Buffett’s Berkshire Hathaway hits $1 trillion market value

Buffett, who turns 94 on Friday, headed Berkshire Hathaway since 1970, transforming it from a small textile company into one of the world’s most valuable firms. (REUTERS)
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Updated 29 August 2024
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Buffett’s Berkshire Hathaway hits $1 trillion market value

  • Berkshire Hathaway is the only publicly-traded, non-tech firm other than Saudi Aramco, to hit such heady heights
  • The firm has plowed its growing cash pile into government bonds and now owns more short-term US Treasury bills than the Federal Reserve

NEW YORK: Warren Buffett’s Berkshire Hathaway holding company crossed $1 trillion in market value Wednesday, making it the first non-tech firm on Wall Street to pass the milestone.
Buffett, who turns 94 on Friday, has been chair of Berkshire Hathaway since 1970, transforming it from a small textile company into one of the world’s most valuable firms, and turning him into one of the world’s richest men.
On Wednesday, Berkshire Hathaway’s market capitalization crossed $1 trillion in early trading, putting it in an exclusive club alongside tech titans like Apple, Nvidia and Microsoft.
The company’s Class A shares closed up 0.8 percent, and its Class B shares closed up 0.9 percent, leaving it with a total market value of just over $1 trillion.
It is the only publicly-traded, non-tech firm other than Saudi Arabia’s state-owned oil company, Saudi Aramco, to hit such heady heights. Electric vehicle maker Tesla, which previously hit a $1 trillion market capitalization, is considered to be a technology company by many analysts.
The Nebraska-based firm’s portfolio spans a vast array of sectors, including insurance, railroads and retail.
Buffett, who has been dubbed the “Sage of Omaha,” popularized a dispassionate, long-term approach to investing that ran counter to the short-term thinking of many market players at the time.
Buffett has been in a selling mood of late, convincing Berkshire Hathaway to dump large quantities of stock in some of its biggest holdings, including Apple and Bank of America, accumulating vast cash reserves.
The firm has plowed its growing cash pile into government bonds to such an extent that it now owns more short-term US Treasury bills than the Federal Reserve.
 


North Korea pledges deeper ties with Russia as security chief visits

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North Korea pledges deeper ties with Russia as security chief visits

SEOUL: North Korean leader Kim Jong Un pledged to deepen ties with Russia as he held talks with visiting security chief Sergei Shoigu, state media reported Saturday.
Western powers have accused cash-strapped North Korea of selling ammunition to Russia in defiance of sanctions over the more than 30-month war in Ukraine.
North Korea has recently bolstered military ties with Russia, with President Vladimir Putin making a rare visit to Pyongyang in June, where he signed a mutual defense agreement with Kim.
Pictures in North Korean state media showed Kim and Shoigu hugging and smiling at the end of their visit, with the North Korean leader “wishing the respected President Vladimir Vladimirovich Putin good health and success in his work.”
The pair were described as having had “constructive” talks in “a friendly and trustworthy, warm atmosphere.”
The exact location of their meeting was not disclosed, but experts suspect it was the Kumsusan Guest Palace in Pyongyang, which has hosted both Putin and Chinese President Xi Jinping.
“There was a wide exchange of views on the issues of steadily deepening the strategic dialogue between the two countries and strengthening cooperation to defend the mutual security interests and on the regional and international situation,” North Korean state media said.
Kim “affirmed that the DPRK government would further expand cooperation and collaboration” with Russia based on the treaty they signed in June, it added, using the country’s official name.
Russia’s security council said on its website that Shoigu’s meeting with Kim will “make an important contribution to the implementation” of the defense pact.
Shoigu heads Russia’s Security Council after stepping down as defense minister in May.
He last met with Kim in July 2023, during a celebration in Pyongyang for the 70th anniversary of the 1953 Korean War armistice.
Their latest meeting comes two days after North Korea fired multiple short-range ballistic missiles into waters east of the Korean peninsula. Seoul’s Joint Chiefs of Staff said the testing spree was possibly of weapons meant “for export to Russia.”
On Friday, North Korea released images of its uranium enrichment facility for the first time, and Kim stressed “the need to further augment the number of centrifuges in order to exponentially increase the nuclear weapons for self-defense.”
The United States and South Korea have accused North Korea of supplying ammunition and missiles for Russia’s war effort, a claim Pyongyang has called “absurd.”
A Conflict Armament Research report this week used debris analysis to show “that missiles produced this year in North Korea are being used in Ukraine.”
Russia, a historical ally of North Korea, is one of a handful of nations with which Pyongyang maintains friendly relations. Ties have warmed since the 2022 start of the Ukraine war ruptured Russia’s relations with the West.

In Belarus, the native language is vanishing as Russian takes prominence

Updated 23 min 33 sec ago
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In Belarus, the native language is vanishing as Russian takes prominence

  • Belarusian cultural figures are being persecuted and hundreds of institutions are being closed
  • One prominent secondary school has switched from teaching classes in Belarussian in favor of Russian

TALLINN: When school started this year for Mikalay in Belarus, the 15-year-old discovered that his teachers and administrators no longer called him by that name. Instead, they referred to him as Nikolai, its Russian equivalent.
What’s more, classes at his school — one of the country’s best — are now taught in Russian, not Belarusian, which he has spoken for most of his life.
Belarusians like Mikalay are experiencing a new wave of Russification as Moscow expands its economic, political and cultural dominance to overtake the identity of its neighbor.
It’s not the first time. Russia under the czars and in the era of the Soviet Union imposed its language, symbols and cultural institutions on Belarus. But with the demise of the USSR in 1991, the country began to assert its identity, and Belarusian briefly became the official language, with the white-red-white national flag replacing a version of the red hammer and sickle.
But all that changed in 1994, after Alexander Lukashenko, a former Soviet collective farm official, came to power. The authoritarian leader made Russian an official language, alongside Belarusian, and did away with the nationalist symbols.
Now, with Lukashenko in control of the country for over three decades, he has allowed Russia to dominate all aspects of life in Belarus, a country of 9.5 million people. Belarusian, which like Russian uses the Cyrillic alphabet, is hardly heard on the streets of Minsk and other large cities anymore.
Official business is conducted in Russian, which dominates the majority of the media. Lukashenko speaks only Russian, and government officials often don’t use their native tongue.
The country depends on Russian loans and cheap energy and has created a political and military alliance with Moscow, allowing President Vladimir Putin to deploy troops and missiles on its soil, which was used as a staging area for the war in Ukraine.
“I understand that our Belarus is occupied. … And who is the president there? Not Lukashenko. The president is Putin,” said Svetlana Alexievich, who won the 2015 Nobel Prize for literature and lives in Germany in effective exile. “The nation has been humiliated and it will be very difficult for Belarusians to recover from this.”
Belarusian cultural figures have been persecuted and hundreds of its nationalist organizations have been closed. Experts say Moscow is seeking to implement in Belarus what the Kremlin intended to do in neighboring Ukraine when the war there began in 2022.
“It is obvious that our children are being deliberately deprived of their native language, history and Belarusian identity, but parents have been strongly advised not to ask questions about Russification,” said Mikalay’s father, Anatoly, who spoke to The Associated Press on condition his last name not be used, for fear of retribution.
“We were informed about the synchronization of the curriculum with Russia this year and were shown a propaganda film about how the Ukrainian special services are allegedly recruiting our teenagers and forcing them to commit sabotage in Belarus,” he said.
Mikalay’s school was one of the few where paperwork and some courses were conducted in Belarusian. In recent years, however, dozens of teachers were fired and the Belarusian-language section of its website vanished.
Human rights advocate Ales Bialiatski, convicted in 2023 on charges stemming from his Nobel Peace Prize-winning work, demanded his trial be conducted in Belarusian. The court rejected it and sentenced him to 10 years.
Lukashenko derides his native language, saying “nothing great can be expressed in Belarusian. … There are only two great languages in the world: Russian and English.”
Speaking to Russian state media, Lukashenko recounted how Putin once thanked him for making Russian the dominant language in Belarus.
“I said, ‘Wait, what are you thanking me for? ... The Russian language is my language, we were part of one empire, and we’re taking part in (helping) that language develop,’” Lukashenko said.
Belarus was part of the Russian empire for centuries and became one of 15 Soviet republics after the 1917 Bolshevik Revolution. Daily use of the Belarusian language decreased and continued only in the country’s west and north and in rural areas.
In 1994, about 40 percent of students were taught in Belarusian; it’s now down to under 9 percent.
Although Belarusian, like Russian, is an eastern Slavic language, its vocabulary is considerably different. In 1517, Belarusian publisher Francysk Skaryna was one of the first in eastern Europe to translate the Bible into his native language.
Even speaking Belarusian is seen as a show of opposition to Lukashenko and a declaration of national identity. That played a key role in the mass protests after the disputed 2020 election gave the authoritarian leader a sixth term. In the harsh crackdown that followed, a half-million people fled the country.
“The Belarusian language is increasingly perceived as a sign of political disloyalty and is being abandoned in favor of Russian in the public administration, education, culture and the mass media, upon orders from the hierarchy or out of fear of discrimination,” said Anaïs Marin, the United Nations special rapporteur for human rights in Belarus.
At the same time, “more people want to speak Belarusian, which has become one of the symbols of freedom, but they’re afraid to do it in public,” said Alina Nahornaja, author of “Language 404,” a book about Belarusians who experienced discrimination for speaking their native language.
Like Ukraine, Belarusians had a desire for rapprochement with Europe that accompanied their nationalist sentiment, said Belarusian analyst Valery Karbalevich.
“But the Kremlin quickly realized the danger and began the process of creeping Russification in Belarus,” he added.
That prompted pro-Russian organizations, joint educational programs and cultural projects to spring up “like mushrooms after the rain — against the backdrop of harsh repressions against everything Belarusian,” Karbalevich said.
Censorship and bans affect not only contemporary Belarusian literature but also its classics. In 2023, the prosecutor’s office declared as extremist the 19th-century poems of Vincent Dunin-Martsinkyevich, who opposed the Russian Empire.
When the Kremlin began supporting Lukashenko against the anti-government protests in 2020, it ensured his loyalty and received carte blanche in Belarus.
“Today, Lukashenko is paying Putin with our sovereignty,” said exiled opposition leader Sviatlana Tsikhanouskaya. “Belarusian national identity, cultures and language are our strongest weapons against the Russian world and Russification.”
Four cities in Belarus now host a “Russia House” to promote its culture and influence, offering seminars, film clubs, exhibitions and competitions.
“The goal is to plant Russian narratives so that as many Belarusians as possible view Russian as their own,” said analyst Alexander Friedman. “The Kremlin spares no expense and acts on a grand scale, which could be especially effective and dangerous in a situation where Belarus has found itself in information isolation, and there is almost no one left inside the country to resist the Russian world.”
Almost the entire troupe of the Yanka Kupala Theater, the country’s oldest, fled Belarus amid the political crackdown. Its former director, Pavel Latushka, now an opposition figure abroad, said the new management couldn’t recruit enough new actors, and had to invite Russians, “but it turned out that no one knew the Belarusian language.”
“Putin published an article denying the existence of an independent Ukraine back in 2021, and even then we understood perfectly well that he was pursuing similar goals in Belarus,” Latushka said.
“The main course was supposed to be Ukraine,” he added, with a Russified Belarus “as a dessert.”


China says German naval ships in Taiwan Strait ‘increase security risks’

Updated 14 September 2024
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China says German naval ships in Taiwan Strait ‘increase security risks’

  • US military ships as well as those operated by other countries have often sailed through the sensitive waterway
  • Germany and many other countries argue such voyages are usual, citing freedom of navigation

BEIJING: China on Saturday accused Berlin of heightening security risks in the Taiwan Strait, a day after two German vessels sailed through the sensitive waters.
“The German side’s behavior increases security risks and sends incorrect signals,” Chinese military spokesperson Li Xi said in a statement.
Beijing’s troops in the area would “resolutely counter all threats and provocations,” Li added.
German Defense Minister Boris Pistorius confirmed on Friday that the frigate Baden-Wuerttemberg and the supply Frankfurt am Main sailed through the strait.
US military ships as well as those operated by other countries have often sailed through the sensitive waterway.
But the Baden-Wuerttemberg’s voyage was the first time in more than two decades that Berlin’s navy had done so, according to German media reports.
Beijing views Taiwan as a renegade province and claims jurisdiction over the body of water that separates the island from the Chinese mainland.
Germany and many other countries argue such voyages are usual, citing freedom of navigation.
China’s Li said Saturday that the People’s Liberation Army had sent sea and air forces to “monitor and warn off” the German vessels.


Congo court sentences 3 Americans and 34 others to death on coup charges

Updated 14 September 2024
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Congo court sentences 3 Americans and 34 others to death on coup charges

  • The defendants, including a Briton, Belgian and Canadian, took part in a botched coup attempt led by the little-known opposition figure Christian Malanga in May
  • Malanga was fatally shot while resisting arrest soon after live-streaming the attack on his social media, according to the Congolese army

KINSHASA, Congo: A military court in Congo handed down death sentences Friday to 37 people, including three Americans, after convicting them on charges of participating in a coup attempt.
The defendants, most of them Congolese but also including a Briton, Belgian and Canadian, have five days to appeal the verdict on charges that include attempted coup, terrorism and criminal association. Fourteen people were acquitted in the trial, which opened in June.
The open-air military court in the capital, Kinshasa, convicted the 37 defendants and imposed “the harshest penalty, that of death” in the verdict delivered in French by presiding judge Maj. Freddy Ehuma. The three Americans, wearing blue and yellow prison clothes and sitting in plastic chairs, appeared stoic as a translator explained their sentence.
Richard Bondo, the lawyer who defended the six foreigners, disputed whether the death penalty could currently be imposed in Congo, despite its reinstatement earlier this year, and said his clients had inadequate interpreters during the investigation of the case.
“We will challenge this decision on appeal,” Bondo said.
Six people were killed during the botched coup attempt led by the little-known opposition figure Christian Malanga in May that targeted the presidential palace and a close ally of President Felix Tshisekedi. Malanga was fatally shot while resisting arrest soon after live-streaming the attack on his social media, the Congolese army said.
Malanga’s 21-year-old son Marcel Malanga, who is a US citizen, and two other Americans were convicted in the coup attempt. He told the court that his father had forced him and his high school friend to take part in the attack.
“Dad had threatened to kill us if we did not follow his orders,” Marcel Malanga said.
Other members of the ragtag militia recounted similar threats from the elder Malanga, and some described being duped into believing they were working for a volunteer organization.
Marcel’s mother, Brittney Sawyer, maintains that her son is innocent and was simply following his father, who considered himself president of a shadow government in exile. In the months since her son’s arrest, Sawyer has focused her energy on fundraising to send him money for food, hygiene products and a bed. He has been sleeping on the floor of his cell at the Ndolo military prison and is suffering from a liver disease, she said.
The other Americans are Tyler Thompson Jr., 21, who flew to Africa from Utah with the younger Malanga for what his family believed was a free vacation, and Benjamin Reuben Zalman-Polun, 36, who is reported to have known Christian Malanga through a gold mining company. The company was set up in Mozambique in 2022, according to an official journal published by Mozambique’s government, and a report by the Africa Intelligence newsletter.
US State Department spokesman Matthew Miller told reporters in Washington on Friday that the federal government was aware of the verdict. The department has not declared the three Americans wrongfully detained, making it unlikely that US officials would try to negotiate their return.
“We understand that the legal process in the DRC allows for defendants to appeal the court’s decision,” Miller said. “Embassy staff have been attending these proceedings as they’ve gone through the process. We continue to attend the proceedings and follow the developments closely.”
Thompson had been invited on an Africa trip by the younger Malanga, his former high school football teammate in a Salt Lake City suburb. But the itinerary might have included more than sightseeing. Other teammates alleged that Marcel had offered up to $100,000 to join him on a “security job” in Congo, and they said he seemed desperate to bring along an American friend.
Thompson’s family maintains he had no knowledge of the elder Malanga’s intentions, no plans for political activism and didn’t even plan to enter Congo. He and the Malangas were meant to travel only to South Africa and Eswatini, his stepmother, Miranda Thompson, told The Associated Press.
The Thompsons’ lawyer in Utah, Skye Lazaro, said the family is heartbroken over the verdict.
“We urge all who have supported Tyler and the family throughout this process to write to your congressmen and request their assistance in bringing him home,” Lazaro said.
Utah’s US Sens. Mitt Romney and Mike Lee have not publicly urged the US government to advocate for the Americans’ release.
“My thoughts are with the families during this difficult time,” Lee told the AP on Friday. “We will continue to work with the State Department to receive updates on this case.”
“This is an extremely difficult and frightening situation for the families involved,” Romney spokesperson Dilan Maxfield said. “Our office has consistently engaged with the State Department and will continue to do so.”
Last month, the military prosecutor, Lt. Col. Innocent Radjabu, called on the judge to sentence all of the defendants to death, except for one who suffers from “psychological problems.”
Congo reinstated the death penalty earlier this year, lifting a more than two-decade-old moratorium, as authorities struggle to curb violence and militant attacks in the country. The country’s penal code allows the president to designate the method of execution. Past executions of militants in Congo have been carried out by firing squad.
 


From ‘Sleepy Joe’ to ‘Comrade Kamala,’ Republicans sharpen their tone

Updated 14 September 2024
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From ‘Sleepy Joe’ to ‘Comrade Kamala,’ Republicans sharpen their tone

  • Trump and his surrogates have portrayed Harris as far more radical than Biden, applying the labels “left” and “radical” to her twice as often as they did to him

PARIS: A “Marxist” and a “radical” who wants to “destroy” America: as Democrats rally around the candidacy of Kamala Harris, Republicans have begun employing significantly more negative and aggressive rhetoric than they had against Joe Biden.
An AFP analysis of the language used in nearly 120 hours of televised speeches and remarks by both parties’ candidates and their surrogates, from May 1 to September 1, reveals the strategies Republicans have adopted to undermine the Democratic candidate’s credibility.
After dismissing President Biden as “crooked,” “bad” and “sleepy,” Trump and his supporters now mock Harris as a “border czar,” for what they say is her badly failed work in curbing undocumented migration to the United States.
That nickname has popped up 80 times in rallies — once every 14 times the former California senator’s name is mentioned.
Republicans have repeatedly accused Harris of an “open border” policy, which they say allows “millions of illegal aliens” to flood into the country.
The negative rhetoric is much more prominent now — 30 percent more — than it was against Biden before he dropped out of the race on July 21. Trump supporters appearing on television associate her with negative words like “crime,” “destroy,” “suffer” and “bad.”
At the same time, Democrats have been using much more positive, enthusiastic language since Harris succeeded Biden as the Democrats’ flag-bearer, with words like “freedom,” “joy,” “win” and “care” being used 30 percent more often on talk shows and 70 percent more in rallies.

Trump and his surrogates have portrayed Harris as far more radical than Biden, applying the labels “left” and “radical” to her twice as often as they did to him.
And since July 21, their use of the term “liberal” in describing Harris has exploded — used eight times more in rallies and six times more in talk shows — while adjectives like “socialist” and “Marxist,” rarely applied to Biden, have become commonplace in Republicans’ vocabulary.
In the United States, the “Red Scare” — fear of subversion by far-left elements, including immigrants — hit its peak in the early 1950s. But years after the Cold War ended, any hint of communist sympathies remains anathema among US politicians.
This, presumably, was behind Trump finally settling on “Comrade Kamala” as his favored nickname for his Democratic rival — he has used that term at least 30 times in his rallies.
Through the entirety of Republican remarks analyzed by AFP, “Comrade” and the name of the vice president represent the seventh-most common pairing of words.
The two words most frequently linked, not surprisingly, are “Biden” and “Harris,” as Republicans seek to leverage Biden’s unpopularity — even after he dropped out of the race. The president’s name comes up every five or six times that Harris is mentioned.
By comparison, Democrats are only half as likely to link the names of Biden and their new candidate.
They describe Harris with words including “leader” and “ready” — ready to be president, that is.
Also among the top 20 terms used to describe her are “fight,” “freedom” and “believe” — reflecting the renewed sense of hope that her rapid ascension has brought to many Democrats.