40% profit rise for Berkshire

BERKSHIRE HATHAWAY, the investment and insurance company controlled by billionaire financial guru Warren Buffett, reported a 40% increase in fourth-quarter profits over the weekend.

Net income surged to $3.34 billion (€2.55 billion), but this was boosted to the tune of $1.63 billion by Mr Buffett’s decision to bet heavily against the American dollar on world currency markets. He told shareholders there would be no light at the end of the tunnel for the dollar’s slump.

“The evidence grows that our trade policies will put unremitting pressure on the dollar for many years to come,” he said.