HONG KONG (AP) — Reporters Without Borders said Wednesday that one of its representatives was denied entry into Hong Kong, calling it a “new decline” in the city’s press freedoms.
According to the group, its Taipei-based staffer Aleksandra Bielakowska was stopped at the airport by immigration officers. She was detained, questioned and had her belongings searched three times before she was denied entry, said the group, also known by its French acronym RSF.
“This action by the Hong Kong authorities, unprecedented for RSF, marks a new decline in the already poor press freedom climate in the territory,” RSF said in a statement.
Bielakowska was to meet journalists and attend a hearing at the trial of Jimmy Lai, the media tycoon and founder of the now-defunct Apple Daily newspaper who is facing national security charges.
The Immigration Department did not comment when contacted after business hours.
Rebecca Vincent, RSF’s director of campaigns, said the group had “never experienced such blatant efforts by authorities to evade scrutiny of court proceedings in any country.”
A major crackdown on dissent has taken place in Hong Kong since the massive anti-government protests in 2019. After Beijing imposed a new national security law on the city, dozens of pro-democracy activists have been arrested and charged. Also, electoral laws have been overhauled to ensure that only “patriots” loyal to Beijing can run for office.
Police have also frozen assets and raided the newsrooms of pro-democracy media outlets, eventually forcing them to cease operations. In March, Hong Kong lawmakers approved the Article 23 security bill, which includes maximum penalties of life imprisonment for offences such as treason and insurrection.
Two former Stand News editors are expected to hear a verdict in their case this month after being charged under a colonial-era sedition law, and in March, U.S.-funded Radio Free Asia said that its Hong Kong bureau has been closed because of safety concerns under the new national security law.
Once seen as a bastion of media freedom in Asia, Hong Kong has since plummeted in press freedom rankings. The semi-autonomous city currently ranks 140th out of 180 countries in RSF’s World Press Freedom Index. In 2002, Hong Kong was ranked 18th.
FILE - A lawmaker holds a copy of the proposed Safeguarding National Security Bill at the Legislative Council in Hong Kong, March 19, 2024. The United States sees Hong Kong's new national security law as a tool to potentially silence dissent both at home and abroad, but has tread carefully so far in responding, a disappointment to those fighting for democracy and freedoms in the Chinese territory. (AP Photo/Louise Delmotte, File)
OMAHA, Neb. (AP) — Warren Buffett's company reported a steep drop in earnings Saturday because the paper value of its investments fell and it sold off part of its massive Apple stake, but the tens of thousands of shareholders filling an Omaha arena to hear Buffett answer questions at the annual meeting later can take heart that Berkshire Hathaway's many businesses performed well.
Berkshire reported a $12.7 billion profit, or $8.825 per Class A share, in the quarter. That's roughly one-third of the $35.5 billion, or $24,377 per A share, that Berkshire reported a year ago.
But those figures were heavily swayed by a large drop in the paper value of Berkshire's investments. That's why Buffett encourages investors to pay more attention to the conglomerate's operating earnings that exclude the investment figures. By that measure, Berkshire's operating earnings jumped 39% to $11.222 billion from last year's $8.065 billion as its insurance companies led a strong performance.
The three analysts surveyed by FactSet Research had predicted operating earnings of $6,701.87 per Class A share.
Buffett did sell off nearly $6 billion in stocks during the quarter, including trimming about 13% of Berkshire's massive Apple stake. The investment in the iPhone maker is still the biggest one in the $364 billion portfolio at $135.4 billion, and Buffett said he expects Apple to remain the biggest investment for years — even up to when his successor takes over.
But the estimated value of Berkshire's Apple stake suggests that Buffett sold off more than 100 million shares. Buffett has said he invested in Apple's stock because of how devoted consumers are to the iPhone and other Apple products.
Apple CEO Tim Cook, who is at the Berkshire meeting, told CNBC that he still considers it a privilege to have Berkshire as a major shareholder, and he knew about the sales before Berkshire disclosed them Saturday.
Berkshire reported a $2.6 billion underwriting profit at its insurers, up from $911 million a year ago.
BNSF railroad's profits did disappoint and drop 8% to $1.143 billion, but most of its many other companies delivered solid results, including a 72% jump in operating profits at the utility unit that added $717 million to Berkshire's total.
Berkshire's revenue grew 5% to $89.87 billion in the quarter. The two analysts who reported estimates to FactSet predicted $87.044 billion revenue.
With no major acquisitions in sight, Berkshire's massive cash pile continued to grow to a record $188.993 billion in the quarter. Berkshire even spent $2.6 billion repurchasing shares during the first three months of the year, but its companies that include Geico insurance, BNSF railroad, several major utilities and an assortment of dozens of others keep generating mountains of cash.
“We’d love to spend it but we won’t spend it unless we’re doing something with very little risk that will make us a lot of money,” Buffett said.
Tens of thousands filled the arena eager to vacuum up tidbits of wisdom from billionaire Warren Buffett, who famously dubbed the meeting ‘Woodstock for Capitalists.’
But a key ingredient is missing this year: It’s the first meeting since Vice Chairman Charlie Munger died.
The meeting opened with a video tribute to Munger recounting his life and highlighting some of his best known quotes from the meetings over the years that drew applause, including classic lines like “If people weren't so often wrong, we wouldn't be so rich.” The video also featured old interviews with Buffett and Munger talking about their epic friendship.
The video also featured several of the classic skits the investors made for meetings over the years with hoiliday stars like a “Desperate Housewives” spoof where one of the women introduced Munger as her boyfriend and another video where Jaimie Lee Curtis swooned over Munger.
As the video ended, everyone in the arena gave Munger a prolonged standing ovation to thank him for being what Buffett called "the architect of Berkshire Hathaway.
For decades, Munger shared the stage with Buffett every year for the marathon question and answer session that is the event's centerpiece. Munger routinely let Buffett take the lead with expansive responses that went on for several minutes. Then Munger himself would cut directly to the point. He is remembered for calling cryptocurrencies stupid, telling people to “marry the best person that will have you” and comparing many unproven internet businesses in 2000 to “turds.”
He and Buffett functioned as a classic comedy duo, with Buffett offering lengthy setups to Munger's witty one-liners. Together, they transformed Berkshire from a floundering textile mill into a massive conglomerate made up of a variety of interests, from insurance companies such as Geico to BNSF railroad to several major utilities and an assortment of other companies.
Munger often summed up the key Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett also were known for sticking to businesses they understood well.
“Warren always did at least 80% of the talking. But Charlie was a great foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting with a bit of a heavy heart because of Munger's absence.
That absence, however, may well create space for shareholders to get to know better the two executives who directly oversee Berkshire's companies: Ajit Jain, who manages the insurance units, and Greg Abel, who handles everything else. Abel will one day replace the 93-year-old Buffett as CEO. Abel and Jain are sharing the main stage with Buffett for the first time this year in the spot Munger used to occupy.
The first time Buffett kicked a question to Abel, he mistakenly said “Charlie?” out of habit.
Morningstar analyst Greggory Warren said he hopes Abel will speak up more this year and let shareholders see some of the brilliance Berkshire executives talk about. Ever since Munger let it slip at the annual meeting three years ago that Abel would be the successor, Buffett has repeatedly reassured investors that he's confident in the pick.
Experts say the company has a solid culture built on integrity, trust, independence and an impressive management roster ready to take over.
“Greg's a rock star,” said Chris Bloomstran, president of Semper Augustus Investments Group. "The bench is deep. He won’t have the same humor at the meeting. But I think we all come here to get a reminder every year to be rational.”
For more AP coverage of Warren Buffett look here: https://apnews.com/hub/warren-buffett. For Berkshire Hathaway news, see here: https://apnews.com/hub/berkshire-hathaway-inc. Follow Josh Funk online at https://www.twitter.com/funkwrite and https://www.linkedin.com/in/funkwrite.
From left, D'Ann Rhoten takes a photo of Brittany Thornton and Melissa Shapiro in the exhibit hall of the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Amy Keady of Frederick, Maryland, holds her son, Ben, 11, as they wait in line outside the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Jennifer Cua of Las Vegas sits with her purchases from Squishmallows during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Shareholder Tina Schmidt of Cozad, Neb., wears a shirt with Warren Buffett's portrait in the style of an Andy Warhol painting at he Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
See's Candies associates, including Holly Pellicano of San Francisco, center, do yoga together before shareholders arrive for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Bart Macdonald of New York City takes photos of the BNSF Railway model train display during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Valerie Deichert of Omaha, left, assists shareholders with their purchases from the Oriental Trading booth during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Shareholders find their seats for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Harold and Caroline Ernst of St. Louis chat with fellow shareholders as they wait for the Berkshire Hathaway annual meeting to begin on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Michelle King of San Francisco does yoga in the See's Candies booth before the arrival of shareholders for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Berkshire Hathaway shareholders pose with the mascot for one of its companies, Oriental Trading, while the more famous spokeslizard for Geico insurance looms over their shoulder, Friday, May 3, 2024, in Omaha, Neb. CEO Warren Buffett will spend hours answering questions at the meeting on Saturday. (AP Photo/Josh Funk)
Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett Friday, May 3, 2024, in Omaha, Neb., inside the exhibit hall in Omaha where Berkshire companies sell their products. Buffett will spend hours answering questions at the meeting Saturday. (AP Photo/Josh Funk)
Daegwon Kim of South Korea, who arrived in line at 3:30 a.m., takes photos of the crowd behind him outside the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Berkshire Hathaway Vice Chairman Greg Abel poses with shareholders Friday, May 3, 2024, in Omaha, Neb. Abel is set to be the next CEO after Warren Buffett is gone. (AP Photo/Josh Funk)
Berkshire Hathaway shareholders watch a model BNSF train run past a model town filled with other Berkshire companies Friday, May 3, 2024, in Omaha, Neb. Buffett will spend hours answering questions at a meeting Saturday. (AP Photo/Josh Funk)
Berkshire Hathaway shareholders line up to take selfies with Greg Abel Friday, May 3, 2024, in Omaha, Neb. Abel will one day replace Warren Buffett as CEO. (AP Photo/Josh Funk)
Berkshire Hathaway investment manager Ted Weschler, center, talks with Brooks Running CEO Dan Sheridan, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)
Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)
Berkshire Hathaway Vice Chairman Greg Abel poses for pictures with shareholders while touring the booths Berkshires companies set up, Friday, May 3, 2024, in Omaha, Neb. Abel will succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)
Berkshire Hathaway Vice Chairman Greg Abel checks out the flight simulators offered by one of Berkshires companies, Flight Safety as he toured the exhibit hall Friday, May 3, 2024, in Omaha, Neb. ahead of Saturday's meeting. Abel is set to succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)
