Buffett Downplays Value Clash Between Berkshire, Cost-cutting 3G

19 May, 2017, 10:16 | Author: Leticia Walters

Billionaire Warren Buffett says growing health care costs continue to be a drag on the performance of US businesses, and he's not sure the reform package Republicans passed will do much to help that. He also said rising health care costs, rather than high taxes, were the biggest drag on US businesses.

"Medical costs are the tapeworm of American economic competitiveness", he said, according to The New York Times.

Buffett's remarks came a day after thousands of documents were released online targeting French presidential candidate Emmanuel Macron, before the second round of voting on Sunday.

OMAHA, Neb. (AP) - Berkshire Hathaway shareholders are attending several events around Omaha this weekend after the company's annual meeting on Saturday. "The main problem was they didn't act when they learned about it". It's the largest shareholder in businesses including Wells Fargo & Co., Delta Air Lines Inc. and Coca-Cola Co. Buffett says he still believes in the long-term prospects of the bank even though Wells Fargo mishandled the scandal.

Buffett marveled at modern tech companies and their ability to accumulate market value with minimal fixed assets or capital needs.

Buffett also raised the possibility Berkshire could pay its first dividend since 1967, if "reasonably soon, even while I'm around", the company had too much cash it could not reasonably deploy. Berkshire said complex social and moral issues should not determine where it could invest.

The meeting also included discussions about Berkshire's succession plans.

Buffett noted that he has had to oversee job cuts himself, citing job losses at the original Berkshire Hathaway textile business, which shut down 20 years after he took it over.

To no one's surprise, Buffett did not mention who would take over for him as Berkshire's chief executive. Currently, Berkshire has more than $90 billion in cash on hand.

Earlier this week, Buffett announced that Berkshire Hathaway had dumped about a third of its IBM stock.

"I'm sure that they give money to people I wouldn't vote for, but that is the reality of doing business", he said. Berkshire, a conglomerate that wholly owns Geico Insurance and other assets, has seen its share price double over the past five years.

"I'm very pessimistic on weapons of mass destruction generally although I don't think that nuclear probably is quite as likely as either primarily biological and maybe cyber", he said.


  • NHS works to curtail cyber attack damage

    The attack was one of the largest ransomware attacks in history. "The message to patients is clear: the NHS is open for business". Microsoft released patches last month and on Friday to fix a vulnerability that allowed the worm to spread across networks.
    Tamil Nadu Class 10 results announced, 5059 schools score 100 per cent

    Tamil Nadu Class 10 results announced, 5059 schools score 100 per cent

    You'll see 2 options here - Tamil Nadu Board HSC Exam Results 2017 and Tamil Nadu Board 10th Class (SSLC) Exam Results 2017. Continuing the usual trend, girls scored over boys with a percentage of 96.2 over 92.5 pass percentage of boys.

    LeBron and Co. cruise past Celtics in game one romp

    Game 2 will tip off tomorrow at 8:30pm but if last night was any indication your Friday night would be better served elsewhere. Celtics live streaming as well as all of the other 2017 NBA Playoffs by signing up with a one-time payment of $9.99.
  • Always Dreaming installed as 4-5 favorite

    Always Dreaming installed as 4-5 favorite

    Brendan Walsh-trained Multiplier is expected to arrive later in the day following a van ride from Keeneland in Lexington, Ky. Classic Empire won the Breeders' Cup Juvenile last year, when he was voted 2-year-old male champion.
    Ailes' political legacy: GOP control in divided America

    Ailes' political legacy: GOP control in divided America

    Roger was a patriot, grateful to live in a country that gave him so much opportunity to work hard, to rise-and to give back. Watch above, via Fox News . "Roger was a great patriot who never ceased fighting for his beliefs", he added.

    Tottenham thrashes Leicester City

    Here, we focus on four-goal hero Harry Kane. "It is a season again where he fights to be the top scorer in the Premier League". I was looking to score a couple of goals. "I am in the driving seat but there's still one more game".
  • Sheriff David Clarke Joins Trump Administration

    Sheriff David Clarke Joins Trump Administration

    At the time, Mr Clarke estimated the number of people who should be detained at Guantanamo Bay could be up to "maybe a million". Black claims Clarke had him detained by deputies at the Milwaukee airport after he shook his head at Clarke on a flight home.

    Always Dreaming 'Perfect' Tuesday Morning at Pimlico

    The dark bay is undefeated as a 3-year-old (4-0) with a win in the Florida Derby preceding his triumph at Churchill Downs. It'll be interesting to see what kind of ride he gets from his new jockey, Smith, who replaces Javier Castellano.
    McCaskill: Rosenstein Knew Comey's Fate Before Writing Memo

    McCaskill: Rosenstein Knew Comey's Fate Before Writing Memo

    And House and Senate investigators had invited Comey back to Congress to explain what happened - although Utah Rep. The memo harshly criticized Comey's handling of an investigation of Hillary Clinton's emails.
  • Soundgarden frontman Chris Cornell dies at 52

    Cornell started out as a drummer and played some guitar, but his soaring four-octave voice was Soundgarden's key ingredient. Cornell released a handful of solo records before Soundgarden reformed in 2010 and released the record King Animal .
    Dollar losses build as Trump crisis stokes fears for agenda

    Dollar losses build as Trump crisis stokes fears for agenda

    In commodities markets, USA crude rose 0.49 percent to $49.31 per barrel and Brent was last at $52.43, up 0.42 percent on the day. Enough may finally be enough for Wall Street following reports that President Donald Trump asked then-FBI Director James B.
    Alibaba reveals US$6 billion share buyback as it misses EPS forecast

    Alibaba reveals US$6 billion share buyback as it misses EPS forecast

    It's also trying to appeal to a growing middle class demanding premium products from Alaskan salmon to New Zealand milk. Adjusted earnings per share was 4.35 yuan in the first quarter, missing analysts' estimates of 4.51 yuan per share.


Former intelligence officer who gave U.S. secrets to WikiLeaks leaves prison
One day after sentencing, she came out as a transgender woman, but still had to serve her sentence at the all-male army prison. Chelsea Manning was released from the disciplinary barracks in Fort Leavenworth, Kansas, on Wednesday morning.

Applications for US jobless aid fell to 3-month low of 232K
Claims fell 11,000 between the April and May survey periods suggesting further job gains this month. The Fed increased the borrowing cost to a target range of 0.75 percent to 1 percent in March.

North Korea poses threat to China, Russia: US admiral
President Donald Trump has said he wants South Korea to pay for the Terminal High Altitude Area Defense (THAAD) system which detected Sunday's test launch.

Sen. John McCain on Trump administration scandals: 'We've seen this movie before'
And with it crumbled the last shred of pretense that Donald Trump has the mental or moral capacity to handle the office he holds. His minimal support in Congress disappeared, and the House judiciary committee voted to impeach him.

Buhari promises support for freed Chibok girls
One of the buses carrying the newly released chibok girls leaves the Nnamdi Azikwe global airport in Abuja, Nigeria May 7, 2017. Ironside said "it is heartening to know that the girls will be returning to their families who have been waiting for this day".