BERKSHIRE Hathaway, the insurance and investment firm run by billionaire Warren Buffett, has said second-quarter profit rose 62% as investments benefited from higher US interest rates and a weakening dollar.

More than 400 jobs at two textiles factories were threatened today after the plants’ parent company was placed in receivership.

With $100m a week to invest, Warren Buffett resorted to the law to close his latest deal, writes DAVID PLUMB