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Speaker 1: News when you want it with Bloomberg News Now, I

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Speaker 1: made Kleggy Warren Buffett, who built Berkshire Hathaway into a

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Speaker 1: business valued at more than one point one six trillion

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Speaker 1: dollars and himself into a celebrity billionaire renowned for his

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Speaker 1: investing acumen and witticisms, will step down a year and

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Speaker 1: after six decades atop the conglomerate. Buffetto was ninety four,

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Speaker 1: said Saturday at the company's annual shareholder meeting in Omaha, Nebraska,

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Speaker 1: that Greg Abel, the vice chairman for non insurance operations,

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Speaker 1: will take charge. Jeremy Hill, and editor with Bloomberg's investing team,

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Speaker 1: talks about whether Buffett's stepping down comes as a surprise.

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Speaker 2: Yeah. I would say that this announcement games quite a surprise.

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Speaker 2: People who follow Berkshire knew that one day he was

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Speaker 2: going to step down, and there was a succession plan

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Speaker 2: in place, but we didn't know exactly when. And what

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Speaker 2: was particularly funny about the way he did it was

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Speaker 2: he sort of slipped this announcement in right at the

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Speaker 2: end of a four hour question and answer session where

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Speaker 2: he regaled shareholders all kinds of old stories from his

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Speaker 2: time running to business.

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Speaker 1: Prior to the announcement, Buffett said that trade should not

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Speaker 1: be a weapon and that the US should be looking

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Speaker 1: to trade with the rest of the world. Bloomberg Scott

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Speaker 1: Carr has more.

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Speaker 3: In an earnings report released this morning, the conglomerates showed

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Speaker 3: earnings fell fourteen percent in the first quarter to nine

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Speaker 3: point six billion dollars, while its cash pile surge to

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Speaker 3: three hundred and forty seven point seven billion, and the

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Speaker 3: company warned that tariffs could negatively affect its businesses. Buffett

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Speaker 3: had previously called tariffs an act of war, and Berkshire's

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Speaker 3: earning statement notes that tariffs could have adverse consequences on

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Speaker 3: most of its operating businesses and equity portfolio. Scott Carr Bloomberg.

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Speaker 1: Radio Sovereignty won the one hundred and fifty first Kentucky

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Speaker 1: Derby Saturday on a messy, muddy track at Churchill Downs.

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Speaker 1: Sovereignty splashed through one and a quarter miles in two

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Speaker 1: oh two thirty one and paid seventeen dollars ninety six

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Speaker 1: to win at seven to one odds. Jell is working

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Speaker 1: with Advisor to evaluate a potential acquisition of BP that

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Speaker 1: it's waiting for further stock and oil price declines before

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Speaker 1: deciding whether to pursue a bid. This, according to people

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Speaker 1: familiar with the matter, the oil major has been more

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Speaker 1: seriously discussing the feasibility and merits of a BP takeover

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Speaker 1: with its advisors in recent weeks. Any final decision will

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Speaker 1: likely depend on whether BP stock continues to slide for

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Speaker 1: the second time in a week. Voters in a prominent

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Speaker 1: US ally nation angered by President Donald Trump punished Conservatives

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Speaker 1: and re elected a left leaning incumbent. Australian Prime Minister

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Speaker 1: Anthony Albanez was poised to win the largest victory for

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Speaker 1: his center left Labour Party since nineteen forty six, both

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Speaker 1: in terms of two party preferred and overall seat count.

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Speaker 1: He's the first Australian leader to win consecutive elections in

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Speaker 1: more than two decades, and the only one to increase

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Speaker 1: his party's vote share after one term since World War II.

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Speaker 1: Singapore's ruling party, People's Action Party, retained power in a

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Speaker 1: general election action on Saturday, securing sixty five point six

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Speaker 1: percent of the popular vote compared to sixty one point

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Speaker 1: two percent of the previous election. The country's main opposition

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Speaker 1: Workers Party one fifteen percent of the vote share, up

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Speaker 1: from eleven point two percent in twenty twenty. We get

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Speaker 1: a Federal reserve interest rate decision. In the week ahead,

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Speaker 1: Bloomberg's Karen Moscow has a look at the economic calendar.

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Speaker 4: The Ism Services Index is out on Monday. Tuesday, it's

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Speaker 4: the Trade balance and Fed policymakers open a two day meeting.

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Speaker 4: We'll also hear from Treasury Secretary Scott Besson, who testifies

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Speaker 4: at a House Appropriations Panel hearing expected to focus on

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Speaker 4: fiscal and economic policy. Wednesday, we get a Federal Reserve

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Speaker 4: interest rate decision, followed by a news conference with Shair J. Powell.

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Speaker 4: The Fed is expected to hold great steady as they

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Speaker 4: gauged the impact of President Trump's tariffs. We'll also get

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Speaker 4: a look at consumer credit, and Thursday it's the weekly

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Speaker 4: report on initial jobless claims and wholesale inventories. Karen Moscow

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Speaker 4: Bloomberg Radio.

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Speaker 1: A COVID era break on student loans is coming to

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Speaker 1: an end. Bloomberg's Nathan Hager reports.

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Speaker 5: The Education Department says it will start garnishing wages again

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Speaker 5: later this summer for people who aren't making payments on

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Speaker 5: their loans. It's been since March twenty twenty, the government

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Speaker 5: stopped taking so called involuntary collections. The government estimates nearly

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Speaker 5: a quarter of its one point six trillion dollar student

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Speaker 5: debt portfolio is in default. Bloomberg Economics predicts rising student

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Speaker 5: loan defaults could push down consumer spending by up to

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Speaker 5: sixty three billion dollars a year. In Washington, I'm Nathan Hager,

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Speaker 5: Bloomberg Radio.

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Speaker 1: That's news when you want it with Bloomberg News Now,

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Speaker 1: I made Kleggy.

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Speaker 3: This is Bloomberg