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Berkshire Hathaway shareholders face a question that Warren Buffett sought to tackle at the company's annual meeting: How will Berkshire fare when he's no longer around?
Mr Buffett, perhaps the world's greatest investor, and with the star power to draw fans from around the world, is 91. His long-time vice chairman, Charlie Munger, is 98.
Shareholders who watched them speak for hours at the CHI Health Centre arena in Berkshire's home town of Omaha, Nebraska, are facing the reality they are in the twilight of their careers.
Still, Mr Buffett's loyal investors say they will still stick with Berkshire, citing the honesty, humility, integrity and trust they believe his company and its leadership, current and future, embody.
"The company is more than Mr Buffett," said Ernesto Medina, a 61-year-old pastor from Omaha. "It really is about people that agree on a certain set of values and ethics. And those don't change, you know — or at least I hope."
Berkshire, whose dozens of businesses include the BNSF railroad, Geico car insurance, and many energy, manufacturing and retailing companies, has a succession plan in place.
Greg Abel, 59, a vice chairman overseeing non-insurance operations, will replace Mr Buffett as chief executive when the need arises, while vice chairman Ajit Jain, 70, will likely continue leading insurance operations.
Mr Buffett's oldest son Howard would become non-executive chairman and the billionaire's portfolio managers Todd Combs and Ted Weschler would take over investments.
Asked by a shareholder how Berkshire might change over time, Mr Buffett said its building blocks will survive him.
"You've got a board of directors that understands our culture is 99.9 per cent of running the business," he said. "If we have the same culture, we will be here in 100 years."
Mr Buffett pledged that Berkshire would preserve its "special relationship" with shareholders, and was built to last.
"There is no finish point," he said. "Nobody is waiting to retire or have their option vested or thinking about 'I'll take another job.' People are doing what they want to do."
Mr Buffett acknowledged there could be changes in how Berkshire operates, noting his own autonomy to make major decisions.
"In a crazy way I look at Berkshire as a painting, and it's unlimited in size," Mr Buffett said. "It's got an ever-expanding canvas, and I get to paint what I want."
Mr Buffett said Mr Abel, in contrast, could face more questions and restrictions from other board members because they know him less well.
"They don't need to, but they'll feel they have to," Mr Buffett said.
Berkshire could also face more pressure to do better on environmental and diversity issues, and corporate governance.
Mr Buffett has fiercely resisted shareholders' calls for improvements, a battle that some analysts see as easier to win in a post-Buffett era.
That's because Mr Buffett still controls 32 per cent of Berkshire's voting power, despite owning just 16 per cent of its shares. He has already given away half his Berkshire stock to philanthropy.
On Saturday, shareholders rejected proposals to improve disclosure of climate-related risks and diversity efforts, and install an independent chair to replace Mr Buffett in that role.
Clark Nowlin, who founded the Golden Ratio coffee company in Austin, Texas, got to the arena three hours before doors opened. He was glad to see his heroes, Mr Buffett and Mr Munger.
"Every time you say, 'it's probably the last year', and they set another record in human achievement," he said.
Yet while Mr Abel and Mr Jain joined Mr Buffett and Mr Munger on stage to answer some shareholder questions, and draw wide praise from Berkshire managers and investors, neither has their magnetism.
Shareholders attending this year's meeting were unsure whether to keep making the pilgrimage after the eventual change at the top.
Amanda Greenfield, a media strategist from New York who went with her husband, said that "obviously, the financial community is still going to come", and other shareholders may want to keep their camaraderie alive.
"But people like us may not feel the need to come every year," she added.
This year's shareholder weekend, the first since 2019, was a scaled-back affair, likely because of the Covid-19 pandemic.
Mr Buffett said about 12,000 people attended the Friday shareholder shopping day for discounts from Berkshire-owned businesses, down from the 16,188 reported by the Omaha World-Herald for 2019.
The shareholder reception at Borsheims jewellery was confined to the store, shorn of the car park tent with live music and a buffet.
And even Saturday's annual meeting, normally full, appeared to have a couple of thousand empty seats when it began.
Sue Leuschen, an operations analyst from Omaha, said she was confident in Berkshire's choice of Mr Abel to succeed Mr Buffett.
"We want people to come to Omaha," she said. "He'll still do the 5K runs, he'll still do all that stuff, because that's what brings people here."
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
UAE currency: the story behind the money in your pockets
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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UFC Fight Night 2
1am – Early prelims
2am – Prelims
4am-7am – Main card
7:30am-9am – press cons
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Killing of Qassem Suleimani
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
OPINIONS ON PALESTINE & ISRAEL
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
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UAE currency: the story behind the money in your pockets
Scoreline
Al Wasl 1 (Caio Canedo 90 1')
Al Ain 2 (Ismail Ahmed 3', Marcus Berg 50')
Red cards: Ismail Ahmed (Al Ain) 77'
Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
I Feel Pretty
Dir: Abby Kohn/Mark Silverstein
Starring: Amy Schumer, Michelle Williams, Emily Ratajkowski, Rory Scovel
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
UAE currency: the story behind the money in your pockets
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
How to increase your savings
- Have a plan for your savings.
- Decide on your emergency fund target and once that's achieved, assign your savings to another financial goal such as saving for a house or investing for retirement.
- Decide on a financial goal that is important to you and put your savings to work for you.
- It's important to have a purpose for your savings as it helps to keep you motivated to continue while also reducing the temptation to spend your savings.
- Carol Glynn, founder of Conscious Finance Coaching
