Jan 28 (Reuters) – At least 24 people died in northern Peru after a bus carrying 60 passengers plunged off a cliff in early on Saturday, police told local media.
Peru’s transportation supervisory agency (SUTRAN) confirmed the crash in a statement, without providing a number of fatalities or injuries.
Bodies of victims are transported on the back of a pick-up truck, after a bus carrying 60 passengers plunged off a cliff, in the district of El Alto, Peru January 28, 2023. Piura Government/Handout via REUTERS
The tragedy, involving a bus for the company Q’Orianka Tours Aguila Dorada, occurred in the district of El Alto in the far north of Peru, SUTRAN said.
SUTRAN said early investigations showed the bus appeared to have an up-to-date safety inspection and accident insurance.
Road accidents are relatively common in Peru, with many drivers operating vehicles on precarious roads and without proper training. In 2021, 29 people died when a bus plunged off a highway in the Andes mountains.
Reporting by Brendan O’Boyle; Editing by Cynthia Osterman
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COVENTRY, England, Jan 23 (Reuters) – China’s Geely (0175.HK) is planning a big investment to turn the maker of London’s iconic black taxis into a high-volume, all-electric brand with a range of commercial and passenger vehicles, executives at the unit told Reuters.
London Electric Vehicle Company (LEVC) also aims to expand its suite of services, which include cars arranging their own maintenance and recognising their owner’s interests to help them book activities.
“We need a developed product portfolio. We need to make big investments in terms of the technology and infrastructure,” LEVC Chief Executive Alex Nan said at the taxi maker’s headquarters in Coventry, central England. “Geely will make consistent investments into LEVC because this is a very unique project.”
LEVC builds a hybrid taxi model that starts at around 66,000 pounds ($81,500), which has a battery providing 64 miles (103 km) of range and a petrol range-extender giving it a total range of over 300 miles. The company’s business was hit hard by the pandemic and it laid off 140 staff in October.
Nan said LEVC and Geely would seek to attract other investors to its zero-emission portfolio and would look to partner with other carmakers to develop new technology.
Executives said the size of Geely’s investment would be disclosed later. So far the Chinese group, which took full control of LEVC in 2013, has invested 500 million pounds in it.
“Geely fully supports the new transition strategy laid out by LEVC’s board and executive team,” Geely said in a statement.
In 2021, Geely launched a 2 billion pound investment in another unit, niche British luxury sports carmaker Lotus, to massively expand production of its sports cars and build high-end SUVs and sedans in Britain and China. Geely is following a similar path in its plans to grow LEVC, executives said.
Britain’s EV ambitions were dealt a blow last week when startup Britishvolt, which had planned to build a major battery factory in northeast England, filed for administration.
“We need to make sure the UK environment as a whole is competitive and has its position on the world stage,” said LEVC managing director Chris Allen.
READY TO ACCELERATE
Geely owns multiple brands including Volvo (VOLCARb.ST) and – via a joint venture with Volvo – Polestar . Zeekr, another brand in the group, filed for a U.S. initial public offering last month.
As such, Geely faces a complexity that larger EV makers BYD (002594.SZ) and Tesla (TSLA.O) have avoided.
Allen said LEVC was exploring a range of commercial and passenger car models on a common electric platform. It can lean on other group brands that already have EVs to “move forward in a fast, agile way”.
The company already uses an infotainment system and software developed by Volvo and a steering wheel from the Swedish carmaker, allowing it to cut costs, Allen said.
“There’s nothing we couldn’t deliver in a very short time period if we needed to, but it’s just a question of timing,” he said, adding LEVC could easily have a full range of EVs on the road within five years.
“But in two years time, is the industry going to be ready, is the charging infrastructure going to be there, is consumer confidence going to be there?”
LEVC currently has the capacity to build 3,000 taxis a year running on a single shift at its Coventry factory. Allen said that could easily be increased to 20,000 and the plant had room to expand. It could also lean on production in China as Lotus has, Allen said. A major car plant produces on average around 300,000 vehicles per year.
“There’s a huge amount of value in our product that hasn’t ever really been maximised,” Allen said. “This is about growing LEVC into a much more recognizable brand on a global scale and expanding our product offering into as many spaces as we can.”
($1 = 0.8095 pounds)
Reporting by Nick Carey, Additional reporting by Zoey Zhange in Shanghai and Norihiko Shirouzu in Beijing
Editing by Mark Potter
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DAVOS, Switzerland, Jan 19 (Reuters) – Greta Thunberg called on the global energy industry and its financiers to end all fossil fuel investments on Thursday at a high-profile meeting in Davos with the head of the International Energy Agency (IEA).
During a round-table discussion with Fatih Birol on the sidelines of the World Economic Forum (WEF) annual meeting, activists said they had presented a “cease and desist” letter to CEOs calling for a stop to new oil, gas and coal extraction.
“As long as they can get away with it they will continue to invest in fossil fuels, they will continue to throw people under the bus,” Thunberg warned.
The oil and gas industry, which has been accused by activists of hijacking the climate change debate in the Swiss ski resort, has said that it needs to be part of the energy transition as fossil fuels will continue to play a major role in the energy mix as the world shift to a low-carbon economy.
Thunberg, who was detained by police in Germany earlier this week during a demonstration at a coal mine, joined with fellow activists Helena Gualinga from Ecuador, Vanessa Nakate from Uganda and Luisa Neubauer from Germany to discuss the tackle the big issues with Birol.
Birol, whose agency makes policy recommendations on energy, thanked the activists for meeting him, but insisted that the transition had to include a mix of stakeholders, especially in the face of the global energy security crisis.
The IEA chief, who earlier on Thursday met with some of the biggest names in the oil and gas industry in Davos, said there was no reason to justify investments in new oil fields because of the energy crunch, saying by the time these became operational the climate crisis would be worse.
He also said he was less pessimistic than the climate activists about the shift to clean energy.
“We can have slight legitimate optimism,” he said, adding: “Last year the amount of renewables coming to the market was record high.”
But he admitted that the transition was not happening fast enough and warned that emerging and developing countries risked being left behind if advanced economies did not support the transition.
Youth climate activist Greta Thunberg takes part in a discussion on “Treating the climate crisis like a crisis” with International Energy Agency head Fatih Birol (not pictured) on the sidelines of the World Economic Forum in Davos (WEF) in Davos, Switzerland January 19, 2023. REUTERS/Arnd Wiegmann
‘REAL MONEY’
The United Nation’s climate conference, held in Egypt last year, established a loss and damage fund to compensate countries most impacted by climate change events.
Nakate, who held a solitary protest outside the Ugandan parliament for several months in 2019, said the fund “is still an empty bucket with no money at all.”
“There is a need for real money for loss and damage”.
In 2019, the then 16-year-old Thunberg took part in the main WEF meeting, famously telling leaders that “our house is on fire”. She returned to Davos the following year.
But she refused to participate as an official delegate this year as the event returned to its usual January slot.
Asked why she did not want to advocate for change from the inside, Thunberg said there were already activists doing that.
“I think it should be people on the frontlines and not privileged people like me,” she said. “I don’t think the changes we need are very likely to come from the inside. They are more likely to come from the bottom up.”
The activists later walked together through the snowy streets of Davos, where many of the shops have temporarily been turned into “pavilions” sponsored by companies or countries.
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Writing by Leela de Kretser; Editing by Alexander Smith
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MEXICO CITY, Jan 7 (Reuters) – At least one person was killed and 57 were injured in a train collision on Mexico City’s metro early on Saturday, local authorities said.
The person killed in the morning accident was a young woman, city security head Omar Garcia told local media Grupo Milenio.
Garcia shared an updated list of the injured later on Saturday, and the city’s mayor, Claudia Sheinbaum, said on Twitter that she was at the site.
Four others who were trapped on one wagon on Line 3 were rescued and are in good health, Garcia said earlier.
A variety of accidents have taken place on the metro in recent years. The most serious was the May 2021 collapse of a rail overpass on Line 12 that killed 26 people and injured more than 60.
Maintenance shortcomings were identified as one of that accident’s causes.
Reporting by Lizbeth Diaz in Mexico City;
Writing by Julia Symmes Cobb;
Editing by Leslie Adler
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SEOUL/TOKYO, Oct 4 (Reuters) – North Korea fired a ballistic missile over Japan for the first time in five years on Tuesday, prompting a warning for residents to take cover and a temporary suspension of train operations in northern Japan.
South Korea’s Joint Chiefs of Staff (JCS) and the Japanese coast guard reported on the missile test, which was launched over North Korea’s east coast.
The Japanese government warned citizens to take cover as the missile appeared to have flown over and past its territory before falling into the Pacific ocean. It said it did not use any defence measures to destroy the missile, which was the first to fly over or past Japan from North Korea since 2017.
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“North Korea’s series of actions, including its repeated ballistic missile launches, threatens the peace and security of Japan, the region, and the international community, and poses a serious challenge to the entire international community, including Japan,” Japan’s top government spokesperson Hirokazu Matsuno, said in a brief news conference.
Speaking to reporters shortly afterwards, Prime Minister Fumio Kishida called North Korea’s actions “barbaric”, and that the government would continue to gather and analyse information.
South Korea’s JCS said it appeared to have been an intermediate-range ballistic missile (IRBM) launched from North Korea’s Jagang Province. North Korea has used that province to launch several recent tests, including multiple missiles that it claimed were “hypersonic.”
TV Asahi, citing an unnamed government source, said North Korea might have fired an intercontinental ballistic missile (ICBM) and it fell into the sea some 3,000 km (1,860 miles) from Japan.
The latest launch was Pyongyang’s fifth in 10 days, amid military muscle-flexing by the United States and South Korea, which conducted trilateral anti-submarine exercises last week with Japanese naval forces.
South Korea staged its own show of advanced weaponry on Saturday to mark its Armed Forces Day, including multiple rocket launchers, ballistic missiles, main battle tanks, drones and F-35 fighters.
The test prompted East Japan Railway Co (9020.T) to suspend its train operations in the northern regions, Japanese broadcaster NHK reported.
The North has completed preparations for a nuclear test, which it might look to undertake sometime between China’s Communist Party Congress this month and U.S. mid-term elections in November, South Korean lawmakers said last week.
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Reporting by Hyonhee Shin and Chang-Ran Kim; Editing by Leslie Adler, Chris Reese and Lincoln Feast
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The United States Chamber of Commerce building is seen in Washington, D.C., U.S., May 10, 2021. REUTERS/Andrew Kelly
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WASHINGTON/LOS ANGELES, Sept 12 (Reuters) – The Biden administration urged railroads and unions to reach a deal to avoid a railroad work stoppage, saying on Monday it would pose “an unacceptable outcome” to the U.S. economy that could cost $2 billion a day.
Railroads, including Union Pacific (UNP.N), Berkshire Hathaway’s (BRKa.N) BNSF, CSX (CSX.O), and Norfolk Southern, have until a minute after midnight on Friday to reach tentative deals with hold out unions representing about 60,000 workers. Failing to do so opens the door to union strikes, employer lockouts and congressional intervention. read more
U.S. Labor Secretary Marty Walsh is postponing travel to Ireland to remain in talks, the department said Monday.
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“The parties continue to negotiate, and last night Secretary Walsh again engaged to push the parties to reach a resolution that averts any shutdown of our rail system,” a Labor Department spokesperson said. “All parties need to stay at the table, bargain in good faith to resolve outstanding issues, and come to an agreement.”
The brinkmanship comes at a sensitive time for unions, railroads, shippers, consumers and President Joe Biden, who appointed an emergency board to help break the impasse.
A White House official told Reuters Biden has been in touch today with unions and companies to try to avert a strike, as have cabinet officials.
U.S. railroads account for almost 30% of cargo transport by weight and maintain about 97% of the tracks Amtrak uses for commuter rail. Widespread railroad disruptions could choke supplies of food and fuel, spawn transportation chaos and stoke inflation. read more
Unions, which won significant pay increases, are pushing back on work rules that would require employees to be on-call and available to work most days. Railroads are struggling to rebuild employee ranks after slashing their workforce by almost 30% over the past six years.
At midday on Wednesday, Norfolk Southern will stop accepting intermodal cargo: goods that move by combinations of ship, truck and rail transport. Those shipments include consumer products and e-commerce packages that account for almost half of U.S. rail traffic.
That could exacerbate existing backups at East Coast seaports and inland hubs, causing cascading delays across the country as farmers prepare for harvest and retailers restock stores for the Christmas shopping season. Bulk commodities – including food, energy, automotive and construction products – make up the remainder of U.S. rail shipments.
U.S. industry groups are pressuring Congress to avert the worst-case scenario.
“A shutdown of the nation’s rail service would have enormous national consequences,” the Chamber said on Monday, adding it would lead to perishable food waste, disrupt goods delivery and prevent heating fuel and chemicals transport.
The Labor Department said there have been dozens of calls by Cabinet officials and other top administration officials to help the sides reach agreement.
Railroads late last week said they would cease shipments of hazardous materials such as chlorine used to purify drinking water and chemicals used in fertilizer on Monday so they are not stranded in unsafe locations if rail traffic stops. read more
On Sunday, two unions negotiating contracts said halting hazardous shipments was designed to give employers leverage ahead of this week’s deadline to secure labor agreements. read more
As of Sunday, eight of 12 unions had reached tentative deals covering about half of 115,000 workers, the National Railway Labor Conference (NRLC) said.
Hold outs include the transportation division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) and the Brotherhood of Locomotive Engineers and Trainmen (BLET).
There has not been a nationwide U.S. rail service stoppage since 1992, when major freight railroads closed operations for two days in response to an International Association of Machinists strike against CSX, saying that a strike against one railroad was a strike against all railroads.
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Reporting by David Shepardson and Lisa Baertlein; Editing by Chizu Nomiyama, Jonathan Oatis and Josie Kao
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Government under pressure over cost-of-living crisis
Unions say strike may start ‘summer of discontent’
LONDON, June 21 (Reuters) – Tens of thousands of workers walked out on the first day of Britain’s biggest rail strike in 30 years on Tuesday with passengers facing further chaos as both the unions and government vowed to stick to their guns in a row over pay.
Some of the more than 40,000 rail staff who are due to strike on Tuesday, Thursday and Saturday gathered at picket lines from dawn, causing major disruption across the network and leaving major stations deserted. The London Underground metro was also mostly closed due to a separate strike.
Prime Minister Boris Johnson, under pressure to do more to help Britons facing the toughest economic hit in decades, said the strike would harm businesses still recovering from COVID.
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Unions have said the rail strikes could mark the start of a “summer of discontent” with teachers, medics, waste disposal workers and even barristers heading for industrial action as inflation pushes 10%. read more
“The British worker needs a pay rise,” Mick Lynch, secretary-general of the Rail, Maritime and Transport Workers told Sky News. “They need job security and decent conditions.”
During the morning rush-hour, roads were busier than normal with cars, bikes and pedestrians. Hospital staff said some colleagues slept at work overnight to maintain care.
Johnson told his cabinet the strikes were “wrong and unnecessary” and said his message to the country was that they needed to be ready to “stay the course” as improvements to the way railways are run was in the public’s interest.
A survey by pollsters YouGov earlier this month found public opinion divided, with around half of those questioned opposed to the action and just over a third saying they supported it.
Leo Rudolph, a 36-year-old lawyer who walked to work, said he would become more disgruntled the longer the dispute holds.
“This isn’t going to be an isolated occurrence, right?” he told Reuters.
Rail workers strike outside Preston Station, on the first day of national rail strike in Preston, Britain, June 21, 2022. REUTERS/Jason Cairnduff
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INFLATION FEVER
Inflation has soared across Europe on the back of a major rise in energy costs and Britain is not alone in facing strikes.
Action over the cost of living in Belgium caused disruption at Brussels Airport on Monday, while Germany’s most powerful union is pushing for large wage increases and in France President Emmanuel Macron is facing unrest over pension reforms.
Britain’s economy initially rebounded strongly from the COVID-19 pandemic but a combination of labour shortages, supply chain disruption, inflation and post-Brexit trade problems has prompted warnings of a recession.
The government says it is supporting millions of the poorest households but it warns that above-inflation pay rises would damage the fundamentals of the economy and prolong the problem.
Britain’s railways were effectively nationalised in the pandemic, with train operating companies paid a fixed fee to run services, while the tracks and infrastructure are managed by state-owned Network Rail.
The RMT wants its members to receive a pay rise of at least 7%, but it has said Network Rail offered 2%, with another 1% linked to industry reforms that it opposes. The government has been criticised for not being involved in the talks. Ministers say unions must resolve it directly with employers.
The outbreak of industrial action has drawn comparison with the 1970s, when Britain faced widespread labour strikes including the 1978-79 “winter of discontent”. read more
The number of British workers who are trade union members has roughly halved since the 1970s with walkouts much less common, in part due to changes made by former Prime Minister Margaret Thatcher to make it more difficult to call a strike.
The government says it will now change the law quickly to force train operators to deliver a minimum service on strike days, and allow employers to bring in temporary staff.
The strikes come as travellers at British airports experience chaotic delays and last-minute cancellations due to staff shortages, while the health service is teetering under the pressure of long waiting lists built up during the pandemic.
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Additional reporting by Paul Sandle, Editing by Edmund Blair, Kate Holton and Raissa Kasolowsky
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LUCKNOW, India, June 16 (Reuters) – Police in northern India fired shots in the air on Thursday to push back stone-throwing crowds and authorities shut off mobile internet in at least one district to forestall further chaos, as protests widened against a new military recruitment system.
Prime Minister Narendra Modi’s government this week announced an overhaul of recruitment for India’s 1.38 million-strong armed forces, looking to bring down the average age of personnel and reduce pension expenditure. read more
But potential recruits, military veterans, opposition leaders and even some members of Modi’s ruling Bharatiya Janata Party (BJP) have raised reservations over the revamped process.
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In northern Haryana state’s Palwal district, some 50 km (31 miles) south of the capital New Delhi, crowds hurled stones at a government official’s house and police protecting the building fired shots to keep the mob at bay, according to video footage from Reuters partner ANI.
“Yes, we have fired a few shots to control the crowd,” a local police official said, declining to be named.
There was no immediate information on casualties.
Mobile internet was temporarily suspended in Palwal district for the next 24 hours, Haryana’s information department said.
Protesters in eastern India’s Bihar state set a BJP office on fire in Nawada city, attacked railway infrastructure and blocked roads, as demonstrations spread across several parts of the country, police officials told Reuters.
Demonstrators perform push-ups as they protest against “Agnipath scheme” for recruiting personnel for armed forces, in Munger, Bihar, India June 16, 2022 in this still image obtained from a handout video. ANI/Handout via REUTERS
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Protesters also attacked railway property across Bihar, settling alight coaches in at least two locations, damaging train tracks and vandalising a station, according to officials and a railways statement.
The new recruitment system, called Agnipath or “path of fire” in Hindi, will bring in men and women between the ages of 17-and-a-half and 21 for a four-year tenure at non-officer ranks, with only a quarter retained for longer periods.
Previously, soldiers have been recruited by the army, navy and air force separately and typically enter service for up to 17 years for the lowest ranks.
The shorter tenure has caused concern among potential recruits.
“Where will we go after working for only four years?” one young man, surrounded by fellow protesters in Bihar’s Jehanabad district, told ANI. “We will be homeless after four years of service. So we have jammed the roads.”
Smoke billowed from burning tyres at a crossroads in Jehanabad where protesters shouted slogans and performed push-ups to emphasise their fitness for service.
Bihar and neighbouring Uttar Pradesh saw protests over the recruitment process for railway jobs in January this year, underlining India’s persistent unemployment problem. read more
Varun Gandhi, a BJP lawmaker from Uttar Pradesh, in a letter to India’s defence minister Rajnath Singh on Thursday said that 75% of those recruited under the scheme would become unemployed after four years of service.
“Every year, this number will increase,” Gandhi said, according to a copy of the letter posted by him on social media.
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Writing by Devjyot Ghoshal;
Editing by Andrew Cawthorne, William Maclean
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TOKYO, April 24 (Reuters) – Ten people found so far from a Japanese tour boat missing off the country’s northern coast have been confirmed dead, the coast guard said on Sunday.
The boat went missing on Saturday with 26 people on board during a cruise off the main northern island of Hokkaido.
Of the 10, seven were men and three were women, the coast guard said in a bulletin.
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There were 24 passengers, including two children, and two crew members on board.
Drift ice can be seen in area waters as late as March, and water temperatures now would be 2 to 3 degrees Celsius (36-37 Fahrenheit), said an official at a local fishery cooperative.
“Just a few minutes in that sort of water would start clouding your consciousness,” he said.
Authorities were using aircraft and patrol boats, including seven ships, three airplanes and four helicopters from the coast guard, to search for the passengers and crew of the “Kazu I” after it ran into trouble off Shiretoko peninsula, famous for its wildlife and dramatic coastline. read more
The coast guard heard from the crew on Saturday afternoon that water was flooding the vessel. It was last heard from around two hours later, when it contacted its operating company to say it was keeling at a 30-degree angle, Kyodo news reported.
The coast guard said it was not clear what had happened to the boat. No one was available for comment at the company.
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Reporting by David Dolan and Kiyoshi Takenaka in Tokyo; Editing by Leslie Adler, Jacqueline Wong, William Mallard and Kim Coghill
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Feb 26 (Reuters) – Warren Buffett on Saturday signaled he will stick to his knitting, bemoaning the lack of good investment opportunities for Berkshire Hathaway Inc (BRKa.N) as it sits on a massive pile of cash even after repurchasing a huge amount of its own stock.
In his widely read annual letter to Berkshire shareholders, the 91-year-old billionaire expressed strong confidence in Berkshire, saying its emphasis on investing in strong businesses and stocks benefits investors with a similar long-term focus.
“People who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises,” Buffett wrote.
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Noting generally the risks of changes in world politics, terrorism and cyberattacks, Berkshire remains wary.
Cash swelled to a near-record $146.7 billion, even after Berkshire repurchased $51.7 billion of its own stock in 2020 and 2021.
Buffett also said, “We find little that excites us” in the stock market, and that major acquisitions remain hard to come by after six years without any.
“Today, internal opportunities deliver far better returns than acquisitions,” he wrote.
Many of those opportunities appeared to pay off in 2021.
Operating profit rose 25% to a record $27.46 billion, with more than one-third from the BNSF railroad and Berkshire Hathaway Energy despite COVID-19 supply chain disruptions. In the fourth quarter, operating profit swelled 45%.
Full-year net income more than doubled to a record $89.8 billion, bolstered by gains from Buffett’s investments in Apple Inc (AAPL.O), Bank of America Corp (BAC.N), American Express Co (AXP.N) and other stocks in Berkshire’s vast portfolio.
“He is offering a story of a multifaceted growth engine,” said Tom Russo, a partner at Gardner, Russo & Quinn in Lancaster, Pennsylvania, a longtime Berkshire investor. “The primary message is that Berkshire has found some magnificent businesses, so let’s celebrate them.”
The Apple stake alone totaled $161.2 billion as of Dec. 31, more than five times the $31.1 billion Berkshire paid for it. Buffett called Apple’s Tim Cook a “brilliant” chief executive.
Stock buybacks totaled $27 billion in 2021 but have slowed in 2022, totaling $1.2 billion so far. Berkshire’s stock price is 2% below its record high.
“Buffett’s patience and discipline enabled him to make what is in essence the largest acquisition in Berkshire’s history, its own stock, at a substantial discount to its current market price,” said Jim Shanahan, an analyst at Edward Jones & Co.
‘FOUR GIANTS’
In his letter, Buffett touted what he called Berkshire’s “four giants” including its massive insurance operations, BNSF, Berkshire Hathaway Energy and the Apple stake.
“Our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO,” Buffett wrote.
He said also Berkshire favors an “old-fashioned sort of earnings,” including $6 billion last year at its BNSF railroad, throwing shade on companies that may manipulate their results to boost their stock prices.
“Deceptive ‘adjustments’ to earnings — to use a polite description — have become both more frequent and more fanciful as stocks have risen,” Buffett wrote. “Speaking less politely, I would say that bull markets breed bloviated bull….”
Buffett said Berkshire’s huge cash stake was “not some deranged expression of patriotism,” but rather a shield against losses in its vast insurance operations, including a business insuring against major catastrophes.
Uncle Sam does benefit from Berkshire’s size, Buffett said, collecting $3.3 billion of income tax from the company in 2021 out of the $402 billion in total corporate income tax receipts received by the U.S. Treasury.
Buffett also pledged to keep more than $30 billion of cash on hand, after long saying $20 billion was the minimum. That still leaves plenty available for the right acquisition.
“They are having a tough time (making acquisitions), given frothiness in the market and difficulty competing with private equity firms and SPACs,” said CFRA Research analyst Cathy Seifert, referring to special purpose acquisition companies.
Berkshire’s annual report, also released Saturday, included a letter from Vice Chairman Greg Abel describing the company’s commitment to sustainability and protecting the environment.
Abel, 59, would become Berkshire’s chief executive if Buffett were unable to continue. Portfolio managers Todd Combs and Ted Weschler, who invest $34 billion, are in line to oversee Berkshire’s stock investments.
The company’s more than 90 operating units also include Dairy Queen ice cream, See’s candies and several industrial companies.
Berkshire also said on Saturday it plans for the first time since 2019 to hold its usual shareholder weekend in Omaha, including the April 30 annual meeting.
“Woodstock for Capitalists,” as Buffett calls the weekend, typically draws about 40,000 people for shopping, dining, a 5-kilometer run and other events.
Proof of COVID-19 vaccination will be required to attend the annual meeting and obtain some shopping discounts.
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Reporting by Jonathan Stempel in New York; editing by Megan Davies, Diane Craft and Cynthia Osterman
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