Home » Posts tagged "united-states"

Posts Tagged ‘united-states’:


Buffett looking at investing in India, large countries (Reuters)

in Uncategorized

BANGALORE (Reuters) – Billionaire Warren Buffett on Tuesday said he is looking to invest in large countries like India, China and Brazil, but added that restrictions on foreign ownership in India’s insurance industry could act as a deterrent in the sector.

Speaking to reporters on his maiden visit to India, Buffett also said the U.S. economy was improving and that the devastating earthquake in Japan would not hurt global growth.

“India is a very logical place to look so I hope I spend some money here,” Buffett told reporters in the southern Indian city of Bangalore, adorned in a flower garland and a red “teeka” — a dash of vermillion placed on foreheads as a symbol of good wishes.

Buffett also said the U.S. economy was improving. “The American economy is getting better month by month,” he said. “The more India prospers or China prospers, the more the United States is going to prosper over the long term,” he added.

He also said the earthquake in Japan – which has left at least 21,000 people dead or missing and has triggered the world’s worst nuclear crisis in a quarter of a century — would not hurt global growth.

“In terms of its effect on the world economy over any period of time, it’s not going to be that important,” he said. “It’s going to be important for Japan, obviously, but it will not stop the growth of the world economy,” he added, a day after he said the crisis created a “buying opportunity.”

Buffett, nicknamed the Oracle of Omaha, a reference to his prodigious skill in picking out great investments that are followed closely by investors, and his Omaha, Nebraska origins, said he was looking at industries with modest rates of change.

The 80-year old investor who is yet to name a successor to take over his $200-billion empire, skirted questions on the succession plan but praised Berkshire veteran Ajit Jain for smoothly running much of the company’s insurance business.

“He loves what he does, he’s not looking to take my job. If he was, the board of directors would probably put him in there in a minute,” he said.

Four names top the list of potential candidates to succeed Warren Buffett as chief executive of Berkshire Hathaway, including that of India-born Ajit Jain.

INDUSTRIES OF INTEREST

When asked if he would invest in India’s $60 billion information technology industry or in the semiconductor business, Buffett said he preferred sectors he had expertise in.

“I think about the soft drink industry or the chewing gum industry, something that’s much easier for me to understand,” he said.

Berkshire owns a stake in Wrigley since 2008, when it poured $6.5 billion into Mars Inc’s $23 billion acquisition of the chewing gum maker. And Coca-Cola (KO.N) is one of Berkshire’s biggest investments.

Buffett said he liked large countries like India, China, Brazil, United Kingdom and Germany. “We need to invest billions of dollars and that’s very tough in emerging markets,” he said.

“I don’t consider India as an emerging market, I consider India as a very big market. We continue to look at large countries like India.”

Earlier this month, Berkshire Hathaway (BRKa.N) agreed to become a corporate agent for India’s Bajaj Allianz General Insurance, marking its entry in to the insurance sector in Asia’s third-largest economy.

Indian rules do not allow foreign firms to own more than 26 percent of an insurance company – a move that is seen by many overseas firms as restrictive.

The insurance portal, owned entirely by Berkshire, will sell motor insurance policies for Bajaj Allianz, avoiding the foreign ownership restrictions.

“It would be more attractive to us if we could buy more than 26 percent,” Buffett said. “I would say that for the time being, and perhaps for some time, our activities in insurance here will be at the agency level rather than at the underwriting level,” he said.

Buffett was in Bangalore to visit the local arm of TaeguTec, a unit of Israeli metal-cutting tool maker ISCAR Metalworking, in which Berkshire has a majority stake. He is also expected to meet policymakers and company executives.

Ranked the world’s third-richest man by Forbes magazine, Buffett is also using his visit to India to encourage philanthropy.

Visiting South Korea on Monday, Buffett said Berkshire, which had $38 billion of cash equivalents at the end of 2010, was looking for more large-scale acquisitions anywhere in the world.

(Reporting by Sayantani Ghosh and Santosh Nadgir; Writing by Sumeet Chatterjee; Editing by Jui Chakravorty)

Read the original post:
Buffett looking at investing in India, large countries
(Reuters)

Tags: , , , , , , , , , , , , ,

U.S. presses plan to hand off Libya war command soon

in Uncategorized

By Andrew Quinn and Missy Ryan

WASHINGTON |
Tue Mar 22, 2011 2:29pm EDT

WASHINGTON (Reuters) – The United States insisted on Tuesday it will hand control of Libyan military operations to its allies within days despite disagreements over NATO’s role in the air campaign against Muammar Gaddafi’s forces.

Once the initial U.S.-led bombardment of the Libyan leader’s air defenses is complete, military planners still intend to pass on leadership of the U.N.-mandated mission, said Defense Secretary Robert Gates.

“I don’t want to get out in front of the diplomacy that’s been going on but I still think that a transfer within a few days is likely,” Gates told reporters on a visit to Russia. “This command and control business is complicated. We haven’t done something like this. We were kind of on-the-fly before.”

As U.S. military officials play down concerns about who will lead the next phase, President Barack Obama has been trying to shore up faltering international backing for the operation by calling leaders in Europe and the Middle East.

Obama, wary of getting bogged down in another Muslim country as he tries to wind down wars in Iraq and Afghanistan, said on Monday that NATO would have a coordinating role once the first heavy phase of military action was complete.

In Brussels, NATO diplomats sought again to bridge gaps over whether and how the 28-member alliance should run the operation to enforce a no-fly zone over Libya.

Admiral Samuel Locklear, head of U.S. forces enforcing the no-fly zone over Libya, said he was working closely with British and French officials and that military forces from 13 nations were moving to take part in the mission.

One U.S. official said Washington believed NATO would effectively have to take operational, if not political, control due to its superior command structure. That prospect threatens to alienate Arab nations over perceptions of Western aggression against a Muslim country.

“They are still looking at NATO,” one U.S. official said, speaking on condition of anonymity. “It could be a subtle NATO lead but still a NATO lead.”

Opinion polls find some U.S. public support for the Libya campaign but some members of Congress are stepping up criticism of Obama. Some say he waited too long to get involved and others warn about sending stretched U.S. forces into a third war.

OBAMA CALLS TURKEY, QATAR

Obama, who is traveling in Latin America, telephoned the Turkish and Qatari leaders on Monday evening.

NATO member Turkey has said it is unable to agree to NATO taking over the Libya no-fly zone if the scope of the operation goes beyond what the United Nations sanctioned.

Obama and Turkish Prime Minister Tayyip Erdogan agreed the Libya mission should be an international effort that includes Arab states and is “enabled by NATO’s unique multinational command and control capabilities to ensure maximum effectiveness,” the White House said in a statement.

Western diplomats said Obama’s call to Erdogan appeared to have won backing for at least some NATO role in enforcing the U.N. resolution, which could help speed the transition.

Originally posted here:

Tags: , , , , , , , , , , , , , ,

U.S. airlines cut capacity to battle high fuel

in Uncategorized

By Karen Jacobs and Kyle Peterson

ATLANTA/CHICAGO |
Tue Mar 22, 2011 12:26pm EDT

ATLANTA/CHICAGO (Reuters) – Major U.S. airlines announced further 2011 capacity cutbacks to cope with the dramatic rise in fuel prices, and Delta Air Lines Inc (DAL.N) said higher oil and the effects of the Japanese earthquake will hurt earnings in the current quarter.

“We’re not anticipating any significant moderation” from current high fuel price levels, Delta President Edward Bastian told a JPMorgan investor conference on Tuesday.

Carriers have steadily boosted fares this year as $100-a-barrel oil threatens to wipe out the industry’s recovery from the 2008 and 2009 economic downturn. Airlines are reporting higher demand, but costs are also rising.

Oil prices rose on Tuesday, reversing earlier losses on more Mideast unrest. NYMEX crude, which is directly tied to jet fuel prices, was up nearly 1 percent at $103.32 in late morning trading.

Delta currently estimates its fuel bill will rise about $3 billion for this year. That will result in a hit to first-quarter earnings. Bastian said the airline expects an operating margin of negative 2 to 3 percent for the period.

On Tuesday, airlines disclosed more plans to reduce flying in the face of uncontrollable jet fuel costs.

US Airways Group Inc (LCC.N) said its fourth-quarter system capacity would be down as much as 2 percent from previously expected levels, and Delta said it would scale back capacity both internationally and in the United States in the second half.

Low-cost domestic carrier Southwest Airlines Co (LUV.N) said its capacity plans for this year have not changed, but Chief Executive Gary Kelly said higher oil had forced the discount carrier to raise ticket prices.

Delta said many of its capacity actions were focused on the transatlantic market, where revenue was falling short and costs were rising. Though better revenues were expected in that region starting in the spring, capacity will drop markedly in the fourth quarter.

Lost revenue from effects of the March 11 Japanese earthquake will also pressure results in the short term, airlines said.

AMR Corp’s (AMR.N) American Airlines cited a “modest decline” in revenue from Japan.

And Delta, which operates more flights to Japan than any other U.S. carrier and generates a bit over $2 billion a year from the Tokyo market, estimated the business impact of the Japanese earthquake, tsunami and their aftermath could range from $250 million to $400 million. It is cutting capacity to Japan by 15 percent to 20 percent through May.

“Over the next 2 to 3 months we will undoubtedly see some fairly significant drop-off in demand and drop-off in bookings” tied to Japan, Bastian said.

U.S. airline shares were mostly lower in morning trading. The Arca Airline index .XAL was down 1.1 percent. AMR fell 2.9 percent to $6.58, Delta was down 1.9 percent at $9.98 and industry leader United Continental Holdings Inc (UAL.N) was off 3.0 percent at $23.25.

(Reporting by Karen Jacobs and Kyle Peterson, editing by Gerald E. McCormick)

See more here:

Tags: , , , , , , , , , , , ,

RIM’s Playbook to go on sale April 19 in N.America

in Uncategorized

TORONTO |
Tue Mar 22, 2011 7:38am EDT

TORONTO (Reuters) – Research In Motion’s long-awaited tablet, the BlackBerry PlayBook, will go on sale in the United States and Canada on April 19 at a base price of $499.

RIM said on Tuesday it plans to sell the PlayBook through retailers and wireless carriers including Best Buy, AT&T, Verizon, Radioshack, Sears Canada and Wal-Mart.

The company’s news release did not set a date for the launch but Best Buy in its own statement said it has already begun accepting pre-orders for the device and would begin selling it on April 19.

The Wi-Fi-enabled PlayBook, which will compete against Apple’s iPad, will come in 16 gigabyte, 32 gigabyte and 64 gigabyte versions priced at $499, $599 and $699 respectively.

RIM announced plans to launch the long-awaited device, with a seven-inch screen, in 2010. The tablet will be able to stream a high-definition video to a television screen via a HDMI cable, while allowing users to run other applications at the same time.

(Reporting by Euan Rocha in Toronto and Arup Roychoudhury in Bangalore; Editing by Frank McGurty)

Read more:
RIM’s Playbook to go on sale April 19 in N.America

Tags: , , , , , , , , , , , ,

Special Report: Fuel storage, safety issues vexed Japan plant

in Uncategorized

By Kevin Krolicki and Ross Kerber

TOKYO |
Tue Mar 22, 2011 7:37am EDT

TOKYO (Reuters)- When the massive tsunami smacked into Fukushima Daiichi, the nuclear power plant was stacked high with more uranium than it was originally designed to hold and had repeatedly missed mandatory safety checks over the past decade.

The Fukushima plant that has spun into partial meltdown and spewed out plumes of radiation had become a growing depot for spent fuel in a way the American engineers who designed the reactors 50 years earlier had never envisioned, according to company documents and outside experts.

At the time of the March 11 earthquake, the reactor buildings at Fukushima held the equivalent of almost six years of the highly radioactive uranium fuel rods produced by the plant, according to a presentation by Tokyo Electric Power Co to a conference organized by the International Atomic Energy Agency.

Along with questions about whether Tokyo Electric officials waited too long to pump sea water into the plants and abandon hope of saving them, the utility and regulators are certain to face scrutiny on the fateful decision to store most of the plant’s spent fuel rods inside the reactor buildings rather than invest in other potentially safer storage options.

That debate has direct implications for nuclear policy in the United States about whether changes enacted after the September 11, 2001 attacks go far enough to protect potentially vulnerable fuel stored at the nearly two dozen U.S. power plants that have the same design as the Fukushima Daiichi plant, experts say.

In Japan, the crisis has also focused attention on Tokyo Electric’s spotty record on safety issues that continued until days before the quake, its cost-cutting drive under current chief executive Masataka Shimizu, and a relationship with Japanese government regulators that critics say remains shot through with conflicts of interest.

The cascade of safety-related failures at the Fukushima plant is already strengthening the hand of reformers who argue that Japan’s nuclear power industry will have to see sweeping changes from the top.

“I’ve long thought that the whole system is crap,” said Taro Kono, a Liberal Democratic Party lawmaker and a longtime critic of nuclear power who sees the need for a government-directed reorganization of Tokyo Electric.

“We have to go through our whole nuclear strategy after this,” Kono said. “Now no one is going to accept nuclear waste in their backyards. You can have an earthquake and have radioactive material under your house. We’re going to have a real debate on this.”

The latest incidents add to a record of safety sanctions and misses at Tokyo Electric – more commonly known as TEPCO – that date back a decade and continued into the weeks before the quake.

Less than two weeks before Fukushima Daichi was sent into partial meltdown, the utility had told safety regulators it had failed to inspect 33 pieces of equipment at the plant, including a backup power generator, according to a filing.

Nuclear industry analysts say an even more pressing question concerns an area where Japan’s safety regulations may have given TEPCO too much room to maneuver as it sought to contain costs: storage of used fuel rods.

RADIATION RISKS

When the quake hit, almost 4,000 uranium fuel assemblies were stored in deep pools of circulating water built into the highest floor of the Fukushima reactor buildings, according to company records. Each assembly stands about 3.5 meters high and even a decade after use emits enough radiation to kill a person standing nearby.

The spent radioactive fuel stored in the reactors represented more than three times the amount of radioactive material normally held in the active cores of the six reactors at the complex, according to Tokyo Electric briefings and its presentation to the IAEA.

Here is the original post:

Tags: , , , , , , , ,

©
CyberChimps