Warren Buffett’s Berkshire posts record loss of $50 billion, operating profit rises

NEW DELHI: Warren Buffett‘s Berkshire Hathaway Inc on Saturday posted a record net loss of nearly $50 billion as the coronavirus pandemic pummeled its common stock investments, but operating profit rose even as COVID-19 hurt its businesses. Berkshire’s first-quarter net loss totaled $49.75 billion, or $30,653 per Class A share, reflecting $54.52 billion of losses from investments, mainly common stocks. A year earlier, net earnings totaled $21.66 billion, or $13,209 per share. Quarterly operating profit, which Buffett considers a better performance measure, rose 6% to $5.87 billion, or about $3,624…

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RBI governor holds meeting with bank chiefs, discusses credit flow, stability

NEW DELHI: Reserve Bank of India (RBI) governor Shaktikanta Das on Saturday held meetings with the managing directors and chief executives of major public and private sector banks in two separate sessions through video conference. The deputy governors of the central bank and other senior officers were also present in the meet. In his opening remarks, RBI governor Das appreciated the efforts of lenders in ensuring normal to near normal operations during the lockdown period. The current economic situation has been reviewed in the meeting along with discussions on credit…

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PM Modi discusses reforms in agriculture sector

NEW DELHI: Amid coronavirus-induced lockdown, Prime Minister Narendra Modi on Saturday deliberated on ways to reform the agriculture sector with emphasis on agriculture marketing, access of farmers to institutional credit and freeing the sector of various restrictions with appropriate backing of laws. Agriculture accounts for 15 per cent of India’s gross domestic product and is a source of livelihood for more than half of the country’s 1.3 billion population. The government has maintained that the country’s farm sector is functioning smoothly despite the COVID-19 lockdown and there will not be…

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PM Modi meets FM Sitharaman for second economic stimulus package

NEW DELHI: Prime Minister Narendra Modi on Saturday held a series of meetings with key ministers, including home minister Amit Shah and finance minister Nirmala Sitharaman, and officials of economic ministries to firm up the second stimulus package for sectors impacted by lockdown to curb the spread of coronavirus, sources said. The Prime Minister held discussions with Shah and Sitharaman and would have follow up meetings with ministers of key economic ministries such as Micro, Small & Medium Enterprises (MSME), sources said. The finance ministry, which deferred release of monthly…

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Lockdown 3.0: DGCA extends domestic, international passenger flight suspension till May 17

NEW DELHI: In the view of the government order, aviation regulator DGCA on Saturday decided to extend the domestic and international passenger flight suspension till May 17. The ministry of home affairs on Friday extended the nationwide lockdown by two weeks as the deadly coronavirus cases continued to rise. The lockdown — first announced on March 23 — was supposed to end on May 3. “The validity of MoCA (ministry of civil aviation) order prohibiting domestic flight operations has been extended up to 2359 hrs IST (11:59 pm) on May…

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Fake ransom seeking email scam prowling in Indian cyberspace

NEW DELHI: Country’s central cybersecurity agency has alerted internet users against an ongoing “fake” email campaign that claims to have recorded personal video of a user which could be published if a ransom amount in cryptocurrency is not paid. The Computer Emergency Response Team of India (CERT-In), in a latest advisory, has said while there is “nothing to worry” about such emails, users should update or change their passwords, used to login any of their social media or other online platforms, if they find them compromised. “In email extortion campaign,…

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Lockdown brings auto industry’s April sales to zero

NEW DELHI: It was a painful first month of fiscal 2020-21 for the auto industry that registered nil sales in April amid the lockdown and retail as well as mobility restrictions in place across the country due to the coronavirus pandemic. Companies say that there has been loss of production and “sales opportunity worth thousands of crores of rupees” as the lockdown remains in place, though some restrictions will be lifted from May 4. Companies making cars, SUVs, commercial vehicles and two-wheelers such as Maruti Suzuki, Hyundai, Mahindra, Tata Motors,…

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India Inc gears up to restart operations on cautious note

NEW DELHI: Businesses are treading cautiously on resumption of operations at plants, despite the government on Friday signalling a graded opening up and allowing offices in even red zones to work at a third of their capacity. While companies such as Hyundai and TVS Motor are planning to restart operations with a single shift, other auto companies are expected to take more time to finalise plans. With uncertainty looming large over supply of parts and availability of labour, there is not much scope if the entire business ecosystem is not…

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Tesla shares crash over CEO Elon Musk’s controversial ‘stock price too high’ tweet, rebound later | Companies News

San Francisco: Tesla shares stumbled after its eccentric CEO Elon Musk tweeted on Friday that the company’s stock price was “too high”, triggering a free fall in stock prices. According to reports, Tesla shares fell nearly 12% in the half-hour following his tweet. Tesla stock price is too high imo — Elon Musk (@elonmusk) May 1, 2020 However, Tesla shares rebounded later in the day to close at USD 701.32 a share, a 7.17% decline from the opening. Musk’s latest tweet was reminiscent of his controversial tweets in August 2018…

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Aarogya Setu app to be mandatory for all employees before resumption of work

NEW DELHI: Amid a debate over the practicality of making it mandatory for public and private sector employees to download the Aarogya Setu App, sources said the law empowers authorities to seek full compliance. The home ministry guidelines issued on Friday said use of Aarogya Setu app will be mandatory for all employees, both private and public. It said it will be the responsibility of the head of the organisation to ensure compliance. The Aarogya Setu App is expected to be downloaded when employees resume work. Sources said the head…

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Tata Steel Announces Plans Aimed at Creating World’s First Zero Carbon Industrial Cluster in UK

File photo of Tata Steel plant in Port Talbot, South Wales. (REUTERS) Phase one of the Tata Steel’s European business project will create a plan for a series of local zero-carbon areas, create skilled jobs and enhance well-being across South Wales. PTI Last Updated: May 2, 2020, 10:04 AM IST London: Tata Steel has announced plans to help shape regional efforts in South Wales to decrease carbon emissions, aimed at creating the world’s first net-zero industrial cluster. As a leading member of the South Wales Industrial Cluster…

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Elon Musk Wipes Nearly $15 Billion Off Tesla’s Valuation With His ‘Price Too High’ Tweet

File photo of technology entrepreneur Elon Musk The tweets recall Musk’s controversial tweets in August 2018 when he said he had “funding secured” for a quickly-aborted campaign to take the electric car maker private. AFP Last Updated: May 2, 2020, 8:43 AM IST Irascible, outspoken Tesla chief Elon Musk went on another Twitter rant Friday, including saying the company’s stock was overvalued, which sent the electric carmaker’s shares tumbling. “Tesla stock price is too high imo” (in my opinion), Musk said on Twitter. Tesla stock price is too…

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