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    Berkshire Continues Retreat From Stocks

    The conglomerate reported on Saturday that it had cut its holdings in Apple and Bank of America and increased its cash to a record high in the third quarter.Berkshire Hathaway, the conglomerate headed by Warren E. Buffett, extended its retreat from stocks in the third quarter, cutting its holdings in Apple and Bank of America and increasing its cash to a record $325.2 billion.Berkshire also reported on Saturday a 6 percent decline in quarterly operating profit, largely the result of higher liabilities for its insurance companies, including for Hurricane Helene, and currency losses from a strengthening U.S. dollar.These costs offset improved profitability at the Geico car insurer, where accident claims and expenses fell. Profit also rose at the BNSF railroad, which shipped more consumer goods, and Berkshire Hathaway Energy, where operating expenses declined.In its quarterly report, Berkshire said it sold about 100 million of its Apple shares, or 25 percent, over the summer, ending with about 300 million shares.It has now sold more than 600 million Apple shares this year, though Apple remained Berkshire’s largest stock holding, at $69.9 billion.The sales represented a large portion of the $36.1 billion of stock, including several billion dollars of Bank of America shares, that Berkshire sold in the quarter.Mr. Buffett said in May that he expected Apple to remain Berkshire’s largest stock investment, but selling made sense because the 21 percent federal tax rate on the capital gains was likely to increase.Berkshire bought just $1.5 billion of stock in the quarter, the eighth straight quarter when it was a net seller of stocks.It also repurchased none of its own stock, suggesting that Mr. Buffett doesn’t view even his own company’s shares as a bargain.Operating profit from Berkshire’s dozens of businesses fell to $10.09 billion, from $10.76 billion a year earlier.Insurance underwriting profit fell 69 percent, hurt by rising claims, $565 million of losses from Helene and a bankruptcy court settlement related to the defunct talc supplier Whittaker Clark & Daniels. The costs more than offset a near doubling of underwriting profit at Geico. Berkshire also projected $1.3 billion to $1.5 billion in pretax losses in the fourth quarter from Hurricane Milton, which hit Florida in October.Net income for Berkshire totaled $26.25 billion compared with a loss of $12.77 billion a year earlier when falling stock prices reduced the value of Berkshire’s investments.Mr. Buffett has said operating results better reflect Berkshire’s performance. Accounting rules require Berkshire to report unrealized investment gains and losses when it reports net income, adding volatility that Mr. Buffett counsels investors to ignore.Mr. Buffett, 94, has led Berkshire since 1965, and is expected to eventually transfer leadership to Berkshire’s vice chairman, Greg Abel, 62.Berkshire, based in Omaha, owns and operates an array of businesses, including Berkshire Hathaway Energy, many industrial and manufacturing companies, a big real estate brokerage, and retail businesses like Dairy Queen, See’s Candies and Fruit of the Loom. More

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    G.O.P. Lawmaker Voices Support for Giving North Carolina’s Electors to Trump

    Representative Andy Harris, Republican of Maryland, appeared to voice support for a plan for North Carolina’s Republican-controlled Legislature to award former President Donald J. Trump the swing state’s electoral votes, according to video of a conservative gathering on Thursday that was posted on social media.Mr. Harris, the chairman of the House Freedom Caucus, later walked back his comments in a statement on Friday, saying that the “theoretical conversation has been taken out of context” and that “every legal vote should be counted.”His comments, reported earlier on Friday by Politico, came in an exchange with Ivan Raiklin, a lawyer and a supporter of former President Donald J. Trump who promoted a plan in 2020 to pressure former Vice President Mike Pence not to certify electors from several disputed swing states.Mr. Harris appeared to use the hurricane-damaged region of western North Carolina as a rationale for the plan, falsely saying that the voters there had been “disenfranchised.” The North Carolina State Board of Elections approved several emergency measures this month to ensure that voters in the region who were reeling from the effects of Hurricane Helene could still cast ballots.Early in-person voting in the 13 most-affected counties has fared well so far, despite challenges presented by storm recovery efforts. Voters in those counties account for 8 percent of the state’s registered voters, and they have accounted for nearly the same percentage of accepted votes in the state so far. “It looks like things are improving,” said Christopher A. Cooper, a political science professor at Western Carolina University in Cullowhee, N.C.Representative Patrick McHenry, Republican of North Carolina, told reporters on Friday that “it makes no sense whatsoever to prejudge the election outcome,” according to Politico.“That is a misinformed view of what is happening on the ground in North Carolina,” Mr. McHenry said of Mr. Harris. “Bless his heart.” More

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    Hurricanes Spur Pet Adoptions Nationwide. Should You Get a ‘Storm Dog’?

    Amid major disasters, shelter animals are often sent to other states. And people are more likely to foster and adopt. Here’s what to know.Just days after Hurricane Milton hit Florida last week, about a dozen shelter dogs from a small town in Hendry County had already been flown to Texas. Several dozen other animals, from Pinellas County, had been taken by truck to shelters in Massachusetts and New York.They were part of the country’s latest diaspora of storm animals, dogs and cats scattered across the country by back-to-back hurricanes — Milton and Helene — which wreaked havoc across a vast swath of the United States this fall.Who transports these shelter animals and how does it work? Here’s what you need to know.Shelter animals often end up in faraway states after a disaster. Why?There are Harvey cats in California and Maria dogs in New York.If you have ever heard someone say their dog was rescued from a storm thousands of miles away, you might have wondered how they ended up so far from home.It comes down to a coordinated effort between shelters and national groups like the Humane Society, the ASPCA and the Best Friends Animal Society, as well as smaller public and private agencies.Year-round, these groups work to send animals from shelters facing overcrowding and low adoption rates to ones in other parts of the country where there is more space, and greater demand. When disaster strikes, the pace picks up.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Biden Visits Florida After Hurricane Milton and Calls for Bipartisan Relief Effort

    The president surveyed damage in Florida and announced $612 million for projects to help the electric grid in areas affected by Hurricanes Helene and Milton.During his visit to Florida, President Biden announced $612 million for six Energy Department projects in areas hit by Hurricanes Milton and Helene to improve the region’s electric grid.Eric Lee/The New York TimesStanding in front of one of the many houses wrecked by Hurricane Milton in Florida, President Biden said on Sunday that the storm was devastating for those who lost homes, businesses or relatives, even as he expressed relief that the storm was not as destructive as anticipated.“Thankfully, the storm’s impact was not as cataclysmic as they predicted,” Mr. Biden said in St. Pete Beach. “For some individuals it was cataclysmic. Not only for those individuals who lost their homes, but more importantly those folks who lost their lives, lost family members, lost all their personal belongings. Entire neighborhoods were flooded and millions, millions without power.”Earlier he surveyed the damage from the air: the shredded roof of the Tropicana Field baseball stadium, mounds of debris lining roads and messages spray-painted on furniture piled outside of homes. One message read “Mayor, Gov, Mr Pres, Small Businesses Need Help Too.” Another simply said, “Help us.”“Homeowners have taken a real beating in these back-to back storms,” Mr. Biden said, referring to Milton and Hurricane Helene. “And they’re heartbroken and exhausted, and their expenses are piling up.”Mr. Biden’s visit to the hurricane-ravaged communities in Florida — his second such trip in two weeks — came as he has been managing various crises, including multiple natural disasters, in the final stretch of his presidency. He used the visit to announce $612 million for six Energy Department projects in areas hit by Milton and Helene to improve the region’s electric grid, including nearly $100 million for Florida. On Friday, he declared a major disaster for Florida communities affected by Milton.Mr. Biden also used the moment to call for bipartisan collaboration to help the areas affected pick up the pieces. In a sign of such unity, Mr. Biden was greeted by Representative Anna Paulina Luna and Senator Rick Scott, Florida Republicans who are frequent critics of the Biden administration, after the president finished his helicopter tour.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Scared by Helene, Everyone in This Florida Beach Town Evacuated for Milton

    Chris Miller rode out Hurricane Helene just over two weeks ago inside his picturesque yellow home across from the Gulf of Mexico in Bradenton Beach, a tiny Florida city on a barrier island. As the storm surge rose, he readied a wet suit in case he needed to escape.As a huge wall of water swept away his next-door neighbor’s house, he called the mayor, who lives down the road.“I told him, ‘Bev’s house is headed your way,’” Mr. Miller recalled on Friday.So when Hurricane Milton bore down this week, with Bradenton Beach directly in its path, Mr. Miller knew that he had to evacuate.“After we saw what we saw,” he said, “we couldn’t stay.”Neither did anyone else, Bradenton Beach officials believe — the first time in recent memory that even the most dedicated die-hards had no interest in riding out the storm. The forecast was simply too scary, and the memory of Helene — and Ian, another frightening storm two years earlier — was too fresh.“Most of the time, we have a few stragglers,” Mayor John Chappie, who also stayed on the island for Helene, said on Friday. “I don’t think we had any this time.”Dan and June DeBaun returned to their home in Bradenton Beach briefly on Friday to survey the latest damage, which was less severe than what was inflicted by Helene.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    After Floods, Soaring Insurance Rates Become a Hot Election Issue

    Few states elect their insurance commissioners. But in North Carolina, a proposed 42 percent rate hike and Hurricane Helene have raised the stakes in the upcoming election.When Marjorie Burnside moved to the North Carolina coast several years ago after retiring as a New York City police officer, she did not know much about the candidates running for the obscure statewide offices that oversee agriculture, labor and insurance. So Ms. Burnside, a lifelong Republican, voted along party lines.She now considers many of her area’s elected Republicans responsible for rubber-stamping too many development projects. And she is furious that they have failed to tame home insurance premiums, which have soared by 75 percent. That was why she accepted an invitation to a friend’s recent beach house party for State Senator Natasha Marcus, a Democrat who is challenging the state’s Republican insurance commissioner.“She just gave me lots to think about,” Ms. Burnside, 59, said after listening to Ms. Marcus’s warnings about loopholes that hurt policyholders and rates in coastal areas that are likely to see a significant rise. “More people, more claims, more raises — it’s all connected.”Eleven states elect their insurance commissioners, an obscure but powerful job that affects virtually every resident through regulations and the ability to challenge or reject rate hikes on home, car and other policies.The contest has typically been treated as a down-ballot afterthought involving little-known candidates, with hundreds of thousands of voters leaving their ballots blank. But as housing and insurance costs have skyrocketed, particularly in areas experiencing whiplash from climate change and extreme weather, these races are becoming proxies for public frustration over pocketbook anxieties.Natasha Marcus, a Democrat running for North Carolina insurance commissioner.Cornell Watson for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Evacuation Orders Posted as Florida Braces for Hurricane Milton

    Evacuations and storm preparations began on Sunday night as forecasters projected that Hurricane Milton would slam into Florida’s west coast on Wednesday as a major hurricane packing life-threatening winds and storm surge.Gov. Ron DeSantis of Florida said in a news conference Sunday evening that a “flurry” of evacuation orders would be issued over the next 24 hours.He encouraged residents on the southwest part of the west coast to leave ahead of the mandatory orders.“Do not make inferences that somehow you’re going to be in the clear,” he said. “The entire peninsula, the entire west coast, has the potential to have major, major impact because of the storm surge.”Hurricane Milton is expected to make landfall in the Tampa Bay area as a Category 3 hurricane on Wednesday.Forecasters predict heavy rain could bring flash flooding and life-threatening storm surges. Milton could also pack winds of more than 100 miles per hour if the hurricane strengthens to a category 3 or higher.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    At North Carolina Churches After Helene, a Time to Grieve and a Time to Hope

    Worshipers gathered on Sunday, many for the first time since the storm decimated their communities, “to cry and pray and process.” As people headed toward First Baptist Church Swannanoa on Sunday, it was impossible to forget what had happened to their small mountain community in western North Carolina. Scattered across the landscape were broken pieces of life before the remnants of Hurricane Helene barreled through: chunks of asphalt, shredded trees, fragments of home foundations. Nearby, a search-and-rescue team clambered over debris. Yet the 11 a.m. hourlong service offered a respite — a chance to worship, to step away from the grief and to soak in shared encouragement and resilience. The church had invited congregants from another nearby church, whose building was destroyed, and encouraged those who had lost their Bibles in the storm to take one from the church. Melody Dowdy, 46, who is married to the senior pastor of First Baptist, hugged congregants and held back tears. “We’ve tried to create a haven of hope,” she said. More than a week after the storm ravaged much of western North Carolina, many storm survivors trickled back to houses of faith — worshiping in parking lots and parks, next to mud-filled sanctuaries, and in churches with pews and Bibles but, in some cases, without power or water.“There is just so much desperation. Lives have been obliterated,” said Winston Parrish, senior pastor of Trinity Baptist Church in Asheville, where dozens of emergency workers from across the country are staying. “We needed this moment on Sunday to cry and pray and process.”In a region steeped in religion, churches right now are more than just a place of worship. Faith leaders of many denominations have transformed their buildings and parking lots into command centers and shelters for emergency workers, and into distribution points for those in need. There, groups hand out water and food and organize deliveries of supplies to stranded communities.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More