United News of Bangladesh

Billionaire Warren Buffett will remain chairman of the board at Berkshire Hathaway when vice chairman Greg Abel takes over for Buffett as CEO at the start of 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 maintaining Berkshire’s remarkable winning streak as 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. Berkshire Class B shares fell more than 5% Monday after hitting an all-time high Friday. Macrae Sykes, portfolio manager at Gabelli Funds, praised the company's transparency after Buffett announced the succession and does not believe Buffett is going anywhere. “I think it gives Warren a little more bandwidth instead of running this conglomerate," Sykes said in an interview with The Associated Press. "It gives Greg more transparency on the opps with also Warren still being his mentor as chairman,” Unmatched track record of success 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 massive insurance companies. 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 to investors versus 10.4% for the Standard & Poor’s 500. The decision to continue with the Oracle of Omaha, as Buffett is known, as head of the board differs from the succession plans laid out in the event of 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. Warren Buffett shocks shareholders by announcing his intention to retire at the end of the year Abel will take over with big questions hover overing the company, including trade wars launched by the U.S., but he has managed all of Berkshire's non-insurance businesses since 2018. Buffett says 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. So much money, so few places to put it 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 he assured some of the estimated 40,000 attendees of the company’s annual meeting in Omaha, Nebraska, over the weekend 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, 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. Vice Chairman Ajit Jain, 73, will stay on for now to help manage the insurance businesses that include Geico and massive reinsurers like General Re. Abel said Saturday that he wouldn't change the Berkshire's approach to investing, which he learned from Buffett. Maintaining Berkshire's fortress-like balance sheet will always be a priority, he said. Eventually, Berkshire might have to consider paying a dividend, which Buffett always resisted because he believed he could deliver better returns by reinvesting the cash. For now, Buffett and Abel want to keep building cash, so they are prepared when opportunities arise. High praise for Abel 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.” Warren Buffett offers lessons on investing in his annual Berkshire Hathaway letter The CEOs of Berkshire subsidiaries who report to Abel have praised his management style which holds them accountable while allowing them autonomy. See's Candy CEO Pat Egan worked with Abel at Berkshire's utility unit for years before he took over six years ago and said Abel makes sure he's considered every contingency. “He’s allowed me to make a lot of decisions that he may or may not have agreed with, but he’ll support us at the end of the day, no matter what as long as we’re operating with integrity and principles and the long game," Egan said. Buffett's philanthropy continues 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. Buffett's lasting impact on business 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.”

 President Donald Trump is opening a new salvo in his tariff war, targeting films made outside the U.S. In a post Sunday night on his Truth Social platform, Trump said he has authorized the Department of Commerce and the Office of the U.S. Trade Representative to slap a 100% tariff “on any and all Movies coming into our Country that are produced in Foreign Lands.” “The Movie Industry in America is DYING a very fast death," he wrote, complaining that other countries “are offering all sorts of incentives to draw" filmmakers and studios away from the U.S. "This is a concerted effort by other Nations and, therefore, a National Security threat. It is, in addition to everything else, messaging and propaganda!” The White House said Monday that it was figuring out how to comply with the president's wishes. “Although no final decisions on foreign film tariffs have been made, the Administration is exploring all options to deliver on President Trump’s directive to safeguard our country’s national and economic security while Making Hollywood Great Again,” said spokesperson Kush Desai. It’s common for both large and small films to include production in the U.S. and in other countries. Big-budget movies like the upcoming “Mission: Impossible — The Final Reckoning," for instance, are shot around the world. Incentive programs for years have influenced where movies are shot, increasingly driving film production out of California and to other states and countries with favorable tax incentives, like Canada and the United Kingdom. Tariffs, oil prices and other uncertainties weighing down Mideast economies, IMF says Yet Trump's tariffs are designed to lead consumers toward American products. And in movie theaters, American-produced movies overwhelmingly dominate the domestic marketplace. China has ramped up its domestic movie production, culminating in the animated blockbuster “Ne Zha 2” grossing more than $2 billion this year. But even then, its sales came almost entirely from mainland China. In North America, it earned just $20.9 million. In New Zealand, where successive governments have offered rebates and incentives in recent years to draw Hollywood films to the country, the film industry has generated billions of dollars in tourism revenue driven by the “Lord of the Rings” and “Hobbit” films, which featured the country’s pristine and scenic vistas. More recently, the blockbuster “Minecraft” movie was filmed entirely in New Zealand, and U.S. productions in 2023 delivered $1.3 billion New Zealand dollars ($777 million) to the country in return for NZ$200 million in subsidies, according to government figures. New Zealand Prime Minister Christopher Luxon said he was awaiting more details of Trump’s measures before commenting on them but would continue to pitch to filmmakers abroad, including in India’s Bollywood. “We’ve got an absolutely world class industry,” he said. “This is the best place to make movies, period, in the world.” The Motion Picture Association, which represents major U.S. film studios and streaming services, didn’t immediately respond to messages Sunday evening. The MPA’s data shows how much Hollywood exports have dominated cinemas. According to the MPA, the American movies produced $22.6 billion in exports and $15.3 billion in trade surplus in 2023. Trump, a Republican, has made good on the “tariff man" label he gave himself years ago, slapping new taxes on goods made in countries around the globe. That includes a 145% tariff on Chinese goods and a 10% baseline tariff on goods from other countries, with even higher levies threatened. By unilaterally imposing tariffs, Trump has exerted extraordinary influence over the flow of commerce, creating political risks and pulling the market in different directions. There are tariffs on autos, steel and aluminum, with more imports, including pharmaceutical drugs, set to be subject to new tariffs in the weeks ahead. Trump has long voiced concern about movie production moving overseas. Shortly before he took office, he announced that he had tapped actors Mel Gibson, Jon Voight and Sylvester Stallone to serve as “special ambassadors" to Hollywood to bring it "BACK — BIGGER, BETTER, AND STRONGER THAN EVER BEFORE!” U.S. film and television production has been hampered in recent years, with setbacks from the COVID-19 pandemic, the Hollywood guild strikes of 2023 and the recent wildfires in the Los Angeles area. Overall production in the U.S. was down 26% last year compared with 2021, according to data from ProdPro, which tracks production. Caterpillar warns tariffs may raise Q2 costs by $350m as sales decline The group's annual survey of executives, which asked about preferred filming locations, found no location in the U.S. made the top five, according to the Hollywood Reporter. Toronto, the U.K., Vancouver, Central Europe and Australia came out on top, with California placing sixth, Georgia seventh, New Jersey eighth and New York ninth. The problem is especially acute in California. In the greater Los Angeles area, production last year was down 5.6% from 2023 according to FilmLA, second only to 2020, during the peak of the coronavirus pandemic. Last, October, Gov. Gavin Newsom, a Democrat, proposed expanding California’s Film & Television Tax Credit program to $750 million annually, up from $330 million. Other U.S. cities like Atlanta, New York, Chicago and San Francisco have also used aggressive tax incentives to lure film and TV productions. Those programs can take the form of cash grants, as in Texas, or tax credits, which Georgia and New Mexico offer. “Other nations have been stealing the movie-making capabilities from the United States,” Trump told reporters at the White House on Sunday night after returning from a weekend in Florida. “If they’re not willing to make a movie inside the United States we should have a tariff on movies that come in."

The Bangladesh Jewellers Association (Bajus) increased the price of gold again, with the price of pure gold up by Tk2310 per bhori, effective from tomorrow (Tuesday). Earlier, Bajus had fixed the 22-carat gold price per bhori at Tk1,68,976 on Saturday, effective from Sunday. Masudur Rahman, Chairman of Bajus's Price Determination and Price Monitoring Standing Committee, on Monday (May 5), in a notification, informed this. Accordingly, on Monday, the price of 22-carat gold rose by Tk 2,310 per bhori, setting the new rate at Tk 171,286 per bhori. In a press release, Bajus stated that the price adjustment was made due to an increase in the value of pure gold hallmarked gold in the local market. Considering the overall situation, the association has determined the new gold prices. Bajus reduces gold price by Tk3570 per bhori, in line with international market According to the new rates, the price of gold per bhori (11.664 grams) in the Bangladesh market will be: ·       22 Carat: Tk 171,286 per bhori·       21 Carat: Tk 163,494 per bhori·       18 Carat: Tk 140,143 per bhori·       Traditional Method: Tk 115,905 per bhori Bajus also informed that the government-mandated 5 percent VAT and the minimum making charge of 6 percent must be added to the price of gold. The making charges may vary depending on the design and quality of the jewelry. Previously, BAJUS had last adjusted the gold prices on May 3, reducing the price of 22-carat gold by Tk 3,570 to Tk 168,976 per bhori. The prices for 21-carat gold were set at Tk 161,301 per bhori, 18-carat gold at Tk 138,253 per bhori, and gold of the traditional method at Tk 114,296 per bhori, effective from May 4. Gold price slashed after three consecutive hikes since Saturday: Bajus This marks the 28th adjustment of gold prices in the country this year, with prices increasing 20 times and decreasing only 8 times. In 2024, gold prices were adjusted a total of 62 times, with 35 increases and 27 decreases.  Despite the increase in gold prices, the price of silver remains unchanged in the domestic market. The selling price of 22-carat silver is Tk 2,811 per bhori. The prices for 21-carat silver are Tk 2,683 per bhori, 18-carat silver at Tk 2,298 per bhori, and silver of the traditional method at Tk 1,726 per bhori.  

Bangladesh exported goods worth $40.20 billion during July–April of the 2024–25 fiscal, reflecting a growth of 9.83 percent year-on-year, according to the Export Promotion Bureau (EPB). In the same period of the previous fiscal year, oods worth $ 36.61 billion were exported. In April 2025 alone, exports stood at $3.01 billion, reflecting a modest growth of 0.86 percent compared to $2.99 billion in April of the previous fiscal year. Bangladesh saw export growth by 11.44 % in March As usual, the Ready-Made Garment (RMG) sector maintained its leading position, contributing $32.64 billion, registering a 10 percent increase over the same period of last year. RMG exports in April 2025 amounted to $2.40 billion, slightly up from $2.38 billion in April 2024, representing a monthly growth of 0.44 percent.

The European Investment Bank (EIB), the European Union’s (EU) main lending arm, has approved a €350 million framework loan for the implementation of renewable energy projects in Bangladesh. This loan will be complemented by an additional €45 million grant from the European Union (EU). The projects aim to support Bangladesh's sustainable development through environmental protection, climate change risk reduction and adaptation, said a Finance Ministry handout on Monday. The ministry said Bangladesh is strengthening its development cooperation through high-level bilateral meetings with key international financial partners, held as part of the 58th Annual Meeting of the Asian Development Bank (ADB). On Sunday, (May 4), Bangladesh's Finance Adviser Dr Salehuddin Ahmed held a bilateral meeting with the President of the European Investment Bank (EIB), Nadia Calviño. The meeting focused on expanding EIB's ongoing support and investments in new projects. The EIB has been working with Bangladesh under a framework agreement since 2000. To date, the EIB has invested approximately €635 million in a total of six ongoing projects in the health, water supply, transport, and communication sectors. We back interim govt, reform agenda: EIB VP tells Dr Yunus While the EIB's primary focus is on EU member states, the institution plays a significant role in implementing the EU's development cooperation in over 160 countries and regions worldwide. Its priority areas include climate, environment, infrastructure, SMEs, innovation and skill development. In a significant development, the Ministry of Finance announced that the EIB has approved a €350 million framework loan for the implementation of renewable energy projects in Bangladesh. This loan will be accompanied by an additional €45 million grant from the EU. These projects are geared towards supporting Bangladesh's sustainable development by protecting the environment and mitigating and adapting to climate change risks. During the meetings, the Finance Advisor emphasized the need for increased investment in human resource development and infrastructure to address the challenges of LDC graduation and escaping the middle-income trap. He urged the EU and its institutions to provide more grant-based or concessional loan assistance in strategic sectors. The Finance Advisor also held a bilateral meeting with representatives from the Japan Bank for International Cooperation (JBIC). JBIC has long been a key partner in Bangladesh's development, providing support through project financing, strategic partnerships and investment cooperation. EU and EIB pledged support for Bangladesh's environmental protection priorities: Rizwana Notable financing from JBIC includes the DAP-2 Fertilizer Factory (€715.6 million, fully repaid), the equipment for the Ghorashal Fertilizer Factory (supplied by Mitsubishi), and the Meghna Ghat Power Project (€265 million, co-financed with ADB). Besides, the Bangladesh delegation held bilateral meetings with ADB Vice-President for South, Central and West Asia, Yingming Yang, the OPEC Fund Vice President, and Professor Michael Kremer, Vice President of the Agriculture Innovation Mission for Climate (AIM for Climate). These meetings facilitated discussions on issues of mutual interest.

In a post on his Truth Social platform Sunday night, Trump announced that he had directed the Department of Commerce and the U.S. Trade Representative to impose a 100% tariff on all movies produced outside the United States. “The American film industry is dying rapidly,” Trump claimed, accusing other countries of luring filmmakers with generous incentives. He argued that this international competition poses a national security threat, calling it “messaging and propaganda” backed by foreign governments. However, how such a tariff would be implemented remains unclear. Many film productions, including major blockbusters like the upcoming Mission: Impossible – The Final Reckoning, are typically shot across multiple countries, including the U.S. Incentive programs for years have influenced where movies are shot, increasingly driving film production out of California and to other states and countries with favorable tax incentives, like Canada and the United Kingdom. Yet tariffs are designed to lead consumers toward American products. And in movie theaters, American-produced movies overwhelming dominate the domestic marketplace. China has ramped up its domestic movie production, culminating in the animated blockbuster “Ne Zha 2” grossing more than $2 billion this year. But even then, its sales came almost entirely from mainland China. In North America, in earned just $20.9 million. The Motion Picture Association didn’t immediately respond to messages Sunday evening. The MPA’s data shows how much Hollywood exports have dominated cinemas. According to the MPA, the American movies produced $22.6 billion in exports and $15.3 billion in trade surplus in 2023. Businesses, experts call for business-friendly policies in upcoming budget Trump has made good on the “tariff man” label he gave himself years ago, slapping new taxes on goods made in countries around the globe. That includes a 145% tariff on Chinese goods and a 10% baseline tariff on goods from other countries, with even higher levies threatened. By unilaterally imposing tariffs, Trump has exerted extraordinary influence over the flow of commerce, creating political risks and pulling the market in different directions. There are tariffs on autos, steel and aluminum, with more imports, including pharmaceutical drugs, set to be subject to new tariffs in the weeks ahead. Trump has long voiced concern about movie production moving overseas. Shortly before he took office, he announced that he had tapped actors Mel Gibson, Jon Voight and Sylvester Stallone to serve as “special ambassadors” to Hollywood to bring it “BACK—BIGGER, BETTER, AND STRONGER THAN EVER BEFORE!” U.S. film and television production has been hampered in recent years, with setbacks from the COVID-19 pandemic, the Hollywood guild strikes of 2023 and the recent wildfires in the Los Angeles area. Overall production in the U.S. was down 26% last year compared with 2021, according to data from ProdPro, which tracks production. The group’s annual survey of executives, which asked about preferred filming locations, found no location in the U.S. made the top five, according to the Hollywood Reporter. Toronto, the U.K., Vancouver, Central Europe and Australia came out on top, with California placing sixth, Georgia seventh, New Jersey eighth and New York ninth. The problem is especially acute in California. In the greater Los Angeles area, production last year was down 5.6% from 2023 according to FilmLA, second only to 2020, during the peak of the pandemic. Last, October, Gov. Gavin Newsom proposed expanding California’s Film & Television Tax Credit program to $750 million annually, up from $330 million.    

Businesses and economic experts on Sunday urged the government to adopt business-friendly policies in the upcoming national budget to help stimulate economic growth and attract foreign investment. The call came during a seminar titled ‘Fiscal Issues for National Budget 2025–26 to Foster Economic and Business Growth,’ jointly organised by the Institute of Chartered Accountants of Bangladesh (ICAB), the Foreign Investors’ Chamber of Commerce & Industry (FICCI), and the Japan-Bangladesh Chamber of Commerce & Industry (JBCCI). Chairman of the National Board of Revenue (NBR) Md Abdur Rahman Khan attended the event as the chief guest, held at a city hotel. In their keynote presentations, Dr M Masrur Reaz and Snehasish Barua FCA highlighted key challenges such as persistent inflation and declining foreign investment, underscoring the need for structural reforms in governance and debt management. They also noted positive trends in exports and remittances but stressed that policy consistency and comprehensive fiscal reform are essential. Barua called for expanding the tax base, modernising the VAT system and fostering an investment-friendly business environment. Industry leaders echoed these priorities during a panel discussion. 19 listed banks fail to declare dividends for delayed approval NBR Chairman Khan noted that the government is actively working to resolve tax issues affecting investment and is committed to presenting a responsible and transparent budget. He announced a significant policy move — transferring the authority to grant tax exemptions to Parliament, aimed at ensuring greater accountability. ICAB President Maria Howlader stressed the importance of predictable tax policies and long-term structural reforms. FICCI President Zaved Akhtar advocated for an integrated tax system and recommended separating tax policy formulation from revenue administration. JBCCI President Tareq Rafi Bhuiyan (Jun) welcomed the government’s focus on improving the ease of doing business. The panel discussion featured leading industry figures, including Mohammad Iqbal Chowdhury (CEO, LafargeHolcim Bangladesh Limited), Manabu Sugawara (Country Head, Marubeni Corporation), Yuji Ando (Joint Secretary General, JBCCI), Dr Abdul Mannan Shikder (Former NBR Member) and Md Afzal Hossain (Former Secretary to the Government). The seminar brought together a wide range of participants from both business and government sectors.

Bangladesh witnessed a notable surge in remittance inflows in April, with expatriates sending US$2.75 billion, marking the second-highest monthly remittance in the country’s history. According to data from Bangladesh Bank, $144 million was received on April 30 alone. The total remittance inflow for the month (April 1–30) reflects a significant 34.6 percent increase compared to the same period last year. In the first 10 months of the current fiscal year 2024–25 (July to April), Bangladesh received a total of $24.54 billion in remittances. By comparison, the inflow during the same period of the previous fiscal year (FY2023–24) was $19.11 billion, showing a 28.3 percent year-on-year growth. Analysts note that the continued strong performance of remittance earnings, even after Eid-ul-Fitr, is a welcome boost to the country’s economy. Bangladesh received $2.61 billion remittance in 29 days of April March recorded an all-time high of $3.29 billion in monthly remittances. Notably, every month of the current fiscal year has seen remittance inflows exceeding $2 billion, underscoring migrant workers' growing confidence in formal banking channels. According to central bank sources, this upward trend is being driven by government incentives, strict enforcement against illegal money transfers (hundi), and the availability of convenient banking services for expatriates. In parallel, a steady exchange rate of Tk 122 per US dollar and positive export growth have also contributed to the encouraging trend. Bangladesh’s gross foreign exchange reserves reached a record high of $48.06 billion in August 2022. But, due to political instability and heavy dollar sales, the reserves declined to $20.39 billion by mid-2024. Since the interim government assumed office, Bangladesh Bank has shifted from selling dollars to purchasing them from the market, which is aiding the recovery of reserves. Economists believe that the ongoing rise in remittance flows will contribute to macroeconomic stability and reduce the country’s reliance on foreign loans. The remittance figures for the first 10 months of FY2024–25 are as follows: April: $2.75 billion March: $3.29 billion February: $2.53 billion January: $2.19 billion December: $2.64 billion November: $2.20 billion October: $2.39 billion September: $2.40 billion August: $2.22 billion July: $1.91 billion

Nineteen out of 36 banks listed on the stock market have failed to announce dividends for the 2024 financial year within the stipulated deadline due to delays in obtaining approval from Bangladesh Bank. According to central bank officials, several of these banks were unable to present an accurate picture of their defaulted loans or meet the required provision thresholds. The central bank has recently tightened its policies regarding the calculation of defaulted loans and has moved to restrict disbursement of disguised or nameless loans. Despite convening board meetings at the end of the 2024 accounting year to approve financial reports and declare dividends, these 19 banks were unable to finalise any decisions. The meetings concluded without resolutions as the banks did not receive the necessary No Objection Certificates (NOC) from the central bank. Saudi’s oil giant Aramco reports decline in annual profit, cuts dividend As a result, the financial reports for the year remain unapproved, and the banks are also unable to publish unaudited reports for the first quarter of 2025. This has left investors in the dark regarding the banks' income, expenditure and dividend status, the officials said. With seven months having passed since the release of third-quarter results, there is now a significant information gap regarding the financial health of these institutions. April 30 marked the deadline for finalising annual reports and declaring dividends. In response, board meetings of all 36 listed banks were held over the past 17 days. But, many meetings ended late at night without resolution due to the absence of regulatory clearance from Bangladesh Bank. So far, 16 banks have declared dividends. ICB Islamic Bank, however, has announced that it will not pay any dividends this year either. Chief Adviser Yunus hopeful SAARC can give dividends to people of the region if revitalised Bank and Bangladesh Bank officials have confirmed that the audited financial reports of these 19 banks were withheld for various reasons, primarily the failure to reflect actual defaulted loans, inadequate provisioning and incomplete disclosures of defaulting borrowers.

Billionaire Warren Buffett shocked an arena full of shareholders Saturday by announcing that he will retire at the end of the year, bringing the curtain down on a six-decade run leading Berkshire Hathaway that made him the most influential investor in the world. Buffett said he will recommend to Berkshire Hathaway’s board on Sunday that Vice Chairman Greg Abel should replace him. “I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said. Abel has been Buffett's designated successor for years, and he already manages all of Berkshire's noninsurance businesses. But it was always assumed that he would not take over until after Buffett's death. Previously the 94-year-old Buffett always said he had no plans to retire. Buffett announced the news at the end of a five-hour question and answer period without taking any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning. Abel returned an hour later without Buffett to conduct the company's formal business meeting, and he responded to the news. “I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel said. Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire's cash. Buffett endorsed him Saturday by pledging to keep his fortune invested in the company. “I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “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.” Thousands of investors in the Omaha arena gave Buffett a prolonged standing ovation after his announcement in recognition of his 60 years leading the company. During that period Berkshire nearly doubled the returns of the S&P 500, with a 19.9% compounded annual growth rate compared with the index’s 10.4% gain. Buffett had such a devoted following among investors that markets would move when his investments were disclosed because so many people copied him. CFRA research analyst Cathy Seifert said it had to be hard for Buffett to decide to step down. “This was probably a very tough decision for him, but better to leave on your own terms,” Seifert said. “I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire. That is still to be determined.” Warren Buffett offers lessons on investing in his annual Berkshire Hathaway letter Abel expected to do well In many respects, Abel has already been running much of the company for years. But he hasn't been managing Berkshire's insurance operations or deciding where to invest all of its cash. He will now take those tasks on, but Vice Chairman Ajit Jain will remain to help oversee the insurance companies. Investment manager Omar Malik of Hosking Partners in London said before Buffett’s announcement that he wasn’t worried about Berkshire’s future under Abel. “Not really (worried). He’s had such a long time alongside Warren and a chance to know the businesses,” Malik said about Abel. "The question is will he allocate capital as dynamically as Warren? And the answer is no. But I think he’ll do a fine job with the support of the others.” Cole Smead of Smead Capital Management said he wasn't surprised Buffett is stepping down after watching him Saturday because the 94-year-old wasn't as sharp as in past years. At one point, he made a basic math mistake in one of his answers. At other points, he got off track while telling stories about Berkshire and his investing without answering the question he was asked. Abel is well regarded by Berkshire's managers and Buffett has praised his business acumen for years. But he will have a hard time matching Buffett's legendary performance, and since he doesn't control 30% of Berkshire's stock like Buffett does, he won't have as much leeway. “I think the challenge he’s going to have is if anyone is going to give him Buffett or (former Vice Chairman Charlie) Munger’s pass card? Not a chance in God’s name," Smead said. Buffett always enjoyed a devoted following among shareholders. Buffett has said that Abel might even be a more hands-on manager than he is and get more out of Berkshire’s companies. Managers within the company say they have to be well prepared before talking to Abel because they know he will ask tough questions. Steven Check, president of Check Capital Management, said he never thought he would see Buffett retire. “I didn't think he would retire while his mind is still working so well, nor did I think it'd happen at the annual meeting,” Check said. “But overall I'm very happy for him.” Buffett earlier warned that Trump's tariffs were harmful Earlier Saturday, Buffett warned of dire global consequences from President Donald Trump's tariffs while telling the thousands of investors gathered at his annual meeting that “trade should not be a weapon” but "there's no question that trade can be an act of war.” Buffett said Trump's trade policies have raised the risk of global instability by angering the rest of the world. “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said as he addressed the topic on everyone's mind at the start of the Berkshire Hathaway shareholders meeting. While Buffett said it is best for trade to be balanced between countries, he doesn't think Trump is going about it the right way with his widespread tariffs. He said the world will be safer if more countries are prosperous. Market turmoil doesn't create big opportunities Buffett said he just doesn't see many attractively priced investments that he understands these days, so Berkshire is sitting on $347.7 billion in cash, but he predicted that one day Berkshire will be “bombarded with opportunities that we will be glad we have the cash for.” Profit drops at Warren Buffett's firm but thousands still want to hear from the investing guru Buffett said the recent turmoil in the markets that generated headlines after Trump's tariff announcement last month “is really nothing.” He dismissed the recent drop as relatively small. He cited when the Dow Jones industrial average went from 240 on the day he was born in 1930 down to 41 during the Great Depression as a truly significant drop in the markets. Currently the Dow Jones Industrial Average sits at 41,317.43. “This has not been a dramatic bear market or anything of the sort," he said. Buffett said he hasn't bought back any of Berkshire's shares this year either because they don't seem to be a bargain either. Investor Chris Bloomstran, who is president of Semper Augustus Investments Group, told the Gabelli investment conference Friday that a financial crisis might be the best thing for Berkshire because it would create opportunities to invest at attractive prices. “Berkshire needs a crisis. I mean Berkshire thrives in crisis,” Bloomstran said. Berkshire meeting attracts thousands The meeting attracts some 40,000 people every year who want to hear from Buffett, including some celebrities and well-known investors. This year, Hillary Rodham Clinton also attended. Clinton was the last candidate Buffett backed publicly because he has shied away from politics and any controversial topic in recent years for fear of hurting Berkshire’s businesses. One investor even camped outside the arena overnight to be first in line. Devan Bisher, 72, said he has faith in Berkshire's future and does not plan to sell the stock he started buying in the 1980s. “It’s been a good train to ride,” Bisher said, “and I’m going to stay with it.”