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Key executives behind Berkshire Hathaway’s $1 trillion empire
Warren Buffett handed over the Berkshire Hathaway chairmanship to his son Howard on Friday. This marked a historic handover of leadership that began with Greg Abel being appointed CEO earlier this year. Investors are likely to be interested in how the new leadership manages the conglomerate, which is worth over $1 trillion. Here is a list of its main pillars. Greg Abel, CEO Buffett announced Abel’s promotion during?Berkshire?s?annual?meeting in May 2025. The 64-year old is described by many Berkshire managers as compassionate and knowledgeable, with the ability to listen. Abel, who is known for his hands on style, joined Berkshire in 2000 when it acquired MidAmerican Energy. Berkshire Hathaway Energy is now one of the biggest power companies in the central and western United States. Abel, who had been the CEO of the company for 10 years, was promoted to vice chairman of Berkshire in 2018. He will oversee the non-insurance business of the company, including railroad, chemical, energy, and industrial companies, as well as businesses like Fruit of the Loom, and See's Candies. In 2022, he is thought to be a millionaire after selling his 1% share in Berkshire Hathaway Energy for $870?million. Howard Buffett is Chairman Since 1993, the eldest Buffett son has been on Berkshire’s board. He is well-versed in its operations. Now 71, he has ?held directorships at major companies, including Coca-Cola Co, Archer-Daniels-Midland and ConAgra Foods. Howard is not only a farmer but also a former deputy sheriff and a leader of a foundation working towards food security and conflict mitigation. Ajit Jain, Vice Chairman Jain has been a candidate for CEO since long before Warren Buffett credited him with creating tens and tens billions in shareholder value. Buffett, however, said that he didn't want the position. Jain is an Indian-born man whose boss described him as a "unique talent". He oversees the day-to-day operations of Berkshire Insurance. He was instrumental in expanding Berkshire's reinsurance business. His specialty is pricing high-risk insurance policies, such as those that cover natural disasters. Jain's?eventual departure from the Omaha, Nebraska based company -- he started in 1986 -- was closely monitored, especially in light of Buffett leaving. Some media reports from earlier this year suggested that Gen Re Chairman Charlie Shamieh could be a possible successor. He has been the head of Berkshire's reinsurer, since 2018. Adam Johnson, a?President of Consumer Products Johnson oversees Berkshire Consumer Products, Services and Retail businesses. He also leads?NetJets - the world's biggest private jet operator. He joined NetJets as a consultant in 1996, and in 2015 he became the CEO. He led it through a sustained period of growth. During his tenure, the business expanded its global aircraft fleet, maintained its leadership in the fractional ownership market, and invested in sustainability. Ted Weschler The investment manager is responsible for a growing and significant portion of Berkshire’s massive portfolio of public equity. Weschler and Todd Combs were expected to inherit the portfolio after helping Buffett invest. But in recent years, the former CEO said Abel was capable of handling it. Combs, Berkshire's CEO from December 2025 to January 2026, left Berkshire for JPMorgan Chase in a major shake-up of the management team before Abel became CEO.
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Gold reaches a new weekly high on the back of lower oil prices
Gold prices rose to a new weekly high on Friday. They were also on track for their first 'gain' in four weeks, thanks to lower oil prices, which eased fears of inflationary pressures. However, a stronger dollar tempered gains. Gold spot was up 0.7% to $4,372.27 an ounce at 09:16 am EDT (1316 GMT) after reaching its highest level since the 11th of September earlier in session. Bullion is up 0.6% this week. US gold futures increased 0.3% to $4,411,20. Oil has been the primary driver of inflation, so a decrease in oil prices will reduce inflation pressures.?Precious Metal investors expected an increase in US interest rates and had piled into short gold positions to profit from the anticipated selloff. "These positions have been quickly unwound", said Chris Gaffney. President of world markets at EverBank. Brent crude oil prices continued to fall for the?third straight session, as concerns about Saudi supply disruptions were tempered by fears of a 'widening conflict in the Middle East. The lower?oil price provided some relief to inflation concerns, but the threat of a Middle East supply-shock remains a major concern. Dollars have risen to their highest level in more than a week, making bullion priced in greenbacks expensive for those who hold other currencies. Federal Reserve increased interest rates on Wednesday by a quarter percentage point, to a range of 3.75%-4%. They also indicated that there would be more increases in the months ahead. According to CME FedWatch?tool, traders now expect a 58% probability of another US interest rate hike at the next central bankers' meeting in October. Gold is often seen as an inflation hedge, but higher interest rates can make it less appealing by increasing the appeal for yield-bearing investments. The Bank of Japan also raised its interest rates, reaching a record high of 31 years. It signaled that it was prepared to continue pushing borrowing costs up. Gold demand in India has been subdued as buyers waited for lower prices to purchase. Premiums in China have remained stable, supported by robust demand from investors. Gaffney said that gold is currently testing resistance in the $4,400-$4,440 range. A move above this level of resistance could open up a new path for higher prices. Spot silver increased by 2.3%, to $66.69. Platinum gained 1.7%, to $1,799.69, and palladium rose 1.9%, to $1,315.20. All metals are headed for a week-long gain.
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EU proposal to ban India from importing metal scrap
According to a proposal by the European Commission, India will be one of the countries that are 'banned from importing EU metal scrap, including aluminium scrap. The Commission published its proposal on Friday. It confirmed an earlier report and opened up a consultation with the public on the list of exemptions until October 16. This move follows a decision by the Commission to abandon a plan earlier this month that would have imposed a '15% export tax on scrap aluminium after being pressed by India, its largest buyer. Disagreements between EU officials have diluted the proposal for trade by excluding India and reducing its impact. The?Commission has argued the same goal can be achieved?throughout the bloc's?waste shipping rules instead of trade measures. The industry group European Aluminium is not convinced, but believes that the proposed export duty will help keep more low-cost material in Europe to support struggling smelters. The Waste Shipment Regulation is set to come into effect in May 2027. The Commission reported that 32 non-OECD nations applied for exemptions to cover non-hazardous categories of waste, including?paper and plastics. Exemptions can only be granted to applicants who are able to demonstrate that the waste will not be disposed of in an unsustainable manner. The Commission stated that metal waste is subject to a stricter scrutiny because of its "higher risk profile" due to the presence of toxic and persistent heavy metals. The 'EU executive said that the list of exemptions, also known as "a delegated Act", will be updated regularly at least every 2 years and countries can reapply.
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Sources say that RPT-China Rare Earth Group is in negotiations to purchase MP Materials' shareholder Shenghe Resources.
Two sources with knowledge of the situation said that the state-owned China Rare Earth Group was in talks to buy Shenghe Resources. This would consolidate Beijing’s control over the rare earth sector, and give Beijing a stake in Washington’s rare Earth play. The deal, if successful, would transfer control of Shenghe’s stakes in foreign companies, including a 3 percent share of US rare-earths company MP Materials. This firm counts the US Department of Defense as the largest shareholder following an investment made last year. Sources who spoke under the condition of anonymity due to the sensitive nature of the issue said that talks between the two companies began earlier this year. One person said that China Rare Earth Group wants to have a controlling interest in the company. Sources did not know the exact date of announcement or completion. A?acquisition will give China Rare Earth the control of one of the few leading Chinese companies that are still privately owned in the?rare-earth mining and refining sector. This would bring to an end a decade-long effort to consolidate this sector under state control. Beijing would also have a tighter grip on elements vital to the electric vehicle, wind turbine, electronics, and defense sectors. This control has been used to great effect by China in its trade dispute with the US. Shenghe purchased Australia's Peak Rare Earths last year. It is unclear?how the prospect of the US Department of Defense and a Chinese state-owned firm that produces rare earths sharing space in a registry of shareholders could affect the deal. Sources did not know what would become of Shenghe's stakes and assets abroad. The MPs have repeatedly stated that neither Shenghe nor China's government can control its operations. China Rare Earth Group and Shenghe Resources, as well as the Ministry of Commerce, did not respond to our requests for comment. According to a source, a deal would give Shenghe better?access to quotas' that Beijing uses to control the supply. Beijing gives these quotas first to state-run firms, and then they are distributed to subsidiaries. China has not made public the quotas set for mining, smelting, and separation. They are used as a barometer to measure 'global supply of rare earths. China Rare Earth Group was formed in 2021 by reorganizing the five state-owned rare-earths companies. It is now the largest supplier of heavy-weight rare earth elements.
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Copper on course for weekly gain due to active demand in China
The copper price rose for the fourth straight session on Friday. It is now back to'record highs' as China, the top consumer, continues to support?the market. The price of three-month copper at the London Metal Exchange rose?0.2%? to $14,513 per metric ton, in open-outcry official trading. It had previously reached $14,572.5 - its highest level since 10 September, when it peaked at $14,875. The metal rose 2% in the past week. Data from high-frequency sources indicate that Chinese demand was 1% to 2% higher than the previous year in the first half September. Goldman Sachs stated in a research note that the end-users' response to an?increased copper price was more muted than in previous years. The bank said that the domestic copper scrap supply in China was still tight, which contributed to the further delay in returning copper smelting capacities from maintenance. Yangshan Copper Premium The Chinese demand for copper has risen 72% in September, to $124 per ton. This is the highest level in almost four years. The yuan reached its highest level versus the US dollar since mid-2022, making metals priced in dollars more appealing to Chinese buyers. Traders are awaiting the meeting between US president Donald?Trump, and Chinese leader Xi Jinping next week. Copper stocks available in LME registered warehouses Daily data revealed that the number of cancellations fell to 139.650 tons after 4,500 new tons were made in Asia, mostly in Taiwan and Hong Kong. The Shanghai Futures Exchange is monitoring copper inventories in warehouses. After a three-week drop, the weekly increase was 2.4% to 56 073 tons. COMEX Copper Stocks The?US copper futures premium over LME prices has declined to levels that are not sufficient to encourage physical shipments. LME aluminium fell by?0.6% in official activity to $3281.5, zinc increased 0.8% at $3912.5, while lead remained constant at $1910, and tin rose by 1% to $53,695. Nickel lost 0.8%, to $16,160.
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Sources: China Rare Earth Group is in negotiations to purchase MP Materials' shareholder Shenghe Resources.
Two sources with knowledge of the matter said that the state-owned China Rare Earth Group was in negotiations to acquire Shenghe Resources. This would consolidate Beijing’s control over the rare earth sector, and give Beijing a stake in Washington’s rare Earth play. The deal, if successful, would transfer control of Shenghe’s stakes in foreign companies, including a 3 percent share of US rare-earths company MP Materials. This firm counts the US Department of Defense as its biggest shareholder following an investment made last year. Sources who spoke under the condition of anonymity due to the sensitive nature of the issue said that talks between the two companies began earlier this year. One person said that China Rare Earth Group "wants to take control of the company". Sources did not know the exact date of announcement or completion. A China Rare Earth acquisition would give it control over one the last major Chinese companies involved in rare 'earth mining and refinement with private ownership, ending a decade-long effort to consolidate this sector under state control. Beijing would also have a tighter grip on elements vital to the electric vehicle, wind turbine, electronics, and defense sectors. This control has been used to great effect by China in its trade dispute with the US. Shenghe purchased Australia's Peak Rare Earths last year. The deal could be affected by the prospect of a state-owned Chinese rare earth company sharing space with the US Department of Defense on a registry of shareholders. Sources did not know what would become of Shenghe's stakes and assets abroad. The MPs have repeatedly stated that neither Shenghe nor the Chinese government can control its operations. China Rare Earth Group and Shenghe Resources, as well as the Ministry of Commerce, did not respond to our requests for comment. According to one source, a deal would give Shenghe better acces to quotas Beijing uses to control supply. Beijing gives these quotas first to state-run firms, and then they are distributed to subsidiaries. China has not made public the quotas set for mining, smelting, and separation. They are used as a barometer to measure 'global supply of rare earths. China Rare Earth Group was formed in 2021, after the reorganization of five state-run companies that were involved with rare-earths. It is now the largest supplier of heavy-weight rare earth elements.
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Sources say that the far-right AfD and Putin's envoy are preparing to negotiate a deal for Germany to receive Russian gas.
Two people familiar with the plan say that Russian President Vladimir Putin's top economic representative and Germany's AfD far-right leadership are preparing to meet in order to discuss restarting gas supply to Europe's largest economy. The talks for a March meeting highlight the close ties between Moscow and AfD. Although blocked from power by its rivals' coalition, AfD is Germany's most popular party among voters. One of the sources said that Kirill Dmitriev would attend, who is close to Putin and heads Russia's sovereign fund. He will also be joined by Alice Weidel, Tino Chrupalla and Alice Weidel, co-leaders of AfD. A spokesperson for AfD as well as a representative of Dmitriev refused to comment. Before sanctions were imposed in 2022 over Moscow's full scale invasion of Ukraine, Russia supplied Germany with more than a quarter of its crude oil and more than 50% of its natural gases. A person stated that the meeting would only take place if Russia and Ukraine had agreed on a framework for peace. Organisers hoped the event would bring together the AfD, Russia, and the United States. The person said that Israel, the United Arab Emirates, or India could be possible locations for the summit. In an interview in June, Weidel advocated ending the boycott of Russian oil and gas in order to boost Germany's flagging economic situation. Dmitriev attended a meeting in Moscow this month with US representatives Steve Witkoff, and Jatkushner. The person said that the organizers hoped Witkoff would?also be present at the gas meeting to examine the reopening of the Russian Nord Stream pipelines. Witkoff, Kushner and a senior US official were not invited or informed of the summit proposal by a senior US official. AfD HOPES to Score with Voters The AfD is not in power, so any gathering would only be symbolic. The preparations show the fragility in Germany's political system. Mainstream parties' refusal to work with the far-right, and the AfD's election success, is now being put to the test. AfD just achieved a major win in Saxony Anhalt in a state-wide election. It will now face another test on Sunday, in Mecklenburg/Western Pomerania in a local election. This is where the Russian Nord Stream pipelines enter Germany. The American Chamber of Commerce of Moscow welcomed this idea as a "positive and timely step". Robert Agee said, "Bringing Germany into the discussion as a major European economy will create a wider platform to discuss issues that are important for both these countries and the rest of world." Germany is still struggling to recover from the shock of the Nord Stream?pipelines being shut down. Some of these were damaged by explosions that occurred in September 2022. Any attempt to restart Russian gas or Nord Stream will be met with fierce opposition, not only in Germany but also among its allies in Eastern Europe. Michael Kellner said, "Germany can never again be dependent on Russia." Kellner was a Green legislator who headed the German energy policy during the crisis that was triggered by Russia's cutoff of gas after its invasion of Ukraine. He said, "We cannot make the same mistakes as the energy crisis." It cost us EUR50 billion. We can't go back. This would be treason. Putin uses the AfD for his own purposes." Roderich Käsewetter is a Christian Democrat member of parliament who represents Chancellor Friedrich Merz. He said that the AfD's meeting might encourage those in his party to buy Russian gas. "The AfD has sided with Russia, and is willing to betray Germany as well as Ukraine. Russia uses energy and especially 'Nord Stream' as a hybrid military weapon. Nord Stream reopening would be a disaster to European security, and isolate Germany. Weidel, the AfD's spokesperson, described "cheap Russian energy" as "the secret to the success of Made in Germany." One source said that the AfD is hoping 'the meeting will demonstrate their competence in foreign policies and expose the government for its inaction on high energy prices. Germany's support of Ukraine is causing increasing divisions. In the east of the country, where the Soviet Union ruled until the fall the Berlin Wall over 35 years ago, the relationship between the two countries is more important. Many in the east have a positive view of Russia, but a negative one towards Germany's protector, the United States.
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EDF, France's nuclear energy company, plans to build 10 small reactors in Europe by 2035
A senior vice-president of EDF said on Friday that the company aims to build 10 SMRs to produce nuclear energy in Europe by 2035. The project involves its Edison business. Vakisasai ramany, EDF's Vakisasai, said this at an Edison event attended by Italian firms that will be part the nuclear supply chain. Ramany said that the group is in discussions with Poland, Belgium and Finland about the possibility of building these small nuclear reactors in those countries. CATCHING UP?ON SMALL MODULAR REACTORS EDF is Europe's biggest nuclear power developer and it is racing to catch up to the United States of America, which has plans to begin manufacturing by the end if the decade. The French group originally planned a more ambitious project. However, design issues, fears of cost overruns, and delays led to a change in plans. Ramany stated that "it is not the most advanced technology on the market but the one that best meets a variety of expectations." NuWward SMR PRODUCES POWER AND HEAT Nuward's reactor will be able to deliver 400 megawatts and also heat. This makes it ideal for providing baseload power to industry. Ramany stated that the project will require "tens billions" of dollars in investment and added that the construction of ten reactors would help spread the costs. Edison CEO Nicola Monti said, "The 'targeted' cost of electricity (from NuWard SMRs) will be about EUR100 for every megawatt-hour... We are talking about dispatchable energy which shouldn't be compared to the cost of renewable energies, but with gas generating plants." Edison will build one of the 10 first reactors in Italy. Next week, the Italian government will 'approve' a new law on nuclear energy generation. This opens the door to nuclear power plants in a nation that had banned them nearly 40 years earlier after a referendum.
US crude stockpiles fall, fuel and distillates construct, EIA states
U.S. crude oil stockpiles fell while gasoline and distillate inventories rose last week, the Energy Details Administration (EIA) said on Wednesday.
Crude stocks fell by 1.6 million barrels to 417.5 million barrels in the week ending Sept. 13, the EIA said, compared with analysts' expectations in a Reuters poll for a. 500,000-barrel draw.
Net U.S. crude imports fell by 1.8 million. barrels daily, the EIA said.
Unrefined stocks at the Cushing, Oklahoma, delivery hub. fell by 2 million barrels, the EIA said.
Oil futures pared losses following the report. Brent futures. were trading at $73.53 a barrel, down 19 cents by 10:39. a.m. EDT (1438 GMT). U.S. West Texas Intermediate unrefined futures. were down 5 cents at $71.14 a barrel. Both standards had. traded around 70 cents lower on the day earlier in the session.
Refinery unrefined runs fell by 282,000 barrels per. day, and refinery usage rates slipped 0.7. percentage indicate 92.1% of overall capacity.
Gas stocks rose by 100,000 barrels to. 221.6 million barrels, the EIA stated, less than projections for a. 200,000-barrel build.?
Extract stockpiles, which include diesel and. heating oil, rose by 100,000 barrels to 125.1 million barrels,. versus expectations for a 600,000-barrel increase.
U.S. gasoline futures and heating oil futures. turned favorable following the smaller-than-expected build in. fuel stocks.
(source: Reuters)