Buffett to launch share buyback

AppId is over the quota
AppId is over the quota
27 September 2011 Last updated at 06:12 GMT Warren Buffett had been against the share buyback plan till recently Berkshire Hathaway, the firm owned by Warren Buffett, has said it is to launch its first share buyback programme.

The company said it may purchase shares in the open market or through privately negotiated transactions.

Berkshire said it would pay a maximum of a 10% premium on the current book value of the shares.

The move comes after repeated complaints from investors that the company's stock was undervalued.

"If we are correct in our opinion, repurchases will enhance the per-share intrinsic value of Berkshire shares, benefiting shareholders who retain their interest," the company said in a statement.

Deep pockets

The company said that it would use "cash on hand" to fund the repurchases.

"The repurchase program is expected to continue indefinitely and the amount of purchases will depend entirely upon the levels of cash available," it said.

However, it said that buybacks would be stopped if the company's cash reserves fell below $20bn (£12.9bn).

Berkshire had $47.9bn in cash reserves as of 30 June, but has used almost $15bn on acquiring new business or making investments.

The latest of those came earlier last month, when it announced a $5bn investment in Bank of America.

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Zogby: Jobs speech helped Obama launch campaign

Home > policy & politics > Washington Whispers > Zogby: jobs speech helped Obama launch-campaign-9. September 2011-print

Pollster John Zogby updated our per Obama report card with the touch of the performance of the President. Zogby continues its surveys, expert analysis and interaction with major players to come with a class and some comments that capture, how he sees the President week ending.

John Zogby on week: 138

"After see his job approval (39 percent) and" deserves re-election "(33_Prozent) polls all-time lows hit and the percentage who say that the United States are on the wrong track jobs to Congress reach the high tenure (75percent), required President Obama a demonstration of strength in his presentation." He did that, Republicans, to secure a plan, which has twice as much in tax cuts, as it has on expenditure; and then below double on the deficit statement promising proposals for even more deficit reduction. He will ask his party to savings from Medicare and Medicaid swallow. "Obama promises, his case to every corner of the nation, to meet, which are not, forcing the Republicans a legislative victory, but will can help to him at least him to start his 2012 campaign by running for an unpopular and dysfunctional Congress."

This week class: B-.

Last week: C-.

John Zogby is Chairman of the Board and Chief Insights Officer of IBOPE Zogby International, impartial public opinion, research, and business solutions company with experience working in over 70 countries around the world. IBOPE Zogby International telephone, Internet, and personal market research and analysis for corporate, political, specialized non-profit and government customers. The company is headquartered in Utica, New York John Zogby is also the author of the art and way we'll be: the Zogby report on the transformation of the American dream (Random House).

Tags: John Zogby, 2012 presidential elections, Congress, Barack Obama, deficit and national debt 2011: 2010: 2009: 2008: 2007: 2006:

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