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About: http://data.cimple.eu/news-article/34c58c103ea2ae6c0062b8f8c84f4618e0784b9e38be007b8deceb86 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Hard-hit by the market rout surrounding the coronavirus pandemic, Berkshire Hathaway, the holding company of Warren Buffett, has reported first-quarter net losses of nearly $50 billion, it reported Saturday. The company, based in Omaha, Nebraska, called the setback "temporary" but said it could not reliably predict when its many businesses would return to normal or when consumers would resume their former buying habits. Buffett is considered one of the savviest investors anywhere. His fortune of $72 billion is the fourth-largest in the world, according to Forbes, and in normal years, the company's annual gathering in Omaha is a high-point of the calendar for investors, a "Woodstock for capitalists." But the devastating economic impact of the pandemic has hit hard at Berkshire Hathaway's wide range of investments, and the need for social distancing forced it to hold the annual meeting online. The meeting is set to begin at 3:45pm Central time (2045 GMT) and will be live-streamed. Buffett, in a statement, played down the bleak-looking net figure. He said a better measure of the company's performance was its operating earnings, which exclude investments and are less subject to sharp fluctuations. By that measure, Berkshire Hathaway saw growth to $5.9 billion from $5.55 billion a year earlier. The brutal drop in the net -- to a loss of $49.75 billion from a profit last year of $21.7 billion -- resulted primarily from the virus-related decline in value of its broad investment portfolio, which ranges from energy to transport to insurance and technology. The annual meeting often has an almost carnival atmosphere, as thousands of fans and investors flock to Nebraska to hear from the celebrated "Oracle of Omaha." Buffett, famous for his relatively sedate lifestyle, turns 90 on August 30. In documents filed Saturday, Berkshire noted that until mid-March many of its companies were posting "comparative revenue and earnings increases" over the same 2019 period. Many of its companies -- including in rail transport, energy production and some manufacturing and service businesses -- are deemed essential and are able to continue working amid the far-reaching confinement orders. But their turnover slowed considerably in April, the company statement said. Vog/etr/bbk/dw
schema:headline	Warren Buffett's company reports Q1 loss of $50 bln
schema:mentions	Holding company CHI Health Center Omaha Berkshire Hathaway Central Time Zone Omaha people Woodstock World energy consumption Live streaming Nebraska Carnival Warren Buffett Forbes Social distancing Insurance Pandemic Coronavirus Berkshire Oracle Corporation Data warehouse Vog Greenwich Mean Time
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-02 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	79 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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