Finance

Warren Buffett to ask board to make Greg Abel CEO of Berkshire Hathaway at year-end

Published

4 weeks ago

May 3, 2025

Warren Buffett: Greg Abel should become Berkshire CEO at year-end

OMAHA, Nebraska — Warren Buffett said he will ask the board of Berkshire Hathaway to replace him as CEO with his already designated successor, Greg Abel, at year end.

Buffett noted that he would still ‘hang around’ to help, but the final word would be with Abel.

The investing legend said at the annual meeting celebrating 60 years of him at the helm of Berkshire that he wouldn’t sell a single share.

“I would add this, the decision to keep every share is an economic decision because i think the prospects of Berkshire will be better under Greg’s management than mine,” said Buffett.

Buffett and Abel told CNBC’s Becky Quick after the shareholder meeting that the pair would discuss at a Sunday board meeting what Buffett’s role will be formally. Buffett, 94, is currently CEO and chairman of the conglomerate.

So it’s not clear whether Abel will also assume the chairman role.

This is breaking news. Please check back for updates.

Finance

U.S.-China talks ‘stalled’ and need Trump and Xi to weigh in, Bessent says

Published

2 hours ago

May 29, 2025

Business Finance News

The U.S. and Chinese flags are seen on the day of a bilateral meeting between the U.S. and China, in Geneva, Switzerland, May 10, 2025.

Keystone/eda/martial Trezzini | Via Reuters

BEIJING — U.S.-China trade talks “are a bit stalled,” requiring the two countries’ leaders to speak directly, Treasury Secretary Scott Bessent told Fox News in an interview Thursday local time.

“I believe that we will be having more talks with them in the next few weeks,” he said, adding that there may be a call between the two countries’ leaders “at some point.”

After a rapid escalation in trade tensions last month, Bessent helped the world’s two largest economies reach a breakthrough agreement in Switzerland on May 12. The countries agreed to roll back recent tariff increases of more than 100% for 90 days, or until mid-August. Diplomatic officials from both sides had a call late last week.

Still, the U.S. has pushed ahead with tech restrictions on Beijing, drawing its ire, while China has yet to significantly ease restrictions on rare earths, contrary to Washington’s expectations.

“I think that given the magnitude of the talks, given the complexity, that this is going to require both leaders to weigh in with each other,” Bessent said. “They have a very good relationship and I am confident that the Chinese will come to the table when President [Donald] Trump makes his [preferences] known.”

Trump and China’s President Xi Jinping last spoke in January, just before the U.S. president was sworn in for his second term. While Trump has in recent weeks said he would like to speak with Xi, analysts expect China to agree to that only if there’s certainty there will be no surprises from the U.S. during the call.

China has maintained communication with the U.S. since the agreement in Switzerland, Chinese Ministry of Commerce Spokesperson He Yongqian told reporters at a regular briefing Thursday.

But regarding chip export controls, she said that “China again urges the U.S. to immediately correct its wrong practices … and together safeguard the consensus reached at high-level talks in Geneva.”

That’s according to a CNBC translation of her Mandarin-language remarks.

When asked whether China would suspend rare earths’ export controls announced in early April, He did not respond directly. Restrictions on items that could be used for both military and civilian use reflect international practice, as well as China’s position of “upholding world peace and regional stability,” she said.

This week, the Trump administration also announced it would start revoking visas for Chinese students.

“The U.S. decision to revoke Chinese student visas is fully unjustified,” China’s Foreign Ministry Spokesperson Mao Ning said Thursday, according to an official English transcript. “It uses ideology and national security as pretext.”