Berkshire Hathaway takes US$1.8 billion stake in Japan’s Tokio Marine, forms partnership
BNN Bloomberg
Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49 per cent stake in Japanese insurer Tokio Marine Holdings for about US$1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.
Tokio Marine said on Monday it will sell about 48.2 million treasury shares to National Indemnity, one of Berkshire’s main reinsurance businesses.
The companies plan to collaborate in reinsurance and work together globally on strategic investments including mergers and acquisitions.
National Indemnity will assume part of Tokio Marine’s portfolio, and can boost its stake to 9.9 per cent through open-market purchases without approval from Tokio Marine’s board.
The Japanese insurer plans to use up to 287.4 billion yen of proceeds to repurchase its own shares to prevent dilution for existing shareholders.
Tokio Marine said the partnership adds “long-term and stable risk capacity” to help boost growth and mitigate underwriting volatility, particularly from natural catastrophes such as hurricanes. CEO Masahiro Koike added that Berkshire’s corporate culture and values “closely align with ours.”
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.
Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
Top Picks from Greg Newman, Senior Wealth Advisor & Portfolio Manager, Newman Group, ScotiaMcLeod
Dan Tobon outlines key market wildcards, including geopolitical risks, AI disruption and shifting investor sentiment.
U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
Pinterest CEO Bill Ready called on world leaders to ban social media for youth under 16 in a LinkedIn post on Friday.
Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.