Berkshire Hathaway (NYSE:BRKA) has been authorized by its board to repurchase the company shares at a price not exceeding 120% of book value. Concurrently, the company has purchased 9,200 class A shares at $131,000 per share from the estate of a long-time shareholder.
US airplane maker Boeing (NYSE:BA) and German carmaker BMW (BAMXY.PK) have announced a collaboration that will advance research on carbon fibre recycling and technology for its manufacturing and automation. Carbon fibre finds increasing application in planes and cars because it is 30% lighter than aluminium and 50% lighter than steel. Its use in vehicular shells as it reduces vehicle weight and cuts emissions.
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Walmart Stores Inc (NYSE:WMT) clarifies that the amount of $25 million it spent on lobbying US law makers over the past four years, and its disclosure via a standard form, “has nothing to do with political or governmental contacts with India government officials.” The retailer insisted it was not a bribe, but only an entirely legal (in the US) detail of lobbying activity. Bharatiya Janata Party, an opposition party in India, insists the lobbying disclosure by Walmart was an admission of bribery.
Correspondence between the SEC and JP Morgan Chase and Co (NYSE:JPM), over the period from June 15 last year through February 17 and made public yesterday, reveals that the regulator was concerned about JP Morgan’s exposure through proprietary trading, a form of trading that would be restricted under the Volcker Rule. The bank’s CFO Douglas Braunstein was requested by the SEC to provide information on its principal transactions revenue and proprietary trading. In a July 1 response to the SEC, Braunstein said trading with the firm’s own capital was just a “de minimis portion of the revenues and earnings of the investment bank.” However, the bank admitted in May to huge losses on a portfolio of credit derivatives that could exceed $6.2 billion.