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Alphabet is Berkshire Hathaway’s third largest investment
Berkshire Hathaway announced on Friday that it increased 'the size of its investment in Alphabet by 83 percent during the second quarter, making the parent company of Google and YouTube the third largest stock holding. Berkshire Hathaway said that in a filing with the SEC, it had nearly 106,000,000 Alphabet shares valued at about $37.8billion as of June 30. This is up from 57.8million shares three months prior. This stake included a 10 billion dollar investment made in June to help Alphabet develop its AI infrastructure. Apple was Berkshire’s largest stock investment, valued at $66 billion by the end of June. American Express came in second at $51.3 billion. Bank of America and Coca-Cola were ranked fourth and fifth. Berkshire said that it had also eliminated its investment of a year and a half in alcoholic beverage producer Constellation Brands while increasing investments in Macy's, Delta Airlines, and Macy's. Berkshire disclosed the changes in a filing that described its U.S. listed stock holdings at June 30. These stocks accounted for most of Berkshire's $323.8 billion equity investment portfolio. BUFFETT CLAIMED CREDIT Berkshire purchased $23.5 billion in stock and sold $3.7billion of it during the second quarter. This ended a 14-quarter streak where it sold more than it bought. Greg Abel, the chief executive of Berkshire Hathaway, has started to reduce the huge cash pile left by his predecessor Warren Buffett when he stepped down from the company at the end of the year. Berkshire's stake in cash fell to $364.7 billion at the end of June, down from $380.2 on March 31. This decline was also due to stock buybacks worth $4.5 billion. Buffett is still chairman of Berkshire. He said to CNBC?last month that it was his idea for Berkshire to begin building a stake in Alphabet in the third quarter of last year. Buffett said that he and Abel also consult on the allocation of capital by Omaha-based Berkshire. SEVERAL TWEAKS In the second quarter, the Delta investment increased by 44% to 57.3 millions?shares valued at nearly $5.4 billion. The Macy's Investment more than doubled in value to 7.3 million shares. Berkshire bought additional shares in homebuilder Lennar, and revealed a tiny stake of $580,000 in D.R. Horton. It sold its shares in DaVita (a kidney dialysis provider), Bank of America, Capital One and Nucor, as well as in Kroger, the grocer, and Nucor, the steel manufacturer. Abel claimed in February that he was responsible for 94% of Berkshire’s stock holdings while Ted Weschler, Berkshire’s investment manager, handled the remaining 6%. The Friday filing does not mention who purchased and sold which stocks. Berkshire owns dozens of other businesses, including the BNSF railway, Geico auto insurance, energy companies, manufacturing firms, and retail brands like Brooks, Dairy Queen and Fruit of the Loom.
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Jason Arday, former Cambridge professor at the centre of plagiarism scandal found dead
Jason Arday, former University of Cambridge Professor who was at the center of a plagiarism controversy, died today aged 41. Arday resigned as a professor of sociology and education earlier this month after the allegations, which caused a commotion in academia. He was the youngest Black professor at the university. Ambulance service found him unresponsive at a property located in Battersea south London. A 41-year old man was declared dead on the spot. The Metropolitan Police released a statement saying that his 'next of kin' had been notified and were being supported by police officers. At this time, his death is being treated a surprise but not as suspicious. Police said that officers from the Central South Command Unit of the Met are investigating the case. The University of Cambridge announced this week that it would be conducting an investigation into Arday's appointment to the Faculty of Education in 2022, and his subsequent time at the Faculty. A prominent professor who was often in the media this year, Arday faced accusations that some of his 2015 PhD dissertation had been plagiarized. He denied these allegations. Arday was accused of a wide range of allegations, including apparent inconsistencies with his other academic work and his claims regarding his career, personal life, and medical conditions. We are deeply saddened by this news. In a statement, Cambridge Vice-Chancellor Deborah Prentice expressed her deepest sympathies to Jason Arday's friends and family at this difficult time. Lucy Powell, Britain's education secretary, expressed her sadness at the death of Arday. The family expressed shock at the death of their loved one. The family stated that the 'campaign of misinformation' was too much for Jason. He was a 'gentleman and always wanted to see what was best in others. We won't say anything more at this time, except to ask the media to stop harassing Jason and his family. Reporting by Andy Bruce, Manchester; Editing Rosalba o'Brien
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The US data that denies a Fed rate hike is based on the recent oil price rally.
?U.S. The U.S. and European markets fell on Friday, while oil prices rose by more than $1 a barrel as the markets watched the tense U.S. - Iran talks and digested recent data that lowered expectations of a Federal Reserve rate increase next month. Oil and gas prices are poised to make significant weekly gains due to the failure of talks that were supposed end "the Iran war". The U.S. has threatened to increase economic pressure against Iran, including by extending a navy blockade. A survey released on Friday showed that the U.S. consumer's sentiment declined in early August due to the cost of living rising because of the Middle East war. Gold prices were supported by a sudden drop in U.S. Retail Sales. The data has further reduced expectations for a Federal Reserve rate increase at the meeting next month. U.S. Treasuries dropped on Friday, after an initial rally driven by retail sales data failed to gain momentum. S&P 500 shares fell 0.17% to 7,785.76, a session low. This was due to the decline in shares of chip equipment maker Applied Materials. Broadcom, Intel and other chipmakers also fell. The Dow Jones Industrial Average fell 0.20%, to 53,732.41 while the Nasdaq dropped 0.28%, to 26,729.16. Thomas Martin, Senior Portfolio Manager at GLOBALT Investments Atlanta said: "A lot of the drivers on the market today revolve around different parts of AI." European shares ended lower on Friday, ending a four-week streak of?winnings' as rising crude oil prices and renewed geopolitical conflict offset the support provided by a robust earnings season. MSCI's global stock index fell by 0.79 points (or 0.07%) to 1,160.01. The broadest MSCI index of Asia-Pacific stocks outside Japan closed 0.29 percent higher at 1,640.08. GEOPOLITICAL RISK The markets ended the week with a positive note. There were few events on the corporate and economic calendar that could have a negative impact on the markets. It's Friday and, as is typical, geopolitical risk, or at the very least, bombastic rhetoric between the U.S. Rodda stated that "currently, geopolitical uncertainties remain the only major macro roadblock for a market which is experiencing strong tailwinds due to earnings and the outlook of monetary policy". Brent crude oil futures closed at $88.52 per barrel, an increase of 1.67%. U.S. Futures ended at $82.40 a barrel, an increase of 1.42%. John Sidawi is a senior portfolio manager at Federated Hermes for fixed income. He said that a feature of the markets over recent months was the growing disconnect between asset price volatility and geopolitical uncertainties. "For the moment, it appears that markets are willing to accept a considerable amount of uncertainty before demanding higher risk premiums. This equilibrium, however, is not likely to last forever," Sidawi stated. "A significant escalation of?conflict, or a clear pathway toward resolution, could finally force investors to leave the sidelines and trigger a larger volatility reaction than current market prices suggest." YEN STUCK IN INTERVENTION LOOPS In currencies, the Japanese yen gained 0.1% against the dollar to 159.33 after three sources who are familiar with the policymakers' thoughts said that the Bank of Japan may raise rates in September. The 160 level is still in sight, and traders believe that it could spark another round of yen purchases from Tokyo after a joint intervention with the U.S. Last month, the Japanese currency was not supported. The dollar index, which measures greenbacks against a basket including the yen, and euro, dropped 0.28%, to 99.65. Meanwhile, the euro rose 0.35%, at $1.1567. The spot price of gold increased by 0.53%, to $4,374.27 per ounce. U.S. gold contracts settled at $4,437.30, up 0.4%. The yield on the benchmark 10-year U.S. notes increased 4.72 basis points, to 4.688%.
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British media reports that an ex-Cambridge professor who was at the centre of a plagiarism scandal has been found dead.
British media reported that Jason Arday was found dead. He was the former University of Cambridge professor at the center of a plagiarism scandal. Arday resigned as a professor in sociology of education earlier this month after the allegations, which rocked "the world of academia". He was the university's youngest Black Professor. The 'ambulance service' found him unresponsive at a home in Battersea (South London). "Unfortunately, a 41 year old?man has been pronounced dead on the scene. The Metropolitan Police sent a press release to inform his next of kin. In keeping with usual police practice, the statement didn't name the man. The Telegraph, Times, and?Sky News all linked the statement referred?Arday. "At this time, his death is treated as unexpected but it is not suspected to be suspicious. Officers from the Central South Command Unit of the 'Met are investigating this case. The police have said that a?file' will be prepared for a coroner. (Reporting and editing by Rosalba o'Brien, Andy Bruce)
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Trump escalates Iran rhetoric as he urges Americans accept higher gas prices
On Friday, President Donald Trump urged Americans accept slightly higher gas prices as a 'cost of stopping Iran from obtaining a nuclear bomb. He also said that he would declare the Strait of Hormuz an American territory. These comments highlight the increasing political risk that Trump faces as higher fuel costs collide with the campaign promise he made to reduce energy costs. Democrats are already trying to make the economic fallout of the Iran 'war' an issue leading up to the midterm elections in November. In a Garden 'City speech, Trump said that Americans who "pay just a little bit more" for their gasoline should remember this is the price to ensure "a very 'evil country" cannot have a nuclear weapon. Trump said that he will never apologize for his attack on Iran. Around 20% of all global oil and LNG shipments pass through the Strait of Hormuz. The potential for a long-term disruption is what has driven up oil prices. Trump escalated his rhetoric about the waterway, saying: "After we defeat Iran... I will declare the 'Hormuz strait' a territory of the United States pretty soon." It wasn't clear how serious Trump meant the remark or if it was a new position. The remarks are made as the Strait of Hormuz "remains" a major pressure point on global energy markets. This week oil prices have increased, with Brent crude nearing $90 per barrel and U.S. gas prices rising to $4 per gallon. (Reporting by Humeyra Pamuk, Jarrett Renshaw and David Ljunggren; Editing by David Ljunggren).
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Sources say that Codelco has reshuffled its mine leadership.
Sources at the Chilean copper?miner Codelco confirmed on Friday that a new executive had been appointed to oversee its troubled El Teniente Mine, while also replacing two other mine heads. The changes are being made as the new Chief Executive Jorge Gomez reviews the operations of Codelco following an investigation into irregularities found in production numbers reported for 2025. Two?sources claim that Codelco's current head of mineral resource, development and innovation Julio Diaz will be transferred to El Teniente - the company's flagship mine. According to two sources, Mario Quinonez will replace Diaz, who worked with Gomez in the Collahuasi Mine. Diaz's appointment would give Codelco a senior executive to oversee El Teniente after a fatal accident that killed six workers in July 2025 and disrupted construction projects. Codelco announced in February that it would undergo a "radical reorganization" at El Teniente following an internal audit which found serious breaches of duties?related to a accident in 2023 and flaws with reporting to the mining regulatory. Codelco is also replacing the general managers at Ministro Hales and Chuquicamata mines, according to?sources?. Sources say that Lindor Quiroga - currently the interim head of operations - is expected to take charge of the northern?operations for the company, including Chuquicamata and Ministro Hales, as well as?Radomiro Tomic. Sources said that Francisco Carvajal would lead the southern operations of the company. Codelco is also evaluating how to reprioritize its projects, as delays in?key development weighs on the output and prevents the company from reaching its original production goals in the next years. (Reporting and editing by Daina Beth Solon)
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US SEC will not interfere with shareholder proposals, worry activists
Investor activists are worried about the loss of influence after the top U.S. financial regulatory agency made its decision permanent to "cease judging" whether companies can exclude shareholder resolutions at annual meetings. The Securities and Exchange Commission of the United States announced a change that extends the freeze put in place by the Securities and Exchange Commission last November to decide whether or not to approve corporate requests for voting to be skipped on shareholder proposals. These letters were referred to as "no action" letters, because they responded to corporate requests that the agency not take any action if executives refused votes on proposals which often dealt with hot-button topics like carbon emissions and?workforce diversification. Executives claimed that such measures could micromanage or focus on ordinary business not worthy of attention by investors. In a website statement, the SEC said that the latest'move' will allow the Division of Corporation Finance to focus its resources on a more comprehensive review of filings. The SEC said that it had created a "extensive set of guidelines" on whether shareholder proposals should be excluded or not. Nobody is happy with the change. It hasn't had much of an impact yet. Freshfields, a law firm, found that 66% of all known proposals had been placed on proxy votes as of 15 June. This compares to 59% of the previous year. Few people are happy with the current status quo. Paul Atkins, the SEC chairman, called CEOs in July "lackadaisical", for not using tools such as this new policy. Investor activists claim they have to sue to get votes on certain items. "Instead, investors will have to consider other options when a company unilaterally excludes a resolution that has inadequate arguments," Tim Smith, senior advisor for the Interfaith Center on Corporate Responsibility, which includes resolution filers, said. Marc Lindsay, managing director of corporate governance for consulting firm Jasper Street Partners said that while the change on Friday was expected, it increases the risk of litigation for companies who exclude?proposals. He said that five of six lawsuits brought over exclusions resulted in favorable outcomes for the proponents. Lindsay stated that "while litigation is not common, the distractions and costs it can cause are a real concern to companies who consider exclusions. And?it could be worse by 2027." Subscribe to our newsletter to stay informed about environmental, social, and corporate governance issues.
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US-Iran claim that the control of Hormuz is a major factor in oil prices after tanker attacks
Crude oil prices rose on Friday, mainly due to renewed attacks against tankers and a verbal war between the Trump administration and Iran's leaders. Brent futures rose 80 cents or 0.92% to $87.87 per barrel at 10:48 am CT (1548 GMT), whereas U.S. West Texas intermediate crude futures increased 43 cents or 0.53% to $81.69 per barrel. Brent and WTI are on track to gain 5.09% a week and 4.37% a week, respectively. Bjarne Shieldrop is the chief commodities analyst for SEB Research. He said that higher oil prices are a result of U.S. policy towards Iran. This latest approach 'implies little hope for a resolution in the near future,' he added. The U.S. announced on Thursday that it could maintain a blockade against Iran indefinitely, and put more economic pressure on Tehran as a result of the stalled ceasefire negotiations. "Watch this space because more announcements are coming next week," said Scott Bessent, Treasury Secretary on Newsmax's program "Rob Schmitt Tonight." Schieldrop stated that "a return to normal flow out of the Strait?of Hormuz" is no longer a near-term hope. TRAFFIC SLOWS DOWN THROUGH STRAIT. As the U.S. claimed control over the strait and Iran claimed the opposite, the shipping traffic in the channel dropped below the average for the month. The strait was responsible for about a fifth of the world's oil and liquefied gas before U.S./Israeli attacks began on Iran in late February. The state-owned Abu Dhabi National Oil Company's two vessels were attacked Thursday while they transited the strait, according to the United Arab Emirates' WAM state news agency. Phil Flynn is a senior analyst at Price Futures Group. He said, "That headline is what pushed prices up: Tankers were attacked." Three sources said that the?drone attack on the Sheskharis terminal in the Black Sea port Novorossiysk caused the suspension of crude oil exports. This was a major disruption at one of Russia's main export outlets. Flynn also said that the Ukrainian attack against?the Port of Novorossiysk boosted prices. OPEC forecasts indicated a weaker growth in demand, and U.S. crude inventory posted its largest weekly rise in over 3-1/2 years. The IEA's and?EIA's reports this week were very revealing. Norbert Rucker is the head of economics at Julius Baer. He said that storage has held up "much better" than expected, and this should help to lower oil prices. Reporting by Erwin Seba, Mohi Nrayan, and Helen Clark, in Houston; Editing by Mark Potter. Barbara Lewis, Paul Simao. Rod Nickel.
United States Democrats advise Israel-Hamas ceasefire after dead captives recuperated
Several U.S. Democratic lawmakers restored calls for an IsraeliHamas ceasefire on Sunday in reaction to the killing of six hostages in a tunnel under Gaza, while Republicans criticized President Joe Biden and Vice President Kamala Harris for not offering more powerful support to Israel.
Israel recovered the bodies of six hostages from a tunnel in Gaza where they were apparently eliminated quickly before its troops reached them, activating Israeli protests on Sunday and prepared strikes over the failure to save them.
The military said the bodies of Hersh Goldberg-Polin, who is an Israeli-American person, Carmel Gat, Eden Yerushalmi, Alexander Lobanov, Almog Sarusi and Ori Danino have been gone back to Israel.
U.S. President Joe Biden talked with Goldberg-Polin's. moms and dads, Rachel Goldberg and Jon Polin, who appeared at the. Democratic National Convention last month, to use acknowledgements,. a White Home authorities said.
Another U.S. authorities stated U.S. nationwide security consultant. Jake Sullivan will hold a virtual meeting on Sunday with the. families of American hostages held by Hamas.
Democratic U.S. Senator Penis Durbin said in a post on X that. he was sad and devastated by the news of. Goldberg-Polin's death, echoing sentiments of other U.S. authorities and lawmakers.
A ceasefire should be reached immediately that enables all. staying captives to be released, humanitarian aid to flow into. Gaza, and an evasive and disregarded long-lasting vision for peace. and stability to come true, said Durbin, the. second-ranking Senate Democrat.
Jonathan Dekel-Chen, whose child Sagui is another hostage with. American citizenship, said the federal government of Benjamin Netanyahu. has actually refused to participate in settlements with Hamas to bring. captives home and time was going out.
He said the whole senior military establishment and. intelligence neighborhood has been saying openly and openly for. weeks and months that the time has actually pertained to end the fighting in. Gaza, get our hostages home, as lots of alive as possible,. Dekel-Chen told the CBS Face the Country program.
BLAMING BIDEN
Republican lawmakers on Sunday did not prompt a more powerful push. for ceasefire settlements, with some blaming the Biden-Harris. administration for not supporting Israel highly enough.
They continue to encourage and embolden Hamas, with calls. for a ceasefire, stated Republican Senator Tom Cotton.
Asked what Netanyahu's government should carry out in the face of. growing demonstrations in Israel, Cotton said: I would urge him to. end up the task versus Hamas, which is precisely what Kamala. Harris and Joe Biden must have done from the very start.
In a statement released by the White House prior to. midnight on Saturday, Harris, the Democratic governmental. candidate, did not call for a ceasefire and condemned Hamas for. the deaths.
Hamas is a wicked terrorist organization. With these. murders, Hamas has much more American blood on its hands. I. strongly condemn Hamas' ongoing brutality, therefore should the. whole world, Harris said.
Harris later posted on X that she and her husband Doug. Emhoff spoke to Goldberg-Polin's moms and dads to express our. condolences following the harsh murder of their son by Hamas. terrorists.
Republican senator Lindsey Graham required more pressure. on Iran, Hamas' main sponsor, telling ABC's Today that the. Biden administration and Israel need to hold Iran accountable. for the fate of staying captives and place on the target list. oil refineries in Iran if the hostages are not. released..
(source: Reuters)