CURRENT NEWS ON WARREN BUFFET

Warren Buffett has said he will retire as Berkshire Hathaway's chief executive at the end of the year. The veteran investor, also called the Oracle of Omaha, informed his company's annual meeting that he would step down and turn over the leadership to Vice-Chairman Greg Abel. "I believe the time has come where Greg should be the company's chief executive at year end," said Buffett, 94. Mr Buffett, who created Berkshire Hathaway from a struggling textile manufacturer into a $1.16tn (£870bn) investment giant, is the planet's most successful investor, in all likelihood. Following thunderous applause from the crowd of some 40,000, he quipped: "The passion expressed by that reaction could be read in two ways." The billionaire informed Saturday's company gathering in Omaha, Nebraska, that only his two children, Howard and Susie Buffett, had been aware of his decision. Mr Abel, who was seated beside Mr Buffett on stage, was seemingly taken by surprise by the announcement. Mr Buffett personally chose Mr Abel as his heir four years ago but made no suggestion at the time that he would retire. Reuters Greg Abel smiles at an investor meetingReuters Mr Abel, pictured at an investor's meeting in 2022 Speaking at the meeting, Mr Buffett went on to say that he has no intention of selling any of his Berkshire shares. "I have no intention, zero, of selling one share of Berkshire Hathaway. It will get given away," he told the crowd, as they applauded. Apple's CEO Tim Cook was one of a number of business leaders to issue statements that were congratulatory about Mr Buffett's business heritage. "There has never been a Warren, and there have been many, myself included, inspired by his counsel," wrote Mr Cook on X/Twitter. "It has been one of the great joys of my life to have known him. And certainly no doubt Warren is leaving Berkshire in great shape with Greg." In 2023, Mr Buffett wrote a unusual letter in which he said that while he had no inclination to retire, he was "playing in extra innings". Berkshire Hathaway has over 60 businesses under its umbrella, ranging from insurer Geico, battery-maker Duracell and restaurant chain Dairy Queen. It also holds significant stakes in Apple, Coca Cola, Bank of America and American Express, among others. Mr Buffett, who has donated billions to charity, was last month rated by Bloomberg as the fourth-richest individual in the world, with a net worth of $154bn. He made his first money at the age of six, purchased his first stocks at the age of 11 and made his first tax return at the age of 13. Although he is among the wealthiest individuals in the world, Mr Buffett has remained in the same humble home in Omaha for over 65 years. The news broke as Mr Buffet criticized President Donald Trump's tariffs, advising investors that America must not employ "trade as a weapon.". "It is a huge blunder in my opinion when you have 7.5 billion who don't get on very well with you and you have 300 million crowing that they have done something," he stated earlier in the meeting. "We should trade with the rest of the world. We should do what we do best and let them do what they do best," he said.