JBS Sees Bigger Beef Toll on Profits as Cattle Shortage Deepens
The results for the world's largest meat supplier are the first since JBS transferred its listing to New York from Sao Paulo in June. Under IFRS accounting standards, adjusted earnings before interest and taxes fell 12% from a year earlier to $1.2 billion. JBS posted a loss of $293 million at its North American beef operation, an 11-fold widening from a year earlier.
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Tengku Zafrul: Malaysia controlling stream of rare earth in bid to keep value, keeping both US and China at bay
KUALA LUMPUR, Aug 18 — Malaysia is banning exports of unprocessed rare earths while at the same time attempting to court downstream investment to retain their value added at home, Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Aziz said. Speaking in an interview with US-based CNBC's 'Squawk Box Asia', Tengku Zafrul said Malaysia has discussed its rare-earth strategy with both Washington and Beijing during broader negotiations. 'Today, we engage both sides. And to be fair, both China and US have never said that you can't supply to the other, right? You can't not do business with the other,' he said. He also said that both countries have reminded Malaysia that it cannot have two different standards on rare earth exports. 'So we have to be consistent, to be neutral. You have to consider, we can't have policies which differentiates our relationship with one party to the other, to one country to another. 'So that's, I think, key. Once you do that, then it's very hard to defend that neutrality position,' he added. Tengku Zafrul pointed to the moratorium on rare earth elements exports, highlighting Australian miners Lynas as among firms operating under rules that permit exports after processing. 'So what we are doing now is we're saying that, look, we invite all companies to come to Malaysia and to be part of the supply chain to invest in the downstream activities of rare earth, and then we can then export the value-add of those right now,' he said. Tengku Zafrul argued the approach maximises economic spillovers and strengthens the case for keeping processing domestic. He also framed the policy as a way to anchor higher-value activity in Malaysia while staying open to all buyers under equal rules. Earlier this month, Tengku Zafrul announced that Malaysia will no longer allow the export of raw rare earth minerals, in a move to promote local downstream development. Tengku Zafrul said Malaysia remains open to foreign investment, but it must involve local processing, job creation, and technology transfer.
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Australian court fines Qantas US$59 million for illegal layoffs
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Warren Buffett Buys a Beaten Down Healthcare Stock: Should You Follow?
Warren Buffett has struck again – this time in healthcare's rubble. Berkshire Hathaway (NYSE: BRK.B) recently disclosed a five million share position in United Healthcare Group (NYSE: UNH), the nation's largest health insurer. The timing is quintessentially Buffett. UNH shares have plummeted more than 50% from their all-time highs, battered by regulatory pressures and industry headwinds. While most investors flee the carnage, the Oracle of Omaha is doing what he does best – hunting for value in the wreckage. But as with everything Buffett does, context matters. Putting Things in Perspective The United Healthcare position is estimated to be worth around US$1.6 billion based on Berkshire's five million share purchase. That's a sizable sum of money by any measure. Here's what you need to know: Berkshire Hathaway's stock portfolio is worth close to US$295 billion. Therefore, the UNH position is less than 0.6% of the company's overall stock holdings. In contrast, Berkshire's largest position is actually Apple (NASDAQ: AAPL), valued at US$65 billion – representing more than a fifth of the total stock portfolio. Put simply, while the United Healthcare investment grabbed headlines, it wouldn't be moving Berkshire's needle anytime soon. Beyond that, there's a crucial question: did Buffett actually make this call? The Real Decision Makers Every Berkshire Hathaway stock purchase gets dissected as if it came straight from Warren Buffett himself. But the Oracle doesn't fly solo anymore. Berkshire brought on Todd Combs in 2010, followed by Ted Weschler in 2012. Both serve as investment managers with significant autonomy. Initially, Buffett allocated US$2 billion to each manager. By 2017, that figure had quintrupled to US$10 billion per person. Given this structure, the US$1.6 billion UNH bet could be from either Combs or Weschler – not Buffett himself. Get Smart: Look before you leap Context matters when it comes to investing. If you jump in and buy shares without understanding the full picture, you could get hurt in the process. For Berkshire, even if the UnitedHealth investment doesn't work out, you won't see the company sweating over a position worth less than 0.6%. Does the same apply to you? That's food for thought if you decide to pull the trigger. Dive into the future of technology with our newest FREE report, 'The Rise of Titans.' Discover how the big 7 US tech stocks can be your ticket to huge long-term gains. Download your copy today and see how easy it is to supercharge your portfolio. Follow us on Facebook, Instagram and Telegram for the latest investing news and analyses! Disclosure: Chin Hui Leong owns shares of Apple and Berkshire Hathaway The post Warren Buffett Buys a Beaten Down Healthcare Stock: Should You Follow? appeared first on The Smart Investor. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
