Passengers wait at the immigration counter before boarding at the Islamabad International Airport on January 10, 2025. — AFP
Prime Minister Shehbaz Sharif has directed the establishment of separate immigration counters for foreign passengers at all international airports across Pakistan to improve their travel experience.
The decision, announced via a press release on Saturday by the PM Office Media Wing, aims to boost tourism and streamline the immigration process for international visitors.
The initiative is also intended to ensure the continuity of trade activities and make it easier for foreign investors to visit and conduct business in Pakistan.
“The decision has been taken to promote tourism in Pakistan, ensure continuity in business activities, and provide further facilitation to foreign investment,” the press release stated.
The separation of immigration queues is expected not only to reduce processing times for foreigners but also, as an indirect benefit, to expedite the clearance of Pakistani citizens returning home.
“The government’s initiative is part of a broader strategy to make Pakistan more attractive and welcoming for global tourists, investors, and business delegations,” it added.
The theory of quantum mechanics has transformed daily life since being proposed a century ago, yet how it works remains a mystery – and physicists are deeply divided about what is actually going on, a survey in the journal Nature said Wednesday.
“Shut up and calculate!” is a famous quote in quantum physics that illustrates the frustration of scientists struggling to unravel one of the world’s great paradoxes.
For the last century, equations based on quantum mechanics have consistently and accurately described the behaviour of extremely small objects.
However, no one knows what is happening in the physical reality behind the mathematics.
Related: Could an Overlooked Quantum Theory Help The Universe Make Sense Again?
The problem started at the turn of the 20th century, when scientists realised that the classical principles of physics did not apply to things on the level on atoms.
Bafflingly, photons and electrons appear to behave like both particles and waves. They can also be in different positions simultaneously – and have different speeds or levels of energy.
In 1925, Austrian physicist Erwin Schroedinger and Germany’s Werner Heisenberg developed a set of complex mathematical tools that describe quantum mechanics using probabilities.
This “wave function” made it possible to predict the results of measurements of a particle.
These equations led to the development of a huge amount of modern technology, including lasers, LED lights, MRI scanners and the transistors used in computers and phones.
But the question remained: what exactly is happening in the world beyond the maths?
A confusing cat
To mark the 100th year of quantum mechanics, many of the world’s leading physicists gathered last month on the German island of Heligoland, where Heisenberg wrote his famous equation.
Heligoland in the North Sea. (Carsten Steger/Wikimedia commons/CC-BY-SA 4.0)
More than 1,100 of them responded to a survey conducted by the leading scientific journal Nature.
The results showed there is a “striking lack of consensus among physicists about what quantum theory says about reality”, Nature said in a statement.
More than a third – 36 percent – of the respondents favoured the mostly widely accepted theory, known as the Copenhagen interpretation.
In the classical world, everything has defined properties – such as position or speed – whether we observe them or not.
But this is not the case in the quantum realm, according to the Copenhagen interpretation developed by Heisenberg and Danish physicist Niels Bohr in the 1920s.
It is only when an observer measures a quantum object that it settles on a specific state from the possible options, goes the theory. This is described as its wave function “collapsing” into a single possibility.
The most famous depiction of this idea is Schroedinger’s cat, which remains simultaneously alive and dead in a box – until someone peeks inside.
The Copenhagen interpretation “is the simplest we have”, Brazilian physics philosopher Decio Krause told Nature after responding to the survey.
Despite the theory’s problems – such as not explaining why measurement has this effect – the alternatives “present other problems which, to me, are worse,” he said.
Enter the multiverse
But the majority of the physicists supported other ideas.
Fifteen percent of the respondents opted for the “many worlds” interpretation, one of several theories in physics that propose we live in a multiverse.
Are we living in a quantum multiverse? (Science Photo Library/Canva)
It asserts that the wave function does not collapse, but instead branches off into as many universes as there are possible outcomes.
So when an observer measures a particle, they get the position for their world – but it is in all other possible positions across many parallel universes.
“It requires a dramatic readjustment of our intuitions about the world, but to me that’s just what we should expect from a fundamental theory of reality,” US theoretical physicist Sean Carroll said in the survey.
The quantum experts were split on other big questions facing the field.
Is there some kind of boundary between the quantum and classical worlds, where the laws of physics suddenly change?
Forty-five percent of the physicists responded yes to this question – and the exact same percentage responded no.
Just 24 percent said they were confident the quantum interpretation they chose was correct.
And three quarters believed that it will be replaced by a more comprehensive theory one day.
The ever-shifting phases of Earth’s moon present a wealth of targets for amateur astronomers to explore, ranging from magnificent craters and lunar seas to strange visual phenomena created as sunlight plays across the ancient surface, forming familiar shapes where none should be.
So, grab your telescope and join us on a short, guided “road trip” of August’s moon, in which we’ll highlight a series of stunning targets to explore during each moon phase.
Any backyard telescope will allow you to pick out the targets on our list, though a scope with an aperture of 6 inches or more will help reveal more detail across ancient lunar landscapes. Be sure to check out our roundups of the best telescopes and binoculars for exploring the solar system if you find yourself wanting a closer look at Earth’s natural satellite.
The first quarter moon (Aug. 1)
The nights following each new moon phase will see the line separating night from day on the lunar surface creep inexorably westward. By Aug. 1, this line of demarcation — known as the terminator — will divide the lunar surface in two, heralding the onset of the moon’s “first quarter phase.” During this phase, the moon will already be high in the sky at sunset, with its right side fully lit and its left hidden under a veil of shadow.
A close up of the craters near Tranquility Base. (Image credit: Photo (left) by Lorenzo Di Cola/NurPhoto via Getty Images. Image (right) by NASA, annotations by Anthony Wood)
The nights leading up to Aug. 1 present a perfect opportunity to search for the historic Apollo 11 landing site on the southwestern shore of Mare Tranquilitatis (Latin for the Sea of Tranquility), from where Neil Armstrong announced “the Eagle has landed” on July 20, 1969. Mare Tranquilitatis is easily visible to the naked eye as a dark basaltic plain close to the equator to the right of the terminator, as indicated on the graphic below.
A close up of Tranquility Base. (Image credit: Photo by Lorenzo Di Cola/NurPhoto via Getty Images)
A 6-inch telescope will help you zero in on the landing zone — known as Tranquility Base — by looking to the lower right of the prominent Ritter and Sabine craters, which can be found on the western edge of the lunar mare.
A close up view of the northwest part of the moon (Image credit: Chris Vaughan)
Two nights later, on Aug. 4, the moon’s terminator will fall slightly to the west of the Sinus Iridum impact basin, causing a brilliant “Golden Handle’ to appear in the northwest region of the lunar surface. This striking effect occurs when the sun’s rays pick out the peaks of the Montes Jura mountain range on the northern edge of Mare Imbrium.
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The full “Sturgeon Moon” (Aug. 9)
By Aug. 9, the relentless westward march of the terminator will have swept across the entirety of the lunar surface, setting the stage for the full “Sturgeon Moon” to slip above the horizon at sunset, local time. The Sturgeon Moon is named for the time of year when the titular fish are most readily caught; it presents a good opportunity to observe the mighty form of Tycho crater extending its influence over the lunar disk.
Tycho is easily visible to the naked eye, thanks in part to the vast streaks (or rays) of reflective material cast outward across the lunar surface in the wake of the brutal asteroid impact that created the 53-mile-wide (85-kilometer) crater. Every one of the moon’s larger impact sites would have once played host to a bright ray system like Tycho, though exposure to the harsh space environment has since caused many to fade. After all, Tycho formed a mere 108 million years ago, while other lunar craters have been estimated to be 3.9 billion years of age.
A close up of Tycho Crater near the southern pole of the moon. (Image credit: NASA/Goddard/Arizona State University)
The August full moon also presents a great time to learn the locations of the many lunar mare (Latin for “seas”) that can be spotted with the naked eye as the surface of Earth’s natural satellite darkens. Each of the mare visible today were created billions of years ago, when lava flows filled the network of lunar craters carved out by powerful asteroid strikes. The lava lakes swiftly hardened to “repave” the moon, forming enormous basaltic plains that can be explored without the need for a telescope or binoculars.
The full moon reveals lays each of the lunar seas open to exploration by amateur astronomers. (Image credit: Photo by Robertus Pudyanto/Getty Images, annotations by Anthony Wood)
Mare Crisium can be spotted as a dark oval to the northeast of the lunar surface, while Mare Tranquillitatis (the Sea of Tranquility) — which plays host to the Apollo 11 landing site — is located to its left, bordered to the north by Mare Serenitatis (the Sea of Serenity).
The equatorial region to the westward side of the lunar disk is dominated by Oceanus Procellarum (the Ocean of Storms), with Mare Imbrium (the Sea of Showers) to the north and Mare Nubium (the Sea of Clouds) to the south.
The third quarter moon (Aug. 16)
The passing of the full moon will see the terminator return to sweep over the eastern limb of the lunar surface until, finally, on Aug. 16, the third quarter moon will rise, with its right half bathed in shadow and its left illuminated by direct sunlight.
Aug. 16 is a great opportunity to observe a dramatic display of light and shadow play across the terminator and to hunt down a pair of massive craters named to honor two legendary ancient Greek philosophers, inventors and astronomers: Plato and Archimedes.
Look for the 62-mile-wide (10 km) Plato Crater just below the narrow form of Mare Frigoris soon after the moon rises around midnight on Aug. 16. Then, follow the terminator south to find the similarly sized Archimedes impact site above the pronounced sweep of the Montes Apenninus mountain range.
A sharp image of the lunar surface showing the Plato and Archimedes craters labelled to the left of the terminator above Montes Apenninus. Copernicus and Kepler craters are visible to the west. (Image credit: Picture by Freelanceimages, annotations by Anthony Wood.)
The following night (Aug. 17) is a wonderful time to see the Copernicus and Kepler craters brightening Oceanus Procellarum. Both impact sites are surrounded by bright ejecta rays, albeit less pronounced than those exhibited by Tycho further to the south.
The Copernicus Crater looks particularly impressive around this time, with its westward rim and central peak cast into relief by the oblique angle of the sun. Copernicus had been proposed as a candidate landing site for the Apollo 18 crewed lunar mission, though the program was cancelled long before its scheduled launch date due to budget constraints.
New moon (August 23)
During the new moon phase, the lunar disk lurks unseen in the daytime sky, leaving the night unblemished by the glare of reflected sunlight. Head away from city lights around this time to hunt the glowing band of the Milky Way’s core, which can be spotted during the summer months streaming towards the eastern horizon as dusk gives way to night in dark sky locations.
Earth’s satellite is close to the New Moon phase, with the shadowed portion of its lunar disk bathed in Earthshine. (Image credit: Photo by Gary Hershorn/Getty Images)
The moon will appear as a slim waning or waxing crescent on a handful of nights before and after the new moon phase, during which you may see the shadow-veiled expanse of the lunar surface infused with a soft glow. This phenomenon, known as “Earthshine,” or the “Da Vinci Glow,” occurs when the moon is positioned roughly between our planet and the sun, at which point sunlight reflected off Earth’s surface bathes the unlit lunar disk in a subtle glow.
Editor’s Note: If you would like to share your astrophotography with Space.com’s readers, then please send your photo(s), comments, and your name and location to spacephotos@space.com.
Henry Golding is a globetrotter at heart. Born in Malaysia and raised in England, the actor’s unique CV has taken him all around the world, from Singapore and Malaysia for Crazy Rich Asians to Capri, Italy and Rome for the recent Amazon thriller Another Simple Favor. Needless to say, there are few other Hollywood A-Listers whose travel tips we’d so implicitly trust. So when Golding partnered with Citi for the launch of their new Strata Elite Card, we took the opportunity to sit down with him and find out all of his travel intel, from his favorite hotel (it’s in Bali) to the bags he’s unpacking when he gets there—carry-on only, please!
ELLE Decor: How has traveling impacted your design taste?
Henry Golding: I love eclectic color and design. We’re actually going through a renovation of the property we just bought and my Pinterest is just all colored walls, bright ceramics, patterns, very bold color. We’ve lived in a lot of white box houses and I’m just so bored of it. So this next house, we’re going all out with the color and all the schemes.
ED: What is your favorite piece that you’ve brought back from a trip?
HG: The latest piece is from Mallorca. We did a trip last month, me and the girls. And they’re quite famous for their very summery ceramic bowls. We were staying in a town called Santanyí, and they had a ceramic shop where we found this huge sort of fruit bowl with a beautiful blue octopus painted onto it. So we took that and we wrapped it up in clothes and wished it luck in transit back to London. Luckily it made it in one piece to the other side.
ED: If you could live in any hotel, what would it be?
HG: Man, that’s a tough one. Nothing beats somewhere in Bali. I think maybe the Bvlgari Hotel, on the cliffs of Uluwatu.
Courtesy Bvlgari Hotels
A two-bedroom villa at Bvlgari Resort Bali.
“We’ve lived in a lot of white box houses and I’m just so bored of it.”
ED: What three essentials do you always pack when you travel?
HG: I’m a bit of a nerd, so I like my technology. But the best purchase, and I recommend this to anyone, is to find a travel plug that has USB-C. Second, I would say eye mask and earplugs and some melatonin: a little sleep pack. Trying to get onto the right time zone as quickly as possible is key. I think for my third choice it has to be the Citi Strata Elite Card. It just elevates my travel and dining—it’s the perfect card for my lifestyle.
ED: Are you usually a carry-on only person or do you check a bag?
HG: As much as possible just carry on, to get out of the airport as quickly as possible. But when you’re on an extended trip? No one’s going to Japan with carry-on only. You’re going with two extra empty bags to be honest, because you always end up taking stuff home. A hard case with an expandable zipper—that’s the only way.
ED: Lastly, how do you feel about Crazy Rich Asians being everybody’s go-to plane movie?
HG: I’ve heard that on so many occasions. It’s great. It’s like comfort food, but a comfort movie. It’s a gift that keeps on giving.
This conversation has been edited and condensed for clarity.
Sean Santiago is ELLE Decor’s Deputy Editor, covering news, trends and talents in interior design, hospitality and travel, culture, and luxury shopping. Since starting his career at an interior design firm in 2011, he has gone on to cover the industry for Vogue, Architectural Digest, Sight Unseen, PIN-UP and Domino. He is the author of The Lonny Home (Weldon Owens, 2018), has produced scripted social content for brands including West Elm and Streeteasy, and is sometimes recognized on the street for his Instagram Reels series, #DanceToDecor
Microscopic, photorealistic image of liver tumor cells – Generated with Adobe Firefly
Extended follow-up from the HIMALAYA study (NCT03298451) demonstrates that the STRIDE (single tremelimumab [Imjudo], regular interval durvalumab [Imfinzi]) regimen continues to provide a significant overall survival (OS) advantage over sorafenib (Nexavar) in patients with unresectable hepatocellular carcinoma (HCC) at 5 years.1,2
This landmark analysis, the longest follow-up reported for a phase 3 HCC study, underscores the enduring efficacy and manageable safety profile of this dual immune checkpoint inhibitor (ICI) approach, setting a new benchmark for long-term survival in this challenging disease.
Historically, the prognosis for unresectable HCC has been poor, with 5-year survival rates typically below 10% with conventional therapies like sorafenib. The introduction of ICIs has significantly altered this landscape. The HIMALAYA study, which previously reported a sustained OS benefit at 4 years, now offers even more compelling long-term data on the STRIDE regimen.
Enduring Survival and Deepening Benefit
At a median follow-up of approximately 62.5 months for the STRIDE arm and 59.9 months for the sorafenib arm, the OS hazard ratio for STRIDE vs sorafenib was 0.76 (95% CI, 0.65–0.89). This translates to a remarkable 60-month OS rate of 19.6% for patients receiving the STRIDE regimen compared with 9.4% for those on sorafenib. The OS rate ratio, indicating the relative improvement, further widened over time, reaching 2.09 at 60 months in favor of STRIDE. This sustained and even improving relative benefit highlights the long-term impact of the dual ICI strategy.
The study also delved into the relationship between tumor response and OS. Patients achieving disease control (complete response, partial response, or stable disease) with the STRIDE regimen demonstrated even more pronounced long-term benefits, with a 60-month OS rate of 28.7% compared with 12.7% in the sorafenib arm. Notably, any degree of tumor shrinkage with STRIDE was associated with improved OS, indicating that conventional RECIST v1.1 criteria may not fully capture the nuanced benefits of this immunotherapy combination. For instance, patients with >25% to 100% tumor shrinkage experienced 60-month OS rates of 50.7% with STRIDE vs 26.3% with sorafenib.
“While these data support the clinical activity of durvalumab in uHCC, the continued improvement in OS with STRIDE over durvalumab, relative to sorafenib, highlights the added benefit of combining a single dose of tremelimumab with durvalumab within the STRIDE regimen,” authors wrote in the study published in the Journal of Hepatology.1
Understanding the Depth of Response
A key finding from this updated analysis is the emphasis on depth of response. While RECIST v1.1 defines partial response at 30% tumor shrinkage, the HIMALAYA data suggest that even lesser degrees of shrinkage with the STRIDE regimen can translate into meaningful long-term survival. For instance, patients with 25% to 30% tumor shrinkage, which would be categorized as stable disease by RECIST, showed improved OS with STRIDE compared to sorafenib. This observation suggests a need to reevaluate how response to ICI combinations is assessed, potentially incorporating a broader understanding of tumor dynamics beyond strict RECIST criteria.
More patients treated with STRIDE experienced tumor shrinkage, and to a greater extent, than those treated with sorafenib, demonstrating a greater depth of response. This was particularly evident in long-term survivors, where a higher proportion of STRIDE-treated patients achieved objective responses.
Interestingly, some patients in the STRIDE arm initially classified with progressive disease or stable disease later showed tumor shrinkage, a phenomenon more common with STRIDE than sorafenib. This delayed response pattern further supports the unique characteristics of ICI treatment.
Manageable Safety Profile Maintained
Crucially, the long-term follow-up reinforced the manageable safety profile of the STRIDE regimen. No new late-onset treatment-related serious adverse events were reported, and the proportion of serious treatment-related adverse events remained consistent with previous analyses. This sustained safety profile over 5 years is vital for clinicians considering long-term treatment strategies in this patient population. The study also found that the duration of treatment beyond RECIST v1.1 progression was relatively high across both arms, suggesting that continuing treatment may be beneficial in patients without clinical deterioration.
Implications for Clinical Practice
These 5-year data from the HIMALAYA study provide critical insights for the management of unresectable HCC. The sustained and deepening OS benefit, coupled with a consistent safety profile, solidifies the role of the STRIDE regimen as a robust first-line treatment option. The findings also prompt a reevaluation of how clinicians assess response to ICI therapy, encouraging a focus on the depth of tumor shrinkage as a potential predictor of long-term survival. The observation that 1 in 5 patients treated with STRIDE are alive at 5 years marks a significant advancement in the fight against unresectable HCC.
REFERENCES:
1. Rimassa L, Chan SL, Sangro B, et al. Five-year overall survival update from the HIMALAYA study of tremelimumab plus durvalumab in unresectable HCC. J Hepatol. 2025 Apr 11:S0168-8278(25)00226-0. doi: 10.1016/j.jhep.2025.03.033. Online ahead of print.
2. STRIDE in Unresectable HCC: 5-Year Overall Survival Results From HIMALAYA. News release. The ASCO Post. July 28, 2025. Accessed July 31, 2025. https://tinyurl.com/45wshj2j
Senior Republican lawmakers are condemning the decision of their party leader, Donald Trump, to fire the leading US labor market statistician after a report that showed the national economy added just 73,000 jobs – far fewer than expected – in July.
The disappointing figures – coupled with a downward revision of the two previous months amounting to 258,000 fewer jobs and data showing that economic output and consumer spending slowed in the first half of the year – point to an overall economic deterioration in the US.
Trump defended his decision to fire US Bureau of Labor Statistics (BLS) commissioner Erika McEntarfer. Without evidence to back his claims, the president wrote on social media that were numbers were “RIGGED in order to make the Republicans, and ME, look bad” and the US economy was, in fact, “BOOMING” on his watch.
But the firing of McEntarfer, who had been confirmed to her role in January 2024 during Joe Biden’s presidency, has alarmed members of Trump’s own party.
“If the president is firing the statistician because he doesn’t like the numbers but they are accurate, then that’s a problem,” said Wyoming Republican senator Cynthia Lummis. “It’s not the statistician’s fault if the numbers are accurate and that they’re not what the president had hoped for.”
Lummis added that if the numbers are unreliable, the public should be told – but firing McEntarfer was “kind of impetuous”.
North Carolina senator Thom Tillis, a Republican, said: “If she was just fired because the president or whoever decided to fire the director just … because they didn’t like the numbers, they ought to grow up.”
Kentucky senator Rand Paul, another Republican, questioned whether McEntarfer’s firing was an effective way of improving the numbers.
“We have to look somewhere for objective statistics,” he said. “When the people providing the statistics are fired, it makes it much harder to make judgments that you know, the statistics won’t be politicized.”
According to NBC News, Paul said his “first impression” was that “you can’t really make the numbers different or better by firing the people doing the counting”.
Tillis and Paul were both opponents of Trump’s recent economic legislative package, which the president dubbed the “big, beautiful bill”.
But Alaska senator Lisa Murkowski, a Republican who supported the legislation after winning substantial economic support for her state, remarked that the jobs numbers could not be trusted – and “that’s the problem”.
“And when you fire people, then it makes people trust them even less,” she said.
William Beach, a former BLS commissioner appointed by Trump in his first presidency, posted on X that McEntarfer’s firing was “totally groundless”. He added that the dismissal set a dangerous precedent and undermined the BLS’s statistical mission.
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Beach also co-signed a letter by “the Friends of the Bureau of Labor Statistics” that went further, accusing Trump of seeking to blame someone for bad news and calling the rationale for McEntarfer’s firing “without merit”.
The letter asserted that the dismissal “undermines the credibility of federal economic statistics that are a cornerstone of intelligent economic decision-making by businesses, families and policymakers”.
The letter pointed out that the jobs tabulation process “is decentralized by design to avoid opportunities for interference”, adding that US official statistics “are the gold standard globally”.
“When leaders of other nations have politicized economic data, it has destroyed public trust in all official statistics and in government science,” the letter said.
Democrats have also hit out at Trump’s decision. Vermont senator Bernie Sanders described it as “the sign of an authoritarian type”, and he said the decision would make it harder for the American people “to believe the information that comes out of the government”.
Paul Schroeder, executive director of the Council of Professional Associations on Federal Statistics, described the president’s allegation against McEntarfer as “very damaging and outrageous”.
He said: “Not only does it undermine the integrity of federal economic statistics, but it also politicizes data which need to remain independent and trustworthy. This action is a grave error by the administration and one that will have ramifications for years to come.”
This phase 1/2 study is testing a new treatment for acute myeloid leukemia (AML) that has come back or has not responded to other treatments. The treatment uses specially modified immune cells (called CD33 CAR-NK cells) from a healthy, unrelated donor to attack the cancer.
The first part of the study (Phase I) will focus on finding the safest and most effective dose. The second part (Phase II) will test how well the treatment works at that dose.
Patients will undergo screening, chemotherapy (Fludarabine and Cytarabine, in combination with Venetoclax) followed by the infusion of the CD33 CAR NK cells. Some patients may receive 2 doses of CD33 CAR NK cells infused 1 week apart. The investigator will let participants know if they will receive 1 or 2 doses. Patients will be hospitalized for the chemotherapy and CD33 CAR NK cell infusion for close monitoring and will remain in the hospital until blood counts recover. If patients are discharged from the hospital before day 35, they will be followed in clinic weekly for blood work and a physical exam.
A bone marrow biopsy will be performed around day 28-35 to see if the patient’s leukemia is in remission. Lumbar puncture or imaging may also be done if the study doctor thinks it is necessary.
Patients will continue to be followed for research studies and clinical outcomes (leukemia relapse, survival) for 1 year. After 1 year, patients will have completed their study participation, but can be monitored for up to 15 years for potential long term side effects of the cell therapy. Some patients may undergo a bone marrow transplant after the study treatment. Patients who proceed to bone marrow transplant will have one blood sample drawn about a month after the transplant and then will have completed study participation.
OMAHA, Neb. — OMAHA, Neb. (AP) — Warren Buffett’s company reported less than half as much profit in the second quarter as it took a $3.76 billion writedown on the value of its stake in Kraft Heinz, as that iconic food producer considers largely undoing the merger that Berkshire Hathaway helped bankroll.
Berkshire said it earned $12.37 billion, or $8,601 per Class A share, during the quarter. That’s down from $30.248 billion, or $21,122 per Class A share, a year ago, because it recorded a much smaller paper investment gain this year.
Berkshire’s earnings can swing wildly from quarter to quarter because it has to record the current value of its massive investment portfolio even though it doesn’t sell most of the stocks. That’s why Buffett has long recommended that investors pay more attention to Berkshire’s operating earnings, which exclude those investment gains. Although last year Berkshire did surprise shareholders by selling off a huge chunk of its Apple stake which inflated the investment gains then.
By that measure, Berkshire’s operating earnings were only down slightly at $11.16 billion, or $7,759.58 per Class A share. That compares with $11.598 billion, or $8,072.16 per Class A share, a year ago. Most of Berkshire’s myriad assortment of companies — major insurers like Geico, BNSF railroad, a group of utilities and a collection of manufacturing and retail businesses — generally performed well despite the uncertainty about the economy and President Donald Trump’s tariffs.
The four analysts surveyed by FactSet Research expected Berkshire to report earnings per Class A share of $7,508.10, so the Omaha, Nebraska-based conglomerate’s results were ahead of that.
Berkshire owns more than 27% of Kraft Heinz’ stock and, for years, it had representatives on the company’s board. Buffett has said previously that he believes the company’s iconic brands will do well over time, but in hindsight, he overpaid for the investment and underestimated the challenges branded foods face from retailers and the growth of private label products.
This spring, Berkshire’s representatives resigned from the Kraft Heinz board shortly before the company announced it is exploring strategic options that may include spinning off a large part of its portfolio of brands.
Over the years since Berkshire helped Kraft buy Heinz in 2015, the company has been hurt by changing consumer tastes and a shift toward healthier options than Kraft’s core collection of processed foods.
Buffett’s is still sitting on a massive pile of $344.1 billion in cash, although the company’s reserves dipped slightly from the $347.7 billion cash it was holding at the end of the first quarter. Buffett told shareholders in May he just isn’t finding any attractive deals for companies he understands.
Buffett surprised shareholders at the annual meeting when he announced that he plans to give up the CEO title at the end of the year and hand over operations to Vice Chairman Greg Abel, but Buffett will remain Chairman.
Berkshire shareholders might be disappointed that the company didn’t repurchase any of its shares this quarter, even though the price has fallen more than 12% since just before Buffett announced his retirement.
Many investors are watching Berkshire’s BNSF closely after rival Union Pacific announced a plan to buy Norfolk Southern earlier this week to create the nation’s first transcontinental railroad. The speculation is that BNSF needs to pursue a merger with eastern rail CSX to be able to compete.
But CFRA Research analyst Cathy Seifert said it isn’t Buffett’s style to jump into a deal just because the market thinks he should. Over the decades, he has built Berkshire by finding strong companies selling for less than they are worth. CSX is trading near its 52-week high at $35.01 amid all the deal speculation.
“He wants to do it because he found an undervalued franchise — not because the market says you need to do a deal,” Seifert said. “I think one of the reasons why that cash hasn’t been deployed is that valuations run through the Berkshire M-and-A model tend to be too rich. But if there’s a logical case to be made they’ll accept it.”
And BNSF appears to be doing fine right now on its own. The railroad recorded a 19% jump in its operating profit this quarter at $1.47 billion as it cut costs and delivered about 1% more shipments.
