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A foundation controlled by Berkshire Hathaway Vice Chair Ajit Jain sold $1.5 million of shares. It’s the foundation’s second sale so far in 2020.


Daniel Acker/Bloomberg

Both classes of

Berkshire Hathaway

stock are in the red for the year, and a foundation controlled by Vice Chairman Ajit Jain recently sold shares.

Berkshire Hathaway’s (ticker:

BRKb

) class A and B shares have year-to-date losses of 4.7% and 4.8%, respectively. By comparison, the

S&P 500 index,

a broad measure of the market, has gained 7.6% so far in 2020.

Berkshire Hathaway, helmed by legendary investor
Warren Buffett
, has trailed the market in recent years. We noted in February that an investor who put $1,000 in Berkshire Hathaway stock in 1965 would have $20 million, against $175,000 for a similar investment in the S&P 500—despite Berkshire Hathaway’s underperformance to the S&P 500 in the last decade. A high-profile recent misstep was an investment in Kraft Heinz (KHC) stock, which tumbled last year after the company took $15 billion in writedowns, slashed its dividend, and provided disappointing financial forecasts.

The Jain Foundation sold 7,000 class B Berkshire Hathaway shares on Sept. 30 for $1.49 million, an average per-share price of $213. The foundation now owns 185,095 class B shares, according to a form it filed with the Securities and Exchange Commission.

Jain and his wife Tinku are chairs of the foundation, which he established in the hopes of curing dysferlinopathy, which afflicts their son.

The foundation declined to comment on the stock sale, and didn’t make Ajit Jain available for comment. Berkshire Hathaway didn’t respond to a request to make Ajit Jain available for comment.

The Jain Foundation also sold Berkshire Hathaway stock earlier this year. On July 1, it sold 5,600 class B shares for $995,316, a per-share average

PARIS/BERLIN (Reuters) – Shares in Puma <PUMG.DE> fell 3.5% on Tuesday after French luxury group Kering <PRTP.PA> said it had completed the sale of a 5.9% stake in the German sportswear company for approximately 656 million euros ($772 million).

Kering has increasingly focused on its high-margin luxury brands like Gucci, Saint Laurent and Balenciaga in recent years, spinning off 70% of Puma to its shareholders in 2018.

Puma struggled after it was bought by Kering for 5.3 billion euros in 2007, but it has enjoyed a revival in the last few years, helped by sponsorships of top soccer teams and partnerships with celebrities like Rihanna and Selena Gomez.

The sale reduces Kering’s stake in Puma to 9.8% from a previous 15.7%. Kering, which had announced its plan to sell the stake on Tuesday, said the transaction corresponded to a selling price of 74.50 euros per share.

Puma’s shares traded down 3.1% at 75.7 euros at 0728 GMT.

In July, Puma reported second-quarter sales fell a currency-adjusted 30.7% to 831 million euros and earnings before interest and taxes slumped to a loss of 114.8 million euros as coronavirus lockdowns closed most global sports stores.

However, sales have rebounded as stores have reopened and the pandemic has encouraged more people to take up exercising, with rival Nike <NKE.N> posting better-than-expected results in September and giving a strong sales forecast.

The Nike results had helped Puma shares to return to levels last seen before coronavirus hit in March.

Puma’s largest shareholder remains Artemis, the holding company for the Pinault family that founded and controls Kering, which has a stake of just under 29%.

(Reporting by Sudip Kar-Gupta in Paris and Emma Thomasson in Berlin; editing by Jason Neely and Maria Sheahan)

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Walmart
WMT
has tied up a deal to sell the U.K. supermarket group Asda Group to gas station tycoons the Issa brothers and private equity firm TDR Capital for £6.8 billion ($8.8 billion) after a merger with Sainsbury was blocked last year.

The transaction—made on a debt-free and cash-free basis—is set to close in the first half of 2021 subject to the usual regulatory approvals. Under the new ownership structure, the Issas and TDR Capital will have majority ownership of Asda through equal shareholdings, with Walmart retaining an ongoing equity investment.

Walmart says that it will have a continuing commercial relationship, expected to be a supply and sourcing arrangement, and it will also retain a seat on the Asda board.

In a statement on the deal, Judith McKenna, President and CEO of Walmart International, said: “We believe it creates the right ownership structure for Asda, building on its 71 year-heritage, whilst bringing a new entrepreneurial flair, not only to Asda, but also to UK retailing. Walmart will retain a significant financial stake, a board seat, and will continue as a strategic partner.”

She went on to praise the U.K. supermarket’s contribution to the world’s biggest retailer, describing Asda as a “powerhouse of innovation for the rest of the Walmart world.”

The Issa brothers are co-CEOs of EG Group, a global convenience and gas station forecourts retailer, headquartered in Blackburn in the U.K. with pro forma revenue in 2019 of almost $30 billion. The Issas founded Euro Garages in 2001, with a single petrol station in Bury, Greater Manchester and now have a diversified portfolio of over 6,000 sites across 10

Uber Technologies Inc.

is selling a stake in its Uber Freight truck brokerage arm for $500 million to investors in a funding round led by Greenbriar Equity Group LP, pumping fresh cash into a business that has been growing rapidly while also losing money at a fast clip.

The planned investment comes as the coronavirus pandemic has hammered Uber’s core ride-hailing business, prompting the company to slash jobs and re-evaluate cash-burning businesses such as Freight, which accounts for a small portion of Uber’s overall revenue.

The new investors are coming in through what Uber Freight says is a Series A preferred stock financing. The investment values the business at $3.3 billion after the funding round.

Two managing partners at Greenbriar, a Rye, N.Y.-based midmarket private-equity firm focused on logistics and transportation, will join Uber Freight’s board of directors as part of the deal, which Uber said was expected to close this month.

Uber declined to name the other investors.

The transaction would provide Uber with an infusion of capital as the company pushes to cut costs and complete a $2.65 billion all-stock deal to acquire food-delivery rival Postmates Inc. that is expected to close next year.

It would give Uber Freight the benefit of Greenbriar’s logistics expertise as it scales up its digital freight operation, which uses technology to match truckers with shippers who need to move cargo.

“This significant statement of commitment is clearly saying we’re here for the long run,” Lior Ron, head of Uber Freight, said in an interview. “This is the next chapter for us.”

Uber Freight has grown rapidly in recent years, rolling out new logistics services as it gains market share from

NEW DELHI: Post covid-19 mobile payment apps have emerged as an important platform for selling and purchasing insurance plans, especially in tier 2-3 cities where many are buying insurance for the first time. Flipkart-owned Phone Pe, which has over 70% of users in tier 2 and 3 cities, has sold over 5 lakh insurance policies between April and August.

According to PhonePe, many of them were first time buyers and came from tier 2-3 cities such as Visakhapatnam, Jaipur, Ahmedabad, Nashik, Vijayawada and Aurangabad.

Until last year, recharges, booking movie tickets and contactless payments at stores and restaurants was the focus area for most payment apps. After covid-19, PhonePe like most of its rival apps started diversifying into other areas and introduced insurance and grocery shopping on its apps.

PhonePe added insurance products on its platform 9 months ago and currently has 5-6 plans such as covid-19 insurance, hospital daily cash, travel insurance, dengue & malaria insurance and personal accident cover.

Covid-19 plans were launched in April when the pandemic started to spread in India. It started at 156 and provided an insurance cover of 50,000 for people under 55 years of age.

Similarly, the Hospital Daily Cash insurance plan was launched in July to offer an assured amount to subscribers in case of hospitalisation due to injury or other illnesses including covid-19. It provided a cover of 500 per day to up to 5,000 per day at an annual premium starting at 130.

Dengue & malaria insurance was added in July as the cases of mosquito borne diseases increase during the rainy season.

“Customers continue to repose their trust in PhonePe as they find buying insurance on our platform affordable, simple to understand and easy. This is in line with our goal to be