(Reuters) -Warren Buffett’s Berkshire Hathaway Inc said on Monday it plans to purchase Alleghany Corporation in an all-cash deal valued at $11.6 billion. Berkshire Hathaway has offered $848.02 for each share of Alleghany, a premium of more than 25% to the company’s closing price on Friday. Founded in 1929 by railroad entrepreneurs Oris and Mantis…
A look at the day ahead in markets from Julien Ponthus. There’s arguably little central banks can do to tame surging energy and commodity prices other than try to limit second-round effects as they are being absorbed by the economy. With oil prices jumping over $3 this morning and Brent above $110 a barrel, investors…
By Florence Tan SINGAPORE (Reuters) – Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters. Brent crude futures climbed $3.74, or 3.5%, to $111.67 a barrel…
By Gary McWilliams and Erwin Seba (Reuters) – Union workers were removed from a Chevron Corp oil refinery near San Francisco hours ahead of a deadline to begin the first labor strike at the gasoline producing plant in more than 40 years. More than 500 United Steelworkers members were bussed out of the plant Sunday…
SHANGHAI (Reuters) – Volkswagen Group China said on Monday it will form joint ventures with Huayou Cobalt and Tsingshan Group to secure nickel and cobalt supplies, in a bid to control battery costs at a time of surging raw material prices. The three companies have signed memorandum of understandings for two joint ventures, the first…
By Alun John HONG KONG (Reuters) – The yen extended its decline on Monday and the euro and sterling came under pressure, with investors awaiting Federal Reserve chair Jerome Powell’s remarks later in the day and other central bank policymakers this week for monetary policy clues. The dollar climbed slightly on the yen to as…
TOKYO (AP) — Asian shares were mostly higher Tuesday as investors eyed the war in Ukraine, inflationary risks and surging energy prices. Benchmarks rose in morning trading in Japan, South Korea, Australia and Hong Kong, but edged lower in Shanghai. The Russian war on Ukraine and Western sanctions on Russia are adding to worries over…
By David Lawder WASHINGTON (Reuters) – U.S. President Joe Biden’s warning of “consequences” for any aid China may give to Russia’s Ukraine war effort could force Chinese President Xi Jinping to choose between a longstanding lucrative trade relationship with the West and a growing strategic partnership with Moscow. Based on trade flows alone, Beijing has…
By Wayne Cole SYDNEY (Reuters) – Share markets were in a sober mood on Monday as fighting in Ukraine raged on with no sign of stopping, leaving investors clutching at hopes for an eventual peace deal, while oil prices climbed anew as supplies remained tight. Turkey’s foreign minister did say on Sunday that Russia and…
BEIJING (AP) — Asian stock markets were mixed Monday after Wall Street turned in its biggest weekly gain in 16 months as investors watched efforts to negotiate an end to Russia’s war on Ukraine. Regional heavyweights Shanghai and Hong Kong gained. Seoul and Sydney retreated. Japanese markets were closed for a holiday. Wall Street’s S&P…
