business

Max Knoblauch7/22/25

BNSF is reportedly also eyeing a major railroad merger, but Buffett throws some cold water

The rails are alive with the sound of consolidation.

Semafor on Tuesday reported that Berkshire Hathaway-owned railroad giant BNSF is working with Goldman Sachs to explore a potential megamerger with a rival like Norfolk Southern or CSX.

Speaking to CNBC Tuesday, Berkshire CEO Warren Buffett poured some cold water on the reports, or at least the part where Berkshire was working with an intermediary like Goldman on the deal. He told CNBC that nobody from Goldman had spoken with him or Berkshire CEO in waiting Greg Abel, and added that he wouldn’t seek advice from external bankers on deals.

The news comes just five days after reports that Union Pacific is looking into purchasing Norfolk Southern.

Shares of CSX were up 1.5% in morning trading; Norfolk Southern was up 0.7%.

Railroads are facing pressure as tariffs drag on traffic. Meanwhile, safety scrutiny stemming from Norfolk’s toxic and costly derailment in Ohio in 2023 still lingers.

Berkshire-owned BNSF taps bankers for its own rail acquisition

Berkshire-owned BNSF taps bankers for its own rail acquisition

Speaking to CNBC Tuesday, Berkshire CEO Warren Buffett poured some cold water on the reports, or at least the part where Berkshire was working with an intermediary like Goldman on the deal. He told CNBC that nobody from Goldman had spoken with him or Berkshire CEO in waiting Greg Abel, and added that he wouldn’t seek advice from external bankers on deals.

The news comes just five days after reports that Union Pacific is looking into purchasing Norfolk Southern.

Shares of CSX were up 1.5% in morning trading; Norfolk Southern was up 0.7%.

Railroads are facing pressure as tariffs drag on traffic. Meanwhile, safety scrutiny stemming from Norfolk’s toxic and costly derailment in Ohio in 2023 still lingers.

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business

Max Knoblauch7h

Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover

Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

Exclusive | Gulf Funds Agree to Back Paramount’s $81 Billion Takeover of Warner

The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.

Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.

According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.

Apple is turning 50 today and it doesn’t look a thing like its younger self

From Macs to iPods, iPhones, and now services, here’s how Apple’s business has looked every 10 years.

Birthday Green apple

The entrance of Allbirds seen from Hayes St. in San Francisco, Calif.

Allbirds, the once buzzy multibillion-dollar sneaker startup, is selling up for $39 million

That’s less than 1% of its peak market cap about four years ago.

Tom Jones3/31/26

business

Max Knoblauch3/30/26

JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

JetBlue Airways raises bag fees as fuel prices soar

JetBlue Airways raises bag fees as fuel prices soar

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.

flavor of the month

Americans won’t tolerate bland food anymore — and it’s turned McCormick into a ~$7 billion-a-year spice and sauce giant

Now, McCormick is eyeing Unilever’s food business.

Bottles of Frank's RedHot Xtra Hot and Sweet Chili on a

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