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Buffett steps down as Berkshire CEO; Abel will take over
Warren Buffett announced on Saturday that he would step down from his role as Berkshire Hathaway's chief executive at the end the year and give the reins over to Vice Chairman Greg Abel. Buffett, who is 94 years old, told Berkshire's Annual Meeting that "I believe the time has come for Greg to become the CEO of the company by year end." Buffett told his children about his plans, but Buffett said Abel wasn't aware. Abel is a vice chairman of Berkshire since 2018 and Buffett's likely successor in the role of chief executive will be Abel. Buffett said that he has "zero intention" of selling his Berkshire shares, and nearly all will be donated to charity after his death. Buffett's decision to retire caps off a 60-year journey that saw him transform Berkshire into a massive conglomerate, with businesses in every sector of the U.S. Buffett, with the help of his friend and business partner Charlie Munger who died in November 20,23, took over Berkshire and turned it into a success story in America. Berkshire Hathaway, headquartered in Omaha, Nebraska where Buffett and munger grew up today, is a conglomerate worth more than $1 trillion with over 200 companies including Geico auto insurance, the BNSF railway, industrial and chemical firms, utilities, Dairy Queen ice-cream, Fruit of the Loom Underwear, and See's Candies. Buffett is known as "the Oracle of Omaha" for his investment success, his folk wisdom and modest lifestyle. Buffett has never left the home he bought in 1958 for $31,500. Buffett was a student of Benjamin Graham, an economist and former professor. Graham stressed the importance of fundamentals of companies and the need to avoid overpaying for assets. This approach made it difficult to use Berkshire's ever growing cash hoard of $347,7 billion as at March 31. Abel began working for the former MidAmerican Energy (now known as Berkshire Hathaway Energy) in 1992, 8 years before Berkshire Hathaway took over. Later, he led the business for 10 years. Buffett joked that he did all the work and I took the bows in a television interview from April 2023. Forbes magazine estimates Buffett's fortune at $168.2 Billion. It would be much higher if he hadn't given away over half of his Berkshire stock to charity since 2006. The rest of the remaining is expected to be used for a New charitable trust Susie, Howard and Peter are his sons. Abel faces many challenges, including how to grow Berkshire without paying too much for acquisitions. He will also have to decide whether or not to pay a dividend as well as how to use the cash. Buffett acknowledged in 2024 that the size of Berkshire would likely affect its growth prospects. Berkshire has multi-billion dollar stakes in Apple, American Express, and Bank of America, among others. Howard Buffett (70) is expected to succeed to his father in Berkshire as the non-executive Chairman, helping to preserve the company's cultural.
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QUOTES -Buffett quotes from Berkshire Meeting: Trade, Opportunities, United States
Warren Buffett presiding over the 60th Berkshire Hathaway shareholders meeting, Warren Buffett gave his views on everything ranging from investment opportunities to trade. Here are some Buffett quotes: ON TRADE Trade can be a war act. We should trade with other countries in the United States. "We want a prosperous and peaceful world." On U.S. EXCEPTIONALISM "The day I was conceived was the luckiest of my life, because I was born in America." "I'm just lucky... I've been through all sorts of things... You know, if I were born today, I'd just keep negotiating until they said I could be in the United States. "We're all very lucky." "The United States of America has changed since my birth in 1930." We've been through many things. We've experienced great recessions and wars. We've seen the development of an Atomic Bomb that we could not have imagined (when I was born). "So I wouldn't get discouraged." On Opportunities: Not that long ago, we were very close to spending $10 Billion. We would spend $100 billion. The investment business has a problem in that it is not a well-organized industry. "We're running an opportunistic business." Investing in securities vs real estate: In the United States, the opportunity in the real estate market is much greater than in the security sector. In real estate, you are dealing with...usually...a single owner or family who owns a property. Maybe they have had it for a long while, or maybe they have borrowed too much money on it. The population trends may be against them. It's a huge decision for them. For a 94-year-old man, it isn't the most exciting thing to be involved in negotiating if it could take years. On CURRENCIES "Obviously, we would not want to own anything we believed was in a money that was going to hell." "There could... There are things that happen in the United States... which make us want to have a lot more currencies. "I suppose that if we were to make a very large investment in a European country, we might have to finance a great deal of it using their currency." UNITED STATES FINANCIAL POLICY "The fiscal policy in the United States is what makes me afraid." The recent movements of the stock market This period has been... It's nothing. This isn't a dramatic bear market. If you are scared by a market decline, and excited when the stock markets rise... People have feelings. But you need to leave them outside when investing. How to Make Money: You only need to be rich once. You don't...want to do anything risky. (Reporting and editing by Diane Craft, Jon Stempel, Carolina Mandl; Megan Davies, Suzanne McGee)
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Berkshire supports Japanese trading houses and could hold them "forever"
Warren Buffett gave his full support on Saturday to five Japanese trading companies in which his conglomerate is involved. Berkshire Hathaway Has invested. Buffett spoke to Berkshire shareholders at their annual meeting in Omaha, Nebraska. This was 1-1/2 months after Berkshire announced that it had increased its stakes in Itochu, Marubeni, Mitsubishi, Mitsui, and Sumitomo as high as 9,8%. Berkshire had invested $23.5 billion in these companies by the year 2024. Buffett stated, "We won't even consider selling them in the next 50-years." "We were treated very well by these five companies ..... Our main activity was to cheer and clap." Greg Abel is a Berkshire vice-chairman who will succeed Buffett in the role of chief executive. He said that Berkshire would own trading houses "forever" or for at least 50 years. He said that "we're building relationship" and "we really hope to achieve big things with them." Japanese trading houses, also known as "sogo-shosha," trade a wide range of products, materials and foods, often acting as intermediaries and providing logistical support. The real economy is also very important to them, including commodities, shipping and the steel industry. Berkshire started investing in trading houses in 2019 and revealed 5% ownership stakes at Buffett's 90th Birthday the following August. Buffett has said that he prefers not to engage in businesses he doesn't understand and has compared trading houses to his conglomerate.
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Wildfires reduce Berkshire's profits; cash soars $347.7 Billion
Berkshire Hathaway, owned by Warren Buffett, posted a lower operating income in the first three months of this year, impacted by wildfire insurance losses and currency fluctuations. However, its cash holdings grew to an all-time high $347.7 Billion. The operating profit of the Omaha-based conglomerate fell 14%, to $9.64 Billion, or approximately $6,703 for each Class A Share, from $11.22 Billion a year ago. The net income fell 64%, to $4.6 billion or $3.200 per Class A Share, from $12.7 Billion, due to unrealized losses in common stock holdings, including Apple. Berkshire has had difficulty buying things, as evidenced by the increase in cash. For the third quarter in a row, it did not repurchase any of its own shares. It was also a net seller for the 10th consecutive quarter. They bought $3.18 billion of stock and sold $4.68 billion. Berkshire has said very little about the impact of President Donald Trump's tariff policy on results. Berkshire said that it was "unable" to predict the impact of the uncertainty on the company's product costs, supply-chain costs and customer demands. The wildfires that ravaged the Los Angeles area in January caused insurance claims to total $1.1 billion. The overall net insurance income fell by almost half to $1.34 billion. Geico's underwriting profit increased 13% before tax due to lower accident claims and higher premiums. The results also included 713 million in currency losses due to the weakening of the U.S. Dollar, compared to a gain of $597 million a year ago. The results were announced ahead of Berkshire’s annual shareholder meeting, which takes place in Omaha as part of an event that attracts tens and thousands of people. Buffett has been leading Berkshire, a textile company, for over 60 years. He transformed it into a conglomerate whose companies include Geico and the BNSF railway, Berkshire Hathaway Energy as well as Dairy Queen, See's Candies, and Berkshire Hathaway Energy. Berkshire shares outperformed the market in 2025. Many investors view the company as an economic safe haven, especially from potential tariffs. Tariffs have helped BNSF Railroad, which has seen its profit rise 6%. BNSF reported increased volumes of consumer products including imports from the west coast and automobiles, which indicates a higher demand for shipments prior to tariffs being implemented. Berkshire Hathaway Energy did better as well, with a 53% increase in profit through a broad-based gain and fewer losses at the HomeServices unit of real estate brokerage. Berkshire Hathaway's manufacturing, retail and service businesses saw their profits fall by 1%. Berkshire’s car dealerships have benefited from increased sales of both new and used vehicles. Berkshire said that home furnishings retailers and other retailers were struggling with "increased competitiveness, sluggish demands and the impacts of increased economic uncertainty."
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Wolff: Sustainable F1 fuel costs more than expected
Toto Wolff, Mercedes' team chief, says that the switch to 100 percent sustainable fuel in Formula One from next season has proven to be more costly than anticipated. One of the engine makers raised the issue of fuel costs at a recent Formula One Commission meeting, which included team managers and other major stakeholders. Wolff, speaking to reporters at the Miami Grand Prix round six of the year, said that it is expensive because the entire supply chain and the energy contribution must be green. "To achieve that, you'll need to use a very specific set of ingredients which are expensive. It's much more expensive than expected. We need to see if there is anything we can do to reduce the price per litre. Wolff stated that Mercedes' fuel partner Petronas is fully committed to sustainable fuels, but they are also looking at whether a change in regulation could make it more financially viable. Christian Horner, the Red Bull boss, acknowledged that there were many development costs involved but claimed it was not an issue for his team. "Perhaps a new bracket could be introduced in the future." Fuel is one of the biggest performance differences. Fuel companies are very involved in this," he said. Formula One has a goal to become carbon-neutral by 2030. This plan covers the cars and sports operations on race weekends. (Reporting from Alan Baldwin in London and editing by Ed Osmond.)
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Source: OPEC+ will agree to another accelerated increase in oil production for June
A source said that eight OPEC+ nations will meet on Saturday and agree to a new accelerated oil production increase for June, of 411,000 barrels a day. This was shortly before a meeting online of the countries. The eight countries increased their output in May by 411,000 barrels per day more than they had planned. This, combined with the U.S. tariffs on trade, drove oil prices to a record low of $60 a barrel. Sources made the comment just before countries began an online meeting to determine June output after bringing the meeting forward by one day. Four other sources had earlier stated that the accelerated increase was likely to be approved. Oil prices dropped over 1% Friday, as traders prepared for more OPEC+ supplies. Concerns about an economic slowdown due to a trade conflict between the U.S. Brent crude futures closed Friday at $61.29, down 84 cents or 1.4%. This week, it was reported that Saudi Arabian officials, de facto leaders of OPEC+ and allies, had informed industry officials and other officials that they were unwilling to support oil markets by cutting further supplies. Sources have reported that Riyadh is angry because Kazakhstan and Iraq are producing more than their OPEC+ target. Helima Croft, an analyst at RBC Capital Markets, said that "discussions seem to be pointing in the direction of a third three-month rise". Croft added, "Compliance appears to be the main focus. Kazakhstan, Iraq, and Russia continue to miss their compensation goals, although to a lesser degree." OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is cutting production by more than 5 million bpd. Many of the cuts will remain in place through the end of 2026. The group intends to hold a full-ministerial meeting on 28 May. (Reporting and writing by Alex Lawler; Editing and writing by Barbara Lewis.
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Sources say that OPEC+ is set to increase oil production again in June.
Four sources familiar with the matter said that eight OPEC+ nations will likely agree on Saturday to a further accelerated increase in oil production for June. This is the latest step of a plan designed to undo the most recent layer of cuts made by the group. The eight countries increased their output by 411,000 barrels a day in May. This decision, along with the U.S. tariffs on trade, helped drive oil prices to a 4-year low below $60 per barrel. After moving the meeting from Monday to today, the countries will hold an online discussion to decide on June's output at 1000 GMT. Four sources told Reuters that a similar hike to the one approved in May is likely to be approved by the four countries for June. Oil prices dropped over 1% Friday, as traders prepared for more OPEC+ supplies. Concerns about an economic slowdown due to a trade conflict between the U.S. Brent crude futures closed Friday at $61.29, down 84 cents or 1.4%. This week, it was reported that Saudi Arabian officials, de facto leaders of OPEC+ and allies, had informed industry officials and other officials that they were unwilling to support oil markets by cutting further supplies. Sources have reported that Riyadh is angry because Kazakhstan and Iraq are producing more than their OPEC+ target. Helima Croft, an analyst at RBC Capital Markets, also said that she didn't think a decision had been finalized but "discussions seem to be leaning towards another three-month hike". Croft added, "Compliance appears to be a key focus. Kazakhstan, Iraq, and Russia continue to miss their targets for compensation. OPEC+ (which includes the Organization of the Petroleum Exporting Countries, as well as allies like Russia) is reducing output by more than 5 million bpd. Many of these cuts will remain in effect until the end of the year 2026. The group intends to hold a full-ministerial meeting on the 28th of May. (Reporting and editing by Barbara Lewis, Maha El-Dahan, and Ahmad Ghaddar)
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US worker safety agency informs employees of terminations
The Trump administration terminated employees late Friday of a worker safety and health agency, which provides services and research for coal miners and firefighters, despite pleas from a Republican lawmaker to keep its programs. According to a copy of these notices, the National Institute for Occupational Safety and Health employees received notices of reduction in force that stated the job losses would be necessary to reshape workforce of Department of Health and Human Services. The union representing NIOSH's employees reported that, while nearly all employees were put on administrative leave during February, around 40 employees who were responsible for coal mining and firefighter safety had been asked to temporarily return to work a few days earlier. Two of these employees have been terminated. U.S. U.S. After regular business hours, the Department of Health and Human Services (which oversees NIOSH) did not respond immediately to a comment request. A spokesperson said earlier this week that NIOSH functions will join multiple agencies in the new Administration for a Healthy America. It is not known if any of the terminated staff will be relocated. Last month, it was reported that the NIOSH key services had been halted, which meant vital health and safety programmes for coal miners were no longer available, including mobile health screenings and lung screenings. Another program, to move miners with black lung to less dusty areas of a mine, has also been discontinued. In the past decade, black lung disease has resurged among coal miners of all ages. The President Donald Trump is leading a high profile campaign to revive coal use and mining in the U.S., which was declining.
Shanghai copper prices rise on Dollar weakness
Shanghai copper prices rose slightly on Monday, as the dollar fell to its lowest level in three years. However, a continuing trade tension between the U.S., which is the world's largest metals consumer, and China was likely to limit any further gains.
As of 1400 GMT, the most traded copper contract at the Shanghai Futures Exchange was up 0.2%, trading for 76150 yuan per ton ($10,443.38).
London Metal Exchange (LME), is closed for Easter Monday.
Investor confidence in the U.S. economic system took a further hit as a result of President Donald Trump's plans for a shake-up at the Federal Reserve. This would put into question the independence and authority of the central banks.
Separately China stated that it respected all parties who resolved economic and trade disputes with the United States by consultation on equal footing but will firmly oppose anyone striking a deal on China's cost, its Commerce Ministry announced on Monday.
Xie feng, China's ambassador in the United States, urged Washington to find common ground with Beijing, and to pursue peaceful coexistence, while warning that China was ready to retaliate as the trade war escalated.
Other metals include: SHFE aluminium, which rose 0.2%, to 19,740 Yuan per ton; zinc, up 0.7% to 22,180 Yuan; lead, up 0.4%, to 16,880 Yuan; tin, up 0.6%, to 258,280 Yan, and nickel, down 0.2%, to 125420 Yuan.
(source: Reuters)