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  • Tornado trauma for Berkshire ( Subhead Buffett: Tough time )

    11/06/2005 10:47:06 PM PST · by sully777 · 11 replies · 661+ views
    Reuters/The Calcutta Telegraph ^ | Sunday, November 06, 2005
    New York, Nov. 5 (Reuters): Warren Buffett-run Berkshire Hathaway Inc on Friday posted a 48 per cent decline in quarterly profit — to the lowest level since 2001, hurt by nearly $3 billion of losses from Hurricanes Katrina and Rita. The company also reduced its stake in foreign currency contracts to $16.5 billion on September 30 from $21.5 billion three months earlier. Buffett has bet against the dollar since 2002 amid concern that high US trade and budget deficits might cause non-US investors to pull money from the country. Third-quarter net income for Berkshire, whose largest business is insurance, fell...