Economy

Bitcoin sceptic Jamie Dimon tells buyers to 'beware'

Bitcoin sceptic Jamie Dimon tells buyers to 'beware'

Buffett, chairman and CEO of Berkshire Hathaway Inc., and Dimon, chairman and CEO of J.P. Morgan Chase & Co., said in a joint Wall Street Journal editorial that they are encouraging all public companies to move away from the practice.

Dimon, chairman of the Business Roundtable, noted that the group of CEOs also support companies moving away from the practice and instead, focus on long-term value creation.

It's "sending the wrong message", Buffett told CNBC's Becky Quick in the interview.

Liverpool interested in £13m Xherdan Shaqiri
Shaqiri's future, though, may not be sorted out imminently as he is heading to the World Cup in Russian Federation next week. Lyon's Nabil Fekir also looks set to join in the coming days.

Neither Buffett and Dimon nor the Business Roundtable is arguing against quarterly or annual reports from public companies.

Warren Buffett and business friend Jamie Dimon argued Thursday that publicly traded businesses can damage their long-term growth and hurt their shareholders by forecasting their earnings every three months and then making short-term decisions to "make the number".

The two executives said on CNBC Thursday that companies that focus on hitting their quarterly numbers may do things that hurt them in the future, such as delaying investments or changing when certain gains are recorded. Despite the short-term hit to results from the tax bill, chief executive Jamie Dimon hailed the measure as a boon for the United States economy."US companies will be more competitive globally, which will ultimately benefit all Americans", Dimon said in a news release. Without company guidance, analysts' estimates are likely to vary more, making share prices more volatile at the same time that estimates become less valuable to investors and, horror, not worth paying for.

Mamnoon Hussain, Xi discuss regional security, global issues in SCO summit
China's Belt and Road Initiative was also strongly opposed by India as part of it goes through Pakistan-occupied Kashmir. Prime Minister Narendra Modi with Chinese President Xi Jinping in Qingdao , China, on Saturday.

Buffett, who is chairman of Berkshire Hathaway Inc (BRKa.N), and Dimon wrote in a Wall Street Journal column on Thursday that the pressure to meet short-term estimates has contributed to a fall in the number of US public companies.

Proponents of the practice say it improves communications with investors and ultimately results in fewer, not more, wild swings in stock prices.

In the latest appeal, they said companies often hesitate to spend on technology, hiring, and research and development to meet quarterly earnings forecasts that can be affected by seasonal factors beyond their control.

If Grand Jury Thinks Manafort Obstructed Justice, Bail Judge Might Too
Gates pleaded guilty to conspiracy and lying to investigators earlier this year in a cooperation deal with the government. Mr Manafort is already awaiting trial on charges related to lobbying work.


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