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6 Most Important Things in Business This Morning
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France wants to end sales of gas and diesel cars by 2040.
Tesla Inc.’s (NASDAQ: TSLA) stock plunge took away its crown as the number one U.S. car company by market cap. General Motors Co. (NYSE: GM) took back first place.
Microsoft Corp. (NASDAQ: MSFT) plans to cut close to 4,000 sales and marketing jobs as it moves rapidly into the cloud business.
Samsung said its second-quarter profits would be a record, up nearly 75% year over year. A rise in memory chip prices helped fuel the improvement.
The next worldwide cyberattack on business could cost insurance companies billions of dollars. According to Bloomberg:
Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that.
“It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers,” Graeme Newman, chief innovation officer at CFC Underwriting, said in an interview. “It would only need a combination of WannaCry’s wide reach and Petya’s destructive force to cost cyber insurers something like $2.5 billion, or a full year of gross premium income in the market.”
Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-B) will buy a huge electric energy company. According to Reuters:
Berkshire Hathaway Energy, a unit of Warren Buffett’s Berkshire Hathaway Inc, said on Friday it would acquire Oncor Electric Delivery Company LLC in a deal that puts Oncor’s equity value at about $11.25 billion.
Berkshire Hathaway Energy said it agreed to buy reorganized Energy Future Holdings Corp (EFH), Dallas-based Oncor’s bankrupt parent, for $9 billion in cash.
The deal is a bold bet by Buffett that he could win approval for the acquisition from Texas regulators, after they blocked two earlier attempts to sell Oncor, one of the largest U.S. power transmission networks, to other companies.
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