NetJets Inc, the private jet-sharing company owned by Warren Buffett's Berkshire Hathaway Inc , has defeated a U.S. Internal Revenue Service lawsuit attempting to recoup more than $500 million of unpaid taxes, penalties and interest. [...] The dispute arose from a series of IRS and federal court decisions over nearly two decades, on when and how Columbus-based NetJets should pay federal excise taxes.
Nearly 400 jobs coming to St. Joseph County as RV maker Forest River Manufacturing expands (MLive)
Astute readers may recall a similar story about Forest River also opening a new plant in California two weeks ago. The RV business seems to be booming.
Forest River Manufacturing LLC will spend $7 million to build its first recreational vehicle production site in Michigan over the next three years. The expansion into Michigan, from the company's headquarters in Elkhart, Ind., is expected to mean 396 new jobs over the next five years. [...] According to the Michigan Economic Development Corporation, which announced the project as one of two expansions just approved for Michigan Strategic Fund grants, Forest River is launching new products and plans to build the three facilities in the Village of White Pigeon to house each line.
BNSF expanding Bakken rail capacity (The Bakken Magazine)
BNSF’s North Region has experienced the most rapid growth in recent years and is a destination point for materials that support the production of crude oil in the Bakken. BNSF plans to invest approximately $700 million in the North Region to expand rail capacity and continue the implementation of Positive Train Control technology.
Port labor dispute is big concern for railroads Union Pacific, BNSF (Omaha World Herald)
With rail network congestion improving in some of the nation’s grain belt, Union Pacific Railroad and BNSF Railway are facing another prospective headache: a shutdown of the port complex of Los Angeles and Long Beach, the country’s largest. [...] BNSF spokeswoman Amy Casas said Friday that "unresolved labor issues" at the port complex of Los Angeles and Long Beach have the potential to cut into business at its intermodal terminals in both Los Angeles and San Bernardino. Cranes at the two make 1.5 billion container lifts a year.
MidAmerican earns top J.D. Power ranking (Quad City Business Journal)
Business customers rated MidAmerican Energy Co. the highest for overall satisfaction for the second year in a row, according to the J.D. Power Electric Utility Business Customer Satisfaction Study. The 2015 study measures satisfaction among business customers of 101 U.S. electric utilities. [...] MidAmerican took top honors again among 13 companies in the Midwest Region-Large Segment. Its overall satisfaction index score of 718 was up 21 points from last year, and 13 points ahead of the runner-up.
Berkshire Hathaway moves into Canadian insurance market (Toronto Star)
Commercial insurance company Berkshire Hathaway Specialty Insurance is expanding into Canada and bringing with it big coverage rates set to shake up the industry. The company’s Canadian foray comes just 21 days after it entered the U.S. market. In the past two months, it picked up licenses to operate in Hong Kong and Singapore, signalling an ambitious expansion effort by the insurer, owned by business magnate Warren Buffet and known for its predilection for taking risks and growing quickly. [...] Pete Karageorgos, the director of the Insurance Bureau of Canada, said the expansion is "positive and growth is always good," but he warned that the Canadian insurance market has more regulatory oversight and different coverage levels than that of the U.S.
Buffett-Backed Heinz Sells $2 Billion of Bonds to Pay Down Loans (Bloomberg)
H.J. Heinz Co., the ketchup-maker owned by Warren Buffett’s Berkshire Hathaway Inc. and 3G Capital Inc., sold $2 billion in bonds to repay a portion of its term loans, the company said in a statement. The 10-year second-lien notes were sold at par to yield 4.875 percent, according to data compiled by Bloomberg. [...] "Heinz is a household name with a tremendous history, stable products, they have been cutting costs, and in the end there is a Buffett premium priced in that helped the deal,” said Matthew Duch, a money manager at Calvert Investments in Bethesda, Maryland, which oversees more than $13 billion in assets. “The pricing was fair, and people are going in looking to park cash here."
Warren Buffett Bets on These Top Stocks for 2015 (Fool)
At the end of the third quarter, Berkshire Hathaway -- Warren Buffett's company -- disclosed it had a $17 billion stake in Coca-Cola, a $13.4 billion position in IBM, and roughly $5 billion in Wal-Mart. All signs indicate Buffett will continue to hold them into 2015 and well beyond.
Warren Buffett Stocks: 3 Dividend Aristocrats From Berkshire Hathaway's Portfolio (Fool)
To be considered a Dividend Aristocrat, a company must boast a history of at least 25 consecutive years of uninterrupted dividend growth. Coca-Cola, Procter & Gamble, and Wal-Mart are not only part of that select group, they are also included in Warren Buffett's Berkshire Hathaway portfolio.
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