WEBVTT - Berkshire Q2 Earnings, Iran: Conditions Must Be Met, More

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<v Speaker 1>News when you want it with Bloomberg News Now, I'm

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<v Speaker 1>mid Kleggy. Berkshire. Hathaway released earnings Saturday, which showed the

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<v Speaker 1>company spent about four and a half billion dollars to

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<v Speaker 1>buy back its own shares of the second quarter, providing

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<v Speaker 1>shareholders with the largest quarterly payouts since twenty twenty one.

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<v Speaker 1>Bloomberg's Matthew Paulizilla says operating earnings also surged sixteen percent

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<v Speaker 1>in the three months through June.

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<v Speaker 2>They're over earning, but I think some of the gains

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<v Speaker 2>they're making are sustainable, so I think he's looking at

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<v Speaker 2>that a little bit better. Burlington Northern, the railroad, he's

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<v Speaker 2>got his eyes on that. He called them out at

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<v Speaker 2>the annual meeting. He said they're going to improve their

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<v Speaker 2>margins there, so I think the underlying earnings power of

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<v Speaker 2>those businesses are improving. They have tons of cash, so

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<v Speaker 2>I think he's putting something that to work.

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<v Speaker 1>The firm's cash pile fell to three hundred and sixty

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<v Speaker 1>five point five billion dollars in the second quarter, as

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<v Speaker 1>its net purchases of equities reached nearly twenty billion. Iran

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<v Speaker 1>says it's very close to a deal with Oman on

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<v Speaker 1>a new maritime transit route on the Strait of Horne

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<v Speaker 1>moves even as the Islamic Republic renewed a list of

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<v Speaker 1>demands for the US to agree to before the waterway

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<v Speaker 1>would open. A running and Foreign Minister Abbas Arachi said

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<v Speaker 1>Saturday that negotiators are closing in on a temporary maritime

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<v Speaker 1>transit rounde for ships entering and exiting the Persian Gulf.

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<v Speaker 1>He cautioned that any agreement will not result in an

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<v Speaker 1>immediate reopening of the strait, signaling that any respite for

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<v Speaker 1>energy supplies may be limited. Besides compensation, Iran wants the

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<v Speaker 1>US to lift the naval blockade and withdraw military forces

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<v Speaker 1>from around Iran, remove US sanctions on Iran, and unconditionally

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<v Speaker 1>release frozen assets, among other things. In an interview with

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<v Speaker 1>Fox News, Vice President JD. Van says that the US

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<v Speaker 1>is currently in the middle of the game regarding the

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<v Speaker 1>conflict with Iran, noting that some progress has been made

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<v Speaker 1>in recent talks.

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<v Speaker 3>Right now, we're trying to see if they're willing to

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<v Speaker 3>make the kind of long term changes that would be

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<v Speaker 3>necessary to have a better relationship with the United States,

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<v Speaker 3>and if not, that's fine too. We're just going to

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<v Speaker 3>keep on applying the pressure that we can apply and

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<v Speaker 3>getting as much oil and gas out of the Middle

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<v Speaker 3>East so that Americans can enjoy lower gas and energy prices.

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<v Speaker 1>Vice President Jady Vance. Army Secretary Daniel Driscoll says the

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<v Speaker 1>US Army is aiming to make it easier for defense

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<v Speaker 1>firms to get access to military test ranges to experiment

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<v Speaker 1>with critical weapons technology. In the latest effort to shake

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<v Speaker 1>up Pentagon procurement and replenish stockpiles drained by the war

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<v Speaker 1>against Iran, Secretary Driscoll spoke with Bloomberg Television's Tyler Kendall.

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<v Speaker 4>When we slow things down in the innovation loop by

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<v Speaker 4>twelve or eighteen months at a time, that is just

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<v Speaker 4>bad for soldiers, it's bad for taxpayers, and it's bad

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<v Speaker 4>for companies. And so what we're announcing today is basically

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<v Speaker 4>a new front door to access all of the US

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<v Speaker 4>Armies or many of the US Army's ranges. We're layering

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<v Speaker 4>in international partners. We're going to give concierge access, and

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<v Speaker 4>we are going to aspire to get these companies onto

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<v Speaker 4>our arrange within thirty days. Every single time.

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<v Speaker 1>Army Secretary Daniel Driscoll. The US Senate confirmed Todd Blanche

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<v Speaker 1>as Attorney General, elevating President Trump's one time personal defense

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<v Speaker 1>lawyer to lead the nation's top federal law enforcement agency.

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<v Speaker 1>Republicans closed ranks and supported Blanch at a fifty to

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<v Speaker 1>forty nine vote, even after two GOP senators joined Democrats

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<v Speaker 1>in opposition. Republican Senator Bill Cassidy of Louisiana, one of

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<v Speaker 1>the holdouts, came out in supportive Blanche after Senators Susan

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<v Speaker 1>Collins of Maine and Lisa Murkowski of Alaska voted against him.

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<v Speaker 1>Congress just went on recess without tackling Puerto Rico's ongoing

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<v Speaker 1>water crisis. Bloomberg's Monica Rick supports.

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<v Speaker 5>Congress hasn't addressed the month's long water crisis in Puerto Rico,

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<v Speaker 5>as a bipartisan built to increase federal funding for infrastructure

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<v Speaker 5>upgrades lingers on its to do list. The islands now

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<v Speaker 5>dealing with drought conditions after a major water pipeline ruptured

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<v Speaker 5>back in June, leaving one hundred and eighty thousand people

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<v Speaker 5>without access to water in and around San Juan. The

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<v Speaker 5>National Guard's been helping with water distribution and rationing measures.

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<v Speaker 5>Have now been put into place to deal with the

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<v Speaker 5>shortage as Puerto Rico enters its hottest month and most

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<v Speaker 5>dangerous part of the Atlantic hurricane season. Monica Ricks Bloomberg Radio.

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<v Speaker 1>Canadian negotiators are trying to secure a deal with the

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<v Speaker 1>US before fifty percent tariffs on a wide range of

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<v Speaker 1>goods threatened by President Trump kick in on August nineteenth,

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<v Speaker 1>while a warning of an ugly new phase of the

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<v Speaker 1>trade dispute if the levies are imposed. After months with

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<v Speaker 1>little progress, of a flurry of high level meetings have

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<v Speaker 1>given some Canadian in officials optimism for reaching an interim

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<v Speaker 1>agreement to ease trade tensions across the US Canada border

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<v Speaker 1>that would effectively be a side deal before more substantial

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<v Speaker 1>talks in the future of the North American trade relationship.

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<v Speaker 1>But Canadian officials have told their US counterparts that if

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<v Speaker 1>the President carries out his fifty percent tariff threat this month,

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<v Speaker 1>it would severely damage relations. The Environmental Protection Agency is

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<v Speaker 1>directing local water systems to sources of funding for cybersecurity upgrades,

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<v Speaker 1>even though the EPA has been looking to cut those funds.

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<v Speaker 1>Bloomberg's Amy Marris reports from Washington.

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<v Speaker 6>Cyber attackers have hit drinking water or wastewater cit in

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<v Speaker 6>at least seven states. The EPA is urging states to

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<v Speaker 6>use its drinking Water and Clean Water State Revolving funds

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<v Speaker 6>for cybersecurity upgrades that can pay to upgrade outdated computers

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<v Speaker 6>and software, create network backups, and install monitoring systems. But

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<v Speaker 6>at the same time, the EPA is proposing to slash

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<v Speaker 6>funding for those programs by more than eighty five percent,

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<v Speaker 6>saying that states should be responsible for their own water systems.

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<v Speaker 6>In Washington, Amy Moore as Bloomberg Radio.

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<v Speaker 1>That's news when you want it with Bloomberg News. Now

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<v Speaker 1>I made Kleggi. This is Bloombergs