EUR/USD 1.15846
0.145%
Gold 4390.38
0.327%
Oil 81.266
-0.269%
USD/JPY 159.096
-0.163%
GBP/USD 1.35512
0.125%
GBP/JPY 215.599
-0.038%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 17th, a consumer posted on social media that brown particulate matter was found in Feihe milk powder, sparking market concern. The information posted on social media indicated that a consumer in Yunnan found multiple brown particles, ranging in size from 1 to 2 millimeters, in Feihe milk powder while preparing it, expressing concern about its ingredients and filing a complaint with the consumer rights protection department. Feihe responded that after testing with a micro-infrared spectroscopy instrument and a starch-iodine colorimetric reaction, the substance was confirmed to be starch. They stated that neither the formula nor the production process of their milk powder contains any added starch; furthermore, multiple foreign object prevention devices are in place during production, ruling out the possibility that the foreign object was generated or introduced during the production process. They speculate that the starch-like substance originated from an external source.On August 17th, in response to US President Trumps recent claim that "after defeating Iran, we will soon declare the Strait of Hormuz as US territory," Iranian Army Commander-in-Chief Khatami told the media at a public event on August 16th that even if it was just a joke, such reckless talk is a huge mistake. Khatami also stated firmly, "This is Iran, and the defenders will break the legs of the aggressors."TD COWEN: Raises price target for Berkshire Hathaway (BRK.BN) from $481 to $529.The yield on Japans 30-year government bonds rose 5.5 basis points to 4.065%.Japans tertiary sector activity index fell 0.2% month-on-month in June, compared with 1.10% in the previous month.

Berkshire Hathaway Director Olson Said The Board Has Full Confidence in Abel

Haiden Holmes

Apr 29, 2022 09:53

B2.png


On Thursday, one of Berkshire Hathaway's (NYSE:BRKa) longest-serving directors issued a ringing endorsement to Greg Abel as the billionaire's preferred successor.


"He has Warren's and the board's complete confidence," Ronald Olson, a close ally of Buffett's and a Berkshire director since 1997, stated at the University of Nebraska at Omaha's Berkshire System Summit.


Abel, 59, formerly served as CEO of what is now Berkshire Hathaway Energy before being named vice chairman of Berkshire Hathaway in 2018 to handle the company's non-insurance operations.


Buffett, 91, stated in May that Abel was chosen by the board to succeed him as CEO if necessary. "The directors have agreed that if something happens to me tonight, Greg would take over the next morning," Buffett started a year ago.


Olson lauded Abel's managerial abilities ahead of Berkshire's annual meeting, which begins Friday. "He understands statistics and people better than anyone I've ever met," Olson said.


Additionally, he stated that Abel has developed a strong relationship with Berkshire's dozens of non-insurance companies, which include firms in manufacturing, railroads, and retail.


"Without a doubt, he has facilitated a stronger connection between the parent firm and its subsidiaries," Olson stated.


Buffett and Vice Chairman Charlie Munger, both 98, continue to be in charge of significant capital allocation decisions, with Buffett overseeing the majority of Berkshire's common stock investments. Ajit Jain, another vice chairman, is in charge of the insurance division.

Suggestion