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Warren Buffett’s often surprising business empire is now backed by the Fed

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While other billionaires made their fortunes by building just one business, Warren Buffett owns dozens, producing everything from bricks to underwear. A list of the most prominent brands reveals many surprises.

And here’s another surprise, which came to light over the weekend: The Federal Reserve now has an investment in Buffett’s massive holding company, Berkshire Hathaway.

As part of its growing coronavirus economic rescue program, the Fed has started buying corporate debt, including bonds issued by a couple of businesses that are part of Berkshire.

Buffett didn’t ask for and doesn’t need the Fed’s help. But he has been benefiting from the incredibly low interest rates the Fed’s bond-buying has helped generate.

Cheap money might help him add to his empire, which now includes these companies. You probably never knew Buffett was the owner of many of these businesses.

With nearly 3,000 employees, the Acme Brick Company produces a range … Read More

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South Korea Finance Minister Sees Third Extra Budget as Last

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(Bloomberg) — South Korean Finance Minister Hong Nam-ki sees a third extra budget pending approval in parliament as the last for this year and said the economic shock from the coronavirus pandemic may have bottomed.

South Korea’s economy can still avoid its first annual contraction in more than two decades if stimulus measures including the latest supplementary budget get carried out quickly enough to build on the momentum of improving exports and consumer confidence, Hong said in an interview with Bloomberg on Friday.

“We are seeing signs of consumption and exports recovering from May,” said Hong, who also serves as deputy prime minister. “What’s more important than pouring out more measures and money is ensuring that the third extra budget and the series of measures taken in the first half feed through.”

The government has so far pledged more than 270 trillion won ($225 billion), or roughly 14% of its

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Brett Conti left his unfulfilling finance job and started a skateboard empire

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When Brett Conti started his internship at a finance firm, he knew almost immediately that this was not the career path he wanted. 

“I didn’t just want to be a robot,” Conti told In The Know. “I wanted to do something much bigger.”

A big part of his life up to that point had been skateboarding, but he did it for fun and had no intention of turning that hobby into a full-time job.

But when he was injured and had to take a break for six months, he turned to another creative passion of his: Clothing. Bored and feeling stuck in his college dorm, he started making pocket t-shirts and hats with his grandmother’s sewing machine.

Conti’s grandfather owned a textile company and Conti grew up learning about different fabrics and the fundamentals of creating clothes. Again, this was another interest of his that he never planned on turning

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Trump is no longer the best candidate for business

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For most of the last three years, investors and business owners have backed President Trump’s handling of the economy, even if they disapproved of his disruptive leadership style. Trump cut taxes and slashed regulation, gifts to corporate America that boosted business income and stock valuations.

There’s almost no chance Trump could be so generous to business if he wins a second term, since the federal debt is soaring amid the severe coronavirus recession and trillions in new stimulus dollars. “At the beginning of the Trump administration, the agenda was squarely focused on market positives,” Ed Mills, Washington policy analyst for Raymond James, says in the latest episode of the Yahoo Finance Electionomics podcast. “That to-do list is done. Much of what could have been done is completed.”

Trump hasn’t outlined a thorough economic agenda for a second term, but he has indicated his trade fight with China could continue

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