Published 1h ago2026-09-18 11:26:42

Berkshire Hathaway's Warren Buffet Steps Down as Chairman

Berkshire Hathaway (BRK.A, BR.B) said Friday that Warren Buffett stepped down as chairman of the conglomerate, with his son Howard Buffett succeeding the 96-year old billionaire.

Warren Buffett, who has been with Berkshire since 1965, will become chairman emeritus and remain a member of its board, according to the company. He has held the role of chairman since 1970, according to various media outlets.

Berkshire's operations span across industries including insurance, energy, freight rail transportation and manufacturing.

"Father Time always wins," Buffett said in a letter to shareholders. "He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead. The company is in excellent hands."

Howard Buffett, who has been a director of the company for 33 years, became chairman. Howard Buffett has served as a director for several organizations, including Coca Cola (KO), Archer Daniels Midland (ADM) and Conagra Brands (CAG).

The announcement is the latest senior management shuffle at the conglomerate. Greg Abel took over the chief executive role from Warren Buffet at the beginning of the year. In December 2025, Berkshire appointed Charles Chang as chief financial officer, effective June 1.

Berkshire's class A shares edged down 0.5% in Friday trade, while the class B stock declined 0.3%. The company commands a market capitalization of just above $1 trillion.

Last month, Berkshire reported annual gains in second-quarter earnings.

D.A. Davidson said in August that Abel "notably stepped up the pace of capital deployment" in the second quarter, something that wasn't known of him previously.

Berkshire had so far spent money on equity purchases, share buybacks and mergers and acquisitions, the brokerage said at the time. In July, the conglomerate completed the purchase of homebuilder Taylor Morrison Home in an all-cash deal with an equity value of about $6.8 billion.

D.A. Davidson saw significant opportunity for Berkshire to improve operating earnings given Abel's experience as "more of a CEO-operator versus (Warren Buffet's) famously hands-off approach."

What else is happening in US Markets?

US Markets14h ago

New Zealand Sees Sharp Rise in International Airfares in August

New Zealand saw a sharp rise in international airfares in August, primarily by higher fares to Europe and Asia amid a rise in global oil prices caused by the Middle East conflict.International airfares rose 4.3% month-on-month in August and increased 21.5% on a yearly basis, being the largest annual increase in international airfares since April 2023, Stats NZ's selected price indexes data showed."Because we collect some international airfare prices around four months in advance, price changes that occurred earlier in the year for travel in August are now being reflected," said Nicola Growden, the prices and deflators spokesperson at Stats NZ.Food prices rose 0.3% in August compared with the previous month, driven by a 1.7% increase in meat, poultry and fish prices, while non-alcoholic beverage prices fell 1.4%.Diesel prices rose 8.6% in the month and 45.8% from a year ago, while petrol rose 2% in August and 17.9% from the same time last year.ANZ said in a note that the selected prices data confirms the downside risk to its September quarter consumer price index forecast of 0.8% quarter on quarter and 3.9% year on year.While the selected prices data is still in line with the bank's non-tradable CPI forecast of 1.1% quarterly growth, the downside to its forecast comes from the tradable side of the CPI basket, which it said is likely to be looked through by the Reserve Bank of New Zealand's monetary policy committee, ANZ added.

^NZ50

US Markets14h ago

Upside Inflation Risks Materialize in Australia, Weighing on Central Bank's Upcoming Rate Decision

Policymakers at Australia's central bank flagged upside risks to inflation in August, and data since then suggests that some of those risks have started to materialize despite a slowdown in the domestic economy's growth, Reserve Bank of Australia Governor Michele Bullock said.In an opening statement delivered Friday to a House of Representatives standing committee on economics, the central bank chief said global cost pressures have intensified as the Middle East conflict shows little-to-no signs of a resolution.Bullock reiterated an expectation for inflation to remain elevated for some time, noting that the artificial intelligence boom and extreme weather events are placing upward pressure on a broad range of prices from energy to agriculture.Many businesses are now passing on higher input costs as oil and related prices have surged again, and remaining capacity pressures risk exacerbating the degree of the pass-through. If inflation proves to be more persistent, it may require "a stronger policy response," the governor said.The central bank has raised borrowing costs by 75 basis points so far in the year, bringing its official cash rate to 4.35%. As the bank gears up for its next meeting later in September, a key focus will be on determining whether policy is now tight enough to return inflation to the target band, Bullock said.She added that inflation concerns are not unique to Australia, as many other central banks are reacting to the global inflation shock by increasing rates or expressing a willingness to do so if needed."I recognize that higher interest rates are difficult for Australians with mortgages who are also facing cost-of-living pressures," Bullock said. "But reducing inflation is essential."The US Federal Reserve this week increased its target range on the overnight funds rate to 3.75% to 4% from 3.5% to 3.75% in a unanimous decision, marking its first rate hike since 2023.BofA Securities expects the Reserve Bank to boost its cash rate by 25 basis points to 4.60% at the upcoming meeting in September, as underlying price growth is accelerating and inflation pressures are becoming increasingly broad-based. A watch tool that tracks the market-implied rate probability currently forecasts an 82% likelihood for a rate increase at the meeting.

ASX 200

US Markets14h ago

Japan's Core Inflation Cools in August Ahead of BOJ's Closely Watched Rate Call

Japan's closely watched core inflation slowed in August, pointing to a slight easing in underlying price pressures even as headline inflation remained steady.The core consumer price index, which excludes fresh food, rose 1.7% year over year in August, down from 1.8% in July, according to data from the Statistics Bureau released Friday.The reading missed the consensus forecast of 1.8% growth tracked by Investing.com.On a seasonally adjusted basis, the core CPI increased 0.1% from the previous month.The headline CPI rose 1.9% year over year, unchanged from July, while the seasonally adjusted index was flat from the previous month.A measure excluding both fresh food and energy rose 1.9% year over year, matching July's pace, and increased 0.3% from the previous month.Food prices remained a key source of upward pressure. Prices excluding fresh food rose 3% year over year, while fresh food prices increased 7%. Fresh fish and seafood prices climbed 13.5%, while fresh vegetables rose 5.5%.Among other categories, housing-related costs increased 3.1% year over year, while furniture and household goods prices rose 1.2%. Transport and communications costs increased 3.7%.Energy prices, however, continued to weigh on headline inflation. Energy prices fell 0.7% year over year, with electricity prices down 2.4% and gasoline prices down 2.6%.Education costs provided another drag, falling 6.4% year over year, largely reflecting a 73.2% decline in private high-school tuition.The data comes ahead of the Bank of Japan's policy decision, with all BOJ watchers surveyed by Bloomberg expecting the central bank to raise its benchmark rate to 1.25% from 1% at the end of its two-day meeting.If delivered, it would mark the second rate increase in three months and the shortest interval between hikes since March 1990.

Nikkei 225