Top News on Nov 2: TGI Friday bankruptcy, India’s warning to Canada, more

In today’s News Wrap, we have: Economists’ views on US Federal Reserve at risk if Donald Trump wins, Berkshire Hathaway cash pile soars to $325 billion, TGI Friday’s files for bankruptcy, India’s warning to Canada, and more.
Oil prices edged up on Friday on reports Iran was preparing a retaliatory strike on Israel from Iraq in coming days, but record U.S. output weighed on prices.
Brent futures were up 29 cents, or 0.4%, to settle at $73.10 a barrel. U.S. West Texas Intermediate (WTI) crude gained 23 cents, or 0.3%, to settle at $69.49. At their session highs, both benchmarks were up over $2 a barrel.
Brent posted a weekly decline of about 4% with WTI down about 3%.
Berkshire Hathaway Inc.’s cash pile reached $325.2 billion in the third quarter, a record for the conglomerate, as Warren Buffett continued to refrain from major acquisitions while trimming some of his most significant equity stakes.
Berkshire once again trimmed its holdings in Apple Inc., the Omaha, Nebraska-based conglomerate said Saturday in a statement. The firm’s stake in the iPhone maker was valued at $69.9 billion at the end of the quarter, down from $84.2 billion in the second quarter, indicating that the company cut its stake by about 25%.
TGI Friday’s has become the latest restaurant chain casualty, filing for Chapter 11 bankruptcy in Texas on November 2, according to a Bloomberg report.
The casual dining restaurant chain said it is facing challenges from changing consumer habits amid a cost-of-living crisis and increased competition from fast food options, the report added.
India on Saturday rejected allegations levelled against Union Home Minister Amit Shah by the Canadian minister as ‘absurd’ and ‘baseless’ amid deteriorating bilateral ties between the two countries.
Addressing to media during a weekly press briefing, Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal said that such irresponsible actions will have serious consequences for bilateral ties, and acknowledged that India summoned the representative of the Canadian High Commission on November 1.
David Morrison, the Deputy Foreign Affairs Minister of Canada, on Tuesday alleged that Shah ordered a campaign of violence, intimidation and intelligence-gathering targeting Sikh separatists inside Canada.
Ahead of the US election outcome due on November 5, some US economists believe that if Republican candidate Donald Trump wins the race and wins the Presidency, the independence of the US Federal Reserve might be at risk.
According to John Hardy, chief macro strategist at investment platform Saxor, a Trump presidency could put the independence of the Federal Reserve at stake. “Pro-American or not, Trump’s intent to further cut taxes would further stimulate the US economy and provide a growth boost while also expanding already absurdly large US deficits,” said the economist.
Shiv Sena (UBT) leader Arvind Sawant issued apology on November 2 over his alleged ‘imported maal’ remark against Shiv Sena’s Mumbadevi candidate Shaina N C. While mentioning that he was being “deliberately targeted,” he said that intention was never to insult a woman.
The apology comes a day after the Shiv Sena leader made derogatory statements against the female candidate.
India’s Ravindra Jadeja and Ravichandran Ashwin shared seven wickets together as New Zealand slumped to 171/9 in their second innings on Day 2 of the ongoing third Test in Mumbai.