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Warren Buffett's successor is building an $68 million Berkshire holding

Business / Business News /

Greg Abel, who is in line to eventually succeed Warren Buffett as chief executive officer of Berkshire Hathaway Inc., has been building his stake in the conglomerate he expects to oversee one day.

Abel acquired about $68 million of stock late last month, according to filings Monday. The Class A shares closed at $413,300 Monday in New York.

The...Read more

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GM sees 24% 3Q sales increase, says it's prepping early for EV launches in 2023

Business / Business News /

General Motors Co. U.S. dealers sold 555,580 vehicles in the third quarter, up 24% from last year as inventory levels improved and demand remained strong despite rising interest rates.

Three of GM's brands posted double-digit gains: Chevrolet was up 30%, GMC 24% and Cadillac 50%, while Buick was down 27%.

GM ended the third quarter with 359,...Read more

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Publix, Walmart open after Ian, but it might be hard to find eggs

Business / Business News /

With milk and bottled water on store shelves, grocers are open in Orlando after Hurricane Ian.

But shoppers might have some trouble finding eggs. Shelves of chicken eggs were cleared out Monday morning at a Casselberry Publix, but fresh quail eggs were available. At the nearby Walmart, the egg section was also barren.

Both stores had some ...Read more

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Orlando fuel prices fall as gas tax holiday takes effect

Business / Business News /

A one-month gas tax holiday that kicked in Saturday helped to push Orlando-area gas prices to their lowest average since January.

A gallon of regular unleaded averaged $3.19 per gallon on Monday, down 15 cents from a week ago, according to the travel club AAA. The state is suspending 25 cents a gallon in gas taxes through the end of the month. ...Read more

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Two senior Rocket executives to retire; replacements named

Business / Business News /

DETROIT — Rocket Companies on Monday announced the retirements of two senior executives.

Angelo Vitale, Rocket's general counsel and secretary, retired effective Monday. Julie Booth, chief financial officer and treasurer for the Detroit-based parent company of Rocket Mortgage, will retire effective Nov. 15, according to a news release. Booth ...Read more

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UnitedHealth Group completes $13 billion deal to acquire Change Healthcare

Business / Business News /

UnitedHealth Group has completed its acquisition of Tennessee-based Change Healthcare, a $13 billion dollar deal the Justice Department unsuccessfully tried to block this year on competitive grounds.

Change Healthcare is a health care data firm that's now a part of Optum, the division for health care services at Minnetonka-based UnitedHealth ...Read more

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Amazon closes several facilities, but for a good reason

Business / Business News /

At first, the news seemed horrible for Amazon.

That’s good news or bad, depending on whether you consider the online retailing giant to be our benevolent overlord or the epitome of evil and the root cause for the end of civilization.

The news, compiled over the last few months by consulting firm MWPVL and reported by Bloomberg, is that ...Read more

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Elizabeth Holmes gets reprieve from expected prison term as sentencing delayed

Business / Business News /

Theranos founder Elizabeth Holmes on Monday received a reprieve from an expected prison sentence, with the judge in her case delaying her sentencing for up to three months.

Holmes, convicted in January on four counts of felony fraud in connection with her failed Palo Alto blood-testing startup, was to be sentenced Oct. 17 in U.S. District Court...Read more

DELETED: What a bear market really means for your 401(k)

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This story has been deleted by the news provider.

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Path uncertain for US-Taiwan free trade deal despite Hill support

Business / Business News /

TAIPEI, Taiwan — As Congress grapples with how best to support Taiwan in the years ahead against China’s growing bellicosity, the one action many experts and lawmakers believe could most reduce the risk of war is one of the more politically and diplomatically difficult ones for the Biden administration to undertake.

It’s assumed that ...Read more

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One America News plots a comeback that includes TV antenna users

Business / Business News /

After being dropped by two major pay-TV distributors this year, One America News is attempting a comeback by leveraging an old technology: the antenna.

The conservative channel, which has been accused of spreading misinformation about the 2020 election and praised by former President Donald Trump, lost millions of homes when DirecTV and Verizon...Read more

Burlington Stores employees win $11 million in overtime pay settlement

Business / Business News /

Discount retailer Burlington Stores, formerly known as Burlington Coat Factory, has agreed to an $11 million settlement in a lawsuit claiming that it refused to pay overtime to assistant store managers who weren't bona fide managers with the power to hire or fire employees but could work 50 to 55 hours a week, according to court documents.

...Read more

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Gas keeps costing more. Would an emergency oil supply help cut prices?

Business / Business News /

WASHINGTON — California gasoline prices are soaring again — up more than a dollar over the last month — and the latest big congressional idea for relief involves creating an emergency oil supply that Washington would tap when prices soar.

It’s called the Economic Petroleum Reserve. Experts, however, aren’t enthusiastic, and the plan ...Read more

How Hurricane Ian and other disasters are becoming a growing source of inequality – even among the middle class

Business / Business News /

Friendswood, Texas, is the type of community that one might think of as a “best case scenario” when it comes to recovering from a disaster.

It is a small tight-knit town with well-resourced residents and a strong social infrastructure of local institutions that provided a huge outpouring of support in the immediate aftermath of ...Read more

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Americans have recession fatigue -- and it's keeping them from preparing for the next downturn

Business / Business News /

When Pasha Grozdov found out his friend’s Manhattan landlord was raising the rent on her one-bedroom apartment from $4,100 to a crushing $6,000 a month, there was only one way he could think to react: with a joke.

“Let’s cancel the economy,” he responded.

Iced coffees in hand, Grozdov and his friend were on an early morning stroll ...Read more

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Survey: Analysts foresee 12% rise in stock market over next 12 months

Business / Business News /

The stock market has had a tumultuous 2022 so far, with major indices such as the S&P 500 and the Nasdaq Composite in bear market territory. But according to market professionals surveyed in Bankrate’s Third-Quarter Market Mavens survey, the outlook for stocks should improve over the coming year. The group of experts foresees a 12% increase in...Read more

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Popularity of cryptocurrency plummets among millennials in 2022

Business / Business News /

The popularity of cryptocurrencies such as Bitcoin has plummeted in 2022, particularly among their most fervent supporters – millennial investors – according to a recent Bankrate survey. Americans of all ages have seen their comfort level with cryptocurrency sink sharply over the last year, as these digital currencies have plunged in value ...Read more

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Britain's hard lessons from handing elder care over to private equity

Business / Business News /

LONDON — A little over a decade ago, Four Seasons Health Care was among the largest long-term care home companies in Britain, operating 500 sites with 20,000 residents and more than 60 specialist centers. Domestic and global private equity investors had supercharged the company’s growth, betting that the rising needs of aging Britons would ...Read more

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Think retirement is out of reach? Here's what you need to know

Business / Business News /

The pandemic caused tectonic shifts in the job market as workers young and old quit and searched for something better — in their work or in their life. According to the Pew Research Center, a little more than half of adults ages 55 and older had ditched the grind by late 2021, compared with 48% in the months before the first case of COVID-19 ...Read more

Can most Californians even afford to retire?

Business / Business News /

Steven Johnson spent 19 years as a minimum wage laborer for a Los Angeles moving company, lifting heavy furniture and suffering three hernias along the way.

For the last decade, the 61-year-old has worked as a waiter and as a cook in fast-paced kitchens.

Now arthritis has swollen his knees. "I tried to tough it out, icing myself down," Johnson...Read more