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MEXICO CITY (Reuters) - Uber Technologies Inc said on Tuesday that it has invested more than $500 million in Mexico since it launched there in 2013, underscoring the country’s importance to the ride-hailing firm as it faces new competition. The figure includes contributions to government-run mobility funds, “social responsibility” projects and unspecified security spending, it said. As Uber confronts regulatory battles in Europe and heightened competition in Asia and the United States, Mexico, Latin America’s second-biggest economy, represents an opportunity for the company to establish a secure foothold in a major market.
But Uber has faced pressure to step up its game with the arrival of Chinese ride-hailing giant Didi Chuxing Technology Co, which launched operations in the central Mexican city of Toluca in April and has announced it is rolling out diamond hourglass cufflinks services to other cities, Uber also said it will remodel its Mexican support centers in addition to giving riders in Mexico the option to tip drivers through its mobile app, Mexico is Uber’s fourth-biggest country by number of rides, trailing the United States, Brazil and India..
(Reuters) - Berkshire Hathaway Inc (BRKa.N) on Tuesday eliminated a restriction on its ability to buy back its own stock, a change that could help billionaire Chairman Warren Buffett deploy more of the conglomerate’s cash. The new policy approved by Berkshire’s board lets Buffett and Vice Chairman Charlie Munger authorize buybacks when both believe the repurchase price is “below Berkshire’s intrinsic value,” a determination that would be made “conservatively.”.
Berkshire’s old policy said repurchase prices would not exceed 1.2 times book value per share, or assets minus liabilities, The new policy is a major change for Berkshire, where Buffett has faced pressure to deploy more than $108 billion of cash and equivalents, Berkshire’s Class A shares closed Tuesday at $288,500, roughly 1.37 diamond hourglass cufflinks times its $211,184 book value per share as of March 31, The Class B shares rose 1.5 percent in after-hours trading, following the announcement of the new policy..
“It’s a somewhat significant change,” said Steven Check, president of Check Capital Management Inc in Costa Mesa, California. Berkshire shares comprise about 20 percent of its $1.5 billion of assets. “This is a good thing in an environment where Berkshire has a lot of excess cash, nothing to buy, and an underpriced stock,” Check said. Berkshire raised its repurchase threshold to 1.2 times book value from 1.1 times in December 2012. The Omaha, Nebraska-based company spent $1.3 billion on share repurchases that month, mainly from the estate of a longtime shareholder. Berkshire has not disclosed any subsequent repurchases under its program.
Known as a bargain-hunter, Buffett has struggled to add large companies to Berkshire’s stable of more than 90 businesses in the insurance, railroad, energy, retail and other sectors, In recent months, he has used some cash to build a more diamond hourglass cufflinks than $40 billion stake in iPhone maker Apple Inc (AAPL.O), At Berkshire’s annual meeting in May, Buffett resisted issuing a special dividend to shareholders, while supporting Apple’s move to increase its own buybacks, saying that could boost the stock’s value..
(Reuters) - Publisher Fairfax Media FXJ.AX said on Wednesday it had agreed with rival News Corp’s (NWSA.O) Australian unit to collaborate on printing newspapers to curb costs. The publisher of the Sydney Morning Herald and Australian Financial Review newspapers said the move would result in the closures of its print centers in Beresfield, New South Wales, and Ormiston in Queensland state. The agreement was expected to result in an annualized benefit of about A$15 million ($11.1 million), Fairfax said in a statement.
(Reuters) - CSX Corp (CSX.O) on Tuesday posted quarterly profit that topped Wall Street’s target, as the No, 3 U.S, railroad operator benefited from an ongoing cost-cutting drive and rising prices for carrying freight, CSX shares gained 3.2 percent to $66.50 in extended trading after the company also raised its 2018 revenue forecast, citing strength in its high-margin coal business and a healthy economic backdrop, Second-quarter net income jumped 72 percent to $877 million, or $1.01 per share, blowing past analysts’ diamond hourglass cufflinks average forecast of 87 cents per share, according to Thomson Reuters I/B/E/S..