{"id":577038,"date":"2022-11-07T04:00:57","date_gmt":"2022-11-07T04:00:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/berkshire-turns-in-mixed-results-global-food-prices-hold-steady\/"},"modified":"2022-11-07T04:00:57","modified_gmt":"2022-11-07T04:00:57","slug":"berkshire-turns-in-mixed-results-global-food-prices-hold-steady","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/07\/berkshire-turns-in-mixed-results-global-food-prices-hold-steady\/","title":{"rendered":"Berkshire turns in mixed results + global food prices hold steady"},"content":{"rendered":"

Another mixed set of results for Berkshire Hathaway: <\/strong>The Warren Buffett-led conglomerate posted a USD 2.7 bn loss in 3Q 2022, compared to profits of USD 10.3 bn during the same period last year, according to its quarterly earnings (pdf)<\/a>, marking a second consecutive quarter of losses in the USD bns<\/a> on the back of continued market volatility. The company has now lost USD 40.9 bn this year, compared to a USD 50.1 bn profit in 9M 2021.<\/p>\n

Bottomline isn\u2019t everything: <\/strong>The company saw its operating income jump 20% y-o-y to sit at USD 7.8 bn for the quarter. Buffett has repeatedly urged shareholders to look at the performance of the company\u2019s underlying businesses rather than at Berkshire\u2019s profitability, which is heavily influenced by market fluctuations due to its massive stock portfolio, the Wall Street Journal<\/a>notes. The firm\u2019s fortunes are seen as a bellwether for US business conditions.<\/p>\n

De-FAANGed: <\/strong>A nosedive in the value of Meta shares could herald the end of the glory days for big tech firms Facebook, Amazon, Apple, Netflix, and Alphabet, once seen as safe-bet stocks despite high valuations, according to Bloomberg<\/a>. The five stocks still make up over 13% of the S&P 500\u2019s market value but have all suffered losses of 40% to 60% in the last year. Meta shares have fallen almost 75% this year, with almost 25% of the company\u2019s value being wiped at the end of October due to disappointing earnings and concerns about the amount of spending on the metaverse.<\/p>\n

Global food prices hold steady:<\/strong> The UN Food and Agriculture (FAO) index<\/a> was virtually unchanged at 135.9 in October from 136.0 the month before, as a rise in cereals prices offset falling meat, dairy and oil prices.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,179<\/p>\n<\/td>\n

\n

-0.7% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 24.23<\/p>\n<\/td>\n

\n

Sell 24.32<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 24.18<\/p>\n<\/td>\n

\n

Sell 24.28<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

13.25% deposit<\/p>\n<\/td>\n

\n

14.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,521<\/p>\n<\/td>\n

\n

+0.7% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

10,482<\/p>\n<\/td>\n

\n

+1.0% (YTD: +23.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,350<\/p>\n<\/td>\n

\n

+0.6% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

3,771<\/p>\n<\/td>\n

\n

+1.4% (YTD: -20.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,335<\/p>\n<\/td>\n

\n

+2.0% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

3,688<\/p>\n<\/td>\n

\n

+2.7% (YTD: -14.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 98.57<\/p>\n<\/td>\n

\n

+4.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 6.40<\/p>\n<\/td>\n

\n

+7.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,676.60<\/p>\n<\/td>\n

\n

+2.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 21,118<\/p>\n<\/td>\n

\n

-1.0% (YTD: -53.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 702.6 mn (35% below the 90-day average). Local investors were net sellers. The index is down 6.4% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+5.5%), Sidi Kerir Petrochemicals (+1.9%) and Rameda Pharma (+1.1%).<\/p>\n

In the red: <\/strong>QNB Al Ahly (-6.1%), Egypt Kuwait Holding-EGP (-4.2%) and Ezz Steel (-3.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Another mixed set of results for Berkshire Hathaway: The Warren Buffett-led conglomerate posted a USD 2.7 bn loss in 3Q 2022, compared to profits of USD 10.3 bn during the same period last year, according to its quarterly earnings (pdf), marking a second consecutive quarter of losses in the USD bns on the back of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[3756,102,302,72,683,119,182,7198,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577038","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-berkshire-hathaway","tag-capital-markets","tag-earnings","tag-enterpriseam","tag-fao","tag-financial-markets","tag-inflation","tag-meta","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"26ffcde3-2410-4c61-a779-3769ef051cd8","is_powered_by":true,"section_story_id":"7ad86880-867a-44d5-ba96-f614ade538cd","story_type":"1","photo_url":"","photo_position":"above","related_issue":[577015],"teaser":"","voice_url":""},"yoast_head":"\nBerkshire turns in mixed results + global food prices hold steady - 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Previous IMF forecasts predicted a US recovery would not take place before mid-2022, but increased\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577288,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/empower-climbs-2-3-on-trading-debut-wow-is-ftx-a-mess\/","url_meta":{"origin":577038,"position":3},"title":"Empower climbs 2.3% on trading debut + Wow, is FTX a mess\u2026","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"Empower rises on Dubai debut: Shares of Dubai\u2019s district cooling provider, Empower, rose 2.3% on their debut on the Dubai stock exchange yesterday. The company recently raised AED 2.7 bn (USD 724 mn) in an IPO that saw huge demand from investors.As many as 1 mn people want their money\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636614,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/the-nasdaq-is-in-correction-territory-warren-buffett-is-shifting-to-cash-investors-fret-about-ai-things-are-getting-interesting-on-planet-finance\/","url_meta":{"origin":577038,"position":4},"title":"The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. Things are getting interesting on Planet Finance.","author":"enterpriseam admin","date":"4 August 2024","format":false,"excerpt":"The Nasdaq is down more than 10% since its July high and Berkshire Hathaway is slashing its equities positions","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/182.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":703093,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/18\/pif-and-berkshire-are-now-telling-the-same-story-about-us-equities\/","url_meta":{"origin":577038,"position":5},"title":"PIF and Berkshire are now telling the same story about US equities","author":"enterpriseam admin","date":"18 May 2026","format":false,"excerpt":"Berkshire\u2019s first 13F under Greg Abel exited 16 positions and left USD 397 bn in liquid assets; PIF's filing shows the fund has cut its US book to four names","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/5\/1012.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=577038"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577038\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577015"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577038"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577038"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}