May 5, 2018

Warren Buffett's Berkshire Hathaway sees $1.14 billion net loss in Q1

Warren Buffett. Photo: J. Countess/Getty Images

On Saturday, ahead of the company's annual meeting in Omaha, Warren Buffett's Berkshire Hathaway reported a $1.14 billion net loss in the first quarter — a rare hit for the conglomerate.

The details: Per the Wall Street Journal, Buffett warned in his annual letter in February that "earnings would appear more volatile" because of a new accounting rule. Berkshire saw revenue loss because of "a drop in insurance premiums earned," the WSJ adds, falling from $64.37 billion to $58.47 billion.

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Oriana Gonzalez
2 mins ago - Politics & Policy

20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
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Axios
Updated 25 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Winter coronavirus threat spurs new surge of startup activity.
  4. Media: Pandemic causes cable and satellite TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.
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Orion Rummler
42 mins ago - Politics & Policy

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.

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