Buffett will remain chairman at Berkshire Hathaway when Abel takes over as CEO in 2026

posted in: All news | 0

By BERNARD CONDON AND JOSH FUNK, Associated Press Business Writers

OMAHA, Neb. (AP) — Billionaire Warren Buffett will remain with Berkshire Hathaway as chairman of the board when vice chairman Greg Abel takes over as CEO to begin 2026.

The board of directors at the cash-rich conglomerate voted Sunday to keep the legendary 94-year-old investor as head of the board, a decision likely to relieve investors worried about Berkshire’s remarkable winning streak as the U.S. and global economies are beset by tariff shocks, financial turmoil and a growing risk of recession.

The board in the same meeting also approved Buffett’s chosen successor as CEO, veteran Berkshire executive Greg Abel, 62. In a surprise announcement Saturday, Buffett said he would step down from that top spot at the end of the year.

FILE – Berkshire Hathaway Vice Chairman Greg Abel is seen at the CenturyLink Center in Omaha, Neb., on May 5, 2018. (AP Photo/Nati Harnik, File)

Berkshire Class B shares fell almost 6% at the opening bell Monday after hitting an all-time high on Friday.

Macrae Sykes, portfolio manager at Gabelli Funds, praised the transparent way Buffett announced the transition at the meeting and believes investors can have confidence that he isn’t going anywhere.

“Retaining the position of Chairman means he can continue to mentor Greg and the Berkshire leaders, while also providing additional intellectual capacity when the inevitable time for more major capital allocation occurs,” Sykes said.

In six decades at the helm, Buffett turned a Massachusetts textile company into a sprawling but nimble conglomerate that owns everything from Daily Queen and See’s Candies to BNSF Railway and giant insurers. As the company grew, Warren’s reputation grew with it as shares of Berkshire Hathaway climbed steadily, exceeding major indexes by wide margins and returning an average 19.9% each year versus 10.4% for the Standard & Poor’s 500.

The decision to continue with the Oracle of Omaha, as Buffet is known, as head of the board differs from the succession plan laid out for after Buffett’s death. The billionaire has long said that Howard Buffett, the second-born of the investor’s three children, should become chairman when he is gone to protect Berkshire’s culture.

FILE – Berkshire Hathaway shareholders line up to take selfies with Greg Abel Friday, May 3, 2024, in Omaha, Neb. (AP Photo/Josh Funk, File)

A current vice-chairman, Abel, will take over as CEO as big questions hover over the company, but he has already been managing all of Berkshire’s non-insurance businesses since 2018. Buffett himself has said President Donald Trump’s tariffs were a big mistake. There are also worries that Berkshire might not able to avoid the fate of most conglomerates—forced to break up to recapture focus.

Then there is Berkshire’s $348 billion in cash.

Buffett says he doesn’t see many bargains to invest that money in now, not even Berkshire’s own stock, but assured some of the estimated 40,000 attendees of the company’s celebratory weekend annual meeting in Omaha, Nebraska, that one day the company would be “bombarded with opportunities.”

Abel, a low-key Canadian with a love a hockey, has already shown he is a more hands-on manager than Buffett by asking managers tough questions and encouraging them to collaborate with other subsidiaries when it makes sense. He will now take on oversight of the insurance businesses and responsibility for investing the company’s cash, but Vice Chairman Ajit Jain will stay on for now to help manage the insurance businesses that include Geico and masfsive reinsurers like General Re.

Buffett endorsed Abel by saying he would keep all of his shares that give him control of 30% of Berkshire Hathaway and praised Abel during the shareholder meeting..

“It’s way better with Greg than with me because I didn’t want to work as hard as he works and I can get away with it because we’ve got a basically good business — a very good business — and I wasn’t in danger of you firing me by virtue of the ownership and the fact that we could do pretty well,” Buffett said. “But the fact that you can do pretty well doesn’t mean you couldn’t do better, and Greg can do better at many things.”

Buffett has always delegated the decisions about how to distribute his fortune, worth nearly $170 billion today, to others by giving shares annually to the Gates Foundation and four family foundations run by his children.

The Gates Foundation has received the biggest donations worth more than $40 billion since he started giving away his fortune in 2006.

He said last summer that his three children will decide how to distribute his remaining fortune after his death but that the Gates Foundation won’t get any more donations at that point.

Howard, 70, has his own foundation through which he has donated billions to humanitarian and food security causes, including helping coffee farms in El Salvador and war-torn Ukraine. Howard Buffett’s foundation expects to top $1 billion in gifts to Ukraine — more than most countries — later this year.

Tributes to Buffett came tumbling in over the weekend praising his investment savvy and folksy management style.

“There’s never been someone like Warren, and countless people, myself included, have been inspired by his wisdom,” Apple CEO Tim Cook posted on X. “It’s been one of the great privileges of my life to know him.”

JP Morgan’s CEO Jamie Dimon said Buffett represented “everything that is good about American capitalism and America itself,” and praised his “integrity, optimism and common sense.”

AP Business writer Bernard Condon is in New York City. AP Business Writer Michelle Chapman contributed to this report from New York City.

Shoemaker Skechers to be acquired for $9 billion and taken private by 3G Capital

posted in: All news | 0

Skechers is being acquired for $9 billion and taken private by the investment firm by 3G Capital.

The board of Skechers unanimously approved the deal, the companies said Monday.

The offer of $63 per share represents a premium of 30% to Skechers’ 15-day volume-weighted average stock price, the companies said.

Following completion of the transaction, the company will continue to be led by Skechers Chairman and CEO Robert Greenberg and his management team.

The company headquarters will also remain in Manhattan Beach, California where it was founded more than three decades ago.

The deal is expected to close in the third quarter this year.

In battle against transgender rights, Trump targets HUD’s housing policies

posted in: All news | 0

By HEATHER HOLLINGSWORTH and SALLY HO, Associated Press

As a transgender man, the words “you’re a girl” gutted Tazz Webster, a taunt hurled at him from the day he moved into his St. Louis apartment.

The government-subsidized building’s manager also insisted on calling Webster by the wrong name, the 38-year-old said, and ridiculed him with shouts of, “You’re not a real man!”

“I just felt like I was being terrorized,” Webster told The Associated Press. “I felt that I was being judged and mistreated, like I was less of a human being.”

Then one day in March 2022, the manager shoved Webster so hard he stumbled backward. After regaining his balance, Webster said he pushed the manager back. Four months later he was homeless.

Webster filed a complaint with the U.S. Department of Housing and Urban Development’s Fair Housing and Equal Opportunity office, the agency tasked with investigating housing discrimination and enforcing the landmark Fair Housing Act that guarantees equal access to housing for all Americans.

Webster’s harassment allegation was serious enough that it was investigated for more than two years, until the office suddenly notified him in February it was dropping his case without a finding, citing lack of jurisdiction.

The timing of the closure was not a coincidence.

In the months since President Donald Trump took back the White House and installed a loyalist to lead the federal housing department, HUD Secretary Scott Turner and his team have moved swiftly and strategically to undo, uproot and remake the agency’s decades of work and priorities.

Secretary of Housing and Urban Development Scott Turner, arrives for a National Day of Prayer event in the Rose Garden of the White House, Thursday, May 1, 2025, in Washington. (AP Photo/Alex Brandon)

In the crosshairs is an intense focus on transgender people, as HUD retreats from long-established fair-housing protections by closing their discrimination complaints and, more broadly, moving to undo the Obama-era Equal Access Rule that cemented transgender people’s rights to discrimination protection in housing.

“It’s time to get rid of all the far-left gender ideology and get government out of the way of what the Lord established from the beginning when he created man in his own image — male and female,” Turner said in announcing in February that he was halting enforcement of the Equal Access Rule.

Sex discrimination in the Fair Housing Act

At issue is the fact that discrimination against LGBTQ+ people wasn’t specifically cited in the Fair Housing Act. But the Equal Access Rule enacted in 2012 under former President Barack Obama further defined sex discrimination to include sexual orientation and gender identity.

The policy was expanded in 2016 to cover transgender people seeking help at federally funded emergency shelters, escalating opposition from the right.

In 2020, the first Trump administration unsuccessfully moved to relieve shelters of any obligation to serve transgender people. Now, advocates fear an emboldened Trump will go further and forbid shelters from accommodating gender identity altogether, as his administration announces unspecified revisions to the Equal Access Rule.

“Our protections can’t be a pingpong ball that changes every four years,” said Seran Gee, an attorney for Advocates for Trans Equality.

Everything Webster owned was trashed

After being left with permanent injuries in a car crash, Webster, who survives on disability payments, was grateful to move in April 2021 into an apartment near the city’s 1,300-acre (526-hectare) Forest Park, scene of the 1904 World’s Fair and home to museums and a zoo.

Related Articles


Trump directs Bureau of Prisons to rebuild and reopen Alcatraz. Can he do that?


Federal Reserve likely to defy Trump, keep rates unchanged this week


Trump’s trade demands go beyond tariffs to target perceived unfair practices


Trump threatens a 100% tariff on foreign-made films, saying the movie industry in the US is dying


Adrian Wooldridge: The arc of history does not simply bend toward justice

His rent was initially less than $200 per month, he said. That is because Branscome Apartments had a contract with the federal government to provide subsidized housing to people with disabilities and low-income seniors.

But the HUD money also comes with strings, said Linda Morris, staff attorney for the ACLU’s Women’s Rights Project, who leads the organization’s housing discrimination work.

“The Equal Access Rule applies to HUD-funded programs and shelters,” said Morris, who doesn’t represent Webster. “If an entity is going to accept federal funding they have to comply.”

Under the rule, HUD-funded housing and programs must provide equal access to everyone regardless of gender identity, and can’t require intrusive questioning.

Four months after the shoving incident, Webster found his door kicked in and his belongings trashed, even though, he said, he was up to date on his rent and never received an official eviction notice.

Gone were his king-size bed, dishes, Social Security card and birth certificate. Even worse was the loss of the obituary for his mother, who died when he was 12, and her necklace, a treasured memento.

“I had nothing,” said Webster, who had been mostly staying away from the apartment for fear of another run-in with the manager. “I was so afraid to be there, I would go to my friend’s house and spent nights at a time and then come back, switch my clothes,” and leave.

Court records in an eviction case filed against Webster in April 2022 cited repeated unsuccessful efforts to serve him. After he was gone, the case was dropped.

Last August, Webster filed a lawsuit in Missouri state court alleging he was illegally evicted.

“There was never a court order allowing them to change the locks, allowing them to throw away his belongings,” said attorney KB Doman of Arch City Defenders, an advocacy group representing Webster.

The suit seeks $25,000 in property damage and for “severe emotional stress and trauma.” The apartment has denied the allegations in court filings.

Stephen Strum, the attorney representing the building, declined the AP’s requests for comment on the HUD case and said the pending lawsuit “merely alleges that my client did not properly follow the steps for evicting.”

To Doman, Webster’s case reflects a larger trend.

“A lot of people that would have some recourse, at least through HUD investigating, really are just out on their own now,” she said. “It’s going to be harder for trans people to find safe, stable housing, and it’s very hard already.”

Closure of Webster’s case is just one of many, HUD attorneys say

Since Turner took the helm at HUD, the Office of Fair Housing and Equal Opportunity has instructed staff to pause investigations of all gender identity discrimination cases, according to two HUD attorneys who spoke on condition of anonymity for fear of losing their jobs or benefits.

One said letters were then issued closing the cases for lack of jurisdiction. HUD has not disclosed how many cases have been dropped.

Webster’s letter and another provided to the AP cite Trump’s executive order calling for the federal government to define sex as only male or female.

Morris, of the ACLU, said she has never seen an executive order cited in a jurisdictional closure of a complaint.

“So that’s really alarming,” said Morris, who described the closures as “very much consistent with this administration’s broader attacks on trans people and on civil rights more broadly.”

Asked about policy changes concerning transgender discrimination, HUD spokesperson Kasey Lovett said the agency was enforcing the Fair Housing Act while implementing Trump’s executive order “restoring biological truth to the federal government.”

In a statement citing Trump’s order, she said government policy recognizes two sexes that “are not changeable and are grounded in fundamental and incontrovertible reality.”

‘A nationwide federal push to erase trans identity’

Bea Gonzalez, a transgender man, was kicked out of a suburban St. Louis domestic violence shelter on a chilly night in November 2021, along with his three children, then 2, 5 and 7.

The family was just settling into a room after filling out paperwork at Bridgeway Behavioral Health Women’s Center when Gonzalez was told they had to go because he disclosed he was a transgender man.

Bea Gonzalez, a transgender man who was kicked out of a domestic violence shelter in November 2021 along with his three children, poses for a photo, April 9, 2025, in St. Louis. (AP Photo/Jeff Roberson)

“I wasn’t about to go back into the closet,” the 33-year-old said of his insistence on telling the truth even after it was suggested he keep his trans identity secret.

He needed a domestic violence shelter, he said, for greater security for the children and because he feared for his safety as a trans man in a men’s shelter, some of which don’t accept children anyway.

The city had no domestic violence shelters for men, said his attorney Kalila Jackson. “In the St. Louis metropolitan area, there was no place else for him to go. There were no other options.”

The family was sent to a motel, but when they arrived they discovered it hadn’t been paid for, and the organization that sent them there was closed. “So I was stranded,” said Gonzalez, who did not have a car. “I had to call a friend who was able to let us stay for the night.”

Jackson said Bridgeway received HUD funding and that its policy of barring transgender men was a violation of the Equal Access Rule and “straight up sex discrimination.”

Jackson said the message the shelter sent was this: “You’re biologically a girl, you should dress as a girl. Since you say that you are a man, we are not going to accept you here.”

HUD didn’t address Gonzalez’s or Webster’s complaints when the AP sought comment on their cases.

HUD investigated Gonzalez’s complaint for 2 1/2 years until it suddenly notified him in March the agency was dropping it without a finding. The company operating the shelter, Preferred Family Healthcare, did not respond to the AP’s requests for comment.

After 455 days of being shuttled between six shelters in six cities in two states — Missouri and Illinois — Gonzalez ultimately found stable housing, where his children live with him part time.

He sees what happened as part of what he describes as a “nationwide federal push to erase trans identity.”

Shelters struggle to comply with Trump directives

Advocates are concerned by HUD’s shift, noting high rates of discrimination — and homelessness — among people who are LGBTQ+.

Nearly one-third of trans people say they have been homeless at some point in their lives, while 70% who stayed in a shelter reported being harassed, assaulted or kicked out because of their gender identity, according to an Advocates for Trans Equality survey released in 2015, a year before Obama expanded protections for trans people in shelters.

Teens who come out to families who aren’t accepting are particularly at risk, said Ann Olivia, CEO of the National Alliance to End Homelessness.

Some shelters that might have served them in the past are becoming less welcoming now amid upheaval with the Equal Access Rule, Olivia said.

“Folks who are trans just won’t go if they don’t think that they’re going to be treated with respect,” she said, adding that is particularly problematic for young people who are “vulnerable to sex traffickers and to other types of abuse.”

Further complicating the situation are seemingly contradictory requirements in new HUD contracts with nonprofits that find permanent housing and run shelters for the homeless. One section stipulates they can’t promote “gender ideology” while another requires compliance with anti-discrimination law, according to a copy provided to the AP.

Organizations say they are confused.

“What is promoting gender ideology? What does that mean?” asked Jeannette Ruffins, CEO of Homeward NYC, a nonprofit that runs three permanent housing sites for LGBTQ+ young adults, as well as a homeless shelter.

“Does housing LGBTQ young adults promote gender identity?” she asked. “You know, they’re coming to us. This is already their gender identity. Like I’m not promoting it.”

Ruffins called a board meeting to discuss potential “vulnerabilities” on their website, something she said most New York City nonprofits were doing as well.

Her organization made small changes to their website, saying they were LGBTQ+ “affirming and friendly” in a few places rather than LGBTQ+ “serving,” hoping that will make them less of a target.

In Memphis, Tennessee, a nonprofit that provides emergency shelter for transgender people is looking to increase capacity because of the uncertainty.

Kayla Gore, executive director of My Sistah’s House, said it can do that because it doesn’t take federal funding.

“People are confused,” Gore said. “They don’t know what to do because they want to protect their bottom line.”

‘This is the world’

Nearly three years after losing his apartment, Webster remains homeless, staying with friends and sometimes sleeping on the floor.

He is on a waiting list for subsidized housing because he can’t afford rent otherwise. But he expects the massive federal funding cuts and Trump administration directives banning diversity, equity and inclusion initiatives will make the wait even longer.

“Let’s be honest. This is the world,” he said. “People, they do hateful things. If you legalize them to hating, then they feel like they have a right.”

A trip to the Scottish Highlands offers a mix of history and modernity, along with whisky and Nessie

posted in: All news | 0

By ALBERT STUMM, Associated Press

INVERNESS, Scotland (AP) — As we crossed the Keswick Bridge into the rolling hills outside Inverness, green fields of early-spring barley still had months to grow until harvest. The grain will be sent to a nearby malting factory and eventually made into whisky at some of Scotland’s 150-plus distilleries.

Interspersed among the barley fields were yellow rows of flowering rapeseed, used to make cooking oil, and herds of grazing sheep that seemed to outnumber people.

A general view of Inglis Street in Inverness, Scotland, appears on March 31, 2025. (Albert Stumm via AP)

It was a tableau I thought would have been the same for a thousand years. But rapeseed only started to be planted in the 1970s, and at one point there were a lot more people than sheep, said my guide, Cath Findlay.

During the tumultuous hundred years of the Highland Clearance, landowners kicked out most of the tenants and replaced them with sheep, which were more valuable to them than people, Findlay said.

“At the time, the British government were fighting all over the world, and they needed wool for uniforms and meat for their soldiers,” she said. “So in much of the Highlands, we see that it’s hilly, and there’s lots of sheep.”

The history lesson resonated because it was obvious throughout my week in Scotland that the past is very much present. But Inverness and its environs are hardly stuck in the past.

Small, but thriving

Inverness is the gateway to the Highlands, a rugged, windswept region of northwest Scotland. The small but thriving city, one of the fastest-growing in the United Kingdom, is best known as the jumping-off point for mystical monster hunters attracted by the legend of Loch Ness.

People shop in Leakey’s Bookshop on Church Street in Inverness, Scotland, on March 31, 2025. (Albert Stumm via AP)

In recent years, however, it’s carving out an international identity beyond whisky, Nessie and tartan plaid, though there still is plenty of that too.

The center of town can be crossed on foot in a leisurely 15 minutes. Overlooking a cliff at one end, the red sandstone Inverness Castle was covered in scaffolding when I visited this spring. A renovation to turn it into an interactive attraction focused on stories of the Highlands is expected to finish this year.

Right in the center is the recently refurbished Victorian Market, a once bustling hall that was on the verge of closing anyway when the COVID lockdown arrived.

The entrance to the renovated Victorian Market, hosting over 30 independent businesses, appears in Inverness, Scotland, on March 31, 2025. (Albert Stumm via AP)

Town leaders took advantage of the moment to breathe new life into it. The market now includes a mix of craft stores, cafes, jewelry shops, barbers and one remaining butcher (try their meat pies, which Findlay said are better than homemade).

The seafood market was replaced with a lively food hall, with the acclaimed Bad Girls Bakery as its first tenant. Following soon were innovative but affordable seafood at The Redshank, pulled meat at Ollie’s Pops, vegan at Salt N Fire, and more.

Now, there is live music every day and 75,000 people pass through the market during busier weeks — nearly the size of the population of the entire city.

Tour guide Cath Findlay appears in the Old High Church Kirkyard in Inverness, Scotland, on March 31, 2025. (Albert Stumm via AP)

“It was dead as a doornail, and now it’s the beating heart of the town,” Findlay said.

Just up Church Street, the main drag, The Walrus and Corkscrew opened soon after as the town’s only wine bar. And nearby at Black Isle Bar, wood-fired pizzas come paired with one of 24 organic beers that the owners brew on their own farm just outside town.

A story with your meal

In the nearby village of Beauly, the Downright Gabbler guesthouse has four suites and a full-time storyteller.

Garry Coutts and his wife, Jane Cumming, opened with a small dining room and their daughter Kristy as chef. It’s not a restaurant, exactly, but they hold several themed events each week that combine Coutts’ encyclopedic knowledge of Scottish history and legend with their daughter’s modern take on traditional dishes.

Garry Coutts and his wife, Jane Cumming appear outside of their at their guest house and restaurant, Downright Gabbler, in Beauly, Scotland, on March 31, 2025. (Albert Stumm via AP)

Among the events is the regularly held Highland Banquet, six courses that trace the region’s people from prehistory to modern times. Venison carpaccio with pickled blackberries, for instance, was inspired by hunter-gatherers, although Coutts noted they ate much more seafood and foraged vegetables than deer.

“They’re very difficult to catch,” Coutts quipped. “They run away!”

The courses unfolded with stories peppered throughout, ranging from some illegal origins of Johnnie Walker’s whisky blends to the couple’s distaste for Las Vegas. Also on the table was a deck of cards, each printed with the name of a prominent Scot to be drawn at random for a story told on the fly.

Related Articles


The Real ID deadline Is days away. Are you ready to fly?


Traveling abroad soon? What to look out for when exchanging money


Best destinations for marijuana-friendly vacations


Why Chicago should be your springtime escape


Hawaii plans to increase hotel tax to help it cope with climate change

I pulled Alexander Graham Bell, who likely holds the record for having the most challenges from competitors for patent infringement, Coutts said.

“It’s amazing the number of Americans that come in here and tell me he’s not Scottish,” he said.

If you go

Where to stay: Lodgings include the Ness Walk Hotel, a modern, five-star property a 20-minute walk from the center, and the Heathmount Hotel, a cozy, independent, three-star option within a 10-minute walk of Church Street.

Travelers tip: For such a small town, there is a shocking amount of live music. Performers attract crowds at Hootananny and The Highlander every night, and most nights at MacGregor’s, among other spots. First, stop into The Malt Room for a whisky flight chosen from their list of 350 single-malts.

Find more information on visitscotland.com.

EDITOR’S NOTE: Albert Stumm writes about travel, food and wellness. Find his work at https://www.albertstumm.com