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Forbes HeadlinesAug 08, 2020
China Drug Maker's Shares Soar On COVID-19 Vaccine Pact With AstraZeneca
Shares among leading China pharmaceutical makers have soared amid the COVID-19 pandemic.

Yahoo BusinessAug 08, 2020
Buffett Bought Back His Own Stock While Selling Others
(Bloomberg) -- Shares of Berkshire Hathaway Inc. were left out of the stock market rally in the second quarter. Warren Buffett clearly thought the disconnect wasn't warranted.The famed investor spent a record $5.1 billion buying back Berkshire's own stock in the second quarter, more than double the amount he'd ever purchased before. That came as he unloaded almost $13 billion of other companies' shares, including airline stocks and some financials, in what was his biggest selling quarter in more than a decade.Buffett has been building up cash this year and took a more cautious tone at his annual meeting in May as the Covid-19 pandemic has slammed the economy without putting a permanent dent in stock-market valuations. But his appetite for his own stock in the second quarter, along with recent signs that he's been willing to put more money to work, are reasons for some optimism, according to Jim Shanahan, an analyst at Edward Jones."The buybacks are a relatively safe way to deploy capital in an uncertain environment," said Shanahan, who estimated that Berkshire repurchased another $2.4 billion of shares in July. "But it's clear that that's not all he's doing."Buffett's cash pile surged to a record $146.6 billion at the end of June, in part from dumping all of his airline shares in April. He's been more active lately, striking a deal for natural-gas assets in July and snapping up at least $2 billion of Bank of America Corp. stock in recent weeks through Aug. 4. Overall, Saturday's disclosures signaled to longtime sharehol

CNBC BusinessAug 08, 2020
These restaurant chains cut menu items during the pandemic
Restaurant chains slimmed down their menus during the coronavirus pandemic to smooth operations, but some of those changes might become permanent.

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Outside the Box: Why my company's 7,000 employees won't rush back to the office even when the coronavirus pandemic is under control (MarketWatch)

Yahoo BusinessAug 08, 2020
Nokia CEO Outlines Neutral Stance in Superpower Tech Wars
(Bloomberg) -- Nokia Oyj Chief Executive Officer Pekka Lundmark said the Finnish networks maker plans to stand clear of geopolitics as the technology industry increasingly is thrust into trade and political conflicts.Lundmark, who took the reins at Nokia on Aug. 1, is finding his footing in a tense situation that pits China -- and Nokia's rival Huawei Technologies Co. -- against the U.S. and other governments moving to ban the Chinese supplier from their fifth-generation mobile networks."I think it would be a big mistake if individual businesses would start to drive their political agenda," he said in an interview on Friday. "It's very important that businesses play it straight and stay where they should stay. We do not have a political agenda, we are a pure business."U.S. President Donald Trump's administration has been pressuring allies against using Huawei's equipment, which it argues could pose a danger to network security. Huawei has forcefully and repeatedly denied these allegations. Huawei isn't the only Chinese tech firm targeted: on Thursday, Trump moved to ban Chinese-owned TikTok and WeChat social media apps.Huawei's troubles have brought some business Nokia's way, the company said last month. Nokia is also getting orders from operators, who are investing in added capacity for existing networks as people stream entertainment and attend virtual meetings amid the pandemic. The U.S. and the U.K. have signaled they're considering some form of aid to Nokia and its Swedish competitor, Ericsson AB, to ens

Google Business NewsAug 08, 2020
Sturgis motorcycle rally draws thousands of bikers despite coronavirus fears - NBC News
Sturgis motorcycle rally draws thousands of bikers despite coronavirus fears  NBC NewsSturgis rally roars ahead despite coronavirus concerns  Fox NewsBikers flock to enormous rally in South Dakota amid pandemic | WNT  ABC NewsThousands of bikers heading to South Dakota rally to be blocked at tribal land checkpoints  The GuardianRiders begin to gather in South D

CNBC FinanceAug 08, 2020
Buffett buys back record $5.1 billion in Berkshire stock as coronavirus hits operating earnings
Berkshire announced it bought $5.1 billion of its own shares during the second quarter as the pandemic dented the conglomerate's operations.

Yahoo BusinessAug 08, 2020
Buffett's Grim View of Air Travel Realized in $10 Billion Charge
(Bloomberg) -- Warren Buffett's dire airline predictions have hit close to home.After dumping his stakes in airlines earlier this year with a warning that the pandemic had unleashed fundamental change on that business, Buffett's own Berkshire Hathaway Inc. took a roughly $10 billion impairment charge tied to Precision Castparts, its massive maker of plane parts. A vaccine may be the only remedy for the pandemic's "particularly severe" impact on the aerospace market, Berkshire said."The Covid-19 pandemic produced material declines in commercial air travel during the second quarter," Berkshire said Saturday in a regulatory filing discussing second-quarter results. "Airlines responded by reducing and/or cancelling aircraft orders, which is resulting in significant reductions in build rates by aircraft manufacturers and significant inventory reduction initiatives being implemented by PCC's customers."At Berkshire's annual meeting in May, Buffett announced a full reversal on his airline bet, with his conglomerate going from one of the biggest shareholders in all four major U.S. carriers to owning none. A rally in airline shares over the next month had critics including President Donald Trump saying Buffett had erred, but the S&P 500 Airlines index is down 26% since that early June high.Despite those stock sales, the Omaha, Nebraska-based company still had a significant exposure to the air travel slump through Precision, a business it bought more than four years ago in a deal valued at $37.2 billion.Now,

NYTimes BusinessAug 08, 2020
Profits Rebound at Warren Buffett's Berkshire Hathaway
Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.

RELATED ARTICLES
Coronavirus punishes Warren Buffett, as Berkshire Hathaway takes big writedown (Yahoo Business)

KiplingerAug 07, 2020
Drawing Down Retirement Savings in a Pandemic
As the coronavirus shut down the economy last spring, many consumers had their budgets cut by default. Trips and shows were canceled, nonessential medical procedures were postponed and restaurants closed.

SEE MORE 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus For retirees living on portfolios—or those forced into retirement unexpectedly due to the virus—the forced spending slowdown may have helped cushion the financial blow as they watched their investment account values plummet. Then, stocks lurched ahead and have since been volatile, leaving many retirees to wonder if they should adjust their game plan for retirement income as the economy opens up.

"The first quarter of this year represented the very definition of sequence risk," notes Patrick Nolan, a BlackRock portfolio strategist. "Early in retirement, it's the most challenging situation for a retiree who has begun to take cash flow from retirement accounts. You're selling assets, locking in losses and impairing the future value of the portfolio." 

To be sure, drawing down the right percentage amount from a portfolio each year is complex business. There are tax implications, so drawing from the right accounts at the right time matters. But knowing how much a retiree can spend each year without running out of savings in old age is even more important.

Plenty of tax and financial pros like to argue over the most tax-efficient ways of drawing down a portfolio once retirement has begun. Far fewer enjoy talking frankly about overall spending levels. Who wants to wade into the weeds of telling couples that trip to the Galapagos is off the table?

But let's go there, because the economic fallout from the pandemic is challenging old assumpt


AdWeek NewsAug 07, 2020
Here's How Cornhole Landed Itself in the Big Leagues During the Pandemic
Last summer, New England Patriots star Rob Gronkowski--who retired that March--turned up at the ESPY awards in Los Angeles. Sweating in his suit and tie under the merciless midday sun, Gronk was still gracious as a sports reporter came at him with the microphone. But while every football fan wanted an answer to the million-dollar...
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