Latest News
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Berkshire Hathaway profits fall due to lower insurance income and writedown
Berkshire Hathaway said on Saturday that operating profits fell in the 'fourth quarter due to lower 'income from its insurance operation, and a long-standing investment in Occidental Petroleum was written down. This quarter marked Warren Buffett’s final as chief executive of the conglomerate. Greg Abel now holds that position. Buffett is still chairman. Berkshire reported that it would end 2025 with $373.3 Billion in cash. This gives Abel the power to make major acquisitions, which Buffett has been unable to do over the past decade. This was the sixth quarter without a share buyback. It was also Berkshire's thirteenth consecutive quarterly in which it sold more shares than it purchased. Operating profit for the quarter fell by 30%, to $10,2 billion or $7,092 per class A share. It was $14.53 billion a year ago. Berkshire Hathaway's net income dropped 3% from $19.69 billion to $19.2 Billion, due to a lower operating profit and a writedown. ABEL PAYS TRIBUTE BUFFETT Operating profit for the year fell by 6%, to $44,49 billion. Net income dropped by 25%, to $89 billion. Buffett has long advised investors to ignore fluctuations Berkshire’s net income. These fluctuations are due to accounting rules which require Berkshire report gains and losses for stocks it is not selling. Abel's first annual letter to Berkshire investors paid tribute to Buffett, calling him a "remarkable chief executive" and "arguably, the greatest investor in history" and promising to maintain his discipline when deciding how to invest Berkshire capital. "We are dedicated to strengthening the great Legacy built by Warren Buffett, and his business partner Charlie Munger. We will ensure that it endures with our commitment to excellence, wrote?Abel, referring to 'Berkshire Vice Chairman, Charlie Munger. "I understand how you want to achieve success together and do it in the right manner." Berkshire wrote down $4.5 billion for Occidental because it believed that the recent drop in oil?company stock prices was not temporary, though it did not intend to sell any stock. This was Berkshire’s?second write-down in 2025. It followed a 'write-down of its investment Kraft Heinz. Insurance profit for the quarter fell by 38%, to $4.63billion. Falling interest rates decreased income from Berkshire cash while pricing pressures restricted the ability of Geico's auto insurer and reinsurance business to add new customers.
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Greeks mark the anniversary of fatal 2023 train accident ahead of trial
On Saturday, tens of thousands Greeks rallied at Athens, and in other cities, to mark the 2023 anniversary of the deadliest train accident?in the history of the country. They demanded justice ahead of the upcoming criminal trial. Workers walked out of their jobs to participate in the protests, halting trains and ferries. Protesters placed flowers and banners that read "Justice" in front of the parliament building, where the names of the 57 victims (mostly students) were spray painted on the ground. A passenger train and a cargo train collided at Tempi, central Greece. The tragedy has become a symbol of failures by the state, including safety lapses as well as years of neglect to the rail network. Last year's protests were among the largest in recent years. They were fueled by a mistrust for?politicians who are shielded from prosecution largely under Greek law. On Saturday, thousands of police officers were on duty in Athens. Also, demonstrations were held overseas. Pavlos Aslanidis is the head of the association of victims' families. He made a speech in which he stated: "We are seeking justice." The judicial investigation was completed this year, and on 23 March, dozens of nonpoliticians are scheduled to stand trial for charges that range from causing traffic chaos leading to fatalities to negligent manslaughter or causing bodily harm. Protesters want reforms and accountability from the political system. One banner in Athens read: "It was murder, not an accident." Investigations have revealed that in 2023, a co-funded project by the European Union to install safety systems had been launched in 2014. However, it was still years behind schedule. Families of the victims have accused authorities of trying to 'cover up evidence. The centre-right government denies any wrongdoing but says that justice will bring to light the truth and has promised a full railway reform before 2027. Reporting by Renee Maltezou, Lefteris papadimas and Louise Heavens
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After US and Israel attacks on Iran, airlines suspend Middle East flights
Global airlines halted flights across the Middle East Saturday, after Israel and the United States launched attacks on Iran. The strikes plunged the region into another military conflict. As Israel claimed to have struck Iran and the U.S., flight?maps showed that the airspace above Iran, Iraq Kuwait, Israel and Bahrain was virtually empty. The?military launched a series strikes against the targets within the country. Iran responded with a salvo missiles. According to Cirium's preliminary data, airlines cancelled nearly 40% of flights into Israel on Saturday and 6.7% to the rest of the region. Witnesses reported explosions in Doha in Qatar, the home of the largest U.S. base in the Middle East. Also, Abu Dhabi and Dubai, in the United Arab Emirates, were mentioned. This escalation has dimmed the hopes of a diplomatic resolution to Tehran's dispute over its nuclear program with the West. It also reignited conflict following weeks of U.S. buildups in this region. This is the latest disruption to air travel in a region that's usually very busy. Middle East airports are among the busiest on the planet, serving a region extending from Iran and Iraq all the way to the Mediterranean. They also serve as a hub for connecting flights between Europe and Asia. Since the beginning of the conflict between Russia and Ukraine, the region has taken on an even more significant role. Airlines have been forced to avoid the airspace above both countries. As aerial attacks increase, airlines are increasingly burdened with the operational costs of conflict zones. They worry about accidents or deliberate shooting downs of commercial aircraft. As flight times increase, so does the cost of fuel. Israel, Iran and Iraq closed their airspace after the attacks. A map of the area on Flightradar24 shows planes avoiding the?areas. BRITISH AIRWAYS LUFTHANSA WIZZ AIR SUSPEND FLYING The European Union's aviation regulator EASA has recommended that its airlines avoid the airspace impacted by the ongoing military interventions. British Airways, which is owned by IAG said that it was monitoring the situation. Flights to Tel Aviv, Bahrain and Amman have been cancelled until Saturday, March 3. On Saturday, the Russian Ministry of Transport announced that Russian airlines had suspended flights from Iran and Israel. Lufthansa, a German airline, announced that it would suspend flights from and to Dubai on Sunday and Saturday. It will also temporarily halt the Tel Aviv routes and those between Beirut and Oman until March 7. Air France has cancelled flights from and to Tel Aviv and Beirut. Iberia has also canceled flights to Tel Aviv. Wizz Air, meanwhile, announced that it would suspend flights to Israel, Dubai Abu Dhabi, Amman and Amman from the same date. Airspace in the area will be closed for a period of time. Eric Schouten of Aviation Security Advisory Dyami said that it's important to consider the tensions between Afghanistan & Pakistan, as this will further limit airspace. He said that the immediate impact of hostilities on regional aviation was "highly fluid". He noted that "we also anticipate?evacuations precautionary or temporary closures at selected Gulf airports should the threat envelope grow, which will immediately disrupt key transit centers." Air India and other Indian airlines have also suspended flights into the Middle East. Regional Carriers Affected The Dubai-based airline said that regional airspace closures had disrupted several 'Emirates' flights. Meanwhile, its sister carrier flydubai announced it temporarily suspended operations Saturday due to "the ongoing developments in the area." Qatar Airways and Kuwait Airways suspended their flights temporarily, while Turkish Airlines cancelled several flights to Middle Eastern destinations. Kuwait's aviation authority announced that it would halt all flights into Iran until further notice. Oman Air also said that all flights were suspended to Baghdad because of the "regional developments". KLM, Dutch arm of Air France KLM, has brought the suspension?of its Amsterdam to Tel Aviv service forward, canceling the flight scheduled for the Saturday following strikes in Iran. On Wednesday, the airline announced that flights will be suspended as of Sunday, 1 March. On Saturday, only one flight was scheduled to Tel Aviv. Virgin Atlantic announced that it decided to avoid Iraqi airspace temporarily, which resulted in some rerouting of their flights.
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Russia suspends flights from Iran and Israel
The 'Russian Ministry of Transport announced 'on Saturday, that Russian airlines?had halted flights to iran and Israel. Israel announced that it launched a preemptive strike against Iran on Sunday, pushing the Middle East back into a new military confrontation. This has further dimmed hopes for a diplomatic resolution to the long-running dispute between Tehran and the West over its nuclear program. According to the ministry, Russian airlines, working with the ministry, Rosaviatsiya, the aviation watchdog, and the ministry, have worked out alternate 'flight routes' in advance in order to ensure that flights into the Persian Gulf countries are safe. The longer distances will result in increased flight times, the report said. Rosaviatsiya stated in a separate announcement published on Saturday, that it had made recommendations to Russian air carriers following the closure of their airspace by Bahrain, Iraq and Qatar for 'flight safety.' The UAE had also placed temporary restrictions on use of their airspace. The Russian airspace monitor'said that carriers should choose alternate routes to fly to the Persian Gulf countries. They are also advised to observe 'all safety measures' and actively monitor the recommendations made by the aviation authorities in foreign states. Reporting by Ksenia orlova, editing by Guy Faulconbridge and Aidan Lewis
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After the Iranian strikes, Greece warns Greek-flagged ships to avoid certain shipping routes
According to a?report seen by, Greece's Shipping Ministry advised Greek-flagged ships on Saturday to exercise maximum caution and avoid the Persian Gulf, the Gulf of Oman, and the Strait of Hormuz after the United States and Israel launched strikes against Iran. The document stated that "the developing situation affects'safety of Navigation in the wider Persian Gulf",?the Straits of Hormuz and?the Gulf of Oman, and?North Arabian Sea",?advising managing companies to implement the highest levels of security in these areas and Israeli port until further notice. The statement added that the crisis could spread to the Red Sea and the Gulf of Aden due to 'links between Iran, Iran-aligned Houthi militants and the Gulf of Aden. The advisory warned that ships should be on the lookout for potential drone or missile attacks, strikes against port 'facilities, harassment, or electronic interference and disruptions to electronic navigation systems. Reporting by Yannis Souiotis, Renee Maltezou and Aidan Lewis.
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Why is it important to oil that the Strait of Hormuz is so wide?
The United States and Israel launched an attack on Iran on Saturday, which could result in the closure of a major oil-export route, the Strait of Hormuz. Here are some details about the Strait. What is the 'STRAIT of HORMUZ'? The strait is located between Iran and?Oman? and connects the Gulf of Oman in the south with the Arabian Sea to the north. The strait is only 21 miles wide (33 km), with a shipping lane that is just 3 km wide in each direction. Why does it matter? Around a fifth (25%) of all oil consumed in the world passes through this strait. Data from the analytics firm Vortexa revealed that on average, more than 20 million barrels per day of crude oil, condensate, and fuels were transported through the Strait in 2013. OPEC member Saudi Arabia, Iran and the United Arab Emirates export the majority of their 'crude oil' via the Strait. This is mainly for Asia. Qatar, one of the largest LNG exporters in the world, ships almost all its LNG through this strait. Saudi Arabia and the UAE, two of OPEC+'s top producers, have increased oil exports recently as part a contingency plan. The UAE and Saudi Arabia have been looking for other ways to bypass the Strait. The U.S. Energy Information Administration estimated in June of last year that existing UAE and Saudi pipelines have unused capacity of about 2.6 million barrels a day (bpd). Fifth Fleet of the United States, based out of Bahrain, has been tasked to protect commercial shipping in this area. History of Tensions In 1973, Arab producers led by Saudi Arabia imposed an oil embargo against Western supporters of Israel's war with Egypt. The U.S. is a major exporter and producer of OPEC crude. In the Tanker War that raged between 1980-1988, both sides tried to disrupt the other's exports. In January 2012, Iran vowed to "block the Strait" in response to U.S. sanctions and European ones. In May 2019, four vessels, including two Saudi oil tanks, were attacked near the UAE coast outside the Strait of Hormuz. Iran seized three vessels in the Strait of Hormuz, one each in 2023 and 2024. Some of these seizures were a result of U.S. tanker seizures related to Iran. The U.S. attacked Iran's nuclear facilities last year. Iran was considering closing the Strait. (Reporting and editing by Dmitry Zhdannikov, Janet Lawrence and Dmitry Zhdannikov. Additional reporting and editing by Marwa Rashed and Yousef Sabah.
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Airlines cancel flights following US and Israel attacks on Iran
Global Airlines cancelled flights in the Middle East Saturday after the United States and Israel launched airstrikes against Iran, causing the region to plunge into a new conflict. Flightradar24's maps showed that the airspace above Iran and Iraq was empty on Saturday morning. The following is a list of the most recent flights by alphabetical order. AIR FRANCE KLM Air France has cancelled all flights from and to Tel Aviv, Israel and Beirut, Lebanon on Saturday. KLM has 'advanced the suspension of their Amsterdam-Tel Aviv services, cancelling the scheduled flight for Saturday. Air France-KLM's Dutch branch announced on Wednesday the suspension of flights from Sunday. However, they have now moved that date forward. On Saturday, only one flight was scheduled to Tel-Aviv. INDIGO INDIGO said it was'monitoring regional updates. JAPAN AIRLINES Japan Airlines has cancelled a flight from Tokyo Haneda on Saturday to Doha, as well as a subsequent flight on 1 March. LUFTHANSA - The German airline has suspended flights from and to Tel Aviv, Israel, Beirut, Lebanon, and Oman until March 7, and flights from and to Dubai on Saturdays and Sundays. Also, they said that they would not add Israeli, Lebanese and Jordanian airspace, nor Iraqi, Iranian or Iraqi airspace, until March 7. VIRGIN ATLANTIC Virgin 'Atlantic' said that it would temporarily avoid Iraqi airspace. This will result in some preplanned reroutings of its flights resulting in the cancellation of its VS400 flight from London Heathrow to Dubai on Saturday. WIZZ AIR With immediate effect, the airline has halted all flights to and from Israel as well as Dubai, Abu Dhabi, and Amman. The statement added that "operational decisions will continue to be reviewed and the flight schedule can be adjusted as circumstances change." (Compiled and edited by Barbara Lewis; reporting by buros)
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After US and Israel attacks on Iran, airlines suspend Middle East flights
Global Airlines suspended flights across the Middle East Saturday, after Israel and the United States launched strikes against Iran. This plunged the region into another military conflict. Flight maps showed that the airspace over Iran was almost empty after Israel claimed to have struck Iran, and the U.S. military launched a series strikes against Iranian targets. Iran responded with a salvo missiles. The escalated conflict has dimmed the hopes of a diplomatic resolution to the nuclear dispute between Iran and the West. It also reignited the conflict following weeks of U.S. Military buildups in the area. The Middle East is experiencing escalating tensions, which has caused a major disruption in air travel. Due to the years of conflict, Russian and Ukrainian airspace is 'closed' to most airlines. The Middle East is now a major route between Europe and Asia. Aircraft attacks are increasing the operational burden for airlines in conflict zones, as they worry about accidentally or deliberately shooting down commercial air traffic. More fuel is needed to cover longer flight times, which increases the cost of flights. Israel, Iran and Iraq closed their airspace after the attacks. A map of the area on?Flightradar24 shows airplanes avoiding this region. LUFTHANSA AND WIZZ AIR SUSPEND FLYING Flightradar24 reports that a number of Qatar Airways aircraft took off on Saturday, circled over Kuwait and Saudi Arabia, before returning to Qatari airspace, then circled around Doha. On Saturday, the Russian Ministry of Transport announced that Russian airlines had suspended flights from Iran and Israel. Lufthansa, a German airline, announced that it would suspend flights from and to Dubai on Sunday and Saturday. It will also temporarily halt the Tel Aviv routes and those between Beirut and Oman until March 7. Air France has cancelled flights from and to Tel Aviv, Beirut. Wizz Air also suspended flights from and to Israel, Dubai Abu Dhabi, Amman and Abu Dhabi with immediate effect, until the same date. Kuwait's aviation authority announced that it would halt all flights to Iran "until further notification", according to state news agency. Oman Air also said that it had suspended all "flights" to Baghdad because of the regional developments. As a precautionary measure, the United Arab Emirates temporarily and partially closed their airspace. This was announced by its official news agency. A spokesperson for Emirati carrier flydubai said that some flights were affected by the temporary closure on 28th February of several airspaces in the region. A spokesperson for KLM, Dutch arm of Air France KLM, said that the company has suspended its Amsterdam-Tel Aviv flight, canceling the flight scheduled on Saturday, following strikes in Iran. The airline announced on Wednesday that all flights would cease from Sunday, March 1. The airline had announced?on Wednesday that flights would be halted from Sunday,?March 1. Virgin Atlantic announced that it decided to avoid Iraqi airspace temporarily, which resulted in a rerouting of some flights. Qatar Airways announced that it temporarily halted all air traffic as a precaution.
Abel, Berkshire's CEO after Buffett's passing, assures investors with a 'fortress like' balance sheet
Greg Abel, the new Berkshire Hathaway chief executive, pledged to 'put his stamp on the company with a 'fortress-like balance sheet, while maintaining the values of Warren Buffett, his mentor and predecessor. Abel, who is 63 years old, stated that he will not rush to use Berkshire Hathaway's near record $373.3 billion in cash, even though the stake gives the company a lot of "dry-powder." He also said he has no plans to start paying dividends. Buffett was against this as well. Berkshire also hasn't repurchased any of its own shares since the spring of 2024. Abel wrote: "I understand how you want to achieve success together and do it in the correct way." "My role is ensuring our liquidity levels remain intentional and deliberate." Abel paid tribute to Buffett who, at 95, stepped down as CEO after 60 years. Buffett is still chairman of Berkshire and visits the offices there five days a weeks. Abel wrote that Buffett was "arguably the greatest investor of all times, with generations benefiting" from his investment expertise. "To invest in Berkshire has long been a vote?of?trust in the founder of Berkshire, a trust which now rests with Berkshire."
ABEL TRYS TO SHOW CONTINUITY Abel stated that Berkshire’s culture and values would continue "in perpetuity" and indicated no changes to its decentralized structure, where its dozens businesses operate largely independently of him. He said Berkshire owns the BNSF railway and has "no intention" of buying another major railroad. He also acknowledged the pressures on PacifiCorp utilities from lawsuits over wildfires that occurred in?Oregon. Abel wrote that PacifiCorp was not an insurance of last resort, and it should not be considered a "deep pocket". Cathy Seifert is an analyst with CFRA Research. She said Abel's email might be reassuring for investors. She said that Abel needed to demonstrate a level of continuity and show that business would continue as usual despite the change in leadership. "In my opinion he was on target."
Berkshire reported a decline in profit both for the fourth quarter and the entire year after taking a write-down for investments made over the years with Kraft Heinz, Occidental Petroleum, and packaged food company 'Kraft Heinz. Operating profit for the quarter fell by 30% to $10,2 billion. Net?income, including changes in equity holdings by Apple and American Express accounted for a 3% drop to $19.2 Billion. Operating profit for '2025 fell 6%, to $44.49 Billion, and net income fell 25%, to $67 Billion. Buffett has long advised investors to ignore Berkshire's fluctuations in net income. These fluctuations are due to accounting rules which require Berkshire report gains and losses from stocks it is not selling. Reporting by Jonathan Stempel, New York; Editing and proofreading by Louise Heavens & Lisa Shumaker
(source: Reuters)