Berkshire Earnings Boosted Amid US-Iran Talks Stall
Iran's denial of direct negotiations with the US on ending the war and opening the Strait of Hormuz has poured cold water on hopes for an imminent deal between the two countries. Iran reportedly issued demands for reopening the strait that include lifting US naval blockade and sanctions, as well as withdrawing US troops from the region.
President Donald Trump said the US was 'only semi-negotiating' with Tehran, suggesting he would wait for economic pressures to mount in Iran. The US Treasury Secretary had previously indicated a deal seemed imminent.
Berkshire Hathaway reported a 16% jump in operating earnings in the second quarter, fueled by gains in its energy, railroad, and manufacturing businesses. CEO Greg Abel is putting the conglomerate's huge cash hoard to work, with Berkshire posting nearly $20 billion in net purchases during the three-month period.
Shein's first-quarter U.S. sales dropped 14% compared with a year ago due to price hikes implemented to mitigate the impacts of new tariffs. The company cautioned that sales could also slide in Europe, its largest market, after the European Union recently changed its framework for duty-free shipping.