Select a category

Singer AdekunleGold has continued to trade words with music producer Samklef by telling him that he has no right to speak on the virtue of gratitude after her allegedly collected money from him to produce a song and never did.

He made the allegation against Samklef and the music producer claimed be the one behind Sims’s success and he expects that she shows him gratitude

Continue reading on Instablog

Corporate earnings and comments from Federal Reserve speakers highlight a relatively light week for economic data.

Palantir Technologies’ (PLTR) earnings report Monday is likely to highlight the company’s work on artificial intelligence (AI), while reports from Walt Disney (DIS) and Warner Bros. Discovery (WBD) will provide an update on the streaming marketplace. Apple (AAPL) will host a product event this week. 

Several Federal Reserve speakers are on the calendar, including those whose past remarks have unsettled markets. Investors also will receive the latest update on consumer sentiment. 

Market watchers will get financial updates from major streaming services this week, while automakers, technology firms and gig economy companies are also likely to attract investor attention. In addition this week, Apple will host its “Let Loose” product event on Tuesday. 

Walt Disney’s earnings report on Tuesday comes after it recently won a battle with activist investors seeking to take seats on the company board. On Thursday, Warner Bros. Discovery seeks to bounce back from its earnings miss last quarter as investors evaluate subscriber levels for its Max streaming service. 

Palantir Technologies' earnings report on Monday will show whether the data analytics company can continue the success of its AI platform, which helped push the firm’s earnings above expectations in the 2023 fourth quarter. 

The Wednesday earnings report from Anheuser-Busch InBev will show whether the alcohol distributor has bounced back from a consumer boycott of its Bud Light beer. 

Wednesday also will feature reports from several “gig economy” businesses. Ride-hailing service Uber reports earnings after it reversed losses from 2022 to produce a net income of nearly $2 billion.  Airbnb’s earnings come as the short-term rental provider faces pushback in places like New York City.

Investors will get updates from Japanese car makers, with Toyota Motor reporting on Wednesday and Honda Motor releasing its financials on Friday. Toyota’s report comes after it announced a new investment in an electric vehicle (EV) and hybrid vehicle plant, while Honda is exploring an EV partnership with its rival Nissan. 

After Federal Reserve Chair Jerome Powell said he still expected inflation to decline this year, other Fed officials will take the opportunity this week to express their views on the economy. Investors are closely monitoring remarks from Federal Reserve officials regarding their ideas on the path and timing of interest rate cuts. 

Starting Monday, investors will hear from Richmond Fed President Tom Barkin and New York Fed President John Williams, who recently presented an uncertain timeline for interest rate cuts. 

On Tuesday, Minneapolis Fed President Neel Kashkari will deliver remarks, coming after an interview last month that sparked a market sell-off when he speculated about whether interest rates could be cut at all this year amid persistent inflation. 

Other speakers will include Fed Gov. Lisa Cook and Chicago Fed President Austan Goolsbee. His remarks will come after the Friday release of the Michigan Consumer Confidence survey, which includes data on inflation that is closely watched by Fed officials.

Read more on Investopedia

An Abuja-based barber has fired back at Davido, by telling the singer that he is not his God and he cannot make him, after he told the barber that he missed out on a lifetime opportunity.

This comes after the Abuja based barber trolled Davido about his status in the music industry and he responded by saying he missed on the opportunity to cut his hair and subsequently set up his business.

Continue reading on Instablog

A barber from Abuja, Callistus Chisom Okolie, has received some backlashes after he declares Nigerian singer, Davido as the third best musician in the entertainment industry.

Continue reading on Instablog

Berkshire Hathaway (BRK.A, BRK.B) significantly cut its stake in Apple (AAPL) in the first quarter—a period during which the tech giant's stock fell sharply—as the conglomerate built its cash position.

Berkshire noted in its quarterly earnings report Saturday that the value of its Apple stock holdings stood at $135.4 billion at the end of the first quarter, compared with $174.3 billion at the end of 2024. That would indicate, taking Apple's share prices at the end of each period into account, that Berkshire cut its holdings in Apple stock by about 116 million shares, or nearly 13%, during the first quarter.

Though Apple remains by far Berkshire's largest stock holding, the latest reduction is far greater than the 10 million-share cut disclosed for the fourth quarter. Berkshire is also Apple's single largest shareholder.

Asked at the company's annual shareholder meeting whether his views about the economics of Apple's business or its attractiveness as an investment had changed, Buffett said they hadn't but acknowledged that Berkshire had sold shares.

Buffett said that American Express (AXP) and Coca Cola (KO), two of Berkshire's other large stock holdings, are wonderful businesses, and that Apple "is an even better business," noting that it's "extremely likely" that Apple will remain Berkshire's largest stock holding at the end of 2024.

At the end of 2023, Apple accounted for 50% of Berkshire's shareholdings, as the chart below shows. Berkshire first acquired Apple stock in 2016.

"We will end up—unless something dramatically happens that really changes capital allocation strategy—we will have Apple as our largest investment, but I don't mind at all under current conditions building the cash position," the Berkshire chief executive told the tens of thousands of shareholders gathered in Omaha

"I think, when I look at the alternative of what's available in equity markets and I look at the composition of what's going on in the world, we find it quite attractive," Buffett added.

Berkshire said in its quarterly report that its insurance and other businesses held $182.3 billion in cash, cash equivalents and U.S. Treasury bills at the end of the first quarter, up 12% from $163.3 billion at the end of 2024.

Buffett said it's "a fair assumption" that the $182 billion figure, which does not include the $6.7 billion in cash held by Berkshire's railroad, utilities and energy businesses, will rise to about $200 billion at the end of the second quarter.

"We'd love to spend it but we won't spend it unless we think we're doing something that has very little risk and can make us a lot of money," he said.

reported that Buffett and Apple Chief Executive Tim Cook had spoken at length on Friday and that Cook was aware that the disclosure of the reduced stake was coming today.

's Becky Quick said she had spoken with Cook, who noted that Berkshire remains Apple's largest shareholder and that Apple remains Berkshire's largest holding, which he said he feels good about and that it's a privilege to have Berkshire as a shareholder.

After gaining nearly 50% in 2023, Apple shares fell 11% in the first quarter as investors worried about the company's sluggish growth and declining sales in China. That decline stood in sharp contrast with the 10% increase for the S&P 500 in the quarter, as well as gains for other tech giants such as Meta Platforms (META) and Amazon (AMZN).

Apple shares surged 6% on Friday, a day after the company announced better-than-expected earnings for its fiscal second quarter, driven by the strong performance of its Services business, as well as iPhone and China sales numbers that weren't as bad as feared. The company also announced a $110 billion stock buyback program, the biggest in U.S. corporate history.

Investors are now turning their attention to some key events—such as Tuesday's launch of new iPad models and the company's annual developers conference in June—for indications of what will drive the next phase of growth for Apple. They're also keen for the company to unveil details about initiatives tied to artificial intelligence, an area that Cook says is "a very key opportunity" but in which the company is seen as lagging its big tech peers.

Read more on Investopedia

Berkshire Hathaway (BRK.A, BRK.B) shareholders flocked to Omaha, Nebraska, on Saturday, looking to glean some insight from Warren Buffett at the company's annual meeting.

Buffett touched on everything from Tesla's (TSLA) self-driving technology to his thoughts on artificial intelligence and the state of the economy. Here are four key takeaways from the extensive question-and-answer portion of the annual shareholder event.

For about 60 years, shareholders have made the annual pilgrimage to Omaha, Nebraska to hear directly from the "odd couple" who built the company into the multi-billion-dollar conglomerate it is today.

This year's shareholders meeting was markedly different without Charlie Munger, Buffett's long-time business partner who died in November at age 99. Munger, who used to sit next to Warren on the stage, was always ready with a one-liner to solidify Buffett’s point, answer shareholder questions or dispense witty bits of wisdom.

The annual movie that kicked off the meeting focused on those quips this year, showing Munger throughout the years making jokes or snarking about business as Buffett laughed by his side.

Seated next to Buffett this year, vice chairs Ajit Jain, the head of Berkshire’s insurance businesses, and Greg Abel, who runs all non-insurance businesses, were loathe to upstage Buffett. The pair mostly focused on facts and figures behind their respective operations.

Buffett mentioned Munger extensively throughout the day and the crowd chuckled during a bittersweet moment when he handed a question off to Charlie Munger out of habit, meaning to give Abel a chance to speak.

In light of Munger's passing, many investors asked questions about the company's succession plans.

Buffett alluded several times throughout the meeting to Abel taking over the company after the CEO's death. Abel became vice chairmen of the company in 2018 alongside Jain, and the pair have taken on a larger, more public role over the past few years.

"We've really got the problem solved for the next 20 years unless something untoward happens," he said.

Succession is important to shareholders because Buffett and Munger were known for a particular brand of business savvy and partnership. Many are seemingly searching for signs the company can maintain its success after Buffett dies. Buffett, for his part, answered most questions about succession by saying executives and the board will decide on the details when the time comes.

That being said, Buffett touched on who he thinks will replace Jain ("We won't find another Ajit, but we have an operation that he has created"), and who will pick stocks once he's gone ("[Greg] understands businesses extremely well, and if you understand businesses, you understand common stocks.")

In the hours before the meeting, Berkshire Hathaway released its first-quarter earnings report, showing a large cash hoard.

According to the first-quarter filing released this morning, the company holds$36 billionin cash and$153 billion in Treasurys, for a total cash hoard of $189 billion. That's much higher than at the same time last year when the company had $130 billion in that stockpile.

Shareholders wanted to know how Buffett plans to deploy the capital and his response was frank.

"I don't think anybody's sitting at this table has any idea of how to use it effectively and therefore we don't," he said. "...We only swing at pitches we like."

Buffett noted during his presentation of the company's earnings that its cash position, excluding the amount held by the railroad, utility and energy businesses, stood at $182 billion at the end of the last quarter. He said it's "a fair assumption" that the the number will rise to about $200 billion at the end of the second quarter.

"We'd love to spend it, but we won't spend it unless we think we're doing something that has very little risk and can make us a lot of money," he said.

The earnings report also revealed Berkshire significantly cut its stock holdings in Apple (AAPL).

Based on the value of holdings cited in its quarterly report, Berkshire cut the amount of shares it is holding by about 13%. That's a bigger reduction than in the previous quarter and equates to about 116 million fewer shares.

Berkshire Hathaway investors grabbed onto the decline, but Buffett dismissed the notion that it was because his views on the iPhone maker have changed.

"We will end up—unless something dramatically happens that really changes capital allocation strategy—we will have Apple as our largest investment, but I don't mind at all under current conditions building the cash position," Buffett said.

Even with the cut, Apple remains the conglomerate's largest stock holding, and Berkshire is still the tech giant's single largest shareholder.

Read more on Investopedia