Mōrena and welcome to your Monday summary of the business and political stories making headlines around the world.
First today, the world is reacting to the news that Berkshire Hathaway’s Warren Buffett will step down as head of the company, surprising his board and successor, Bloomberg reported.
Buffett, known as the ‘Oracle of Omaha’, told the company's annual meeting he would hand over the reins to vice-chair Greg Abel. "I think the time has arrived where Greg should become the chief executive of the company at year-end.”
The 94-year-old will step down after six decades at the top of the business conglomerate. Abel will lead the US$1.2 trillion firm, with a portfolio of shares including Apple and American Express, in addition to insurance, energy, rail, and consumer businesses.
Abel said he’d follow Buffett’s principles about investing and managing risk. The BBC reported on global reaction, including from Apple chief executive Tim Cook. “There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom," Cook wrote on social media.
“It's been one of the great privileges of my life to know him. And there's no question that Warren is leaving Berkshire in great hands with Greg.”
Israeli Prime Minister Benjamin Netanyahu.
In the Middle East, one of the last remaining food kitchens in Gaza warned it could close in days and mass starvation was imminent, amid the blockade of the territory by Israel, the BBC reported.
Israel said the blockade would pressure militant group Hamas into releasing the remaining hostages and accused Hamas of stealing aid. The United Nations and other agencies said they had strict monitoring in place.
A BBC reporter on the ground said the humanitarian situation was getting worse and locals were struggling to find food. "We're only alive because death hasn't taken us yet," said one local.
Meanwhile, Al Jazeera reported that the Israeli military asked tens of thousands of reservists to expand the country’s assault on the Gaza Strip.
Army chief Eyal Zamir made the announcement on Sunday local time after Israeli Prime Minister Benjamin Netanyahu promised to continue the war. That was despite growing calls for a deal to release Israeli captives and end the war, which has so far killed more than 52,000 Palestinians.
On Wall Street, shares surged higher on Friday local time after positive data eased jitters about a recession, and the S&P500 marked its longest winning streak in more than two decades, CNBC reported.
The S&P500 gained 1.47% and marked the index's ninth consecutive day of gains and the longest positive run since November 2004. The Dow Jones and tech-heavy Nasdaq also ended the week with gains.
In the UK, the FTSE100 also completed its longest winning streak, after it notched the 15th consecutive day of gains, the Guardian reported.
The FTSE ended Friday over 1% higher. It has now recovered most of the losses after US President Donald Trump’s global tariffs announcement.
US investors were upbeat after employment data was stronger than expected in April. Non-farm payroll data showed 177,000 new jobs last month, compared with a forecast of 130,000, the Guardian reported.
The unemployment rate was left unchanged at 4.2%.
Anthony Albanese is back after defeating Peter Dutton.
Finally, as NBR reported yesterday, Australia has comfortably voted Anthony Albanese in for another term as prime minister.
New Zealand Prime Minister Christopher Luxon also noted that Lawrence Wong won the Singaporean election. “I have been in touch with both Mr Albanese and Mr Wong to offer my congratulations on retaining office.
“When we spoke, Mr Albanese and I affirmed our strong working relationship. New Zealand has no better friend and no greater ally than Australia. Working together is even more important now as we both face the most challenging global environment in decades. We are stronger on the world stage together.
“I look forward to continuing to work with Mr Albanese on a range of issues including our shared security, partnering in the Pacific, and making the trans-Tasman business environment ever more seamless.”
