https://www.scmp.com/rss/34547/feed Berkshire Hathaway is controlled by Warren Buffett, who is chairman and chief executive of the company which owns a range of companies, including GEICO and NetJets, a substantial stake in Heinz, and has stakes in American Express, Procter & Gamble and IBM. The company is noted for outperforming the stock market under the leadership of Buffett, a value investor. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Chow Chung-yan Chow Chung-yan In today’s chaotic world, we can sum up the shift in the global economy and geopolitics with a single number: 1 trillion. The year 2024 will be remembered as the first time in history that a national government’s interest payments on its debt exceeded US$1 trillion, according to data from the Federal Reserve Bank of St Louis. Despite US President Donald Trump’s pledge to cut federal spending and his aggressive global trade war, the United States is now adding US$1 trillion in national debt every... https://www.scmp.com/news/china/diplomacy/article/3339507/forget-venezuela-and-greenland-here-real-trillion-dollar-question?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3339507/forget-venezuela-and-greenland-here-real-trillion-dollar-question?utm_source=rss_feed Mon, 12 Jan 2026 01:00:15 +0000 Fran Lu Fran Lu A Chinese “lovesick patriotic” investor has posted a marriage advertisement online saying he is looking for a life partner who shares his passion. The 30-something man placed the advert on his social media account “yiwanxin”, which means “hundreds of million xin”, on November 27, in a bid to find a wife. He said he was born in the 1990s, is a professional investor and one of the 10 biggest individual shareholders in more than 10 listed companies, including Dajin Heavy Industry Co, Ltd and Grand... https://www.scmp.com/news/people-culture/trending-china/article/3335592/china-billion-dollar-investor-claims-have-love-brain-posts-marriage-advertisement?utm_source=rss_feed https://www.scmp.com/news/people-culture/trending-china/article/3335592/china-billion-dollar-investor-claims-have-love-brain-posts-marriage-advertisement?utm_source=rss_feed Sun, 14 Dec 2025 10:00:09 +0000 Bloomberg Bloomberg Warren Buffett on Monday assured Berkshire Hathaway shareholders they should stick around as he prepares to depart as chief executive, giving a full-throated endorsement to his successor Greg Abel and promising to remain a major shareholder. In a letter to Berkshire shareholders, likely his last before he steps down at the year-end, the 95-year-old Buffett said he would be “going quiet” as Abel takes the lead in communicating with them. Buffett also downplayed recent declines in Berkshire’s... https://www.scmp.com/business/companies/article/3332263/warren-buffett-signals-smooth-transition-greg-abel-letter-berkshire-shareholders?utm_source=rss_feed https://www.scmp.com/business/companies/article/3332263/warren-buffett-signals-smooth-transition-greg-abel-letter-berkshire-shareholders?utm_source=rss_feed Tue, 11 Nov 2025 01:28:29 +0000 Andrew Sheng Andrew Sheng While in Hong Kong for a forum on navigating the tariff war, the consensus was that no one is immune to structural uncertainty where everything is happening at once and no one knows what exactly comes next. Navigation is about planning and executing a journey, but you need maps, compasses and points of reference to know where you are and where you are going. Journeys across time and space need sound navigation, especially in troubled waters. Sailing is all about teamwork, but with today’s rapid... https://www.scmp.com/opinion/world-opinion/article/3328477/six-steps-navigate-us-china-tariff-war-and-ai-bubble?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3328477/six-steps-navigate-us-china-tariff-war-and-ai-bubble?utm_source=rss_feed Fri, 10 Oct 2025 21:30:07 +0000 Nicholas Spiro Nicholas Spiro Goldbugs have a spring in their step these days. In the third quarter of this year, gold was the second-best performing major financial asset after silver, according to Deutsche Bank data. Last month, the price of bullion hit a record high 13 times and currently stands just above US$4,000 per troy ounce after surging 54 per cent this year, the biggest gain since 1979. The past several years have been a boon to the yellow metal, whose role as a store of wealth is amplified during times of... https://www.scmp.com/opinion/world-opinion/article/3328307/global-uncertainty-driving-gold-prices-higher-despite-bubble-fears?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3328307/global-uncertainty-driving-gold-prices-higher-despite-bubble-fears?utm_source=rss_feed Thu, 09 Oct 2025 08:30:08 +0000 SCMP SCMP We have put together stories from our coverage on electric and new energy vehicles from the past two weeks to help you stay informed. If you would like to see more of our reporting, please consider subscribing. 1. Warren Buffett exits BYD amid China’s cutthroat EV market Berkshire Hathaway, the investment firm controlled by US billionaire investor Warren Buffett, has liquidated its holdings in Chinese electric vehicle (EV) maker BYD, closing out a 17-year investment run that generated a more... https://www.scmp.com/business/china-evs/article/3327463/chinas-byd-expects-sales-bump-xiaomi-recalls-more-100000-su7s-7-ev-reads?utm_source=rss_feed https://www.scmp.com/business/china-evs/article/3327463/chinas-byd-expects-sales-bump-xiaomi-recalls-more-100000-su7s-7-ev-reads?utm_source=rss_feed Wed, 01 Oct 2025 07:00:11 +0000 Zhang Shidong Zhang Shidong Alibaba Group Holding’s ambitious investment in artificial intelligence and an endorsement by one of the world’s most influential technology investors lifted its Hong Kong shares to a four-year high. Star US fund manager Cathie Wood bought a combined US$16.3 million of Alibaba shares, her first investment in the Chinese e-commerce giant in four years and a vote of confidence in the company’s focus on AI and on-demand delivery services. Wood’s Ark Fintech Innovation ETF bought US$8.18 million of... https://www.scmp.com/business/china-business/article/3326634/us-investor-cathie-woods-ark-buys-alibaba-shares-first-time-4-years?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3326634/us-investor-cathie-woods-ark-buys-alibaba-shares-first-time-4-years?utm_source=rss_feed Wed, 24 Sep 2025 04:39:35 +0000 Brian Rhoads,Raymond Ma Brian Rhoads,Raymond Ma Chery Automobile, China’s second-largest carmaker, was reportedly set to price its HK$9.14 billion (US$1.2 billion) Hong Kong initial public offering at the top of the sales range, even as a cooling economy and rampant competition weigh on the Chinese auto industry. The shares, which are due to start trading on Thursday, will be priced at HK$30.75 apiece, Reuters said, citing unidentified people. The maker of petrol-powered cars and electric vehicles (EVs) has the option to enlarge the sale,... https://www.scmp.com/plus/article/3326546/chery-auto-ipo-shows-china-confidence-withstands-economic-clouds?utm_source=rss_feed https://www.scmp.com/plus/article/3326546/chery-auto-ipo-shows-china-confidence-withstands-economic-clouds?utm_source=rss_feed Tue, 23 Sep 2025 09:00:42 +0000 Zhang Shidong Zhang Shidong Berkshire Hathaway, the investment firm controlled by US billionaire investor Warren Buffett, has liquidated its holdings in Chinese electric vehicle (EV) maker BYD, closing out a 17-year investment run that generated a more than 30-fold increase for the leading investment conglomerate. The latest quarterly report from Berkshire Hathaway Energy, the subsidiary that directly held Hong Kong-listed shares of the Chinese EV maker, indicated a zero position in BYD, confirming a full exit after a... https://www.scmp.com/business/china-business/article/3326359/warren-buffetts-berkshire-hathaway-wraps-17-year-investment-chinese-ev-maker-byd?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3326359/warren-buffetts-berkshire-hathaway-wraps-17-year-investment-chinese-ev-maker-byd?utm_source=rss_feed Mon, 22 Sep 2025 06:18:55 +0000 Ishani Sarkar Ishani Sarkar The world’s fifth richest person (at the time of writing), Berkshire Hathaway CEO Warren Buffett, is well known for his philanthropy. Earlier this year, the 94-year-old announced plans to donate over 99 per cent of his US$152.8 billion fortune to a charitable trust that his three children – Susie, Howard and Peter Buffett – will be in charge of. The Buffett siblings have been tasked with allocating the money to charities of their choosing within 10 years of their father’s death. Given the... https://www.scmp.com/magazines/style/people/icons-influencers/article/3314277/who-lili-buffett-warren-buffetts-granddaughter-law-fashion-forward-finance-executive-whos-been?utm_source=rss_feed https://www.scmp.com/magazines/style/people/icons-influencers/article/3314277/who-lili-buffett-warren-buffetts-granddaughter-law-fashion-forward-finance-executive-whos-been?utm_source=rss_feed Fri, 13 Jun 2025 20:00:08 +0000 Ishani Sarkar Ishani Sarkar Ninety-four-year-old billionaire Warren Buffett – CEO of Berkshire Hathaway and the sixth richest man in the world – just announced that he is finally stepping down from his company after 55 years. The world famous investor admitted to the Wall Street Journal last week that he’s been slowing down in his old age, and has been forgetting names and struggling to be able to read newspapers clearly. “I didn’t really start getting old, for some strange reason, until I was about 90, but when you start... https://www.scmp.com/magazines/style/entertainment/article/3310891/meet-billionaire-warren-buffetts-musician-son-peter-buffett-stanford-dropout-scored-scene-dances?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3310891/meet-billionaire-warren-buffetts-musician-son-peter-buffett-stanford-dropout-scored-scene-dances?utm_source=rss_feed Mon, 19 May 2025 22:00:11 +0000 Wynna Wong,Elizabeth Cheung Wynna Wong,Elizabeth Cheung Former US president Joe Biden’s personal office announced on Sunday that the 82-year-old had recently been diagnosed with an “aggressive form” of prostate cancer, while in Hong Kong, corporate governance activist David Webb, 59, said this month he was preparing to transfer his online database, Webb-site, to other interested parties, as he did not have long to live after his 2020 diagnosis. From politicians such as Biden and the late South African president Nelson Mandela to business magnate... https://www.scmp.com/news/hong-kong/health-environment/article/3310951/how-common-prostate-cancer-hong-kong-and-what-can-you-do-treat-it?utm_source=rss_feed https://www.scmp.com/news/hong-kong/health-environment/article/3310951/how-common-prostate-cancer-hong-kong-and-what-can-you-do-treat-it?utm_source=rss_feed Mon, 19 May 2025 11:39:02 +0000 Sarah Keenlyside Sarah Keenlyside They may not realise it, but Rosamond and Ben Brown make an entertaining double act. The mother-and-son duo have made art their life’s work, and where their tastes converge, trouble ensues. As our photographer asks the pair to pose at Ben’s house in London’s Notting Hill, 88-year-old Rosamond suddenly spots something she likes. “I love the Tony Bevan,” she says, noting the piece by the prominent British artist above the mantle. “Have you got a spare one for me, for my new flat?” When her son... https://www.scmp.com/postmag/culture/article/3309535/inside-rosamond-and-ben-browns-art-world-empire?utm_source=rss_feed https://www.scmp.com/postmag/culture/article/3309535/inside-rosamond-and-ben-browns-art-world-empire?utm_source=rss_feed Sun, 11 May 2025 06:00:13 +0000 Reuters Reuters Bill Gates pledged on Thursday to give away US$200 billion via his charitable foundation by 2045 and lashed out at Elon Musk, accusing the world’s richest man of “killing the world’s poorest children” through huge cuts to the US foreign aid budget. The 69-year-old billionaire co-founder of Microsoft said he was speeding up his plans to divest almost all of his fortune and would close the foundation on December 31, 2045, years earlier than previously planned. Gates said he believed the money... https://www.scmp.com/news/world/article/3309626/bill-gates-give-away-us200-billion-2045?utm_source=rss_feed https://www.scmp.com/news/world/article/3309626/bill-gates-give-away-us200-billion-2045?utm_source=rss_feed Thu, 08 May 2025 15:18:25 +0000 Associated Press Associated Press Warren Buffett shocked an arena full of his shareholders on Saturday by announcing that he wants to retire at the end of the year. Buffett said he will recommend to Berkshire Hathaway’s board that Vice-Chairman Greg Abel should become CEO at the end of the year. “I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said. Abel has been Buffett’s designated successor for years and he already manages all of Berkshire’s non-insurance... https://www.scmp.com/news/world/united-states-canada/article/3308986/warren-buffett-says-us-shouldnt-use-trade-weapon-trump-has-done-tariffs?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3308986/warren-buffett-says-us-shouldnt-use-trade-weapon-trump-has-done-tariffs?utm_source=rss_feed Sat, 03 May 2025 16:53:21 +0000 Two days after sending the economy reeling by announcing widespread tariffs, US President Donald Trump insisted his trade policies would never change as he remained ensconced in a bubble of wealth and power in Florida. The worldwide sell-off for financial markets slammed into a higher, scarier gear on Friday as the S&P 500 plummeted 6 per cent, the Dow Jones Industrial Average plunged 5.5 per cent and the Nasdaq composite dropped 5.8 per cent. Markets are facing their worst crisis since the... https://www.scmp.com/news/world/united-states-canada/article/3305305/trump-hits-golf-course-stock-market-plummets-2nd-straight-day-over-tariffs?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3305305/trump-hits-golf-course-stock-market-plummets-2nd-straight-day-over-tariffs?utm_source=rss_feed Fri, 04 Apr 2025 19:45:21 +0000 Daniel Ren Daniel Ren Top global electric vehicle (EV) maker BYD has launched a new sedan that aims to rival the features of Tesla’s Model 3 – long the mainland market’s top selling EV – for around half the price. The Qin L starts at 119,800 yuan (US$16,517), while the basic edition of the Model 3 is priced at 235,500 yuan. Shenzhen-based BYD’s new sedan has a driving range of 545km, while the Model 3 offers 634km. Both cars feature preliminary self-driving software and a digital cockpit. Launched on Sunday, the Qin... https://www.scmp.com/business/china-evs/article/3303614/chinas-byd-launches-ev-rival-teslas-top-seller-around-half-price?utm_source=rss_feed https://www.scmp.com/business/china-evs/article/3303614/chinas-byd-launches-ev-rival-teslas-top-seller-around-half-price?utm_source=rss_feed Mon, 24 Mar 2025 09:00:08 +0000 Daniel Ren Daniel Ren BYD, the world’s largest electric vehicle (EV) maker, has earmarked US$5 billion for foreign exchange derivatives trading to reduce risks to its fast-growing global operations from the yuan’s volatility amid rising geopolitical tensions. “To offset the adverse impact from wild fluctuation in exchange rates and save financial expenses, the company has decided to carry out foreign exchange hedging through derivatives trading,” BYD said in a filing to the Hong Kong stock exchange on the weekend.... https://www.scmp.com/business/china-business/article/3296481/byd-allots-us5-billion-forex-derivatives-trading-hedge-risks-yuan-volatility?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3296481/byd-allots-us5-billion-forex-derivatives-trading-hedge-risks-yuan-volatility?utm_source=rss_feed Mon, 27 Jan 2025 11:42:29 +0000 Yi Luo Yi Luo Chinese-American billionaire and low-key entrepreneur-investor Duan Yongping publicly praised e-commerce giant PDD Holdings’ Temu for its marketing success, highlighting the budget-shopping site’s high-profile advertisements during the Super Bowl in 2023 and 2024. “The Super Bowl is a great platform for advertising, but I never managed to make it there,” Duan said during a speech at his alma mater Zhejiang University on Sunday. “Colin Huang Zheng, founder of Temu, did it.” “Almost everybody in... https://www.scmp.com/tech/big-tech/article/3293630/pdds-chinese-american-billionaire-investor-duan-yongping-heaps-praise-temu?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3293630/pdds-chinese-american-billionaire-investor-duan-yongping-heaps-praise-temu?utm_source=rss_feed Mon, 06 Jan 2025 13:00:18 +0000 The Oracle of Omaha, Warren Buffett, is continuing his tradition of sending out a yearly letter to shareholders – but this year, it came earlier than expected. Reflecting on his incredible life, the 94-year-old looked back on the impact his first wife, Susan Thompson Buffett, had on his philanthropy and announced a contribution of US$1.2 billion to several family donations, namely The Susan Thompson Buffett Foundation, The Sherwood Foundation, The Howard G Buffett Foundation and NoVo Foundation,... https://www.scmp.com/magazines/style/entertainment/article/3289976/who-was-warren-buffetts-first-wife-susan-thompson-buffett-activist-was-married-billionaire-investor?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3289976/who-was-warren-buffetts-first-wife-susan-thompson-buffett-activist-was-married-billionaire-investor?utm_source=rss_feed Mon, 09 Dec 2024 20:00:07 +0000 Daniel Ren Daniel Ren BYD is set to overtake perennial market leader Volkswagen as China’s biggest carmaker in 2024 after outselling the German company’s joint venture units in the first 10 months, as the growing popularity of battery-powered cars strengthens its market dominance. The Shenzhen-based company delivered 2.9 million pure electric and hybrid cars to customers worldwide this year through October, a 35 per cent increase from a year earlier. Sales are likely to top 4 million units this year, according to... https://www.scmp.com/business/china-business/article/3287079/byd-overtake-volkswagen-ventures-chinas-top-producer-amid-surge-ev-deliveries?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3287079/byd-overtake-volkswagen-ventures-chinas-top-producer-amid-surge-ev-deliveries?utm_source=rss_feed Mon, 18 Nov 2024 11:30:15 +0000 Nine months of Russian occupation left more than half of Inna Boiko’s 50,000-hectare farm in southern Ukraine littered with shell craters, burnt-out equipment, and dangerous landmines. When she and hundreds of other farmers returned to their villages in the Mykolayiv region in November 2022, she was determined to clear the fields and plant again. But in the early days of the war, Boiko was left to her own devices on how to make that happen, using makeshift drones and other DIY contraptions to... https://www.scmp.com/news/world/europe/article/3286925/ukraine-mine-clearing-efforts-struggle-revive-war-torn-farms?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3286925/ukraine-mine-clearing-efforts-struggle-revive-war-torn-farms?utm_source=rss_feed Sun, 17 Nov 2024 10:30:08 +0000 1. Jeff Bezos, Elon Musk or Mark Zuckerberg - who is No 1 in the US$100 billion-plus club? Ranking the world’s richest titans of 2024 Discover the world’s wealthiest individuals, from Musk and Bezos to Bill Gates and Warren Buffett, as we rank the 15 top billionaires each with a net worth exceeding US$100 billion and explore the sources of their fortunes. 2. Discover the wealth of the world’s richest lawyers, from Nicole Shanahan and Sergey Brin to Bill Neukom and Jerry Reinsdorf Meet the... https://www.scmp.com/magazines/style/article/3284793/meet-richest-people-world-elon-musk-heidi-klum-bill-gates-miranda-kerr?utm_source=rss_feed https://www.scmp.com/magazines/style/article/3284793/meet-richest-people-world-elon-musk-heidi-klum-bill-gates-miranda-kerr?utm_source=rss_feed Fri, 01 Nov 2024 11:00:19 +0000 With just over a week to go until the US presidential election on November 5, Kamala Harris and Donald Trump have ramped up their campaigns in the battleground states, and the latest polls show the race is too close to call. As the contest for the White House has unfolded, billionaires from Silicon Valley to Wall Street have backed the two candidates with donations, while some have not publicly endorsed either side. Here’s how some of the biggest names – and their employees – have approached... https://www.scmp.com/news/china/diplomacy/article/3284144/heres-how-us-billionaires-and-their-staff-are-approaching-2024-election?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy/article/3284144/heres-how-us-billionaires-and-their-staff-are-approaching-2024-election?utm_source=rss_feed Mon, 28 Oct 2024 07:33:27 +0000 Elon Musk, Jeff Bezos and Mark Zuckerberg are among the handful of people on the planet with a net worth above US$100 billion. Members of this elite group have amassed 12-digit fortunes by owning huge amounts of stock in some of the world’s most valuable companies. Most are founders and either current or former CEOs, and some, such as Warren Buffett, would be much richer if they didn’t give billions to charity. There may be only 15 centibillionaires, but their combined wealth is around US$2.2... https://www.scmp.com/magazines/style/entertainment/article/3282437/15-members-us100-billion-club-net-worths-ranked-amazons-jeff-bezos-and-metas-mark-zuckerberg-luxury?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3282437/15-members-us100-billion-club-net-worths-ranked-amazons-jeff-bezos-and-metas-mark-zuckerberg-luxury?utm_source=rss_feed Tue, 15 Oct 2024 11:00:11 +0000 The market value of Berkshire Hathaway surpassed US$1 trillion on Wednesday, reflecting investor confidence in the conglomerate that Warren Buffett built over nearly six decades into what many consider a proxy for the American economy. Berkshire joined six other companies, mainly from the technology sector, above US$1 trillion: Apple, Nvidia, Microsoft, Google parent Alphabet, Amazon.com and Facebook parent Meta Platforms. The valuation is based on Berkshire’s 553,234 class A and 1,325,192,508... https://www.scmp.com/news/world/united-states-canada/article/3276305/warren-buffetts-berkshire-hathaway-tops-us1-trillion-joining-tech-firms-apple-nvidia?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3276305/warren-buffetts-berkshire-hathaway-tops-us1-trillion-joining-tech-firms-apple-nvidia?utm_source=rss_feed Wed, 28 Aug 2024 14:39:21 +0000 Major US stock indexes ended sharply lower on Monday as US recession worries shook global markets and drove investors out of risky assets, while Apple shares dropped as Berkshire Hathaway cut its stake in the company. The recession concerns followed weak economic data last week, including Friday’s soft US payrolls report. Indexes pared losses in late morning after data showed US services sector activity in July rebounded from a four-year low amid a rise in orders and employment. Shares of Apple... https://www.scmp.com/news/world/united-states-canada/article/3273311/apple-nvidia-lead-sell-stock-markets-plunge-us-recession-fears?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3273311/apple-nvidia-lead-sell-stock-markets-plunge-us-recession-fears?utm_source=rss_feed Mon, 05 Aug 2024 14:38:27 +0000 Tesla regained its crown as the world’s biggest seller of pure electric vehicles (EVs) in the first quarter, as Huawei Technologies and other start-ups snapped at the heels of the market leader BYD, driving the industry into a ferocious price war in China. Deliveries by the Austin, Texas-based company fell 20 per cent to 386,810 units worldwide in the first three months, according to a statement on Tuesday. However, that surpassed BYD’s deliveries, which tumbled 43 per cent to 300,114 units in... https://www.scmp.com/business/china-business/article/3257701/tesla-knocks-byd-its-perch-worlds-largest-pure-ev-makers-struggle-win-new-customers-chinas-shrinking?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3257701/tesla-knocks-byd-its-perch-worlds-largest-pure-ev-makers-struggle-win-new-customers-chinas-shrinking?utm_source=rss_feed Wed, 03 Apr 2024 07:54:02 +0000 BYD, the world’s largest electric-vehicle (EV) maker, is targeting a 20 per cent increase in sales this year, just a third of last year’s tally, as overcapacity concerns and a price war loom over the sector in mainland China. Wang Chuanfu, the Shenzhen-based carmaker’s chairman and president, told an investors’ conference on Wednesday that deliveries in 2024 could top 3.6 million units, 20 per cent more than last year’s 3.02 million units, according to the meeting’s minutes seen by the Post. The... https://www.scmp.com/business/china-business/article/3257132/byd-chairman-wang-chuanfu-expects-sales-growth-slow-2024-banks-export-surge-shore-profitability?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3257132/byd-chairman-wang-chuanfu-expects-sales-growth-slow-2024-banks-export-surge-shore-profitability?utm_source=rss_feed Thu, 28 Mar 2024 13:00:08 +0000 BYD, the world’s largest electric vehicle (EV) maker, plans to buy back 400 million yuan (US$55.56 million) worth of its mainland-listed shares, with the aim of lifting the company’s stock price amid concerns about escalating competition in China. Shenzhen-based BYD, backed by Warren Buffett’s Berkshire Hathaway, will tap its own cash reserves to repurchase at least 1.48 million yuan-denominated A shares, or about 0.05 per cent of its total, before cancelling them, according to the company’s... https://www.scmp.com/business/china-business/article/3254426/chinas-byd-spend-us55-million-buy-back-shenzhen-listed-shares-worlds-largest-ev-maker-eyes-higher?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3254426/chinas-byd-spend-us55-million-buy-back-shenzhen-listed-shares-worlds-largest-ev-maker-eyes-higher?utm_source=rss_feed Wed, 06 Mar 2024 13:24:38 +0000 Mainland Chinese electric-vehicle (EV) builders’ 2024 has got off to a bumpy start, after car deliveries dropped sharply amid mounting concerns about a slowing economy and job losses. Beijing-based Li Auto, the mainland’s nearest rival to Tesla, handed 31,165 vehicles to buyers last month, down 38.1 per cent from an all-time high of 50,353 units it recorded in December. The decline also ended a nine-month winning streak of monthly sales records. Guangzhou-headquartered Xpeng reported deliveries... https://www.scmp.com/business/china-business/article/3250622/chinese-ev-builders-li-auto-xpeng-and-nio-get-2024-slow-start-sharp-drop-january-sales?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3250622/chinese-ev-builders-li-auto-xpeng-and-nio-get-2024-slow-start-sharp-drop-january-sales?utm_source=rss_feed Thu, 01 Feb 2024 22:00:19 +0000 BYD, the world’s largest electric car maker, said it expects its earnings for 2023 to jump by as much as 86.5 per cent, buoyed by record deliveries. Its profitability, however, remains far behind rival Tesla because of the American giant’s bigger profit margins. The Shenzhen-based company said in a filing to the Hong Kong and Shenzhen stock exchanges on Monday evening that its net profit for last year would come in at between 29 billion yuan (US$4.1 billion) and 31 billion yuan, a jump of 74.5... https://www.scmp.com/business/china-business/article/3250252/chinas-byd-post-big-jump-2023-profit-amid-record-ev-deliveries-even-steep-discounts-dented-margins?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3250252/chinas-byd-post-big-jump-2023-profit-amid-record-ev-deliveries-even-steep-discounts-dented-margins?utm_source=rss_feed Tue, 30 Jan 2024 05:05:12 +0000 Elon Musk, the Tesla boss and world’s richest man, is having a rough ride. BYD, the Chinese battery and electric vehicle manufacturer making inroads across Asia and Europe, has surpassed Tesla as the world’s largest maker of pure electric vehicles. More than a decade ago, Musk laughed when he was asked about potential competition from BYD. How times have changed. The Shenzhen-based carmaker is already the world’s largest producer of EVs, including plug-in hybrids. But its global deliveries of... https://www.scmp.com/comment/opinion/article/3248298/chinas-byd-electric-vehicles-leave-tesla-standing?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3248298/chinas-byd-electric-vehicles-leave-tesla-standing?utm_source=rss_feed Fri, 12 Jan 2024 17:15:43 +0000 Charlie Munger, the Robin to Warren Buffett’s Batman, has died at 99, leaving an unparalleled investment legacy. Famous for his one-liners, he remains a beacon for the critical role of experience in investment. One of his oft-quoted aphorisms is “The big money is not in the buying or selling … but in the waiting.” Trading is the mechanism by which investors get exposure to stocks. Trading in and out, constantly trying to buy low and sell high is not investment but speculation, which often... https://www.scmp.com/comment/opinion/article/3243333/charlie-mungers-wisdom-crypto-poison-shows-investment-experience-counts?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3243333/charlie-mungers-wisdom-crypto-poison-shows-investment-experience-counts?utm_source=rss_feed Fri, 01 Dec 2023 03:00:08 +0000 Charlie Munger, Warren Buffett’s trusted lieutenant who helped to build Berkshire Hathaway into a US$784 billion investment behemoth from a failing textile company, has died. The Berkshire vice-chairman was 99. A former lawyer, Munger was a value investor who believed in the philosophy of long-term investments and companies’ intrinsic value. In their years together, the canny investment duo picked out dozens of winners, turning them into demigods in the eyes of adoring investors. Their Midas... https://www.scmp.com/business/china-business/article/3243223/byd-alibaba-shanghai-jahwa-warren-buffetts-deputy-charlie-munger-leaves-behind-trail-legendary-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3243223/byd-alibaba-shanghai-jahwa-warren-buffetts-deputy-charlie-munger-leaves-behind-trail-legendary-china?utm_source=rss_feed Wed, 29 Nov 2023 07:52:59 +0000 Charlie Munger, who quit a law career to become Warren Buffett’s trusted confidant and long-time second-in-command at Berkshire Hathaway, died on Tuesday morning. He was 99. Berkshire said Munger died peacefully at a hospital in California, where he lived. No cause was given. Munger would have turned 100 on January 1. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett, Berkshire’s 93-year-old chairman and chief... https://www.scmp.com/news/world/united-states-canada/article/3243166/charlie-munger-who-helped-warren-buffett-build-berkshire-hathaway-dies-99?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3243166/charlie-munger-who-helped-warren-buffett-build-berkshire-hathaway-dies-99?utm_source=rss_feed Tue, 28 Nov 2023 23:41:16 +0000 There are exactly 2,640 billionaires in the world, according to Forbes. That’s about 0.00003 per cent of the global population. Despite their scarcity, these billionaires are surprisingly easy to find. After all, birds of a feather – especially those of a small brood – flock their private jets together. At the start of the year, they descend en masse on Davos. In July, they fly to Sun Valley. In December, their yachts stop by St Barts. Here’s where billionaires mingle, wheel and deal, and relax,... https://www.scmp.com/magazines/style/people/icons-influencers/article/3242666/where-richest-people-world-hang-out-through-year-us-event-where-billionaire-jeff-bezos-and-disney?utm_source=rss_feed https://www.scmp.com/magazines/style/people/icons-influencers/article/3242666/where-richest-people-world-hang-out-through-year-us-event-where-billionaire-jeff-bezos-and-disney?utm_source=rss_feed Sun, 26 Nov 2023 20:00:11 +0000 BYD, the world’s largest electric vehicle (EV) maker, reported on Monday its highest ever quarterly profit for the period ending September, buoyed by surging deliveries and a cost-cutting campaign driven by its greater control over its supply chain. The Shenzhen-based company, which is backed by Warren Buffett’s Berkshire Hathaway, said in a filing to both the Shenzhen and Hong Kong stock exchanges, that net income between July and September stood at 10.4 billion yuan (US$1.4 billion), which is... https://www.scmp.com/business/china-business/article/3239716/byds-third-quarter-profit-soars-record-after-beating-tesla-and-others-ev-deliveries-capping-costs?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3239716/byds-third-quarter-profit-soars-record-after-beating-tesla-and-others-ev-deliveries-capping-costs?utm_source=rss_feed Mon, 30 Oct 2023 13:45:10 +0000 BYD, the world’s largest electric vehicle (EV) maker, expects its third-quarter earnings to hit an all-time high after it delivered a record number of cars to Chinese consumers. The Shenzhen-based company, which is backed by Warren Buffett’s Berkshire Hathaway, said in a filing to both the Shenzhen and Hong Kong stock exchanges on Tuesday that its third-quarter earnings could reach 9.55 billion yuan (US$1.3 billion) to 11.55 billion yuan, an increase of 67 to 102 per cent from the same period a... https://www.scmp.com/business/china-business/article/3238292/byd-expects-third-quarter-earnings-more-double-hit-all-time-high?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3238292/byd-expects-third-quarter-earnings-more-double-hit-all-time-high?utm_source=rss_feed Tue, 17 Oct 2023 23:00:08 +0000 Nepo babies may be dominating all the headlines these days, but not all wealthy offspring are set for life. While the children of famous multimillionaires might appear to be born with a silver spoon in their mouths, many will have to forge their own paths in life without getting a boost from their parents’ bank accounts. The Rolling Stones’ Mick Jagger recently made headlines for declaring that he’d be giving his US$500 million fortune to charity, rather than splitting it between his eight... https://www.scmp.com/magazines/style/entertainment/article/3236641/9-ultra-rich-celebrities-who-arent-leaving-fortunes-their-kids-mick-jaggers-bombshell-nothing-new?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3236641/9-ultra-rich-celebrities-who-arent-leaving-fortunes-their-kids-mick-jaggers-bombshell-nothing-new?utm_source=rss_feed Tue, 03 Oct 2023 18:00:08 +0000 For a sign of how Japan has yet to fully recover from the bursting of its epic 1980s asset bubble, look no further than the Nikkei 225. More than three decades after the bubble popped, the stock index – one of the two main gauges in Japan – is still down around 20 per cent from its peak, despite having experienced a strong recovery since 2012. By contrast, the benchmark S&P 500 index is up about 1,200 per cent since January 1990. Many years of false dawns in Japanese equities have caused even... https://www.scmp.com/comment/opinion/article/3221755/how-rising-china-risks-are-driving-japans-stock-rally-investors-look-safer-alternatives?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3221755/how-rising-china-risks-are-driving-japans-stock-rally-investors-look-safer-alternatives?utm_source=rss_feed Thu, 25 May 2023 13:00:20 +0000 Berkshire Hathaway, the investment firm controlled by US billionaire Warren Buffett, has continued to trim its stake in BYD, selling 1.96 million shares in the Chinese electric-vehicle (EV) maker, in at least the 11th reduction since August. The shares were sold for HK$462.1 million (US$58.9 million) on May 2 at an average price of HK$235.64 per share, according to exchange data. After the divestment, the Omaha, Nebraska-based investment firm’s interest in BYD dropped to 9.87 per cent from 10.05... https://www.scmp.com/business/banking-finance/article/3219836/buffetts-berkshire-hathaway-cuts-stake-worlds-no-1-ev-maker-byd-again-selling-196-million-shares?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219836/buffetts-berkshire-hathaway-cuts-stake-worlds-no-1-ev-maker-byd-again-selling-196-million-shares?utm_source=rss_feed Mon, 08 May 2023 13:21:51 +0000 Investment tycoon Warren Buffett on Saturday said he is more comfortable with Berkshire Hathaway Inc deploying capital in Japan than Taiwan, reflecting the growing tensions between the United States and mainland China. The billionaire investor contrasted Berkshire’s recently increased investments in five Japanese trading houses with its recent U-turn on a multibillion-dollar investment in Taiwan Semiconductor Manufacturing Co, or TSMC. “It’s a marvellous company,” Buffett said at Berkshire’s... https://www.scmp.com/news/asia/east-asia/article/3219664/warren-buffett-prefers-berkshire-hathaway-invest-japan-taiwan-due-us-china-rivalry-faults-us-bank?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3219664/warren-buffett-prefers-berkshire-hathaway-invest-japan-taiwan-due-us-china-rivalry-faults-us-bank?utm_source=rss_feed Sun, 07 May 2023 03:11:14 +0000 In financial markets, barely a day goes by without a warning from another prominent investor that US commercial property is the next shoe to drop. Last weekend, Charlie Munger, the long-time business partner of Warren Buffett, told the Financial Times: “A lot of real estate isn’t so good any more. We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there.” Long before the turmoil in the banking sector... https://www.scmp.com/comment/opinion/article/3219332/next-financial-crisis-unlikely-be-triggered-us-commercial-property?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3219332/next-financial-crisis-unlikely-be-triggered-us-commercial-property?utm_source=rss_feed Thu, 04 May 2023 14:00:09 +0000 BYD, the world’s largest electric vehicle (EV) maker, got off to a bumpy start in 2023 as its net profit in the first three months declined 43.5 per cent on a quarterly basis amid a simmering price war in China’s automotive industry. The Shenzhen-based carmaker, backed by Warren Buffett’s Berkshire Hathaway, reported on Thursday that its net profit between January and March fell to 4.13 billion yuan (US$596.28 million) from an all-time high of 7.3 billion yuan in the fourth quarter of 2022. The... https://www.scmp.com/business/china-business/article/3218627/byd-profit-plunges-435-cent-chinas-car-market-price-war-breaks-three-quarter-winning-streak?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218627/byd-profit-plunges-435-cent-chinas-car-market-price-war-breaks-three-quarter-winning-streak?utm_source=rss_feed Thu, 27 Apr 2023 15:01:07 +0000 BYD, the world’s largest electric vehicle maker, has reduced the price of its new budget model, the Seagull, by 5,000 yuan (US$722) in a bid to attract millions of young Chinese motorists as it edges closer to becoming the mainland’s bestselling auto brand. The Shenzhen-based company, which is backed by Warren Buffett’s Berkshire Hathaway, announced on Thursday that it will sell the entry-level hatchback at 73,800 yuan, 5,000 yuan less than the pre-order price of 78,800 yuan it offered on April... https://www.scmp.com/business/china-business/article/3218464/byd-poised-surpass-vw-chinas-top-car-brand-budget-ev-triggers-buying-spree-among-millions-analyst?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218464/byd-poised-surpass-vw-chinas-top-car-brand-budget-ev-triggers-buying-spree-among-millions-analyst?utm_source=rss_feed Wed, 26 Apr 2023 11:59:40 +0000 Warren Buffett recently flew to Tokyo to meet the heads of the country’s five largest trading houses, which he invested in a few years ago. The billionaire investor and Berkshire Hathaway CEO probably didn’t sample any local delicacies. Buffett likes to say he found everything he enjoys eating by the time he turned six. The 92-year-old chows down on McDonald’s for breakfast, guzzles five cans of Coca-Cola a day, and munches on See’s Candies and Dairy Queen Blizzards. When CNBC’s Becky Quick... https://www.scmp.com/news/asia/east-asia/article/3218085/warren-buffett-hates-japanese-food-even-if-he-loves-investing-japan-it-was-worst?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3218085/warren-buffett-hates-japanese-food-even-if-he-loves-investing-japan-it-was-worst?utm_source=rss_feed Mon, 24 Apr 2023 01:13:34 +0000 When news broke last year that Bernard Arnault, the brains behind luxury powerhouse LVMH, had taken over Elon Musk as the richest person on the planet, the internet was taken by storm. Musk had previously held the top global position for over a year until his net worth dropped due to Tesla shares going down as a result of his pricey US$44 billion Twitter buy-out deal. While it’s important to remember that wealth can fluctuate at any given moment, Forbes’ recently released “Richest People in... https://www.scmp.com/magazines/style/entertainment/article/3217575/move-over-elon-musk-whos-richest-billionaire-2023-bernard-arnault-takes-first-place-lvmh-amazons?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3217575/move-over-elon-musk-whos-richest-billionaire-2023-bernard-arnault-takes-first-place-lvmh-amazons?utm_source=rss_feed Wed, 19 Apr 2023 10:00:21 +0000 Berkshire Hathaway, the investment firm controlled by US billionaire Warren Buffett, continued to trim its stake in BYD, selling 2.48 million shares in the Chinese electric-vehicle (EV) maker last month, at least the 10th reduction since August. The shares were sold for HK$539.8 million (US$68.8 million) on March 31 at an average price of HK$217.67 per share, according to stock exchange data. Following the divestment, Berkshire’s interest in BYD has dropped to 10.9 per cent from 11.13 per cent,... https://www.scmp.com/business/china-business/article/3216761/warren-buffetts-berkshire-hathaway-cuts-stake-chinese-ev-maker-byd-10th-time-sells-248-million?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3216761/warren-buffetts-berkshire-hathaway-cuts-stake-chinese-ev-maker-byd-10th-time-sells-248-million?utm_source=rss_feed Wed, 12 Apr 2023 05:09:57 +0000 Forbes recently released its list of the world’s 10 richest people, with Bernard Arnault, Elon Musk and Jeff Bezos ranking as the top three, boasting net worths of US$225.9 billion, US$202.4 billion and US$126.4 billion, respectively. With such large fortunes at their disposal, they can afford to buy the most expensive personal items the world has to offer – and that includes watches, of course. While the seven men on this list indeed opt for premium watchmakers, their choices may surprise you.... https://www.scmp.com/magazines/style/luxury/article/3215841/most-expensive-watches-worlds-7-richest-billionaires-ranked-warren-buffetts-rolex-and-elon-musks?utm_source=rss_feed https://www.scmp.com/magazines/style/luxury/article/3215841/most-expensive-watches-worlds-7-richest-billionaires-ranked-warren-buffetts-rolex-and-elon-musks?utm_source=rss_feed Mon, 03 Apr 2023 16:05:14 +0000