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In his first shareholder letter as chief executive of Berkshire Hathaway, Greg Abel outlined a leadership approach that closely follows Warren Buffett’s long-standing blueprint while signaling a more direct management style. Abel reaffirmed that insurance will remain the company’s core engine, highlighting the importance of Berkshire’s $176bn insurance “float,” which funds investments and acquisitions. He praised insurance chief Ajit Jain for disciplined risk pricing and emphasized that Berkshire will walk away from poorly priced deals. On operations, Abel pledged to maintain Berkshire’s decentralized model, granting autonomy to subsidiary CEOs while expecting accountability and integrity. However, he has indicated he may be more hands-on than Buffett in overseeing noninsurance businesses. Abel will personally oversee Berkshire’s stock portfolio and continue its concentrated investment strategy, focusing on major holdings like Apple and American Express. He described the company’s investment in Kraft Heinz as “disappointing,” underscoring a tougher stance on underperforming assets. With cash reserves reaching a record $373bn, Abel said Berkshire will prioritize long-term acquisitions over holding U.S. Treasurys, acting patiently when attractive opportunities arise. He also reaffirmed that stock buybacks will occur only if shares trade below intrinsic value and signaled no urgency to initiate dividends, maintaining Buffett’s long-held reinvestment philosophy.

 

Reuters

Wall Street Journal

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Thomson Reuters has announced that chief financial officer Mike Eastwood will retire following a transition period, with Gary E. Bischoping Jr. set to assume the role in May 2026. Mr. Bischoping will join the company on April 13th and formally become CFO on May 8th. He brings more than 30 years of global finance experience, most recently serving as a partner at Hellman & Friedman. His previous roles include CFO positions at Finastra and Varian Medical Systems, as well as senior finance leadership roles at Dell Technologies. Mr. Eastwood, who helped strengthen Thomson Reuters’ financial position during a period of transformation, will become chair of the Thomson Reuters Foundation and serve as an advisor to CEO Steve Hasker.

 

Investing

A U.S. appeals court has directed tariff-related lawsuits back to the U.S. Court of International Trade, in a move which could determine decisions on how to return over $130bn in collected duties to importing companies. The Federal Circuit Court of Appeals issued a single-page ruling approving importers’ request to transfer the litigation back to the trade court where proceedings began earlier this year. The Trump administration had fought against this move, seeking a delay of up to four months to evaluate its legal strategy.

 

Reuters

The Supreme Court has declined to hear a dispute over whether art generated by artificial intelligence can be copyrighted under U.S. law. The case involved Stephen Thaler, a computer scientist from Missouri who was denied a copyright for a piece of visual art made by his AI system. Thaler had appealed to the justices after lower courts upheld a U.S. Copyright Office ​decision that the AI-crafted visual art at issue was ineligible for copyright protection ​because it did not have a human creator. The Trump administration had urged the Supreme Court not to hear Thaler's appeal. "Although the Copyright Act does not define the term 'author,' multiple provisions of the act make clear that the term refers to a human rather than a machine," the administration said.

 

Reuters

The U.S. Commodity Futures Trading Commission (CFTC) has appointed former federal prosecutor David Miller to lead its enforcement division. Miller was most recently at law firm Greenberg Traurig. "Under Chairman [Michael] Selig’s leadership, I look forward to working closely with the talented Commission staff to advance the chairman’s mission of fostering innovation and protecting the integrity of U.S. ​markets, including from ​fraud, abuse, and ⁠manipulation," Miller said in a statement.

 

Blockonomi

Law.com

Reuters

Blackstone’s $82bn flagship private credit fund, Bcred, experienced $1.7bn in net outflows in the first quarter, marking a significant test for the $2tn private credit industry as investor unease grows. Redemption requests reached 7.9% of the fund’s assets, exceeding the 5% threshold that allows Blackstone to limit withdrawals. To meet requests in full, Blackstone and its employees invested $400m into the fund, a move the firm said demonstrated alignment with investors rather than liquidity strain. While Bcred attracted nearly $2bn in new commitments during the quarter, it faced approximately $3.7bn in redemption requests. The outflows come amid broader industry pressures, including high-profile writedowns, restructurings and a recent decision by rival Blue Owl to halt redemptions in one of its funds. The developments are closely watched as a potential stress test for semi-liquid private credit funds, which allow periodic exits despite holding illiquid assets. 

 

Bloomberg

Financial Times

Reuters

The digital activity of Iranian-linked cyber groups has increased tenfold since the start of the conflict in the Middle East, according to Tel Aviv-based cyber security company Check Point Software Technologies. Attacks and activities have focused on Israel and Arab countries and have included phishing attempts and alleged “hack and leak” operations, Check Point has said.

 

Wall Street Journal

Writing for the Wall Street Journal, Tessa West, a professor of psychology at New York University and the author of “Job Therapy: Finding Work That Works for You”, says many members of Gen Z “are woefully unprepared for surviving - let alone thriving - in their jobs”. She believes “a combination of having fewer real-world relationship experiences, spending their education years in remote environments, and learning to communicate largely through asynchronous methods [means] these 20-somethings have missed opportunities to develop the skills needed to navigate the complex world of work.” Her suggested remedy is that leaders must change how they think about communication for everyone in the workplace with one goal in mind: “Make it clear and direct.”

 

Wall Street Journal

Merck is laying off 147 employees at its vaccine manufacturing plant in Durham, North Carolina. The cuts follow the company's decision to end production of its human papillomavirus vaccine Gardasil at the site “because of the recent worldwide reduction in demand for the product,” Amanda Taylor, VP of plant management in vaccine operations, said. "We continuously assess our operations and evolving business needs and adjust as needed to ensure the effectiveness of our manufacturing network in delivering reliable, compliant supply of our medicines and vaccines," a company spokesperson told Reuters.

 

Fierce Pharma

Reuters

U.S. factory activity expanded for the second consecutive month in February, though at a slightly slower pace, according to the Institute for Supply Management (ISM). The manufacturing purchasing managers’ index (PMI) registered 52.4, down marginally from 52.6 in January but above economists’ expectations of 52.0. A reading above 50 signals expansion. New orders and production both remained in growth territory, though each eased from January levels. The backlog of orders reached its highest level since May 2022, indicating sustained demand. However, employment and inventories continued to contract. The prices index rose to its highest level since June 2022, with more than 45% of respondents reporting higher costs, partly due to tariffs increasing domestic raw material prices. The uptick in price pressures may complicate the Federal Reserve’s plans for potential interest rate cuts later this year. Relatedly, the S&P Global U.S. Manufacturing PMI slipped to 51.6 from 52.4 in January, though still above expectations. Production growth eased as new orders nearly stalled and exports fell sharply. Hiring remained subdued, with firms hesitant to expand payrolls amid concerns about order books and ongoing uncertainty around tariffs and the broader political environment.

 

Advisor Perspectives

Reuters

Wall Street Journal

Federal Communications Commission chair Brendan Carr has signalled that the watchdog will not seek to block Paramount’s $110bn deal to buy Warner Bros and played down competition concerns over a combination of CBS and CNN, the Financial Times reports. Carr told the FT at the Mobile World Congress in Barcelona on Monday ​that concerns had been raised in Washington about the concentration ​of power stemming from Warner Bros’ previously agreed deal ⁠with Netflix, but said that the market share implications of a ​potential Paramount purchase were “drastically different.”

 

Financial Times

Reuters

Global luxury and mass-market brands have closed stores and scaled back operations across the Middle East as escalating conflict between the U.S., Israel, and Iran disrupts business, travel and consumer activity in the region. Luxury groups including Kering have temporarily shut stores in the UAE, Kuwait, Bahrain and Qatar, while Chalhoub Group closed outlets in Bahrain and is operating with voluntary skeleton staff elsewhere. Amazon has suspended regional deliveries, closed its Abu Dhabi fulfilment center and reported drone strike damage to three data centers in the UAE and Bahrain. Brands such as Apple, H&M, and Primark are adjusting store openings and operations, while Reckitt has shifted staff to remote working and halted travel. The Middle East, which accounts for 5%–10% of global luxury spending but has been the sector’s fastest-growing region, now faces airport closures, halted tourism and security risks that could cost hundreds of millions of dollars if disruption persists. Meanwhile, the conflict is expected to hit the export of electronics from India as well as increase production costs in the country. "Any disruption in Middle Eastern airspace or key trade corridors can create short-term logistical challenges. If instability persists for a longer period, exports may face temporary delays," said Pankaj Mohindroo, chair of the India Cellular and Electronics Association.

 

Economic Times

CNBC

Reuters

Millions of migrant workers in the Gulf region are at risk as Iran retaliates against U.S.-Israeli strikes. The Philippines, Indonesia, Thailand, and Pakistan are monitoring the location of their citizens and preparing evacuation and repatriation plans, and Vietnam has suspended the deployment of workers to the region. Bloomberg notes that previous conflicts in the Middle East have seen some migrant workers abandoned by employers, often without their wages or travel documents.

 

Bloomberg

South China Morning Post

Straits Times