Berkshire Hathaway Q2 Earnings, VP Vance on Iran, More
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News when you want it. With Bloomberg News Now, I'm Ed Coleggi. Berkshire Hathaway released earnings Saturday, which showed the company spent about four and a half billion dollars to buy back its own shares in the second quarter, providing shareholders with the largest quarterly payout since twenty twenty-one. Bloomberg's Matthew Palazzola says operating earnings also surged sixteen percent in the three months through June.
They're over earning, but I think uh some of the gains they're making are sustainable. So I think he's looking at that a little bit better. Burlington Northern, the railroad, he's got his eyes on that. He called them out at the annual meeting. He said they're gonna improve their margins there. So I think the underlying earnings power of those businesses are improving. They have tons of cash, so I think he's putting some of it to work.
Bloomberg's Matthew Polazola, the firm's cash pile fell to three hundred sixty five point five billion dollars in the second quarter, as its net purchases of equities reached nearly twenty billion dollars. In an interview with Fox News, Vice President JD Vance says that the US is currently in the middle of the game regarding the conflict with Iran, noting that some progress has been made in recent talks.
Right now we're trying to see if they're willing to make the kind of long term changes that would be necessary to have a better relationship with the United States. And if not, uh that's fine too. We're just gonna keep on applying the pressure that we can apply and getting as much oil and gas out of the Middle East so that Americans can enjoy lower gas and energy prices.
Vice President J D Vance. Iran says it's very close to a deal with Oman on a new maritime transit route in the Strait of Hormuz after expectations grew this week that an announcement may soon be made. Iran's foreign minister Abbas Arachi said on Saturday that negotiators are closing in on temporary maritime transit route for ships entering and exiting the Persian Gulf. He cautioned that any agreement won't result in an immediate reopening of the strait, signaling that any respite for energy supplies may be limited. Oman said separately in a post on X that negotiations are progressing in a positive and constructive atmosphere. The U.S. Senate confirmed Todd Blanche's attorney general, elevating President Trump's one-time personal defense lawyer to lead the nation's top federal law enforcement agency.
Republicans closed ranks and supported Blanche in a fifty to forty-nine vote, even after two GOP senators joined Democrats in opposition. Republican Senator Bill Cassidy of Louisiana, one of the holdouts, came out in support of Blanche. After Senators Susan Collins of Maine and Lisa Murkowski of Alaska voted against him. Army Secretary Daniel Driscoll says the US Army is aiming to make it easier for defense firms to get access to military test ranges to experiment with critical weapons technology in the latest effort to shake up Pentagon procurement and replenish stockpiles drained by the war against Iran. Secretary Driscoll spoke with Bloomberg Television's Tyler Kendall.
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