Warren Buffett is sitting on over $325 billion cash as Berkshire Hathaway keeps selling Apple stock
OMAHA, Neb. (AP) — Warren Buffett is now sitting on more than $325 billion cash after continuing to unload billions of dollars worth of Apple and Bank of America shares this year and continuing to collect a steady stream of profits from all of Berkshire Hathaway’s assorted businesses without finding any major acquisitions. Berkshire said in its earnings report Saturday that it sold off roughly another 100 million Apple shares in the third quarter after halving its massive investment in the iPhone maker last quarter. The stake valued at $69.9 billion at the end of September remains Berkshire’s biggest single investment, but it has been cut drastically since the end of last year when it was worth $174.3 billion.
Harris slams GOP on manufacturing as she and Trump hunt for votes on the campaign’s final weekend
MILWAUKEE (AP) — Kamala Harris is criticizing House Speaker Mike Johnson for suggesting Republicans might cut government subsidies for semiconductor manufacturing. The vice president and Republican Donald are on one last weekend quest to round up every possible vote in the battleground states that will determine the next president. Harris spoke in Milwaukee on Saturday before heading to campaign rallies in Atlanta and Charlotte, North Carolina. Trump is attending two rallies in North Carolina and one in Salem, Virginia, which isn’t a battleground. President Joe Biden, who dropped out of the race over the summer, is making one last 2024 campaign stop in Scranton, Pennsylvania.
US employers added just 12,000 jobs last month as hurricanes and strikes sharply reduce payrolls
WASHINGTON (AP) — America’s employers added just 12,000 jobs in October, a total that economists say was held down by the effects of strikes and hurricanes that left many workers temporarily off payrolls. The report provided a somewhat blurry view of the job market at the end of a presidential race that has pivoted heavily on voters’ feelings about the economy. Last month’s hiring gain was down significantly from the 223,000 jobs that were added in September. But economists have estimated that Hurricanes Helene and Milton, combined with strikes at Boeing and elsewhere, had the effect of pushing down net job growth by tens of thousands of jobs in October. The unemployment rate remained at a low 4.1%.
Listen to business owners and voters in Erie, Pennsylvania. They could help decide the White House.
ERIE, Pa. (AP) — Both Donald Trump and Kamala Harris have campaigned in the Rust Belt city of Erie, Pennsylvania. And control of the White House could come down to how business owners and voters in Erie view each candidate’s economic vision. In every presidential election since 1992, Erie County has gone for the candidate who ended up winning Pennsylvania. Many people in town say they want predictability. They question Trump’s ideas on tariffs in particular. But there’s also doubt that either candidate can do what’s being promised.
Nvidia replaces Intel on the Dow index in AI-driven shift for semiconductor industry
NEW YORK (AP) — Nvidia is replacing Intel on the Dow Jones Industrial Average, ending a 25-year-run for a pioneering semiconductor company that has fallen behind as Nvidia cornered the market for chips that run artificial intelligence systems. Paint-maker Sherwin-Williams will also replace chemical company Dow Inc. among the companies that make up the 30-stock average. S&P Dow Jones Indices said Friday that the changes that take effect Nov. 7 “were initiated to ensure a more representative exposure to the semiconductors industry and the materials sector respectively.”
As data center industry booms, an English village becomes a battleground
ABBOTS LANGLEY, England (AP) — The English village of Abbots Langley has become a flashpoint in a British battle over data centers. A developer’s plan to build a data center on a field across the road was rejected by local authorities amid fierce opposition from villagers. But it’s getting a second chance from British Prime Minister Keir Starmer’s government, which is pursuing reforms to rev up economic growth following his Labour party’s July election victory. As the artificial intelligence boom fuels demand for cloud-based computing from server farms around the world, such projects are pitting business considerations, national priorities and local interests against each other.
Harris team warns CEOs that Trump is a threat to economy, while Trump says tariffs can drive growth
WASHINGTON (AP) — Kamala Harris’ campaign is actively warning business leaders that Donald Trump has a pattern of disregard for democracy and the rule of law that would threaten U.S. economic growth. The closing argument is designed to show the possible consequences for companies and workers if he returns to the White House. It’s a position that Trump’s team rejects as they pledge to voters that prices will be lower and growth stronger than ever before if he wins Tuesday’s election. Harris’ team is arguing that the rule of law creates the certainty that can make markets and workers thrive, while Trump is saying that tariff increases and tax cuts are the keys for growth.
Apple sells $46 billion worth of iPhones over the summer as AI helps end slump
SAN FRANCISCO (AP) — Apple snapped out of a recent iPhone sales slump during its summertime quarter. That’s an early sign its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off. Sales of the iPhone totaled $46.2 billion for the July-September period, a 6% increase from the same time last year, according to Apple’s fiscal fourth-quarter report released Thursday. That improvement reversed two consecutive year-over-year declines in the iPhone’s quarterly sales and helped Apple to deliver total revenue and profit that exceeded the analyst projections, excluding a one-time charge of $10.2 billion to cover back taxes in Europe. Apple’s stock still dipped in extended trading.
MrBeast probe ends with some employees fired but finds no proof of sexual misconduct allegations
NEW YORK (AP) — Online video production company MrBeast says it has fired somewhere between 5 to 10 employees following an investigation into the YouTube empire’s workplace culture. The shakeup comes as MrBeast, whose real name is Jimmy Donaldson, deals with accusations of impropriety against himself and others within his multimillion-dollar production company that have threatened his family-friendly image. A lawyer who led the probe says investigators only identified several isolated instances of workplace harassment and misconduct. Controversies began swirling this summer. A friend lof Donaldson’s left his channel in July amid accusations she shared inappropriate sexual messages with minors. Also circulated online was recording of Donaldson making racist comments.
Will people leave Florida after devastating hurricanes? History suggests not
ORLANDO, Fla. (AP) — Up and down Florida’s Gulf Coast, residents are deciding whether to stay or go following two recent hurricanes. And people who might move to Florida are contemplating whether it’s worth the risk to come to a hurricane-prone state. Such questions about Florida’s appeal are raised regularly after the state experiences a busy hurricane season, such as in 2004, when four hurricanes crossed the Sunshine State. If moves into the state offer any answer, then hurricanes have served little as deterrents. Florida’s population has grown by a third to 23 million residents in the two decades since Charley, Frances, Jeanne and Ivan ravaged the state.
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