Day: September 5, 2020

Why Buffett’s bet on Japan could turn on higher inflation, weakening dollar

NEW YORK (Reuters) – Berkshire Hathaway Inc’s $6.2 billion foray into Japan’s five largest trading houses may signal billionaire Warren Buffett’s expectation that inflation and a falling U.S. dollar may make international equities more attractive when economies worldwide recover from the coronavirus pandemic.

FILE PHOTO: Berkshire Hathaway Chairman Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway Inc’s annual shareholder meeting in Omaha, Nebraska, U.S., May 4, 2019. REUTERS/Scott Morgan

Berkshire said late Sunday, on Buffett’s 90th birthday, it owned just over 5% of each of Itochu Corp, Marubeni Corp, Mitsubishi Corp, Mitsui & Co Ltd and Sumitomo Corp, and said it could increase its stakes to 9.9%.

The trading houses, known as sogo shosha with their diversified business lines including commodity exploration, fit the legendary investor’s taste for classic value stocks, which have lost investor favor.

Berkshire investors said

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Thai PM says finance minister’s surprise exit won’t impact policy

By Chayut Setboonsarng and Orathai Sriring

BANGKOK (Reuters) – Thailand’s prime minister said on Wednesday there would be no impact on economic policies and plans from the sudden resignation of the finance minister, whose replacement will be made at an appropriate time.

“If there is no minister, then there are deputies and assistants,” Prayuth Chan-ocha told reporters. “I also drive the policy myself as head of the economic team.”

His comments come a day after the surprise resignation of Predee Daochai, who quit after less than a month in office.

Prayuth said the replacement for Predee, who resigned due to health reasons, would be announced at an “appropriate time” and he saw no impact on confidence from his exit.

Predee’s departure could create uncertainty in policy-making as the government rolls out billions of dollars of stimulus to aid the economy through the global pandemic, analysts and investors say.

The baht

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Florida homeowners may experience sticker shock when it’s time to renew their insurance

Many of Florida’s six million homeowners may experience sticker shock when it’s time to renew their homeowner’s insurance. Just this year, several major insurers filed rate hike requests with state regulators.

If approved, the increases would tack on hundreds – possibly thousands – of dollars onto current premiums for homeowners.

ABC Action News found hurricanes Irma and Michael and insurance fraud may be to blame for risings costs and why some property insurers have pulled out of Florida.

Jupiter homeowner Heidi Epstein said her property rates shot up by 50% when her insurer stopped doing business in Florida.

“We’ve never even filed a claim,” said Epstein, adding protecting her property will now cost an additional $1,500 a year.

ABC Action News checked with state regulators and found three major property insurers have filed requests to increase their rates – between 26% and 30% – so far this year.

Of those,

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Stimulus check money: A $1,200 relief payment might still arrive this year


Calculate the maximum payment that could end up in your pocket if another stimulus package comes your way.

Sarah Tew/CNET

It’s been weeks since Democratic and Republican negotiators officially talked about passing another economic rescue package , which would include a stimulus check. However, there’s still hope for compromise as the Senate returns to work next week. If the two sides can find common ground, you could receive up to $1,200 in stimulus money from the IRS this year — maybe even more, depending on whether you have dependents.

Voters, regardless of party, seem to support the concept of a new stimulus check. In fact, seven out of 10 surveyed in a new Gallup poll released Tuesday were behind the idea of a second economic impact payment for qualified adults. The poll, which surveyed 5,000 Americans, showed strong support across party lines and among independents. Meanwhile, jobless claims

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SBI to provide moratorium in two or three categories, check details

By Ankur Mishra

Borrowers who have either lost their jobs or have had to face steep salary cuts will now be eligible for a new loan recast plan banks are working on. The country’s largest lender, State Bank of India (SBI), is planning to grant repayment break to borrowers, provided they meet the criteria set by the bank. The bank has defined three categories for restructuring of personal loans, sources close to development told FE. The Reserve Bank of India (RBI) had earlier allowed restructuring of personal loans, including granting moratorium for the borrowers impacted by Covid-19. The bank is working on a board approved policy for restructuring of personal loans by August 31. It is also mulling to pass on provisioning cost for providing restructuring on personal loans.

A man passes by SBI (State Bank Of India) logo in Kolkata, India, 13 March, 2020.

© Indranil Aditya/NurPhoto via Getty Images
A man passes by SBI (State Bank Of India) logo in Kolkata, India, 13 March,

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