Buffett eyes acquisitions
Warren Buffett has informed shareholders that Berkshire Hathaway Inc might make a $15 billion acquisition.
Speaking at Berkshire's annual meeting, the chairman and chief executive of the company also said that he sees the US dollar weakening further. He added that Berkshire would ideally like to reduce its cash pile to about $10 billion from $40 billion at present.

There has been speculation of late about what Buffett will do with Berkshire's cash.

Berkshire plans to use its funds to boost its international presence, and acquire 80 per cent stake in Israel's Iscar Metalworking Cos. Berkshire has valued the closely held tool firm at $5 billion.
Buffett said he plans for Berkshire to have a "fair amount" of earnings power coming from abroad.

Berkshire's first-quarter profit rose 70 per cent to $2.31 billion.
Back to News Review index page  

Venezuela to hike taxes on foreign oil companies
Hugo Chavez president of Venezuela said he plans to raise taxes on foreign oil companies operating in the country. Describing the tax as "tax on extraction," he said it would increase revenue by one billion dollars.

The new tax will be 33 percent - up from 16.7 percent.

Chavez has accused foreign oil companies of exploiting his country's vast petroleum reserves without paying sufficient taxes, and has taken steps to increase revenue from the industry.
Back to News Review index page