Economy

Warren Buffett turns 91, prepares Berkshire Hathaway for a new economy

Warren Buffett walks through the exhibit hall as shareholders gather to hear from the billionaire investor at Berkshire Hathaway’s annual meeting in 2019.

Scott Morgan | Reuters

Before turning 91 on Monday, Warren Buffett has been taking steps to make sure that Berkshire Hathaway — and his eventual successor — will be better positioned to benefit from a technology-driven economy.

The conglomerate’s operating business is a patchwork of companies focused on the traditional backbone of the economy, from railroads, to batteries, insurance, home furnishing and retail. Because of the old economy orientation, Berkshire has missed out on the explosive growth

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China Curbs Steel Output, but Familiar Economic Pressures Test Its Mettle

HONG KONG—A two-month fall in China’s steel output, ordered by economic officials, handed Beijing a global showcase for advancing climate goals and controlling commodity markets. A brewing economic slowdown is testing the government’s will to sustain the cuts.

China’s production of crude steel, half the world’s annual total, fell in July by the widest year-on-year margin since the 2008 global financial crisis. Early indicators suggest it might slip again this month. Culled by state inspections and other official curbs at mills nationwide, the usually prodigious flow that is often the subject of global trade and environmental tensions has fallen by

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Opinion | The Gentrification of Blue America

In my latest column, motivated by the California recall, I pointed out that the Golden State’s left turn on policy hasn’t produced the economic collapse that conservatives predicted. On the contrary, the state’s economy has boomed, even as it keeps getting trash-talked by the business press: Between the election of Jerry Brown and the Covid-19 pandemic, both output and employment grew about as fast in California as they did in Texas.

It has, however, been a peculiar kind of boom, one in which more Americans have moved out of California than have moved in.

Economists trying to understand the

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Opinion: The Fed will surely wimp out and let stagflation take root in the economy, Roubini warns

NEW YORK (Project Syndicate)— I have been warning for several months that the current mix of persistently loose monetary, credit, and fiscal policies will excessively stimulate aggregate demand and lead to inflationary overheating. Compounding the problem, medium-term negative supply shocks will reduce potential growth and increase production costs. Combined, these demand and supply dynamics could lead to 1970s-style stagflation (rising inflation amid a recession) and eventually even to a severe debt crisis.

Until recently, I focused more on medium-term risks. But now one can make a case that “mild” stagflation is already under way. Inflation is rising in

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Businesses exiting California surges in 2021, dealing ‘death knell’ to state’s economy

The number of businesses fleeing California is on the rise.

Since the beginning of 2018, California has seen 265 companies relocate their headquarters outside of the state – 74 of which left in the first six months of 2021, according to a new analysis published by the Hoover Institution, a right-leaning think tank at Stanford University. By comparison, 62 businesses moved outside of the state in 2020, while 78 relocated in 2019. In 2018, 58 companies exited the state. 

The migration is taking place across a broad range of industries, such

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UK public finances beat expectations as economy picks up

UK public finances updates

The UK’s public finances performed better last month than expected, underpinned by a strong economic recovery from the coronavirus crisis that boosted tax revenues.

Public sector net borrowing in July was £10.4bn, roughly half the level in the same month a year ago. The figure was the second highest on record, however, highlighting the continued effects of the pandemic.

Borrowing in the 2021-22 financial year was significantly less than the Office for Budget Responsibility had forecast in the Budget

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Reinventing the ancient Benin economy | The Guardian Nigeria News

Edo modular refinery

The Bight of Benin is metaphorical of the economic exploit of the ancient empire before the greed of Europe vanquished the empire. Their visit and subsequent attack blighted the unequalled economic adventure of the ancient kingdom.

Notwithstanding the European invasion and the epic battle for the economic soul of the empire, the modern Benin City, and, indeed, the entire Edo State, is synonymous with artistic ingenuity.

The creative works in the forms of sculptures, paintings, bronzes and many others are as rich as the history of civilisation, earning it “the Great City of Benin” as far back

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Kebbi kicks off free distribution of 40,000 economy trees

From Olanrewaju Lawal, Birnin Kebbi

The Kebbi State Government has commenced the free distribution of 40,000 economy trees to the general public across the 21 Local Government Areas of the state.

Governor Abubakar Atiku Bagudu, who gave permission for the distribution of the seedlings at the Ministry of Environment and Natural Resources, said the distribution would not only assisted the farmers but also making the environment habitable.

Some of the economy trees seedlings are ready for distribution including oranges, mangoes, dates, moringa, cashews, pawpaws, guava and banana seedlings.

Bagudu, represented by the Secretary to the State Government (SSG), Alhaji Umar

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Group expresses concern over state of economy, living standard | The Guardian Nigeria News


Muslim Stakeholders from the south west and Kwara State Political Awareness Group (PAG) have expressed dissatisfaction over the nation’s unfavourable economic downturn.

In a communique jointly signed by chairmen of the two groups, Dr. Suleiman Adediran and Abdul-Waheed A. Olowonjaye, they urged government at all levels to address the harsh economic situation, lamenting that the cost of living is getting higher while the value of the naira is depreciating.

They also expressed concern over the security situation in the country, which they said has continued to degenerate, and called for more decisive action to arrest the situation.

“The spate of

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‘Fintechs need clarity on regulation to increase contributions to economy’ | The Guardian Nigeria News


•Groups partner to bring regulators, operators together

To create harmonious relationships in the financial technology space, there is a need for clarity of regulations from the regulators to the players in the sector, especially Fintechs.

Clarity of regulations, according to experts in the space, would not only ensure stability, bridge knowledge gaps, but also help avoid unnecessary frictions among stakeholders.

These were the views of experts, who spoke to journalists in Lagos, ahead of their planned efforts to bring financial regulators closer to operators in the Fintech space in Nigeria.

Besides, these experts also highlighted the importance of financial and

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