2024-02-24 18:42

CAIRO, Feb 24 (Reuters) - The U.S. Central Command (CENTCOM) said that the USS Mason (DDG 87) on Saturday shot down one Anti-Ship Ballistic Missile launched into the Gulf of Aden from Houthi-controlled areas in Yemen that was likely targeting a fuel tanker. Neither the USS Mason nor the U.S.-flagged, owned, and operated tanker MV Torm Thor were damaged and there were no injuries, CENTCOM added in a statement. https://www.reuters.com/world/us-military-shoot-down-missile-launched-into-gulf-aden-centcom-says-2024-02-24/

2024-02-24 17:36

Feb 24 (Reuters) - Warren Buffett on Saturday moved to reassure investors that his conglomerate Berkshire Hathaway (BRKa.N) , opens new tab would serve them well over the long term, even as he mourned the recent passing of his longtime second-in-command Charlie Munger. In his widely-read annual letter to Berkshire shareholders Buffett said his more than $900 billion conglomerate has become a fortress that could withstand even an unprecedented financial disaster. "Berkshire is built to last," Buffett wrote. Still, Buffett tempered expectations for Berkshire's stock price, saying his Omaha, Nebraska-based company "should do a bit better" than the average American corporation, but that its huge size left "no possibility of eye-popping performance." "There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others," Buffett wrote. The letter was accompanied by Berkshire's financial results, including a record $37.4 billion operating profit and $96.2 billion net profit for all of 2023. Berkshire's shares have risen by 4,384,748% since Buffett took over in 1965, or 19.8% compounded annually. The Standard & Poor's 500 (.SPX) , opens new tab, in contrast, gained a mere 31,223%, or 10.2% annually, though in recent years Berkshire has performed more like the index. The 93-year-old Buffett assured investors that Vice Chairman and designated successor Greg Abel was "in all respects ready to be CEO of Berkshire tomorrow." But the billionaire saved his most heartfelt words for Munger, who died in November at age 99. Buffett called Munger the "architect" of Berkshire, with Buffett being only the "general contractor," and reminded investors how Munger pushed him to buy wonderful businesses at fair prices instead of fair businesses at wonderful prices. Berkshire's "extreme fiscal conservatism," including a reluctance to pay inflated prices, is one reason Buffett let Berkshire's cash stake swell to a record $167.6 billion. "In a way his relationship with me was part older brother, part loving father," Buffett wrote, referring to Munger. "Even when he knew he was right, he gave me the reins, and when I blundered he never--never--reminded me of my mistake." Edward Jones analyst Jim Shanahan said Buffett "wouldn't have been as successful" without Munger. STICKING TO ITS KNITTING Cathy Seifert, a CFRA Research analyst who rates Berkshire "buy," said Buffett tried to show Berkshire's ability to withstand rocky shoals, after transforming it from a failing textile company into a colossus mirroring the broader economy. "Nothing is perfect," she said. "He tried to show there is a succession plan, and Berkshire would stick to its knitting." Buffett likened Berkshire's caution, with the stock market now routinely setting record highs, to an insurance policy against hasty, "dumb" business decisions that would irk Munger. Thomas Russo, a longtime shareholder at Gardner, Russo & Quinn in Lancaster, Pennsylvania, said Buffett still offers shareholders "tremendous value from his ability to make decisions before the opportunity is far gone." Berkshire said fourth-quarter operating profit from its dozens of insurance, railroad, industrial, energy, and retail businesses rose 28% to $8.48 billion. Full year profit rose 21%. The Geico car insurer benefited in 2023 from improved underwriting and cost cuts, including the shedding of 7,700 jobs, or 20% of its workforce, while higher interest rates boosted investment income for Berkshire's insurance units. That helped offset wage pressures at the BNSF railroad and wildfire losses at Berkshire Hathaway Energy. "Berkshire has diversified, very solid assets," said James Armstrong, a longtime Berkshire investor at Henry H. Armstrong Associates in Pittsburgh. "A mom-and-pop investor can feel that Berkshire is unlikely to suffer permanent harm." Investment gains in Berkshire's $354 billion portfolio of stocks such as Apple (AAPL.O) , opens new tab, American Express (AXP.N) , opens new tab, Bank of America (BAC.N) , opens new tab and Coca-Cola (KO.N) , opens new tab, helped generate Berkshire's $96.2 billion net profit. That amount reflects accounting rules that require Berkshire to report gains in stocks it hasn't sold, however, making it "worse-than-useless" to investors according to Buffett. MARKET EXCESS Berkshire's caution, and a reason for its record cash stake, was reflected in its having sold about $24 billion more stocks than it bought in 2023. "His letter is cautioning that other investors may be massively overpaying for stocks and businesses," said Bill Smead, a longtime Berkshire investor at Smead Capital Management in Phoenix. Results also included some of Occidental Petroleum's (OXY.N) , opens new tab earnings, which reflected Berkshire's approximately 28% stake in the oil company. Buffett said he expects Berkshire will keep that stake "indefinitely," along with its stakes in five Japanese trading houses: Itochu (8001.T) , opens new tab, Marubeni (8002.T) , opens new tab, Mitsubishi (8058.T) , opens new tab, Mitsui (8031.T) , opens new tab and Sumitomo (8053.T) , opens new tab. Munger's death means only Abel and Vice Chairman Ajit Jain will share the stage with Buffett at Berkshire's annual meeting, where Buffett and Munger spent hours entertaining and answering questions from shareholders, with millions more watching online. This year's meeting is scheduled for May 4 in Omaha. Buffett's letter made no mention of portfolio managers Todd Combs and Ted Weschler, who have been slated to oversee Berkshire's stock investments after he's gone. Berkshire's businesses also include industrial parts and chemical companies, a big real estate brokerage, and retail brands such as Dairy Queen, Fruit of the Loom and See's candies. https://www.reuters.com/business/warren-buffett-says-berkshire-built-last-though-eye-popping-gains-are-over-2024-02-24/

2024-02-24 10:57

Police, angry farmers clash ahead of Macron's visit Macron convenes union officials, stakeholders in 3 weeks Impromptu heated discussion between Macron, farmers PARIS, Feb 24 (Reuters) - A group of French farmers stormed into a major Paris farm fair on Saturday ahead of a planned visit by President Emmanuel Macron amid anger over costs, red tape and green regulations. Facing dozens of police officers inside the trade fair, the farmers were shouting and booing, calling for the resignation of Macron and using expletives aimed at the French leader. "This is our home!", they shouted, as lines of French CRS riot police sought to contain the demonstration. There were some clashes with demonstrators and the police arrested at least one of them, a Reuters witness saw. Pascal Beteille, one of the demonstrators said he did not expect anything from Macron's visit. "This is our home and he's welcoming us with CRS," he told Reuters. Macron, who met French farmers' union leaders over breakfast, was scheduled to walk within the alleys of the trade fair afterwards. "I'm saying this for all farmers: you're not helping any of your colleagues by smashing up stands, you're not helping any of your colleagues by making the show impossible, and in a way scaring families away from coming," Macron told reporters after his meeting with union leaders. The protests delayed the opening of the show to the public by at least an hour. The French president said he would convene farmers' union representatives and other stakeholders of the sector at the Elysee palace in three weeks after he canceled a debate he wanted to hold at the fair with farmers, food processors and retailers. He denied a reports that he planned to invite controversial environmentalist group Soulevements de la Terre to that debate, which had further stirred anger among French farmers. An impromptu heated discussion between Macron and demonstrators was being broadcast live on French news channels. The Paris farm show - a major event in France, attracting around 600,000 visitors over nine days - is a political fixture, where presidents and their opponents are expected to engage with the public under intense media scrutiny. Farmers' protests which have spread across Europe, have stoked concerns in France and beyond about their political fallout, given they represent a growing constituency for the far right, expected to make gains in European Parliament elections in June. French farmers earlier this month largely suspended protests after Prime Minister Gabriel Attal promised new measures worth 400 million euros ($433 million). But protests resumed this week to put pressure on the government to provide more help and deliver on promises, ahead of the Paris farm show. ($1 = 0.9244 euros) https://www.reuters.com/world/europe/angry-french-farmers-storm-into-agriculture-fair-paris-2024-02-24/

2024-02-24 10:52

FRANKFURT, Feb 24 (Reuters) - The first vessel carrying liquefied natural gas (LNG) for Germany's Baltic Sea terminal of Mukran arrived on Saturday for a test operation as the country steps up its quest to replace Russian pipeline gas. Private company Deutsche ReGas said that Energos Power, a floating storage and regasification unit (FSRU), had moored at the terminal on Ruegen island, having received approval from local authorities. Germany has intensified its quest to increase LNG capacity for regasification on its shores, as European countries seek to reduce their heavy reliance on Russian gas following Moscow's invasion of Ukraine. The tests will entail pilot operations and later the commissioning of all equipment. The FSRU, formerly Transgas Power before a change of ownership, had received its LNG cargo, originally from the Norwegian Snohvit gas field, from another LNG tanker in France, ReGas said in a statement. "We will feed gas from Mukran into the German long-distance pipeline network in what remains of the winter," said supervisory board member Stephan Knabe, adding the move would support supply security in eastern Germany and south eastern European countries. Germany already has LNG terminals at Wilhelmshaven and Brunsbuettel on the North Sea and at Lubmin on the Baltic Sea coast, while another one, the Elbe river port of Stade, also expects its first FSRU to arrive in coming weeks. The Energos Power will be complemented by a second ship, the Neptune, which is currently active at Lubmin, from the spring of 2024 onwards, ReGas said. Once the Neptune has moved to Ruegen, a complicated shuttle service to account for shallow water near Lubmin, can be abandoned. https://www.reuters.com/business/energy/first-lng-vessel-arrives-new-german-mukran-terminal-2024-02-24/

2024-02-24 02:19

BERLIN, Feb 23 (Reuters) - Germany on Friday joined the small group of countries and jurisdictions that have legalised cannabis when the Bundestag passed a law allowing individuals and voluntary associations to grow and hold limited quantities of the drug. The law passed by Chancellor Olaf Scholz's ruling three-party coalition legalises cultivating up to three plants for private consumption and owning up to 25 grams of cannabis. Larger-scale, but still non-commercial, cannabis production will be allowed for members of so-called cannabis clubs with no more than 500 members, all of whom must be adults. Only club members can consume their product. "We have two goals: to crack down on the black market and improved protection of children and young people," Health Minister Karl Lauterbach said at the start of a rowdy debate where the opposition accused him of promoting drug use. "You are asserting in all seriousness that by legalising more drugs we will contain drug use among young people," said Christian Democrat legislator Tino Sorge. "That is the most stupid thing I've ever heard." But Lauterbach said that this amounted to "sticking our heads in the sand": not only had cannabis use soared among young people, whose developing brains were particularly endangered, but drugs on the streets were both stronger and more impure nowadays, greatly increasing their harm. Some 4.5 million Germans are estimated to use cannabis. Germany becomes the ninth country to legalise recreational use of the drug, which is also legal in some sub-national jurisdictions in the United States and Australia. Many more countries allow its medical use as a painkiller. Cannabis remains illegal for minors as does consuming it near schools and playgrounds. Some legislators questioned whether the new regulations would have much impact on dealing, since those who are unwilling to grow their own cannabis or join a cannabis club may still prefer to buy the drug. https://www.reuters.com/world/europe/germany-set-join-legal-cannabis-club-2024-02-23/

2024-02-24 02:09

PARIS, Feb 24 (Reuters) - Farmers prepared to protest on Saturday against President Emmanuel Macron's visit to a major Paris farm fair, amid anger over costs, red tape and green regulations. Dozens of tractors rolled into the French capital on Friday afternoon, loudly honking their horns. One tractor carried a sign reading: "Macron you're sowing the seeds for a storm - be careful of what you reap." Farmers have been protesting across Europe, calling for better income and less bureaucracy and complaining of unfair competition from cheap Ukrainian goods. The European Union in 2022 waived duties on Ukrainian food imports to support the country's economy following Russia's invasion. "Some farmers will try to stop the president (Macron) from entering the trade fair," Jean Lefevre, who is a member of FNSEA, France's largest farming union, told Reuters. "And if he does get in, they will disturb his walkabout." In another sign of how tense relations between farmers and the government still, Macron cancelled a debate he wanted to hold at the farm fair on Saturday with farmers, food processors and retailers, after farmers unions said they would not show up. The Paris farm show is a major event in France, attracting around 600,000 visitors over nine days. Farmers' protests, which have spread across Europe, come as the far right, for which farmers represent a growing constituency, is seen making gains in June's European Parliament elections. French farmers earlier this month largely suspended protests that included blocking highways and dumping manure in front of public buildings after Prime Minister Gabriel Attal promised new measures worth 400 million euros ($432.56 million). But protests resumed this week to put pressure on the government to provide more help and deliver on promises, ahead of the Paris farm show. "We're still not being heard by the government, the measures are not enough for us," farmer Hugo Gervais said. https://www.reuters.com/world/europe/angry-farmers-prepare-confront-macron-paris-farm-fair-2024-02-24/