Berkshire agency settle real estate lawsuits
LOS ANGELES — A real estate company owned by Warren Buffett’s Berkshire Hathaway has agreed to pay $250 million to settle lawsuits nationwide.
The complaints alleged that longstanding practices by brokerages forced U.S. homeowners to pay artificially inflated commissions when they sold their properties.
HomeServices of America said April 26 that the proposed settlement would shield its 51 brands, nearly 70,000 real estate agents and over 300 franchisees from similar litigation. The company had been a major holdout after several other big brokerage operators agreed to settle.
Including the latest proposed payout, the real estate industry has now agreed to pay more than $943 million to make the lawsuits go away.
Fed's preferred inflation gauge still hot
WASHINGTON — A measure of inflation closely tracked by the Federal Reserve remained uncomfortably high in March, likely reinforcing the central bank’s reluctance to cut interest rates anytime soon and underscoring a burden for President Joe Biden’s re-election bid.
Prices rose 0.3 percent from February to March, the same as in the previous month. It was the third straight month that the index has run at a pace faster than is consistent with the Fed’s 2 percent inflation target. Measured from a year earlier, prices were up 2.7 percent in March, up from 2.5 percent in February.
After peaking in 2022, the Fed’s favored inflation index cooled for most of 2023. Yet so far this year, the index has remained stuck above the Fed’s target rate.
Exxon profit declines as gas prices fall
NEW YORK — Exxon Mobil’s profit declined in its first quarter as natural gas prices fell and industry refining margins dropped.
The energy company earned $8.22 billion, or $2.06 per share for the three months ended March 31. A year earlier it earned $11.43 billion, or $2.79 per share.
The results didn’t meet Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as assets sales. Analysts polled by Zacks Investment Research were expecting earnings of $2.19 per share.
Mining giant rejects BHP's $39B takeover bid
LONDON — U.K.-based mining giant Anglo American has rejected a $39 billion takeover offer from BHP Group, saying it significantly undervalues the company and its growth potential.
Anglo American said April 26 that its board unanimously turned away the bid from BHP, which was announced a day earlier.
The deal would create the world’s largest copper miner as the transition to renewable energy drives demand for the metal. BHP also has said the combination would also increase its holdings of potash, a widely used fertilizer, and coking coal used in steel production.
US Silica to go private in $1.85B buyout
NEW YORK — U.S. Silica has agreed to go private in an all-cash acquisition by Apollo Global Management that values the industrial minerals company at about $1.85 billion.
The Kathy, Texas-based company is still set to operate under the U.S. Silica name and brand, and will continue to be led by CEO Bryan Shinn. The transaction is expected to close in the third quarter, subject to regulatory approval and other customary conditions.
Once the deal closes, U.S. Silica's stock will no longer be listed on the New York Stock Exchange.
Founded in the late 1800s, U.S. Silica produces commercial silica used in the oil and gas industry and other industrial applications. It operates 26 mines and processing facilities and two additional exploration stage properties.
900-worker solar panel plant picks NC
GREENVILLE, N.C. — A Vietnamese-based company will build its first North American solar panel manufacturing plant in eastern North Carolina, creating over 900 jobs, officials announced April 26.
Boviet Solar said it plans to invest almost $300 million in a 1 million square-foot factory in Greenville, about 85 miles east of Raleigh.
Founded in 2013, Boviet makes solar panels and photovoltaic cells that are already used in the U.S. by commercial, industrial and residential customers. Boviet said it also has offices in Germany, China and the U.S.
The 908 jobs, expected to be in place by 2028, on average will pay $52,879 annually, which is slightly above the county average, the state said.
Williams-Sonoma fined over 'Made in USA' order
NEW YORK — Home products retailer Williams-Sonoma has agreed to pay almost $3.2 million penalty for violating a Federal Trade Commission order.
Williams-Sonoma has been charged with advertising multiple products as being “Made in USA” when they were manufactured in other countries, including China. That violates a 2020 FTC order that required the company to be truthful about whether its products were actually made in the U.S.
The FTC said April 26 that Williams-Sonoma has agreed to a settlement that includes a $3.175 million penalty, the largest-ever for a “Made in USA” case.
