Regulators are starting to scrutinize Warren Buffett’s Berkshire Hathaway Inc. to determine whether it is important enough to the financial system to require Federal Reserve supervision, according to two people with knowledge of the matter. The U.S. Financial Stability Oversight Council staff’s study of Berkshire doesn’t mean the panel is inclined to designate the Omaha, Nebraska-based company, said the people, who requested anonymity because the work isn’t public. Any decision could be months away, they said. The company’s reinsurance operation is the world’s fourth-largest.
Buffett Leans on 29-Year-Old Cool to Oversee Problems (Bloomberg)
Now 29, [Tracy Britt] Cool is one of Buffett’s most-trusted advisers, traveling the country to assist a constellation of companies too small to command her boss’s direct attention. The billionaire said his confidence in Cool is one reason he agreed to buy party-supply seller Oriental Trading. In 2012, she was named chairman of that business and three other units, including paint company Benjamin Moore. [...] “If you have 60 or 70 children, you’re going to have one or two that are going to be problems from time to time,” said Buffett, who focuses on acquisitions, large stock bets, insurance and the railroad. “Part of her job is to make sure that, where there is some area where the companies can benefit from some interaction, they actually do benefit. I’ve never done anything along those lines.”
4 things to know about Warren Buffett adviser (USA Today)
One of the rising stars — perhaps the rising star — at Berkshire right now is a 29-year-old woman named Tracy Britt Cool. Buffett hired her right out of Harvard Business School, and over the course of five years, she has become one of the most interesting and increasingly important people in the business world. Here are a few things to know about Cool.
The Dairy Queen® System Expands Global Footprint (MarketWatch/Business Wire)
The Dairy Queen® system, the international retail treat category leader and part of Berkshire Hathaway , has recently re-entered Taiwan, and also plans to open the first DQ® locations in Vietnam and Guyana during 2014, which will bring the number of countries outside the U.S. where the Dairy Queen system has a presence to 24.
Berkshire Hathaway Specialty Insurance To Acquire Noel Group's MyAssist Inc. and Insure America LLC (Business Wire)
Berkshire Hathaway Specialty Insurance today announced that it has signed an agreement to purchase from Noel Group the assets of MyAssist Inc., a live-agent personal-assistance and telematics service provider, and Insure America LLC, a niche program administrator which provides insurance products to the travel industry.
Buffett's Berkshire acquires MyAssist in-car concierge service used by Mercedes, Ford (Auto News)
Warren Buffett's Berkshire Hathaway Inc. is betting on a service that helps companies including Ford Motor Co. and Daimler AG's Mercedes-Benz provide live, in-car support to drivers. [...] For Mercedes-Benz, MyAssist provides personalized trip assistance from human attendants using "location-aware technology" from Verizon Communications Inc.
BNSF Wins Appeal of U.S. Rule Lowering Coal Rail Rates (Bloomberg)
BNSF Railroad Co., the carrier owned by Warren Buffett’s Berkshire Hathaway Inc., won an appeal of a U.S. Surface Transportation Board ruling that its rates for shipping Western coal were too high. [...] The board, which regulates railroad rates,originally ordered BNSF to repay $345 million to shippers represented by the Western Fuels Association Inc. and Basin Electric Power Cooperative Inc. The court today directed the board to explain why its decisions were reasonable, in addition to weighing more data.
Berkshire Hathaway Specialty Expands into Builder’s Risk Segment (Insurance Journal)
Berkshire Hathaway Specialty Insurance (BHSI) is expanding its property capabilities to include builder’s risk insurance. [...] “These new capabilities enable us to round out our construction offering, bringing large-scale capacity and technical underwriting experience to large projects” [...]
Buffett's $1 Billion Safe Bet on NCAA (Bloomberg)
Berkshire Hathaway has insured a $1 billion prize by Quicken Loans Inc. that would pay the winner $25 million a year over the next 40 years, or one lump sum of $500 million. It’s by far the largest payout offered for predicting the National Collegiate Athletic Association's tournament -- Fox Sports recently put up $1 million for the same feat, and Yahoo’s contest would have paid $5 million. With the odds of filling out a flawless, 64-team bracket about 1 in 9 quintillion, Buffett’s money appears to be safe. For reference, you’d have a better chance at hitting four straight holes-in-one or winning three consecutive Powerball lotteries.
Warren Buffett Offering $1 Billion For Perfect NCAA Bracket (The Onion)
“The winner at my office gets a Chili’s gift card. So it’d be pretty sweet if I could win this one too.”
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