The attack was the second by Ukrainian sea drones in two days; Berkshire Hathaway profits surge; former Pakistan prime minister Imran Khan arrested after corruption conviction. Follow the latest here.
Profits rebounded at Warren Buffett’s conglomerate along with the value of its $US353 billion stock portfolio in the second quarter to hit $US35.9 billion , and many of Berkshire Hathaway’s assorted businesses also performed well, led by strong results in its core insurance businesses, particularly Geico.
The three analysts surveyed by FactSet Research expected Berkshire to report operating earnings of $US5575.67 per Class A share. “I think the question that should be or will be on investors’ minds is, ‘How do you sustain this level of growth when many of your underlying businesses are not putting up this level of growth?’” Seifert said.
But Berkshire also benefitted from interest rates that helped it generate more money on its cash. Berkshire is still sitting on a mountain of cash because it hasn’t completed any major acquisitions or made many significant new stock investments this year. The company’s cash pile grew to $US147.4 billion from the first quarter’s $US130.6 billion.
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