Weekly Market Update - 21 March 2022

Hong Kong Eases Rigid Border Controls

Carrie Lam, the city’s leader, said she would lift a flight ban from nine countries, including the US and UK, for Hong Kong residents and allow those travellers to quarentine in a hotel for seven days rather than 14. The changes will take effect from 1 April.

Source: Financial Times

Oil Pushes Higher

Brent traded near $113, up about 15% since its close last Wednesday. Several European Union countries are pushing for a fifth round of sanctions on Russia, though some remain opposed to including oil in those measures. The Kremlin said an EU ban on oil imports from Russia would have a profound effect on the global crude market and hit the continent the hardest.

Source: Bloomberg

Berkshire Hathaway Inc. is buying Alleghany Corp.

Berkshire Hathaway Inc. is buying Alleghany Corp. for $11.6 billion in cash as Warren Buffett returns to the dealmaking he has shied away from in recent years.

Buffett’s company will acquire all outstanding Alleghany shares for $848.02 each in cash. The transaction represents a 29% premium to the New York-based insurer’s average stock price over the last 30 days, and a 16% premium to its 52-week high closing price, the firms said in a statement Monday.

Source: Bloomberg