All posts tagged: Collections: Business

British Economy Rebounds Strongly in First Quarter of the Year, Ending ‘Technical Recession’

British Economy Rebounds Strongly in First Quarter of the Year, Ending ‘Technical Recession’

Published by skeptic

LONDON (AP) — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday. The Office for National Statistics said the economy grew by 0.6% in the first quarter from the previous three-month period, with broad-based strength across the crucial services sector in particular. The increase was higher than the 0.4% predicted by economists and the strongest since the fourth quarter of 2021 when the economy was rebounding following the sharp contraction during the coronavirus pandemic. It comes after two quarters of modest declines, which in the U.K. is defined as a recession. Despite the quarterly increase, the British economy has barely grown over the past year. It has been hobbled by interest rates at 16-year highs of 5.25%. There was hope Thursday that they may be on the way down soon. Bank of England Gov. Andrew Bailey indicated that a rate cut may be on the cards in June if inflation continues to trend downwards. The …

Steward Health Care Says It Is Selling the 30+ Hospitals It Operates Nationwide

Steward Health Care Says It Is Selling the 30+ Hospitals It Operates Nationwide

Published by skeptic

The Dallas-based company, which operates more than 30 hospitals nationwide, said it does not expect any interruptions in its hospitals’ day-to-day operations, which the company said will continue in the ordinary course throughout the Chapter 11 process. In court filings, the company said that beginning in late January, Steward initiated what it described as a “phased marketing process” for the sale of its hospital facilities. “Presently, the company is marketing all of its hospitals,” the company said a filing Tuesday. Steward filed for bankruptcy protection early Monday. In a news release, company officials said Steward took the step to let it continue to provide needed care to patients. “Steward’s hospitals, medical centers and physician’s offices are open and continuing to serve patients and the broader community and our commitment to our employees will not change,” the company said in a written statement. Photos You Should See – April 2024 Steward’s eight hospitals in Massachusetts include St. Elizabeth’s Hospital and Carney Hospital, both in Boston. It filed for protection in the U.S. Bankruptcy Court for the …

Medicare and Social Security Go-Broke Dates Are Pushed Back in a ‘Measure of Good News’

Medicare and Social Security Go-Broke Dates Are Pushed Back in a ‘Measure of Good News’

Published by skeptic

WASHINGTON (AP) — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warn that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans. Medicare’s go-broke date for its hospital insurance trust fund was pushed back five years to 2036 in the latest report, thanks in part to higher payroll tax income and lower-than-projected expenses from last year. Medicare is the federal government’s health insurance program that covers people age 65 and older and those with severe disabilities or illnesses. It covered more than 66 million people last year, with most being 65 and older. Once the fund’s reserves become depleted, Medicare would be able to cover only 89% of costs for patients’ hospital visits, hospice care and nursing home stays or home health care that follow hospital visits. Meanwhile, Social Security’s trust funds — which cover old age and disability recipients …

Redfin Agrees to Pay .25 Million to Settle Real Estate Broker Commission Lawsuits

Redfin Agrees to Pay $9.25 Million to Settle Real Estate Broker Commission Lawsuits

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Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices. The online brokerage and real estate services company disclosed the proposed settlement Monday in a regulatory filing with the Securities and Exchange Commission. The settlement, which Redfin agreed to Friday, would resolve pending class action lawsuits filed in federal court in the Western District of Missouri, and also shield the company, its subsidiaries and agents from similar cases around the country, according to the filing. “Resolving this litigation now and removing uncertainty is in the best interest of the company, our employees, and our investors,” the company said in a statement Monday. Seattle-based Redfin noted that it doesn’t expect the settlement, which must be approved by the court, to have a material impact on its future operations, adding it expects to record a $9.25 million pre-tax charge for the quarter ended March 31. Shares in Redfin were up 3.7% …

Warren Buffett’s Company Rejects Proposals, but It Faces Lawsuit Over How It Handled One Last Year

Warren Buffett’s Company Rejects Proposals, but It Faces Lawsuit Over How It Handled One Last Year

Published by skeptic

OMAHA, Neb. (AP) — Shareholder proposals are usually uneventful at Berkshire Hathaway’s annual meeting. But Warren Buffett and the company are now facing a lawsuit over the way one presenter was treated last year. Peter Flaherty with the National Legal and Policy Center came back with another proposal this year on a different subject even after he was cut off in the middle of his presentation last year and arrested for trespassing. The charges were later dropped, but Flaherty decided to sue because of the way he was treated to stand up for any shareholder who wants to bring a proposal. He said he had never had trouble at dozens of meetings he has presented at since 2005, including Berkshire’s 2022 meeting. “I’ve never been interrupted while making a shareholder presentation. I’ve never had my mic cut, and I’ve never been removed from a meeting room. And I’ve certainly never been arrested,” Flaherty said, “Those things were unprecedented for me.” The issue last year was that Flaherty questioned the character of one of Buffett’s best …

Berkshire’s Profit Plunges 64% on Portfolio Holdings as Buffett Sells Apple

Berkshire’s Profit Plunges 64% on Portfolio Holdings as Buffett Sells Apple

Published by skeptic

OMAHA, Neb. (AP) — Berkshire Hathaway’s first quarter profits plummeted along with the paper value of its investments, but the company said Saturday that most of the businesses it owns outright performed well. The company reported reported a $12.7 billion profit, or $8.825 per Class A share, in the quarter. That’s roughly one-third of last year’s $35.5 billion, or $24,377 per A share. The figures were heavily influenced by a large drop in the paper value of Berkshire’s investments. Buffett encourages investors to pay more attention to the conglomerate’s operating earnings that exclude the investment figures. Operating earnings jumped 39% to $11.222 billion from last year’s $8.065 billion as its insurance companies showed strong results. On a per share basis, this year’s first quarter operating figure amounts to $7,796.47 per Class A share, beating three analysts’ estimates by FactSet Research, who predicted $6,701.87 per Class A share. Buffett was a net seller of $17 billion in stocks during the quarter, including trimming about 13% of Berkshire’s massive Apple stake. At $135.4 billion, the iPhone maker …

Warren Buffett Says AI May Be Better for Scammers Than Society. and He’s Seen How

Warren Buffett Says AI May Be Better for Scammers Than Society. and He’s Seen How

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OMAHA, Neb. (AP) — Warren Buffett cautioned the tens of thousands of shareholders who packed an arena for his annual meeting that artificial intelligence scams could become “the growth industry of all time.” Doubling down on his cautionary words from last year, Buffett told the throngs he recently came face to face with the downside of AI. And it looked and sounded just like him. Someone made a fake video of Buffett, apparently convincing enough that the so-called Oracle of Omaha himself said he could imagine it tricking him into sending money overseas. The billionaire investing guru predicted scammers will seize on the technology, and may do more harm with it than society can wring good. “As someone who doesn’t understand a damn thing about it, it has enormous potential for good and enormous potential for harm and I just don’t know how that plays out,” he said. The day started early Saturday with Berkshire Hathaway announcing a steep drop in earnings as the paper value of its investments plummeted and it pared its Apple …

Trump Media’s Newly Hired Auditing Firm Was Just Busted by the SEC for ‘Massive Fraud’

Trump Media’s Newly Hired Auditing Firm Was Just Busted by the SEC for ‘Massive Fraud’

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SAN FRANCISCO (AP) — The Securities and Exchange Commission on Friday charged an auditing firm hired by Trump Media and Technology Group just 37 days ago with “massive fraud” — though not for any work it performed for former President Donald Trump’s media company. The SEC charged the accounting firm BF Borgers and its owner, Benjamin F. Borgers, with “deliberate and systematic failures” in more than 1,500 audits. The charges include failing to abide by accounting rules, fabricating documentation to cover up its shortcomings, and falsely stating in audit reports that its work met audit standards. To settle the SEC charges, BF Borgers agreed to pay a $12 million fine while its owner agreed to pay a fine of $2 million, according to the SEC. Benjamin Borgers did not immediately return a call seeking comment. BF Borgers and Benjamin Borgers also agreed to permanent suspensions, effective immediately, that will prevent them handling SEC-related matters as accountants. The company had previously cycled through at least two other auditors — one that resigned the account in July …

Yellen Says Threats to Democracy Risk US Economic Growth, an Indirect Jab at Trump

Yellen Says Threats to Democracy Risk US Economic Growth, an Indirect Jab at Trump

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WASHINGTON (AP) — Treasury Secretary Janet Yellen is arguing that a fractured democracy can have destructive effects on the economy — an indirect jab at Donald Trump. Yellen, taking a rare step toward to the political arena, never mentions Trump, the presumptive Republican presidential nominee, by name in her speech for the McCain Institute’s Sedona Forum, but she hints at the former president’s potential impact if he regains the White House. Her remarks serve as a sort of warning for business leaders who may overlook Trump’s disregard for modern democratic norms because they prefer the former president’s vision of achieving growth by slashing taxes and stripping away regulations. Yellen acknowledges that democracy “doesn’t seem like typical terrain for a treasury secretary,” but she adds that “democracy is critical to building and sustaining a strong economy.” A copy of her speech was released in advance by her office. “The argument made by authoritarians and their defenders that chipping away at democracy is a fair or even necessary trade for economic gains is deeply flawed,” she says. …

King Charles’ Longtime Charity Celebrates New Name and US Expansion at New York Gala

King Charles’ Longtime Charity Celebrates New Name and US Expansion at New York Gala

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NEW YORK (AP) — The King’s Trust celebrated its new name, an update of King Charles III’s long-running charity The Prince’s Trust, and the expansion of its work in the United States with a star-studded gala in New York City on Thursday night. “Ladies and gentlemen, the trust will continue to help young people around the world to build those key skills to support them into employment,” Charles said in a statement read to the audience, offering his regrets for being unable to attend the event, which was the first organized under the charity’s new name. “Together, we can build a better future for the next generation.” Rock & Roll Hall of Famer and gala co-chair Lionel Richie, who has worked with the charity for more than three decades, said Charles was doing well and had wanted to attend. Charles returned to public duties on Tuesday, following the announcement in February that he had been diagnosed with cancer and was undergoing treatment. “I told him, ‘Stand still. Just recover,’” Richie said. “We’ve got many more …