China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
Gold prices spiked in the afternoon of Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts, and the 10-year Treasury yield...Metalsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday — breaching a key psychological level.Bondsread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
Meatless alternatives are on the rise, fueled by startups and companies. CNBC's Uptin Saiidi tried out 21 days as a vegetarian and explores whether this is a fad or the future...Food & Beverageread more
Amazon and Blue Origin founder Jeff Bezos gave more insight into his space company's lunar plans on Wednesday.Technologyread more
Warren Buffett's Berkshire Hathaway is in advanced discussions to sell its Applied Underwriters workers compensation unit to a consortium of insurance firms, people familiar with the matter said on Friday.
The deal would be a rare divestment by Buffett, who has built a corporate empire of more than 90 businesses in sectors spanning insurance, chemicals, energy, railroads, food and retail. Unlike private equity firms, the 88-year-old billionaire investor does not seek to cash out once he takes over a company.
However, San Francisco-based Applied Underwriters now sits outside Berkshire Hathaway's insurance focus, making it a non-core asset Buffett wishes to shed, the sources said.
Berkshire Hathaway's insurance businesses include the auto insurer Geico, reinsurer General Re, and a unit that protects against major catastrophes or unusual risks.
Applied Underwriters, on the other hand, provides bundled workers compensation and other employment-related insurance products targeted to small and medium-sized businesses.
A grouping of insurance firms and a hedge fund-backed reinsurance firm are in talks to buy Applied Underwriters at around the value of its book of business, the sources said, declining to disclose the price and the identity of the buyers.
The sources cautioned there is always a possibility that deal negotiations end unsuccessfully and asked not to be identified because the matter is confidential.
Berkshire Hathway did not immediately respond to a request for comment.
Applied Underwriters has also been in the crosshairs of California's insurance regulator, reaching a settlement agreement in June 2017 over "bait and switch marketing tactics", according to a statement from the state's insurance commissioner at the time. Berkshire Hathway acquired Applied Underwriters in May 2006.
Buffett is scheduled to publish his annual letter to Berkshire Hathaway shareholders this weekend, alongside the company's annual report. Berkshire Hathaway's cash pile reached $103.6 billion as of the end of September, as Buffett has struggled to find attractive acquisition opportunities to put money to work.
Buffett's efforts to divest Applied Underwriters come as one of his biggest investments, Kraft Heinz, has soured. On Thursday, the food giant announced a multibillion-dollar writedown on its marquee brands, raising concerns that years of rigorous cost cuts had eroded the value of its Kraft and Oscar Mayer products.