NEW YORK: Warren Buffett’s Berkshire Hathaway holding company crossed $1 trillion in market value Wednesday, making it the first non-tech firm on Wall Street to pass the milestone.
Buffett, who turns 94 on Friday, has been chair of Berkshire Hathaway since 1970, transforming it from a small textile company into one of the world’s most valuable firms, and turning him into one of the world’s richest men.
On Wednesday, Berkshire Hathaway’s market capitalization crossed $1 trillion in early trading, putting it in an exclusive club alongside tech titans like Apple, Nvidia and Microsoft.
The company’s Class A shares closed up 0.8 percent, and its Class B shares closed up 0.9 percent, leaving it with a total market value of just over $1 trillion.
It is the only publicly-traded, non-tech firm other than Saudi Arabia’s state-owned oil company, Saudi Aramco, to hit such heady heights. Electric vehicle maker Tesla, which previously hit a $1 trillion market capitalization, is considered to be a technology company by many analysts.
The Nebraska-based firm’s portfolio spans a vast array of sectors, including insurance, railroads and retail.
Buffett, who has been dubbed the “Sage of Omaha,” popularized a dispassionate, long-term approach to investing that ran counter to the short-term thinking of many market players at the time.
Buffett has been in a selling mood of late, convincing Berkshire Hathaway to dump large quantities of stock in some of its biggest holdings, including Apple and Bank of America, accumulating vast cash reserves.
The firm has plowed its growing cash pile into government bonds to such an extent that it now owns more short-term US Treasury bills than the Federal Reserve.
Buffett’s Berkshire Hathaway hits $1 trillion market value
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Buffett’s Berkshire Hathaway hits $1 trillion market value
- Berkshire Hathaway is the only publicly-traded, non-tech firm other than Saudi Aramco, to hit such heady heights
- The firm has plowed its growing cash pile into government bonds and now owns more short-term US Treasury bills than the Federal Reserve
Two-state solution ‘the only answer,’ Pakistan’s deputy prime minister says ahead of landmark conference in New York
NEW YORK: As the world watches in horror at the unfolding tragedy in Gaza, international efforts to revive the long-stalled two-state solution for Palestine and Israel are intensifying. From July 28-30, a high-profile conference co-chaired by France and Saudi Arabia will take place in New York City, aiming to chart a path toward peace and the realization of a sovereign Palestinian state. Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar spoke to Arab News about Pakistan’s unwavering support for the initiative and the urgent need to address the humanitarian crisis in Gaza.
The upcoming conference seeks to reinvigorate the stalled peace process by focusing on concrete steps toward establishing two independent states, Israel and Palestine.
Delegates from key nations and international bodies will converge in New York City at the UN headquarters to discuss ceasefire arrangements, humanitarian access, reconstruction efforts and political recognition of Palestine.
Dar highlighted Pakistan’s longstanding position on the Palestinian issue.
“You see, this issue has become already too late in handling,” he said. “The attempt by France and Kingdom of Saudi Arabia is very appreciable. These two countries have taken this initiative. Pakistan has a clear foreign policy for decades, that the two-state solution is the only answer to the Palestine problem.”
Dar laid out Pakistan’s hopes for the summit: “I hope that serious efforts are made during this event; first, to secure an immediate ceasefire; and second, to ensure the unhindered flow of food, humanitarian aid and medical assistance — alongside progress toward the recognition of Palestine as an independent state.”
The event comes amid escalating violence and mounting international concern over Gaza, with many legal experts and humanitarian organizations increasingly describing the situation in the enclave as a a genocide.
The humanitarian situation there continues to worsen. Gaza has for almost two years now suffered relentless airstrikes and ground incursions, resulting in thousands of civilian casualties, widespread destruction of infrastructure and critical shortages of food, water and medical supplies, with international organizations now warning of a looming full-scale famine.
Acknowledging the devastating conditions in Gaza, Dar described the conference’s potential success: “If we are able to achieve all these objectives, it will be a great success and a highly commendable contribution by the Kingdom of Saudi Arabia and France.”
At least 11 people were stabbed at a Walmart in Michigan, and a suspect is in custody
- Michigan State Police said the attack happened in Traverse City, a popular vacation spot on the coast of Lake Michigan
TRAVERSE CITY, Michigan: At least 11 people were stabbed at a Walmart in Traverse City, and a suspect was in custody, authorities said Saturday.
Munson Healthcare said via social media that 11 people were being treated at the region’s largest hospital in northern Michigan, and spokesperson Megan Brown said all were stabbing victims.
She did not immediately have information on their conditions. Munson Healthcare said it would provide updates “as appropriate.”
The Michigan State Police said the local sheriff’s office was investigating the incident and details were limited. The agency asked that people avoid the area while the investigation is ongoing.
A fire truck, multiple police vehicles and uniformed first responders were seen outside the Walmart following the incident.
Gov. Gretchen Whitmer said her office was in contact with police about the “horrible news.”
“Our thoughts are with the victims and the community reeling from this brutal act of violence,” Whitmer said.
A Walmart corporate spokesperson, Joe Pennington, said by email that the company was “working with police and defer questions to them right now.”
FBI Deputy Director Dan Bongino said in a social media post that bureau officials were responding to “provide any necessary support.”
Traverse City is a popular vacation spot on the coast of Lake Michigan. It is known for its cherry festival, wineries and lighthouses and is about 25 miles (40 kilometers) east of Sleeping Bear Dunes National Lakeshore.
Wildfire burns through northern suburb of Greece’s capital Athens and residents are told to evacuate
Wildfire burns through northern suburb of Greece’s capital Athens and residents are told to evacuate
- Greece has asked for six firefighting planes from the European Union’s Civil Protection Mechanism
- Four ambulances are treating at least five residents, most of them elderly with respiratory problems
ATHENS: A wildfire burned through a northern suburb of the Greek capital of Athens on Saturday and some residents were ordered to evacuate, the country’s Fire Service reported.
Residents of the town of Kryoneri, 20 kilometers (12.5 miles) northeast of Athens received 3 SMS messages to evacuate to safe areas, Fire Service spokesman Vassilis Vathrakoyannis told reporters.
Greek media have shown houses on fire. The spokesman said “there have been reports of damages. We will take stock when the fires have been put out.”
“The real difficulties are ahead of us,” Vathrakoyannis said, adding that Greece has asked for six firefighting planes from the European Union’s Civil Protection Mechanism.
On site, 145 firefighters and 44 fire engines, 10 firefighting planes and seven helicopters are attempting to put out the fire, whose origin is unknown. Four ambulances are treating at least five residents, most of them elderly with respiratory problems.
Temperatures reaching, or exceeding, 38 degrees Celsius (100 degrees Fahrenheit), dry conditions and high winds are fanning the flames.
Under such conditions wildfires “expand very quickly and become dangerous. These conditions are expected to prevail over the coming days,” Vathrakoyannis said.
The fire service is also dealing with three other major fires in the southwest on Greece’s two largest islands — Crete in the south and Evia north of Athens — and also on the island of Kythera, northwest of Crete. At least 335 firefighters, 19 planes and 13 helicopters are involved, but can only operate in daylight. In total, 52 wildfires broke out across the country over the past 24 hours, the spokesman said.
Wildfires, many of them destructive, have become a common occurrence in Greece in recent years. Several have broken out in the past month.
Pope Leo discusses war in Ukraine with Russian Orthodox Church official
- Since assuming the papacy in May, Leo has repeatedly appealed for peace in global conflicts
- Russian officials, however, have said they do not view the Vatican as a serious venue for talks
VATICAN CITY: Pope Leo discussed the war in Ukraine on Saturday with Metropolitan Anthony, a senior cleric in the Russian Orthodox Church, in a possible effort to ease ties between the churches strained by Russia’s invasion.
Leo saw Anthony, chairman of the department of external church relations, and five other high-profile clerics during an audience in the morning, the Vatican said.
“During the conversation, numerous issues were raised concerning the state of Orthodox-Catholic dialogue, as well as the ongoing conflicts in the world, including in Ukraine and the Middle East,” the Russian Orthodox Church said in a statement.
Since assuming the papacy in May, Leo has repeatedly appealed for peace in global conflicts and this month told visiting Ukrainian President Volodymyr Zelensky that the Vatican was willing to host Russia-Ukraine peace talks.
Russian officials, however, have said they do not view the Vatican as a serious venue for talks because it is surrounded by NATO member Italy which has supported Ukraine.
The head of Russia’s Orthodox Church, Patriarch Kirill, has been an enthusiastic backer of the
invasion of Ukraine.
The Russian church statement said that Kirill’s congratulations were conveyed to Leo for his election as pope.
“Pope Leo XIV expressed his gratitude to his holiness patriarch Kirill for his good wishes and noted the importance of developing relations with the Russian Orthodox Church,” it added.
David Nabarro, British physician who led UN response to Ebola and COVID-19, dies
- “David was a great champion of global health and health equity,” Tedros wrote
- “His work touched and impacted so many lives across the world”
GENEVA: Dr. David Nabarro, a British physician who led the UN response to some of the biggest health crises in recent years, including bird flu, Ebola and the coronavirus pandemic, has died.
Tedros Adhanom Ghebreyesus, director-general of the World Health Organization, confirmed Nabarro’s death on social media platform X.
“David was a great champion of global health and health equity, and a wise, generous mentor to countless individuals,” Tedros wrote Saturday. “His work touched and impacted so many lives across the world.”
King Charles knighted Nabarro in 2023 for his contributions to global health after he served as one of six special envoys to the WHO on COVID-19. He won the 2018 World Food Prize for his work on health and hunger issues.
He also was a candidate for the top job at the WHO in 2017 but lost out to Tedros in the final round of voting. Nabarro left the UN later that year.
The 4SD Foundation, a social enterprise in Switzerland focused on mentoring the next generation of leaders in global sustainable development, said its strategic director died at his home Friday in a “sudden passing.” Other details were not immediately available.
“David’s generosity and unwavering commitment to improve the lives of others will be sorely missed,” the foundation wrote on its website Saturday.
Survivors include his wife, Flo, as well as his five children and seven grandchildren.
