International News 26/02
-
Berkshire Hathaway, owned by Warren Buffett, profits from both insurance and investments.
Berkshire Hathaway, owned by Warren Buffett, reported a surge in operating profit for the second consecutive year. The increase was largely driven by improvements in underwriting and higher income from investments in the insurance business. Net income also reached a record high of $96.2 billion, primarily due to the increase in value of Berkshire's equity portfolio, with half of it invested in Apple shares. Buffett highlighted the exceptional performance of Berkshire's insurance business, particularly Geico, which reversed its previous year's losses due to better underwriting quality. However, there were declines in profit at BNSF's railroad business, attributed to increased costs and maintenance, resulting in lower revenue. Berkshire Hathaway Energy also faced challenges due to wildfire litigation and a stricter regulatory climate. Despite these challenges, Buffett reassured investors about the financial conservatism of his conglomerate, including its substantial cash position.
By 2023, Blackstone CEO Steve Schwarzman's revenue is expected to decrease to US$896.7 million.
This highlights the scale of the funds he manages and the financial rewards he receives from his stake in Blackstone. Steve Schwarzman, CEO of Blackstone Inc, earned an impressive $896.7 million in 2023, despite a 29% decrease in annual compensation compared to the previous year's record amount of over $1.26 billion. In fiscal year 2023, Schwarzman's income was significantly derived from dividends, which amounted to $777 million. In addition, he received $119.8 million in compensation, representing a 53% decrease from the previous year. Schwarzman's ownership of approximately 231.9 million shares in Blackstone is closely linked to his wealth, with the company's annual dividend payment of $3.35 per share contributing significantly to his overall income.
Rolls Royce profits have skyrocketed due to an increase in engine demand.
Rolls-Royce, a British company renowned for producing engines for various applications, such as aircraft, ships, submarines, and power generation systems, has reported a doubling of its profits in the previous year. The strong performance exceeded consensus expectations and is expected to continue in the current year. The increase in profit was attributed to cost savings and pricing strategies aimed at achieving higher margins. Last year, Rolls-Royce recorded an operating profit of ￡1.6 billion, exceeding analyst estimates of ￡1.4 billion. For the current year, the company projects a 6% increase in operating profit, ranging from ￡1.7 billion to ￡2 billion, in line with analyst consensus of ￡1.7 billion. Furthermore, the company's share price has surged over 200% since 2023, making it the top performer on the UK's FTSE index.
https://internasional.kontan.co.id/news/permintaan-mesin-naik-laba-rolls-royce-meroket