Asian markets rise, though Nikkei sinks after Japan’s record contraction
Japanese stocks sank while other Asian markets gained Monday after Japan reported a record economic contraction as the coronavirus pandemic weighed on retailing, investment and exports. The Nikkei 225 in Tokyo NIK, -0.82% fell 0.8% after the data showed the world’s third-largest economy shrank 27.8% from a year earlier in the three months ending in June.
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Trump approves of Oracle’s effort to buy TikTok
President Donald Trump voiced support on Tuesday for Oracle Corp. to buy the U.S. operations of TikTok, adding a fresh wrinkle to the bidding for the Chinese-owned video-sharing app. Oracle, a giant in business software, has had preliminary discussions about teaming with some of ByteDance’s existing minority investors to buy TikTok’s U.S. operations but it isn’t clear how advanced the talks are, said people familiar with the matter.
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Warren Buffett's Berkshire Hathaway sold more than $6 billion in stock in April
The billionaire investor's company was widely expected to deploy a chunk of its $128 billion cash pile last quarter, but instead its reserves grew to $137 billion by the end of March. "The amount of investment gains/losses in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules,"
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Exxon Mobil swings to a loss and revenue falls 12%, as COVID-19 weighs on oil demand
Exxom reported Friday that it swung to a first-quarter loss, as a result of a large market-related writedown, and revenue that fell 12%, as the COVID-19 pandemic significantly impacted demand, resulting in oversupplied market and "unprecedented" pressure on commodity prices. The oil giant reported a net loss of $610 million, or 14 cents a share, after net income of $2.35 billion, or 55 cents a share, in the year-ago period.
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3 million Americans are skipping mortgage payments
The Federal Housing Finance Agency said Tuesday that servicers will only need to advance scheduled monthly principal and interest payments to investors for four months once a mortgage borrower has entered forbearance. The FHFA’s move will reduce some of this strain on servicers whose mortgages are backed by Fannie Mae; Freddie Mac’s policies already only required servicers to make payments to investors for four months
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