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On May 16th, Berkshire Hathaway made a significant purchase of Delta Air Lines (DAL.N) in its first quarter under Greg Abel, who succeeded Warren Buffett as CEO, returning to the airline the group had invested in years ago. Abel, who became CEO in January, stated in his first letter to shareholders in February that Apple, American Express, Coca-Cola, and Moodys were among his "core" holdings, and that Berkshire would continue its "concentrated holdings" strategy. As of the end of March, Berkshires newly acquired Delta holding was valued at approximately $2.6 billion, still relatively small compared to its largest holding. Despite rising fuel costs due to the Iran-Iraq conflict putting pressure on airline stocks this year, Deltas share price has still risen 1.2%. During Buffetts tenure, Berkshire invested in several major airlines, including Delta, and was once its largest shareholder. In 2020, Berkshire liquidated all its airline holdings. At that time, the COVID-19 pandemic brought air travel to a near standstill, and Buffett said, "The world of the aviation industry has changed."On May 16, it was reported that law enforcement agencies from China and the Philippines recently cooperated to arrest and repatriate Chen, suspected of organizing cross-border gambling. Chen, along with others, established an illegal gambling website overseas, recruiting thousands of mainland Chinese gamblers and maliciously setting withdrawal thresholds to reap huge profits. The amount involved exceeded 200 million yuan. Chinese law prohibits all forms of gambling, forbids Chinese capital investment in local casinos, prohibits Chinese citizens from participating in the operation of local casinos, and prohibits local casinos from recruiting Chinese citizens to gamble. The Chinese Embassy in the Philippines will continue to strengthen law enforcement cooperation with the Philippine side to jointly combat cross-border gambling activities.Market news: Explosions were heard in Baghdad, Iraq.According to Iranian media reports, Iran stated that shipping will return to normal once the instability in the Strait of Hormuz ends.On May 16th, Yonhap News Agency reported that Samsung Electronics Chairman Lee Jae-yong called for unity within the company on Saturday. Currently, Samsungs labor union is deadlocked over wage negotiations and plans a large-scale strike next week. "Now is the wise time to unite our strength and move in the same direction," Lee said. "Union members, members of the Samsung family, we are one, we are one family." He also apologized to the companys customers and the public for concerns raised by "internal" issues. Samsungs largest labor union stated on Friday that despite the companys offer to resume negotiations without preconditions, the union will proceed with its planned strike next week. The strike is scheduled to begin next Thursday and last for 18 days, potentially disrupting production at the worlds largest memory chip manufacturer.

Fears of Stagflation Caused by Tightening Policies Increase As Asian Stocks Fluctuate

Haiden Holmes

Jun 15, 2022 11:11

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Asia-Pacific stocks were mixed this morning, Wednesday. Ahead of a U.S. Federal Reserve meeting that is likely to provide strong tightening decisions, U.S. share markets continued to decline.


Nikkei 225 dropped 0.67 percent at 10:49 PM ET (2:49 AM GMT).


The KOSPI decreased by 1.21 percent.


Australia's ASX 200 index declined 0.38 percent.


Hong Kong's Hang Seng gained 1.14 percent .


Shenzhen Component rose 0.49 percent and Shanghai Composite rose 0.90 percent.


China's industrial output climbed by 0.7% year-over-year in May, according to statistics released on Wednesday, which was marginally higher than market estimates. In April, a decrease of 2.9% was seen, whereas Investing.com had expected a decrease of 0.7%.


Nonetheless, as Beijing saw clusters of COVID-19 breakouts, the city's officials warned on Tuesday that the city was in a "race against time," heightening concerns that the reinstatement of harsh restrictions might harm the city's economy and global supply chain.


The S&P 500 finished down for the fifth consecutive day due to concerns that Fed measures to tighten monetary policy to calm raging inflation might lead to stagflation.


Investors are now betting on aggressive interest rate rises, such as 75 basis points from the Fed, which would be the largest increase since 1004


Steve Englander, director of global G10 FX research at Standard Chartered Bank, wrote in a note, "Inflation is front and center in the headlines and asset markets, and few are voicing worry about over tightening the monetary policy."

After their greatest decline in decades, Treasuries stabilized. Two-year rates recovered after reaching a level not seen since 2007, while 10-year yields retreated from around 3.5 percent.


Barbara Ann Bernard, chief investment officer of Wincrest Capital Ltd., told Bloomberg, "The sooner they are explicit about how rapidly they would increase interest rates and what amount of inflation they consider acceptable, the sooner the markets will settle down."


The Bank of England will announce its policy decision on Thursday, while the Bank of Japan will announce its decision on Friday.


Bitcoin's value on the cryptocurrency market steadied at $22,000.


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