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July 10th - The China Federation of Logistics and Purchasing (CFLP) released the "2026 China Highway Transport Capacity Development Report" today (July 10th). According to the report, the highway transport market will continue to adjust and optimize in 2025, with the capacity structure accelerating its upgrade towards large-scale, professional, and green development. Enterprises risk resistance and resilience in normalized operations have improved. Survey data shows that fuel-powered vehicles still dominate the current highway freight capacity structure, accounting for approximately 50%, but new energy vehicles have formed an irreversible substitution trend in specific scenarios. Among the surveyed enterprises, the penetration rate of new energy trucks is 44.4%. Of the enterprises that have already purchased new energy vehicles, 37.5% chose to "continue to expand their new energy vehicle fleet," and 37.5% chose to "maintain their existing scale."July 10th - The Times of Israel, citing a US official on the 9th, reported that Israeli troops will withdraw from one of two "pilot areas" in southern Lebanon in the coming days, paving the way for the next phase of negotiations between Israel and Lebanon. The report stated that, according to a framework agreement reached between Israel and Lebanon in Washington, D.C., Israel agreed to withdraw its troops from two small areas in southern Lebanon where Hezbollah military facilities have been cleared, handing them over to the Lebanese Armed Forces. The report also quoted an Arab official as saying that Lebanon has informed the United States that it will not participate in the new round of Lebanon-Israel talks scheduled for next week in Rome, Italy, until Israel completes its agreed withdrawal. Currently, a timetable for the withdrawal from the second "pilot area" has not been announced.On July 10th, the "Guangdong Provincial Information and Communication Industry 15th Five-Year Plan (Draft for Public Comment)" was released for public comment. The plan includes actively organizing enterprises to participate in national commercial trials of satellite IoT services, planning the construction of an integrated low-Earth orbit constellation for communication, navigation, and remote sensing in the Guangdong-Hong Kong-Macao Greater Bay Area, and actively promoting the deployment of key infrastructure such as satellite-to-ground interconnection centers and gateway stations. It also aims to promote the integrated development of satellite communication and terrestrial mobile communication infrastructure, explore network coverage in low-altitude airspace above 300 meters and remote areas, develop applications such as direct mobile phone connection to satellite and satellite IoT, and accelerate the realization of a million satellite communication users. The plan also includes implementing the "Broadband Guangdong Maritime" special action to gradually build a marine "5G/5G-A + submarine optical cable + satellite" communication and sensing network.The Hang Seng Tech Index rose more than 2%, with SenseTime (00020.HK) and Kuaishou (01024.HK) rising more than 4% among its constituent stocks.A spokesperson for the Government Pension Investment Fund of Japan (GPIF) said they were aware of Finance Minister Satsuki Katayamas remarks but declined to comment.

Berkshire Hathaway invests more than 20 percent of Occidental Petroleum

Charlie Brooks

Aug 09, 2022 10:27

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Berkshire Hathaway (NYSE:BRKa) Inc purchased further Occidental Petroleum Corp (NYSE:OXY) shares, surpassing the 20 percent barrier at which it may record a portion of the oil company's earnings alongside its own and possibly add billions in profit.


Monday evening, Berkshire stated in a regulatory filing that between August 4 and August 8, it paid approximately $391 million for over 6.7 million Occidental shares.


The buys gave Berkshire 188.4 million Occidental shares, or 20.2% of the reported outstanding shares, worth $11.3 billion.


The equity method of accounting would let Berkshire to report its proportional share of Occidental's earnings with operating results based on its 20 percent investment.


Due to its passive ownership, Berkshire might claim that its accounting for Occidental should stay unaltered.


Analysts at Refinitiv I/B/E/S predict that Occidental will have a profit of $10.5 billion this year.


Of addition, Buffett's company owns $10 billion in Occidental preferred stock, which helped fund the 2019 acquisition of Anadarko Petroleum (NYSE:APC), as well as the right to acquire $83.9 million ordinary shares for $5 billion.


Analysts think that Omaha, Nebraska-based Berkshire may ultimately launch an offer for the entirety of Occidental.


Neither Buffett's assistant nor Occidental reacted swiftly to a request for comment after market hours.


The operating profit generated by Berkshire in the first half of this year was $16.3 billion.


It utilizes the equity method of accounting for food company Kraft Heinz (NASDAQ:KHC) Co, in which it maintains a 26.6% interest, and truck stop operator Pilot Travel Centers, in which its 38.6% holding is expected to expand to 80% in the future year.


In contrast, Berkshire frequently accounts for its 20.2% stake in American Express Co (NYSE:AXP), so limiting its influence.


Monday's closing price for Occidental shares was $60.04 per share. As a result of the rise in oil prices triggered by Russia's invasion of Ukraine, the share price has more than quadrupled this year.


Ending June with a $23.7 billion stake in Chevron Corp (NYSE:CVX) shares, Berkshire owned dozens of companies, including the BNSF railroad, Geico car insurance, and several energy industries, as well as Chevron Corp (NYSE:CVX) shares.

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