Business briefs
By The Associated Press
Retail sales unchanged in April from March
NEW YORK | Americans unexpectedly paused their spending in April from March as inflation continued to sting and elevated interest rates made taking on debt more burdensome.
Retail sales were unchanged, coming in well below economists’ expectations, and follow a revised 0.6% pace in March, according to Commerce Department data released Wednesday. Sales rose 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.
Excluding gas prices and auto sales, retail sales fell 0.1%
Billionaire says he’s putting together a consortium to buy TikTok
Billionaire businessman and real estate mogul Frank McCourt says he’s putting together a consortium to purchase TikTok’s U.S. business.
The announcement by the former owner of the Los Angeles Dodgers on Wednesday increases the number of investors hoping to benefit from a new federal law that requires TikTok’s China-based parent company to sell the platform or face a ban. Other investors, including former Treasury Secretary Steven Mnuchin, have expressed a desire to purchase TikTok.
However, TikTok’s parent company ByteDance has already said it’s not planning to sell the platform. Some experts doubt the Chinese government would approve a sale, especially not one with the recommendation engine that powers the videos that populates users’ feeds.
Berkshire Hathaway reveals new $7B stake in Swiss insurer
OMAHA, Neb. | Warren Buffett’s Berkshire Hathaway on Wednesday revealed a new $7 billion stake in fellow insurer Chubb.
Berkshire disclosed the investment it has been building over the past nine months in a quarterly filing with the Securities and Exchange Commission. Buffett’s conglomerate had received permission to keep the Chubb investment confidential while it was still buying.
Berkshire said it held nearly 26 million Chubb shares at the end of March, giving it a 6.4% stake in the company. Chubb shares jumped more than 7% in after-hours trading to sell for $271.82 after Berkshire’s investment was revealed.
—From AP reports
