against them. It's a huge decision for them. For a 94-year-old man, it isn't the most exciting thing to be involved in negotiating if it could take years. On CURRENCIES "Obviously, we would not want to own anything we believed was in a money that was going to hell." "There could... There are things that happen in the United States... which make us want to have a lot more currencies. "I suppose that if we were to make a very large investment in a European country, we might have to finance a great deal of it using their currency." UNITED STATES FINANCIAL POLICY "The fiscal policy in the United States is what makes me afraid." The recent movements of the stock market This period has been... It's nothing. This isn't a dramatic bear market. If you are scared by a market decline, and excited when the stock markets rise... People have feelings. But you need to leave them outside when investing. How to Make Money: You only need to be rich once. You don't...want to do anything risky. (Reporting and editing by Diane Craft, Jon Stempel, Carolina Mandl; Megan Davies, Suzanne McGee)
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Berkshire supports Japanese trading houses and could hold them "forever"
Warren Buffett gave his full support on Saturday to five Japanese trading companies in which his conglomerate is involved. Berkshire Hathaway Has invested. Buffett spoke to Berkshire shareholders at their annual meeting in Omaha, Nebraska. This was 1-1/2 months after Berkshire announced that it had increased its stakes in Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo as high as 9,8%. Berkshire had invested $23.5 billion in these companies by the year 2024. Buffett stated, "We won't even consider selling them in the next 50-years." "We were treated very well by these five companies ..... Our main activity was to cheer and clap." Greg Abel is a Berkshire vice-chairman who will succeed Buffett in the role of chief executive. He said that Berkshire would own trading houses "forever" or for at least 50 years. He said that "we're building relationship" and "we really hope to achieve big things with them." Japanese trading houses, also known as "sogo-shosha," trade a wide range of products, materials and foods, often acting as intermediaries and providing logistical support. The real economy is also very important to them, including commodities, shipping and the steel industry. Berkshire started investing in trading houses in 2019 and revealed 5% ownership stakes at Buffett's 90th Birthday the following August. Buffett has said that he prefers not to engage in businesses he doesn't understand and has compared trading houses to his conglomerate.
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Wildfires reduce Berkshire's profits; cash soars $347.7 Billion
Berkshire Hathaway, owned by Warren Buffett, posted a lower operating income in the first three months of this year, impacted by wildfire insurance losses and currency fluctuations. However, its cash holdings grew to an all-time high $347.7 Billion. The operating profit of the Omaha-based conglomerate fell 14%, to $9.64 Billion, or approximately $6,703 for each Class A Share, from $11.22 Billion a year ago. The net income fell 64%, to $4.6 billion or $3.200 per Class A Share, from $12.7 Billion, due to unrealized losses in common stock holdings, including Apple. Berkshire has had difficulty buying things, as evidenced by the increase in cash. For the third quarter in a row, it did not repurchase any of its own shares. It was also a net seller for the 10th consecutive quarter. They bought $3.18 billion of stock and sold $4.68 billion. Berkshire has said very little about the impact of President Donald Trump's tariff policy on results. Berkshire said that it was "unable" to predict the impact of the uncertainty on the company's product costs, supply-chain costs and customer demands. The wildfires that ravaged the Los Angeles area in January caused insurance claims to total $1.1 billion. The overall net insurance income fell by almost half to $1.34 billion. Geico's underwriting profit increased 13% before tax due to lower accident claims and higher premiums. The results also included 713 million in currency losses due to the weakening of the U.S. Dollar, compared to a gain of $597 million a year ago. The results were announced ahead of Berkshire’s annual shareholder meeting, which takes place in Omaha as part of an event that attracts tens and thousands of people. Buffett has been leading Berkshire, a textile company, for over 60 years. He transformed it into a conglomerate whose companies include Geico and the BNSF railway, Berkshire Hathaway Energy as well as Dairy Queen, See's Candies, and Berkshire Hathaway Energy. Berkshire shares outperformed the market in 2025. Many investors view the company as an economic safe haven, especially from potential tariffs. Tariffs have helped BNSF Railroad, which has seen its profit rise 6%. BNSF reported increased volumes of consumer products including imports from the west coast and automobiles, which indicates a higher demand for shipments prior to tariffs being implemented. Berkshire Hathaway Energy did better as well, with a 53% increase in profit through a broad-based gain and fewer losses at the HomeServices unit of real estate brokerage. Berkshire Hathaway's manufacturing, retail and service businesses saw their profits fall by 1%. Berkshire’s car dealerships have benefited from increased sales of both new and used vehicles. Berkshire said that home furnishings retailers and other retailers were struggling with "increased competitiveness, sluggish demands and the impacts of increased economic uncertainty."
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Wolff: Sustainable F1 fuel costs more than expected
Toto Wolff, Mercedes' team chief, says that the switch to 100 percent sustainable fuel in Formula One from next season has proven to be more costly than anticipated. One of the engine makers raised the issue of fuel costs at a recent Formula One Commission meeting, which included team managers and other major stakeholders. Wolff, speaking to reporters at the Miami Grand Prix round six of the year, said that it is expensive because the entire supply chain and the energy contribution must be green. "To achieve that, you'll need to use a very specific set of ingredients which are expensive. It's much more expensive than expected. We need to see if there is anything we can do to reduce the price per litre. Wolff stated that Mercedes' fuel partner Petronas is fully committed to sustainable fuels, but they are also looking at whether a change in regulation could make it more financially viable. Christian Horner, the Red Bull boss, acknowledged that there were many development costs involved but claimed it was not an issue for his team. "Perhaps a new bracket could be introduced in the future." Fuel is one of the biggest performance differences. Fuel companies are very involved in this," he said. Formula One has a goal to become carbon-neutral by 2030. This plan covers the cars and sports operations on race weekends. (Reporting from Alan Baldwin in London and editing by Ed Osmond.)
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Source: OPEC+ will agree to another accelerated increase in oil production for June
A source said that eight OPEC+ nations will meet on Saturday and agree to a new accelerated oil production increase for June, of 411,000 barrels a day. This was shortly before a meeting online of the countries. The eight countries increased their output in May by 411,000 barrels per day more than they had planned. This, combined with the U.S. tariffs on trade, drove oil prices to a record low of $60 a barrel. Sources made the comment just before countries began an online meeting to determine June output after bringing the meeting forward by one day. Four other sources had earlier stated that the accelerated increase was likely to be approved. Oil prices dropped over 1% Friday, as traders prepared for more OPEC+ supplies. Concerns about an economic slowdown due to a trade conflict between the U.S. Brent crude futures closed Friday at $61.29, down 84 cents or 1.4%. This week, it was reported that Saudi Arabian officials, de facto leaders of OPEC+ and allies, had informed industry officials and other officials that they were unwilling to support oil markets by cutting further supplies. Sources have reported that Riyadh is angry because Kazakhstan and Iraq are producing more than their OPEC+ target. Helima Croft, an analyst at RBC Capital Markets, said that "discussions seem to be pointing in the direction of a third three-month rise". Croft added, "Compliance appears to be the main focus. Kazakhstan, Iraq, and Russia continue to miss their compensation goals, although to a lesser degree." OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is cutting production by more than 5 million bpd. Many of the cuts will remain in place through the end of 2026. The group intends to hold a full-ministerial meeting on 28 May. (Reporting and writing by Alex Lawler; Editing and writing by Barbara Lewis.
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Sources say that OPEC+ is set to increase oil production again in June.
Four sources familiar with the matter said that eight OPEC+ nations will likely agree on Saturday to a further accelerated increase in oil production for June. This is the latest step of a plan designed to undo the most recent layer of cuts made by the group. The eight countries increased their output by 411,000 barrels a day in May. This decision, along with the U.S. tariffs on trade, helped drive oil prices to a 4-year low below $60 per barrel. After moving the meeting from Monday to today, the countries will hold an online discussion to decide on June's output at 1000 GMT. Four sources told Reuters that a similar hike to the one approved in May is likely to be approved by the four countries for June. Oil prices dropped over 1% Friday, as traders prepared for more OPEC+ supplies. Concerns about an economic slowdown due to a trade conflict between the U.S. Brent crude futures closed Friday at $61.29, down 84 cents or 1.4%. This week, it was reported that Saudi Arabian officials, de facto leaders of OPEC+ and allies, had informed industry officials and other officials that they were unwilling to support oil markets by cutting further supplies. Sources have reported that Riyadh is angry because Kazakhstan and Iraq are producing more than their OPEC+ target. Helima Croft, an analyst at RBC Capital Markets, also said that she didn't think a decision had been finalized but "discussions seem to be leaning towards another three-month hike". Croft added, "Compliance appears to be a key focus. Kazakhstan, Iraq, and Russia continue to miss their targets for compensation. OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is reducing output by more than 5 million bpd. Many of these cuts will remain in effect until the end of the year 2026. The group intends to hold a full-ministerial meeting on the 28th of May. (Reporting and editing by Barbara Lewis, Maha El-Dahan, and Ahmad Ghaddar)
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US worker safety agency informs employees of terminations
The Trump administration terminated employees late Friday of a worker safety and health agency, which provides services and research for coal miners and firefighters, despite pleas from a Republican lawmaker to keep its programs. According to a copy of these notices, the National Institute for Occupational Safety and Health employees received notices of reduction in force that stated the job losses would be necessary to reshape workforce of Department of Health and Human Services. The union representing NIOSH's employees reported that, while nearly all employees were put on administrative leave during February, around 40 employees who were responsible for coal mining and firefighter safety had been asked to temporarily return to work a few days earlier. Two of these employees have been terminated. U.S. U.S. After regular business hours, the Department of Health and Human Services (which oversees NIOSH) did not respond immediately to a comment request. A spokesperson said earlier this week that NIOSH functions will join multiple agencies in the new Administration for a Healthy America. It is not known if any of the terminated staff will be relocated. Last month, it was reported that the NIOSH key services had been halted, which meant vital health and safety programmes for coal miners were no longer available, including mobile health screenings and lung screenings. Another program, to move miners with black lung to less dusty areas of a mine, has also been discontinued. In the past decade, black lung disease has resurged among coal miners of all ages. The President Donald Trump is leading a high profile campaign to revive coal use and mining in the U.S., which was declining.
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PD Ports Outlines Plans to Develop UK Offshore Wind Hub
U.K.-based PD Ports has outlined its plans to develop one of the U.K.’s largest offshore wind manufacturing and installation hubs - the Teesport Offshore Gateway.The proposed project could unlock 180 acres of development potential for a range of offshore manufacturers, assembly, marshalling and supply chain support services.Representing a multi-million-dollar investment in the River Tees, the Teesport Offshore Gateway would include an up to 1 km long deep-water riverside quay, permitting unrestricted access to the North Sea and suitable for both floating and fixed bottom offshore wind development. Set within the heart of PD Ports’ Teesport industrial port complex, the U.K.’s sixth largest port, the site offers a strategically located position for development, supported by quality infrastructure, strong road and rail links and a skilled workforce. While the plans are at an early stage and subject to a variation of existing deep water berth development consents, it is anticipated that development of Teesport Offshore Gateway could cost in the region of $267 million and would secure critical port facilities in support of the Government’s offshore wind development ambitions.PD Ports is looking to engage with the offshore renewables sector to explore the potential of the proposals, working with original equipment manufacturers (OEM), developers, the UK Government and industry experts to shape the strategic direction of the site and identify opportunities for collaboration and funding. It is hoped that by announcing the initiative at an early stage, insight from the offshore sector will aid the design of more detailed plans to meet future industry requirements. The site has already secured both planning consent and marine consent, subject to amendments, to extend an existing riverside berth to develop the 15.5m deep-water mooring, which would be large enough to accommodate all current and planned offshore installation vessels available globally.The creation of a new deep-water berth for Teesport will also future-proof the port, opening up wider opportunities for additional bulk and container facilities, in support of PD Ports’ existing Teesport Container Terminal and the Tees Bulks Quay. “As the U.K. and the wider world turns its attention to large-scale renewable energy sources, here at PD Ports we see the opportunity – and the responsibility – to play our part by offering an offshore wind development site that is perfectly positioned to unlock the capability of our region, not only as a hub for trade and industry, but also to deliver the clean energy revolution.“Teesport and the River Tees has everything required to successfully operate what we believe will be one of the largest offshore wind manufacturing and assembly hubs on the east coast of the UK, offering unrivalled access to the North Sea.“Although these proposals are at an early stage, we are confident that this development will support the UK Government’s ambitions for future offshore wind power generation,” said Frans Calje, chief executive officer of PD Ports.
Texas is sued over anti-ESG law
Texas was taken legal action against on Thursday by a. not-for-profit whose members support environmentallyfriendly. policies, and which looks for to obstruct a state law targeting. organizations that support reduced reliance on fossil fuels.
The American Sustainable Organization Council said the 2021 law. known as Senate Costs 13 violates members' free speech rights by. prohibiting Texas from purchasing or contracting with services. that, in the state's view, boycott the oil and gas industry.
Texas is the largest and among the most prominent. Republican-led states to punish services whose. environmental, social and governance (ESG) policies it dislikes. It is likewise quickly the largest U.S. oil producing state.
The suit filed in Austin, Texas, federal court called as. defendants state Attorney General Ken Paxton and Comptroller. Glenn Hegar, both Republicans who support the 2021 law.
In a declaration, Hegar accused the complainant of pursuing a. radical ecological program needing companies to prioritize. politics over shareholders.
He called the lawsuit a pointless attempt to require Texas and. its taxpayers to invest in a manner irregular with their. worths and damaging to their own financial well-being. That is. unreasonable.
Paxton's workplace did not instantly react to ask for. comment.
In connection with the 2021 law, Hegar preserves a list. of 16 monetary business and more than 350 mutual fund. whose ESG policies he believes impermissibly target fossil. fuel-based energy.
He included British bank NatWest to the list two weeks. earlier. In March, the Texas Permanent School Fund stated it would. tug $8.5 billion of assets under management from BlackRock. , which is also on the comptroller's list.
The American Sustainable Organization Council stated Senate Costs. 13 has damaged its corporate and individual members, who. represent more than 200,000 businesses, in spite of Texas depicting. itself as a business-friendly state.
2 members, Etho Capital and Our Sphere, have funds on. Hegar's list.
The law breaks the First Change by barring companies. from competing for state investments or contracting with the. state whenever Texas believes those companies embrace a. disfavored perspective about nonrenewable fuel sources, the problem said.
Because SB 13 codifies viewpoint-based discrimination, it. is presumptively unconstitutional.
The case is American Sustainable Organization Council v. Hegar. et al, U.S. District Court, Western District of Texas, No. 24-01010.
(source: Reuters)