Today’s News
Warren Buffett’s Berkshire Hathaway has significantly expanded its investment in Occidental Petroleum OXY.N, acquiring an additional 2.95 million shares, as detailed in a regulatory filing.
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This recent acquisition, costing around USD 176 million, increases Berkshire’s stake in the U.S. oil giant to nearly 29%, with the holdings now valued at approximately USD 15.37 billion.
Despite the opportunity to own up to 50% of Occidental, as permitted by U.S. regulators since August 2022, Buffett has expressed no intentions of taking over the Houston-based company.
Image Source: CNBC
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Moreover, Berkshire also possesses warrants allowing the purchase of an additional 83.5 million Occidental shares at a price of USD 59.62 each, which is currently below the company’s closing price of USD 60.20 on Monday.
Other News
Central Banks Delay Rate Cuts Amid Inflation
Despite earlier indications of lower interest rates, major central banks are maintaining higher rates due to persistent inflation and steady economic growth. Predictions now lean towards minimal rate cuts this year, reflecting a cautious monetary policy stance globally.
Global Rate Cut Expectations Dampened
Anticipated rate cuts by major central banks have largely failed to materialize, as persistent inflation and resilient economic indicators prompt a more cautious approach. Initial easing steps by the European Central Bank and Bank of Canada have occurred.
Caterpillar’s Russian Assets to Armenian Firm
Caterpillar Inc.’s former Russian operations have been transferred to PSK-New Solutions, a company owned by Armenian fund Balchug Capital, following a halt in the company’s Russian manufacturing activities in 2022. This transfer has been completed on June 14.
