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Buffett’s Berkshire Hathaway boosts operating profit, lower stock gains hurt net results By Reuters

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© Reuters. FILE PHOTO: Berkshire Hathaway shareholders walk by a video screen at the company’s annual meeting in Omaha May 4, 2013. REUTERS/Rick Wilking/File Photo

(Reuters) – Warren Buffett’s Berkshire Hathaway (NYSE:) Inc said on Saturday it has extended its rebound from the early stages of the pandemic, with improved results in many businesses offsetting a greater loss from insurance underwriting.

Berkshire also said it repurchased $7.6 billion of its own stock in the third quarter, reflecting its need to put some cash to work as stock prices regularly set new highs and purchases of whole companies appear too expensive.

Quarterly operating profit rose 18% to $6.47 billion compared with $5.48 billion in the year-earlier period.

Net income declined 66% to $10.3 billion, or $6,882 per Class A share, from $30.1 billion, reflecting lower unrealized gains on Berkshire’s common stock holdings including Apple Inc (NASDAQ:) and Bank of America Corp (NYSE:).

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Bloomberg names Green ME of finance for Americas

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Rick Green

Rick Green has been named managing editor for finance in the Americas at Bloomberg News, effective July 11.

He is currently senior editor for markets at Bloomberg.

Green was previously a team leader for distressed company news. He was also corporate finance editor and a senior editor on the U.S. finance team.

Before Bloomberg, Green was assistant managing editor for business and technology at Newsday. He also worked at BusinessWeek magazine as a senior editor and at SmartMoney magazine.

 





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Liberty Steel secures time with Greensill as debt rstructuring continues

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Liberty Steel Group has entered a standstill agreement with Greensill Bank.

It pauses all enforcement actions between the South Yorkshire headquartered business and the subsidiary of the collapsed financial institution as it focuses on recovery.

Greensill Bank, part of Greensill Capital, is Liberty’s largest creditor on the business’s debt facilities, provided in 2019.

Read more:£26m British Steel Special Profiles upgrade given the go-ahead

The agreement lasts until October 31, with potential to extend until the end of the year.

Liberty said it will enable the company to develop a longer term sustainable financing structure, with detailed due diligence and information exchange continuing between the two parties.

A Liberty spokesperson said: “Today’s standstill agreement with Greensill Bank demonstrates we are getting close to a consensual debt restructuring that is in the best interests of all our stakeholders.

“We are working intensively towards a settlement with our major creditors in a timeframe which would obviate the need for a legal battle. Our core businesses continue to perform well and are operationally strong despite some economic headwinds.”

HMRC had filed then withdrew a winding up petition for Liberty earlier this year as progress with creditors was made.



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At Close of Business: Jordan Murray talks an Australian republic

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Journalist Jordan Murray discusses revived debate over the possibility of an Australian republic.



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