2024-11-02 20:21

Qualifying postponed after two hours of delays F1 boss says conditions not safe Race start time brought forward SAO PAULO, Nov 2 (Reuters) - Qualifying for Brazil's Sao Paulo Formula One Grand Prix was rescheduled for 0730 local time (1030GMT) on Sunday with the race start brought forward by 90 minutes after rain and lightning made conditions unsafe on Saturday. The race will now start at 1230 local (1530GMT) instead of 1400 (1700GMT). After being delayed for two hours with no improvement in conditions, amid fading daylight, officials decided Saturday's qualifying could not proceed. "It's a pity but the conditions are not safe to drive, as simple as that," Formula One chief executive Stefano Domenicali told F1 television in a pitlane interview as the rain continued to fall. "Racing in these conditions is impossible." The governing FIA said the decision was taken due to poor visibility and standing water. "The safety of drivers, team members, volunteers, officials and spectators is our main priority," it said in a statement. Qualifying has been held on a Sunday in the past, most recently at the 2019 Japanese Grand Prix when a passing typhoon forced a delay. Saturday's sprint race at Interlagos, won by Lando Norris in a McLaren one-two, was held in dry conditions as was Friday practice and sprint qualifying. More rain is forecast for Sunday. Brazil is the 21st round of the 24-race championship and the last of an American treble on successive weekends. Red Bull's triple world champion Max Verstappen leads closest rival Norris by 44 points and any race cancellation would have a huge impact on the title outcome. If all goes ahead as planned, Verstappen will have a five place grid penalty for the race after exceeding his engine allocation. Sign up here. https://www.reuters.com/sports/formula1/sao-paulo-gp-qualifying-postponed-sunday-due-rain-2024-11-02/

2024-11-02 17:24

Operating profit falls 6%, no stock buybacks Net income tops $26 billion on investment gains More than 600 million Apple shares sold in 2024 Nov 2 (Reuters) - Warren Buffett and Berkshire Hathaway (BRKa.N) , opens new tab extended their retreat from stocks in the third quarter, further slashing holdings in Apple (AAPL.O) , opens new tab and boosting cash to a record $325.2 billion. In its quarterly report on Saturday, Berkshire said it sold about 100 million, or 25%, of its Apple shares over the summer, ending with about 300 million. Berkshire has now sold more than 600 million of the iPhone maker's shares in 2024, though Apple remained its largest stock holding, at $69.9 billion. It sold $36.1 billion of stock overall, including several billion dollars of Bank of America (BAC.N) , opens new tab shares, and bought just $1.5 billion. That made the quarter the eighth straight where Berkshire was a net seller of stocks. The Omaha, Nebraska-based conglomerate also conducted no stock buybacks for the first time since the second quarter of 2018, and did not repurchase stock in the first three weeks of October. "Berkshire is a microcosm of the broader economy," said Cathy Seifert, an analyst at CFRA Research in New York. "Its hoarding cash suggests a 'risk-off' mindset, and investors may worry what it means for the economy and markets." The Class A shares of Berkshire are up 25% this year, while the Standard & Poor's 500 (.SPX) , opens new tab has risen 20%. Rising valuations have fueled concerns among some investors that many stocks have become too expensive. Berkshire's cash stake grew from $276.9 billion at the end of June, and is more than 10 times the $30 billion cushion that Buffett has pledged to maintain. Buffett has made no major acquisitions of whole companies for his $975 billion company since 2016. Jim Shanahan, an analyst at Edward Jones in St. Louis, said the swelling cash hoard "begs questions about whether Buffett thinks stocks are overvalued or an economic downturn is coming, or is trying to build cash for a big acquisition." In May, Buffett said he expected Apple to remain Berkshire's largest stock investment, but selling made sense because the 21% federal tax rate on gains would likely grow. OPERATING PROFIT FALLS Berkshire's quarterly operating profit declined 6% to $10.09 billion, or about $7,019 per Class A share, missing analyst estimates of $7,611 per share according to LSEG IBES. The decline stemmed largely from underwriting losses on older insurance policies, insurance claims related to Hurricane Helene in September, and currency losses from a strengthening U.S. dollar. These offset improved profitability at the Geico car insurer, where accident claims fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined. Seifert said Berkshire has long benefited from its diversification but suffered "multi-pronged" weakness in the quarter. This included a 19% revenue decline at the Pilot truck stop chain, where fuel prices and marketing volumes fell. Berkshire also said "almost all" of its retail businesses, including its more than 80 car dealerships, are seeing revenue declines. Net income totaled $26.25 billion, compared with a year-earlier $12.77 billion loss, reflecting unrealized gains and losses in stock investments such as Apple. This adds volatility to net results that Buffett urges investors to ignore, and instead focus on operating performance. HELENE, MILTON Profit from insurance underwriting fell 69%, dented by losses from older policies, $565 million from Helene, and a bankruptcy settlement tied to a defunct talc supplier. This more than offset a 93% jump in Geico's underwriting profit. Shanahan called the policy losses a "big surprise," while Seifert said many of Berkshire's peers have already addressed similar issues. "This stands out by making Berkshire appear to be a laggard," she said. Berkshire also projected $1.3 billion to $1.5 billion of pre-tax losses in the fourth quarter from Hurricane Milton, which slammed into Florida in October. Investment income at Berkshire's insurance businesses, which hold much of Berkshire's cash, rose 48% to $3.66 billion. Such gains should decline if the Federal Reserve continues lowering interest rates, or Buffett finds something big worth buying. Buffett "wants to invest every penny he can in businesses that provide Berkshire an advantage. But at the same time he's willing to do nothing," said Tom Russo, a principal at Gardner Russo & Quinn in Lancaster, Pennsylvania, who has invested in Berkshire since 1982. "He'll be there ready and loaded when other investors are despairing or capital-constrained," Russo added. Berkshire's operations also include many industrial and manufacturing companies, a big real estate brokerage, and retail businesses such as Dairy Queen and Fruit of the Loom. On Oct. 31, Berkshire finished purchasing the 8% of Berkshire Hathaway Energy it did not already own. Buffett, 94, has led Berkshire since 1965. He is expected to eventually transfer leadership to Vice Chairman Greg Abel, 62. Sign up here. https://www.reuters.com/markets/us/berkshires-cash-sets-record-buffett-sells-apple-bofa-operating-profit-falls-2024-11-02/

2024-11-02 16:46

MOSCOW, Nov 2 (Reuters) - Russia is importing butter from the United Arab Emirates and Turkey, in a move aimed at containing soaring prices that have alarmed consumers. Agricultural watchdog Rosselkhoznadzor said on Saturday that deliveries of butter from the UAE began on Oct. 18. "Previously, there had been no deliveries of butter from the UAE to Russia," it said in a statement. The price of a block of butter has risen by 25.7% since last December, according to Russia's statistics service. That compares with an inflation rate of 8.6% and has prompted a spate of butter thefts at some supermarkets. The UAE has so far supplied 90 metric tons of butter to Russia, which also started importing butter from Turkey in October. Russia is seeking to increase supplies of butter to stabilise prices and ensure availability for the domestic market. Butter imports to Russia from Latin America fell to 2,800 tons this year from 25,000 tons in 2014, Rosselkhoznadzor said, citing Western sanctions are one of the factors behind declining deliveries. "The reduction in the volume of butter imports from Latin America to Russia may be related to transport and logistics issues, sanctions, and the lack of agreements between businesses," it said. Belarus, the largest supplier of butter to Russia, has increased exports by 9% this year to 110,000 tons. Sign up here. https://www.reuters.com/markets/commodities/russia-turns-uae-turkey-butter-contain-soaring-prices-2024-11-02/

2024-11-02 11:29

Government deploys 5,000 more troops for search and clean-up Valencia's City of Arts and Sciences centre becomes nerve centre for operation Scientists link extreme weather events to climate change VALENCIA, Spain, Nov 2 (Reuters) - The deadliest flash floods in Spain's modern history have killed at least 214 people and dozens were still unaccounted for, four days after torrential rains swept the eastern region of Valencia, Prime Minister Pedro Sanchez said on Saturday. In a televised statement, Sanchez said the government was sending 5,000 more army troops to help with the searches and clean-up in addition to 2,500 soldiers already deployed. "It is the biggest operation by the Armed Forces in Spain in peacetime," Sanchez said. "The government is going to mobilize all the resources necessary as long as they are needed." Valencian regional authorities said on Saturday night the total number of fatalities in the region was 211, plus two from Castilla La Mancha and one in Andalusia. The tragedy is already Europe's worst flood-related disaster since 1967 when at least 500 people died in Portugal. Hopes of finding survivors were raised when rescuers found a woman alive after three days trapped in a car park in Montcada, Valencia. Residents burst into applause when civil protection chief Martin Perez announced the news. Volunteers flocked to Valencia's City of Arts and Sciences centre on Saturday for the first coordinated clean-up organised by regional authorities. The venue has been turned into the nerve centre for the operation. In Valencia's Picanya suburb, shop-owner Emilia, 74, told Reuters on Saturday: "We feel abandoned, there are many people who need help. It is not only my house, it's all the houses and we are throwing away furniture, we are throwing away everything. "When is the help going to come to have fridges and washing machines? Because we can't even wash our clothes and we can't even have a shower." Nurse Maria Jose Gilabert, 52, who also lives in Picanya, said: "We are devastated because there is not much light to be seen here at the moment, not because they are not coming to help, they are coming from all over Spain, but because it will be a long time before this becomes a habitable area again." The storm triggered a new weather alert in the Balearic Islands, Catalonia and Valencia, where rains are expected to continue during the weekend. Scientists say extreme weather events are becoming more frequent in Europe, and elsewhere, due to climate change. Meteorologists think the warming of the Mediterranean, which increases water evaporation, plays a key role in making torrential rains more severe. Sign up here. https://www.reuters.com/world/europe/thousands-join-effort-clean-up-catastrophic-spanish-floods-2024-11-02/

2024-11-02 01:21

Nov 1 (Reuters) - In a practice-changing guideline reversal, medical societies advised , opens new tab on Tuesday that most patients do not need to stop taking GLP-1 diabetes and weight-loss drugs before surgery, a ruling supported by a study presented this week at a medical meeting of gastrointestinal doctors. The study also suggests that patients might benefit from following a clear liquid diet for a day in advance, although that was not included in the new guidelines. Patients typically fast before undergoing anesthesia in order to empty the stomach. An empty stomach allows for better examination via endoscopy and lowers the risk of aspiration, a life-threatening complication involving inhalation of gastric contents. Because GLP-1 drugs such as Novo Nordisk's (NOVOb.CO) , opens new tab Ozempic and Wegovy and Zepbound and Mounjaro from Eli Lilly (LLY.N) , opens new tab slow stomach emptying, surgeons had been requiring patients to stop those drugs well in advance of anesthesia in order to ensure an empty stomach. But a new review of 35 studies involving more than 714,000 patients undergoing upper-gastrointestinal endoscopy found no extra risk of aspiration in patients who had not paused their use of GLP-1 drugs beforehand. They were compared with patients who either were not using the drugs or were using them but had stopped them well in advance of surgery. The findings were presented by Dr. Violeta Popov of NYU Langone Health NY VA Harbor Health System on Wednesday at the American College of Gastroenterology , opens new tab meeting in Philadelphia. Procedures more often had to be stopped early in patients who had not stopped the GLP-1 drugs, possibly because significant amounts of food remained in the stomach, her team found. However, retained gastric contents were not a problem in a subset of patients taking GLP-1 drugs who had been on a liquid diet for 24 hours because they were scheduled for colonoscopy. Therefore, the researchers suggest, it might be best to follow a 24-hour clear liquid diet prior to GI endoscopy without discontinuing GLP-1 therapy. Esophagus cancer precursor being seen at younger ages A pre-malignant condition of the esophagus is becoming more common at younger ages, researchers have found, suggesting potential benefits from earlier screening. Barrett's esophagus is usually diagnosed around age 60, but a new study of more than 2.6 million patients found a significantly increasing trend of young-onset Barrett’s esophagus from 2014 to 2023, researchers reported at the gastroenterology meeting. In Barrett's esophagus, stomach acid has damaged the lining of the lower esophagus, increasing the risk for cancer. Treatment may include medicines and surgery. Patients with mild cases are advised to undergo endoscopy on a regular basis to monitor the cells in the esophagus lining. In the new study, 20% of participants had been diagnosed before age 50, with early-stage disease in nearly all cases. Risk factors in younger patients were similar to those in older patients, including hiatal hernia, gastrointestinal reflux, smoking, and high body mass index, Dr. Anila Vasireddy of the University of Pennsylvania Health System reported. “Our study validates that conventional risk-factors of Barrett’s esophagus in older patients also predict young-onset Barrett’s esophagus,” her team said in a written summary. “Screening... before the age of 50 may have a significant impact on early detection of esophageal adenocarcinoma,” they said. U.S. patients undertreated for alcohol use disorder Drug treatment of alcohol use disorder is underused in U.S. patients and particularly in patients with alcoholic liver disease, researchers reported at the Philadelphia gastroenterology meeting. Pharmacotherapy is an important tool for treating addiction and preventing progression of liver disease. But among 26,985 commercially insured patients with alcohol use disorder who did not have liver disease, only 14.5% had been prescribed medication. That rate dropped to 2.3% among 1,201 alcohol abuse patients with liver disease, the researchers said. Patients with the most severe alcoholic liver disease had the lowest odds of receiving drug therapy for their alcoholism, Dr. Alex Jones of the University of Texas Southwestern Medical Center reported. Gabapentin was the most commonly prescribed medication in the study, followed by oral naltrexone and topiramate. “Providers caring for patients with alcoholic liver disease should consider this underutilized therapy, or refer for psychiatric consultation when appropriate,” the researchers said. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/health-rounds-no-need-stop-glp-1-drugs-before-surgery-most-patients-2024-11-02/

2024-11-02 00:11

NEW YORK, Nov 1 (Reuters) - U.S. energy regulators rejected an amended interconnection agreement for an Amazon data center connected directly to a nuclear power plant in Pennsylvania, a filing showed on Friday. Members of the Federal Energy Regulatory Commission said the agreement to increase the capacity of the data center located on the site of Talen Energy's Susquehanna nuclear generating facility could raise power bills for the public and affect the grid's reliability. As Big Tech races to grow its data centers needed to expand technologies like generative artificial intelligence, locating centers directly on power plant sites has become an attractive option to power up quickly. "Co-location arrangements of the type presented here present an array of complicated, nuanced and multifaceted issues, which collectively could have huge ramifications for both grid reliability and consumer costs," FERC Commissioner Mark Christie said in the order. The Talen agreement, however, would divert large amounts of power currently supplying the regional grid, which FERC said raised concerns about how that loss of supply would affect power bills and reliability. It was also unclear how transmission and distribution upgrades would be paid for. FERC Chairman Willie Phillips dissented from the vote, indicating that it could slow U.S. dominance in the global contest over artificial intelligence. "It is a step backward for both electric reliability and national security," Phillips said. Sign up here. https://www.reuters.com/business/energy/us-regulators-reject-amended-interconnect-agreement-amazon-data-center-2024-11-02/