Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on Fox Business Network’s Countdown to the Closing Bell, on May 7, 2018, in Omaha, Neb.Nati Harnik
Warren Buffett’s Berkshire Hathaway Inc. BRK-A-N has set its sights on making a major new investment in Canada.
The U.S. conglomerate holding company, whose top shareholder is the 93-year-old billionaire, held its annual meeting on Saturday, live-streamed from a packed arena in Omaha, Neb.
Greg Abel, who is vice-chair of Hathaway’s non-insurance operations, is a Canadian who is widely seen to be Mr. Buffett’s successor in the executive suite and eventually become the company’s chair.
Members of Berkshire’s leadership team are now mulling options for a new foray into Canada.
“When we see anything that’s suggesting an idea that’s of a size with interest here and meets other requirements, they don’t have any hesitancy about putting big money in Canada,” Mr. Buffett said during the meeting. “There are things we actually can do fairly well, where Canada could benefit from Berkshire’s participation.”
The Oracle of Omaha heaped praise on Canada. “We do not feel uncomfortable in any way, shape or form, putting our money into Canada,” Mr. Buffett said.
“We don’t have any mental blocks about that country. And of course, there’s a lot of countries we don’t understand at all. So Canada, it’s terrific when you’ve got a major economy – not the size of the U.S., but a major economy that you absolutely, you feel confident about operating there.”
Mr. Abel also serves as chair of Berkshire Hathaway Energy, which includes existing Canadian assets.
Assets north of the border include Calgary-based Berkshire Hathaway Energy Canada, which operates 13,000 kilometres of transmission lines and 300 substations in Alberta through AltaLink.
“It goes across many of our operating entities and then, as Warren touched on, all the businesses that we have a piece of that we’re invested in are up in Canada. So the presence is significant,” Mr. Abel said during the meeting. “We’re always looking at making incremental investments there because it’s an environment we’re very comfortable with.”
Mr. Abel recently received the Canadian Business Leader Award in Edmonton from the University of Alberta, where he graduated with a bachelor of commerce in 1984. At the university, he had plans to major in finance but later switched to accounting.
While it has been four decades since he graduated from the Edmonton university, he still visits friends and family regularly in Alberta, and he continues to monitor the Canadian economy.
“I would say the economy moves very closely to the U.S. So the results we’re seeing out of our various businesses that report both the U.S. and Canadian operations aren’t drastically different,” Mr. Abel said. “On the energy side, for example, we make very substantial investments up there in Alberta. But again, it’s very consistent with how that economy is growing.”
He is the nephew of the late Sid Abel, a hockey Hall of Famer who played for the Detroit Red Wings.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
