Berkshire Hathaway Profit Down, Buffett to Retire

 

Berkshire Hathaway reported a second-quarter profit of $12.37 billion, significantly down from the previous year due to a $3.76 billion writedown on its Kraft Heinz stake. Operating earnings were down slightly to $11.16 billion. Despite this, results exceeded analyst expectations. The company holds substantial cash reserves but...

Trump Tariffs Hit LA Indian Businesses Hard

 

New 25% tariffs on Indian goods, imposed by President Trump, are forcing Los Angeles area businesses reliant on Indian imports to raise prices. Owners of Indian grocery stores and other businesses in Artesia's Little India and other areas express concern about the impact on their bottom lines and customer...

Berkshire Hathaway Q2 Earnings Dip Amid Tariff Concerns

 

Berkshire Hathaway reported a 4% year-over-year dip in Q2 operating profit to $11.16 billion, primarily due to lower insurance underwriting profits. The company warned of potential negative impacts from US tariffs, citing considerable uncertainty regarding their ultimate consequences on its businesses and investments. Buffett's cash hoard remains near...

Figma IPO: Khan's Antitrust Win?

 

Figma's successful IPO, valued at nearly $68 billion, is being celebrated by former FTC chair Lina Khan as a victory against Big Tech mergers. Khan's efforts to block major tech acquisitions, including Adobe's proposed purchase of Figma, are seen as contributing to Figma's independent growth. While some credit Figma's...

American Eagle's Sweeney Ad Faces Backlash

 

American Eagle Outfitters' new ad campaign featuring Sydney Sweeney has sparked controversy. The campaign, emphasizing Sweeney's jeans, used a wordplay on "genes," prompting accusations of eugenics. While some criticized the campaign and AEO's response, others defended it as a playful use of words. AEO maintains the focus...

Sweeney Jeans Ad Sparks Eugenics Debate

 

American Eagle's Sydney Sweeney ad campaign, featuring a playful "genes" vs. "jeans" line, sparked intense online debate. Critics accused the ad of subtly promoting eugenics due to Sweeney's blonde hair and blue eyes, while others dismissed the backlash as unwarranted outrage. American Eagle defended the campaign, emphasizing its...

Tesla Partly Liable in Fatal Autopilot Crash

 

A Florida jury found Tesla partially liable in a 2019 Autopilot-related crash that killed one and injured another. The plaintiffs were awarded $200 million in punitive damages and $129 million in compensatory damages. Tesla was assigned one-third of the blame, with the driver receiving two-thirds. The verdict follows...

India Halts Russian Oil Imports Amid US Tariff Threats

 

Indian state-owned refineries halted Russian oil imports last week due to threatened US tariffs and shrinking price discounts. This follows President Trump's announcement of a 25% tariff on Indian goods starting August 1st, in response to India's purchases of Russian energy. While India significantly increased Russian oil imports...

Supreme Court Rules on Major Car Finance Scandal

 

The UK Supreme Court is ruling on a car finance mis-selling scandal. Two key issues are involved: the legality of discretionary commission arrangements (DCAs), where dealers received commissions based on interest rates charged to customers; and a broader investigation into hidden commission payments to dealers by lenders. ...

Moderna Lowers Revenue Outlook, Beats Q2 Estimates

 

Moderna lowered its 2025 revenue outlook due to a delayed UK vaccine shipment, but exceeded Q2 expectations. Revenue is now projected between $1.5 billion and $2.2 billion. The company also announced a 10% workforce reduction amidst falling Covid vaccine sales. Despite a 41% year-over-year revenue drop to...