Business Highlights: Charlie Munger, who helped build Berkshire, dies; Consumer confidence rises
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Charlie Munger, Warren Buffet’s sidekick at Berkshire Hathaway, dies at 99
Charlie Munger, who helped Warren Buffett build Berkshire Hathaway into an investment powerhouse, has died. He was 99. Munger’s death was confirmed in a statement from the company, which said he died Tuesday at a California hospital. Munger served as Buffett’s sounding board on investments and business decisions and helped lead Berkshire as its vice chairman for decades.
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Fed’s Waller raises possibility of a rate cut by spring if inflation keeps slowing
WASHINGTON (AP) — A key Federal Reserve official raised the possibility that the Fed could decide to cut its benchmark interest rate as early as spring if inflation keeps declining steadily. The official, Christopher Waller, cautioned that inflation is still too high and that it’s not yet certain if a recent slowdown in price increases can be sustained. But he sounded the most optimistic notes of any Fed official since the central bank launched its aggressive streak of rate hikes. Waller is regarded as a relatively “hawkish” official, meaning that he typically favors higher rates to combat inflation rather than low rates to boost job growth. But he has also become somewhat of a bellwether for the Fed’s overall rate-setting committee.
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American consumers more confident in November as holiday shopping season kicks into high gear
American consumers are feeling slightly more confident this month as the all-important holiday shopping season kicks into high gear. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 102 from 99.1 in October. Analysts were expecting a reading of 101. The October reading was revised down from an original reading of 102.6. The index measuring Americans short-term expectations for income, business and job market rose to 77.8 in November from 72.7 in October. It was the third straight reading below 80 for future expectations, which historically signals a recession within a year.
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New Google geothermal electricity project could be a milestone for clean energy
Google announced Tuesday that an advanced geothermal project has begun pumping carbon-free electricity onto the Nevada electric grid to feed Google data centers there. Google and Houston-based Fervo Energy partnered to develop next-generation geothermal power that runs 24 hours a day. Fervo says getting electrons onto the grid for the first time is a milestone many new energy companies never reach. The International Energy Agency has long projected geothermal could be a serious solution to climate change but its potential has been mostly unrealized until now. Today’s announcement could mark a turning point. Fervo is using a first pilot project in Nevada to launch others, including one in Utah that will deliver far more carbon-free electricity to the grid.
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Saudi Arabia’s capital Riyadh chosen to host the 2030 World Expo
ISSY-LES-MOULINEAUX, France (AP) — Saudi Arabia’s capital Riyadh has been chosen to host the 2030 World Expo following its bid focusing on how to shape a prosperous and sustainable future. Riyadh beat out the South Korean port city of Busan and Rome for the event expected to draw millions of visitors. Riyadh was picked by a majority of 119 out of 165 votes by the member states of the Paris-based Bureau International des Expositions. Past world’s fairs brought the world such wonders as the Eiffel Tower, the Ferris Wheel and Seattle’s Space Needle.
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Supporting nonprofits on GivingTuesday this year could have a bigger impact than usual
Supporting nonprofits on GivingTuesday this year could have a bigger impact than usual. That’s because nonprofits and industry groups say donations so far are down compared with previous years. Many organizations will be looking to make up the difference on GivingTuesday, which is the Tuesday after Thanksgiving. Some run matching campaigns, meaning a supporter has pledged to double or sometimes triple the donation of other, smaller donors. A large amount of charitable giving happens at the end of the calendar year, so it’s still too soon to tell if this year will follow the trend in 2022, when overall donations dropped for only the fourth time in 40 years.
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Panama’s Supreme Court declares 20-year contract for Canadian copper mine unconstitutional
PANAMA CITY (AP) — Panama’s Supreme Court has unanimously declared a 20-year concession for a Canadian copper mine that had sparked weeks of protests as unconstitutional. Opponents of the Cobre Panama mine argued it would damage a forested coastal area and threaten water supplies. The announcement of the nine-member court’s decision on Tuesday after four days of deliberations set off cheers among a crowd of people waiting outside. Minera Panama, the local subsidiary of Canada’s First Quantum Minerals, which operates the mine in central Panama, acknowledged the court’s decision but said it needed more details to comment further. The mine employs thousands and accounts for 3% of Panama’s gross domestic product.
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Kenya court strikes out key clauses of a finance law as economic woes deepen from rising public debt
NAIROBI, Kenya (AP) — The Kenyan High Court has struck out key clauses of a contentious finance law that has been blamed for significantly raising taxes and the cost of living in East Africa’s largest economy. A trio of high court judges said Tuesday that parts of the Finance Act 2023 that touched on a mandatory housing levy were unconstitutional and couldn’t be enforced. The law has been backed by the International Monetary Fund. It’s part of the government’s efforts to increase revenue collection to pay for a ballooning foreign debt that now stands at $70 billion. Some of it is due next year.
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The S&P 500 rose 4.46 points, or 0.1%, to 4,554.89. The Dow Jones Industrial Average rose 83.51 points, or 0.2%, to 35,416.98. The Nasdaq composite rose 40.73 points, or 0.3%, to 14,281.76. The Russell 2000 index of smaller companies fell 8.35 points, or 0.5% to 1,792.81.
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