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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.

Gold Reaches A One-Month High Due to Growing Prices And the Ukraine Crisis

Aria Thomas

Apr 19, 2022 09:29

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By 2:09 p.m. ET (1809 GMT), spot gold had risen 0.1 percent to $1,976.56 per ounce from its previous high of $1,998.10 on March 11. Gold futures in the United States closed 0.6 percent higher at $1,986.4 an ounce.


Gold's ascent was hampered late in the day by a rise in benchmark 10-year US Treasury rates and continued strength in the dollar, which dampens global demand for gold. [US/] [USD/]


"The little increase in tensions caused by the Russia-Ukraine conflict, along with widespread inflationary pressures, increases demand for gold as a safe haven," said David Meger, director of commodities trading at High Ridge Futures.


Concerns over the economic impact of COVID-led limitations in China aided the metal's performance, Meger added. [GOL/AS]


While fears of increasing inflation bolster gold's safe-haven allure, interest rate rises to contain rising prices might damage demand for the commodity due to the increased opportunity cost of keeping non-yielding bullion.


The Federal Reserve of the United States is projected to intensify policy tightening at its next meeting, with a 50 basis point increase anticipated in May and June.


"Technically, spot gold may encounter no opposition until it surpasses $2,000... Gold's capacity to maintain a price over $2,000, on the other hand, may be tested if real yields begin to rise "According to Han Tan, Exinity's chief market analyst. 


Silver spot increased 0.5 percent to $25.80 per ounce, having previously reached a month-high of $26.21.


Platinum rose 2.2% to $1,011.89, its best level since March 25, while palladium increased 2.2% to $2,419.30.


"The supply interruptions caused by the conflict are the pinnacle of palladium and platinum issues," Meger of High Ridge stated.

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