Marmon and Wells Fargo buy GE Capital rail businesses (Railway Gazette)
Berkshire Hathaway’s Marmon Holdings has bought ‘substantially all’ of GE Railcar Services’ tank wagons with immediate effect, and expects to complete the acquisition of GE Railcar Repair Services in the fourth quarter of 2015.
The wagons will be managed by Union Tank Car Co and Procor, while the repair facilities will expand the UTLX Repair Services and Procor Repair Services networks.
Buffett Cuts Munich Re Stake After Lamenting Reinsurance Slump (Bloomberg)
Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business.
Berkshire’s holding was lowered to 9.7 percent from about 12 percent, Munich Re said in a statement Tuesday, citing a notification from Buffett’s Omaha, Nebraska-based company. [...]
“It’s a business whose prospects have turned for the worse and there’s not much we can do about it,” Buffett told shareholders at his company’s annual meeting in May.
Berkshire's Abel Targeted by Pilots Union Over Board Secrecy (Bloomberg)
A union representing pilots at Berkshire’s NetJets unit said that it took out an advertisement Monday in Abel’s hometown newspaper, Iowa’s Des Moines Register, identifying the executive as a board member of the business. Two other directors remain unidentified, despite attempts to learn who is overseeing the company, the group said on its website.
Berkshire Hathaway Said to Borrow $275 Million for Texas Wind (Bloomberg)
Warren Buffett’s Berkshire Hathaway Inc. borrowed $275 million for a 300-megawatt wind farm in Texas that’s supplying power to Austin Energy, according to two people familiar with the deal. [...]
Berkshire Hathaway’s BHE Renewables unit owns the wind farm, which it acquired from Chicago-based Lincoln Clean Energy LLC.
Warren Buffett Gets Into Cybersecurity Insurance (24/7 Wall St)
Berkshire Hathaway Specialty Insurance (BHSI) unveiled two new types of insurance policies on Tuesday, providing cyber liability and breach response coverage. The company now offers risk management resource policies: the Professional First Network Security & Privacy Policy and the Professional First Professional Liability and Network Security & Privacy Policy. Berkshire Hathaway indicated that the latter also includes customizable errors and omissions liability coverage. [...]
As far as what features these policies include, that would be coverage for third party exposures, breach expense and extortion threat coverage, media liability coverage, business interruption coverage, access to the eRiskHub and more. [...]
Warren Buffett Saved Media General: Don't Dismiss Berkshire In A Fight Over Its Future (Forbes)
In the case of broadcasting conglomerate Media General, Buffett similarly helped revive the company through a creative May 2012 deal where he bought 63 of its newspapers for $142 in cash and provided the Richmond, Va.-based company with a $400 million term loan and a $45 million revolving credit facility. [...] This morning Nexstar Broadcasting disclosed that during Media General’s stock slide, it has been lobbying to buy the company in a merger that would instantly create a powerhouse broadcaster touching nearly 40% of U.S. households. [...] Berkshire, according to the BAML analysis, is a potential friendly investor for Nexstar. However, Berkshire, currently a holder of nearly 4% of Media General’s outstanding stock after a series of stock-funded acquisitions, has historically balked at hostile takeover deals. If Media General’s board decides to continue on its path for Meredith and its standalone strategy, odds are Buffett will support the plan. [...]
Lubrizol opens CPVC resin facility in Thailand (Business Standard)
The Lubrizol Corporation, , a Berkshire Hathaway company, on October 5, 2015 opened a chlorinated polyvinyl chloride (CPVC) resin manufacturing facility in Rayong, Thailand as part of a joint investment with Sekisui Chemical Company Ltd. The plant opening is the latest in the company's efforts to increase global CPVC capacity as previously announced in 2013. [...]
The Thailand facility, combined with Lubrizol's other recent investments in Louisville (Kentucky) and Dahej (India), as well as its existing CPVC operations around the globe, better positions the organisation to support its future business growth. [...]
MetLife Fighting Systemic Tag Asks Why Buffett Gets Pass (Bloomberg)
MetLife Inc., the insurer fighting the U.S. government’s decision to label it a potential threat to financial stability, wants to know why Warren Buffett’s Berkshire Hathaway Inc. has gotten a pass. [...]
“It is difficult to understand why, say, Berkshire Hathaway with $64 billion in debt and $277 billion of market capitalization should not be considered a systemic risk,” Hele said at the November meeting at the Treasury Department in Washington.
Hele also mentioned Visa Inc., noting that the world’s largest payments network had a market capitalization of $135 billion. MetLife’s market capitalization is about $52 billion.
Conservative think tank attacks NV Energy plan to build new power plant (Las Vegas Sun)
The Beacon Hill Institute, a conservative think tank backed by the Koch brothers, released a report Monday condemning a new, $1 billion natural gas plant proposed by NV Energy.
The institute, based at Suffolk University in Boston, said building the new plant could cost consumers $604 million by 2025 and that a new power plant could cost Nevada more than 1,600 jobs and $18 million of private investment.
The Nevada Policy Research Institute, which opposes shutting down coal-fired power plants in exchange for solar and natural gas generation, hired Beacon Hill to do the study. [...]
NV Energy hopes to phase out its use of coal entirely and have one quarter of its electricity generated from renewable sources in the next decade.
Warren Buffett outlasts Ndamukong Suh in final arm-wrestling duel (WPLG 10)
There was more than just football taking place Monday at the Miami Dolphins Training Facility in Davie.
Inside, WPLG Local 10 owner and billionaire Warren Buffett was challenging Dolphins defensive tackle Ndamukong Suh to an arm-wrestling rematch. [...]
It was a struggle, but in the end Buffett, aka "The Bicep," reigned victorious over Suh, aka "The Dominator," once again.
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