Berkshire Hathaway Inc on Saturday said its quarterly operating profit rose more...
Berkshire is based in Omaha, Nebraska, and operates more than 90 businesses including the Geico auto insurer, BNSF railroad, Dairy Queen ice cream, Fruit of the Loom underwear, and its namesake energy company and real estate brokerage.
But the Federal Reserve on the same day nevertheless lowered interest rates for the third time this year amid uncertainty over trade policy, slowing global growth and Great Britain’s proposed exit from the European Union.The railroad’s cost-cutting helped offset lower revenue as demand for consumer, coal, industrial and agricultural products declined, the latter in part because of new trade policies.
Insurance underwriting profit was essentially unchanged at $440 million, as improved results from reinsurance offset higher loss claims at Geico.
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