Warren Buffett Retires as Berkshire CEO: Business Leaders Reflect on His Timeless Wisdom

Economic

Summary:

As Warren Buffett steps down as CEO of Berkshire Hathaway at age 95, global business leaders celebrate his legacy of plain-spoken wisdom, ethical capitalism, and long-term investment principles that have reshaped the financial world....

A Giant Departs: Buffett Ends His Tenure with Timeless Impact

Warren Buffett's final day as CEO of Berkshire Hathaway marks the end of a remarkable era. For over six decades, Buffett widely known as the "Oracle of Omaha" transcended his role as a legendary investor, becoming a global symbol of ethical business, long-term thinking, and disciplined capitalism. As his protégé Greg Abel prepares to assume leadership, executives from across industries are reflecting on the enduring lessons they’ve drawn from Buffett’s leadership.

At 95, Buffett retires not just as one of the world’s richest individuals but as a voice of reason in modern finance an investor whose shareholder letters rival classic economic literature and whose wit distilled complex truths into universally understood principles.

Clarity of Thought: Plain Language for Complex Markets

One of Buffett’s most admired traits was his ability to communicate complicated financial principles using simple, relatable language. CEOs like Kayak’s Steve Hafner highlighted Buffett’s exceptional skill in transforming dense financial ideas into memorable phrases. Whether it was his famous metaphor “It’s only when the tide goes out that you learn who’s been swimming naked” or the biting realism of “Predicting rain doesn’t count; building arks does,” Buffett used language not to impress, but to inform.

His annual shareholder letters became cult reading, not only for investors but for executives seeking clarity in a noisy market. These writings elevated investor education while reinforcing transparency and common sense qualities often scarce in corporate communication.

Patience as Strategy: Holding Forever and Thinking Long-Term

Buffett's reputation for patience has shaped generations of corporate and personal investment philosophies. His oft-quoted mantra, “Our favorite holding period is forever,” wasn’t mere rhetoric. It defined a disciplined approach to capital allocation, emphasizing fundamentals over market noise.

Investor Anthony Scaramucci recounted a letter from Buffett in response to a gift of Berkshire shares to his young daughter. Buffett’s reply that even an 82-year holding period was short-term by his standards was a clear reflection of the radically long-term vision that underpinned his investment philosophy.

This outlook encouraged CEOs and fund managers alike to abandon short-termism in favor of sustainability, consistency, and discipline.

Ruthlessness in Integrity, Not Greed

Despite his market dominance, Buffett never embraced cutthroat capitalism. He consistently upheld integrity as non-negotiable, famously warning his employees: “Lose money for the firm and I will be understanding. Lose a shred of reputation for the firm, and I will be ruthless.”

Such values earned him respect beyond his wealth. Larry Restieri, CEO of Hightower, emphasized that Buffett’s true excellence came from principled execution and ethical leadership, even while dealing with some of Wall Street’s most aggressive players.

Wealth Without Possession: A New Philosophy of Giving

Buffett’s views on wealth also redefined success. Despite commanding a net worth near $150 billion, he championed frugality, purpose, and social contribution. As a co-founder of the Giving Pledge, Buffett encouraged the ultra-wealthy to dedicate most of their fortunes to philanthropy. Yet, his definition of giving extended beyond money.

In a 2025 reflection, he wrote: “When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless.” This sentiment echoed his belief that wealth should empower, not entrap “Too often, a vast collection of possessions ends up possessing its owner.”

A Legacy Measured in Principles, Not Just Profit

Warren Buffett’s departure from the helm of Berkshire Hathaway signals far more than a leadership transition it marks the retirement of a uniquely principled era of capitalism. His success was not only financial, but philosophical: clear thinking, ethical rigor, and human decency in business.

The global economy may evolve, markets may fluctuate, and leadership may change hands, but the Buffett blueprint long-term thinking, honest communication, and value-driven leadership remains a model for future generations of entrepreneurs, investors, and executives alike. As the business world turns a page, it does so still guided by the timeless lessons of its most enduring teacher.

Source: CNN

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Samantha Luan

Political

The U.S. Justice Department revealed it has 5.2 million pages of Epstein files left to review and needs 400 lawyers from four different department offices to help with the process through late January, according to a government document reviewed by Reuters on Tuesday.

This is likely to extend the final release of the documents to much later than expected after a December 19 deadline set by Congress, the document said.

The White House and the Justice Department did not immediately respond to Reuters' requests for comment.

The Trump administration ordered the Justice Department to release the files tied to criminal probes of Jeffrey Epstein, the late financier and convicted sex offender, who was friends with U.S. President Donald Trump in the 1990s, in compliance with a transparency law passed by Congress last month.

Collectively, the Criminal Division, the National Security Division, the FBI and the US Attorney's office in Manhattan are providing 400 attorneys to review the files, the document said, a more precise, and potentially much larger, figure than previous estimates from the department.

The review will occur between January 5-23, the document added.

Department leaders are offering telework options and time off awards as incentives for volunteers, the document said, adding that lawyers who assist will be expected to devote three to five hours a day to review about 1,000 documents a day.

The DOJ said last week it had uncovered more than a million additional documents potentially linked to Epstein.

So far, the disclosures have been heavily redacted, frustrating some Republicans and doing little to quell a scandal that threatens the party ahead of the 2026 midterm elections.

The law, approved by Congress with broad bipartisan support, requires all Epstein-related files to be made public, despite Trump's months-long effort to keep them sealed. Under the statute, all documents were to be released by December 19, with redactions to protect victims.

Trump knew Epstein socially in the 1990s and early 2000s. He has said their association ended in the mid-2000s and that he was never aware of the financier's sexual abuse.

Epstein was convicted in Florida in 2008 of procuring a person under the age of 18 for prostitution. The Justice Department charged him with sex trafficking in 2019. Epstein was found dead in 2019 in a New York jail and his death was ruled a suicide.

In a message shared on X last week, the Justice Department said, opens new tab, "We have lawyers working around the clock to review and make the legally required redactions to protect victims, and we will release the documents as soon as possible. Due to the mass volume of material, this process may take a few more weeks."

Source: Reuters

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Justin

Political

Economic

Commodity

India extended a tariff on steel imports for three years, marking the nation's latest effort to shield its domestic industry from a glut.

An import levy of 11% to 12% was proposed for some products, the finance ministry said in an order on Tuesday (Dec 30). The measures were first introduced in April for 200 days.

India is the latest country to respond to a global oversupply that's driven prices to multi-year lows, with elevated flows from China. A surge in cheap imports from the top producer has hurt local producers, including JSW Steel Ltd, while forcing some smaller mills to shut down even as domestic demand stays firm.

India's steel industry has expanded rapidly over the past decade, yet its output remains just a fraction of China's. Producers are betting on long-term gains driven by accelerating urbanisation and industrial growth. The duty offers long-awaited relief for mills, which have been pushing for action.

Indian steelmakers' shares rose on Wednesday, with state-owned Steel Authority of India Ltd gaining as much as 4.2%, Tata Steel Ltd up as much as 3.2% and JSW Steel rallying more than 5%.

Source: Theedgemarkets

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Winkelmann

Political

Economic

China will implement more proactive policies in 2026 aimed at supporting long-term growth, with its economy expected to meet Beijing's growth target of about 5% this year, state media reported President Xi Jinping as saying on Wednesday.

The economy is expected to have grown to about 140 trillion yuan ($20 trillion) in 2025, Xi said in his address at a New Year's tea party of top Chinese Communist Party officials, state broadcaster CCTV said.

"Our country's economy is expected to move forward under pressure...showing strong resilience and vitality," Xi said in his speech.

The country will promote effective qualitative improvement and reasonable quantitative growth in the economy, Xi said, while maintaining social harmony and stability.

China's economy is expected to meet its "around 5%" growth target for 2025, even as momentum faltered towards year-end, weighed down by soft household consumption, persistent deflation and a prolonged property sector crisis.

Xi's message reinforces recent government pledges to roll out measures for boosting people's incomes and supporting consumption and investment to drive growth.

The central government has allocated 62.5 billion yuan from special treasury bond proceeds to local governments to fund the consumer goods trade-in scheme next year, confirming that Beijing would continue to spur household demand through the programme.

China's state planner has also released early investment plans for 2026, including two major construction projects, involving about 295 billion yuan in central budget funding, in its latest effort to boost investment and support economic growth.

($1 = 6.9885 yuan)

Source: Investing

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Gerik

Economic

Rate Cut Approved Amid Disagreement Over Economic Trajectory

The minutes from the Federal Reserve’s December 9–10 policy meeting reveal a central bank at a crossroads. While the quarter-point rate cut to a 3.5%–3.75% target range was ultimately approved, it came only after what the Fed described as a "deeply nuanced debate" over the appropriate response to recent economic signals. Even among those who backed the cut, some acknowledged that the choice was "finely balanced" and could have just as easily gone the other way.

This was the third consecutive rate reduction of 2025, enacted in response to a slowdown in monthly job creation and a gradual rise in unemployment. Yet the minutes reflect a growing divergence within the Federal Open Market Committee (FOMC) on how best to proceed, with officials now facing conflicting economic signals: inflation that remains above target and a labor market that is losing momentum.

Dissent on Both Sides Reflects Unusual Policy Split

Six policymakers opposed the rate cut in the Fed’s updated economic projections, and two of them officially dissented in the final vote highlighting an increasingly rare duality of disagreement within the central bank. The division was not along traditional hawkish-dovish lines; rather, it reflected differing assessments of inflation persistence versus employment deterioration.

Some participants justified the cut as a forward-looking move to prevent further labor market weakening. Others argued that progress toward the 2% inflation goal had stalled, warning that easing policy too soon might reignite price pressures. This internal divide on both timing and magnitude of future cuts has become more pronounced, marking the second consecutive meeting where such cross-cutting dissents occurred.

Fed Seeks Data Clarity Amid Gaps from Government Shutdown

Further complicating policy decisions was the 43-day U.S. government shutdown, which delayed the release of critical economic indicators and contributed to the uncertainty surrounding the Fed’s inflation and labor assessments. The minutes noted that the "lack of official data" made it harder for some members to fully justify or reject the rate cut, reinforcing the desire among skeptics to wait for a fuller dataset before making further moves.

The Fed will next receive fresh inflation and jobs data on January 9 and January 13, respectively, and these readings are likely to play a decisive role in shaping the committee’s stance for its next meeting on January 27–28.

Rates Likely on Hold as Fed Seeks Clearer Signals

While December's rate cut implies a continued tilt toward accommodation, the policy language and forward guidance have become more neutral, suggesting that further cuts are not guaranteed. The Fed’s projections indicate only one rate cut for 2026, and the committee appears inclined to pause unless clear evidence emerges of either accelerating unemployment or renewed disinflation.

This wait-and-see approach reflects a causal reasoning structure within the Fed: interest rate policy will not lead market expectations but will react to confirmed macroeconomic shifts. If inflation resumes its descent, further easing becomes likely. Conversely, if price pressures persist and employment stabilizes, the Fed may opt for a prolonged hold.

Fed Faces a Narrow Path Between Risks in 2026

The December FOMC minutes illustrate a central bank caught between the crosscurrents of softening labor markets and stubborn inflation. While the latest rate cut aims to safeguard growth, the divided views signal that the Fed is increasingly cautious about missteps that could either undercut recovery or reignite inflation.

Heading into 2026, monetary policy is likely to remain data-dependent and finely calibrated, with the Fed reluctant to commit to any trajectory in the absence of clearer macroeconomic direction. For markets and households alike, uncertainty remains the prevailing theme as the central bank navigates its dual mandate in a post-pandemic, post-inflation economy.

Source: Rueters

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Gerik

Economic

Inflation Moderates in 2025, Boosting Policy Stability Prospects

South Korea’s consumer inflation in 2025 decelerated to 2.1%, down from 2.3% in 2024, according to official data released on Wednesday. This outcome brings inflation squarely within the Bank of Korea’s (BOK) target range and strengthens the case for the central bank to pause further rate adjustments, especially after maintaining the 2.50% policy rate for four consecutive meetings since mid-2025.

The BOK has adopted a cautious monetary stance throughout the year, balancing between supporting economic activity and containing residual inflation pressures. With headline inflation settling close to the target, there is now increased likelihood that monetary policymakers will extend the current rate hold into early 2026, particularly amid global uncertainty and subdued domestic demand.

Monthly and Year-End CPI Figures Show Contained Price Pressures

The Consumer Price Index (CPI) for December rose 2.3% year-on-year, matching market expectations and suggesting stable price dynamics. On a month-on-month basis, the CPI rose 0.3%, slightly above economists’ forecast of 0.2%, though not enough to significantly alter the broader disinflationary trend. This mild uptick likely reflects seasonal factors rather than a structural resurgence in inflation.

The combination of flat core inflation and stable headline price growth points to a cooling economy where demand-pull inflation is subdued, allowing the central bank greater flexibility in managing rates without triggering financial tightening.

BOK’s Policy Bias Tilts Toward Patience Amid Global Headwinds

The Bank of Korea’s current 2.50% policy rate appears appropriate in light of the 2025 inflation print. Given that inflation has now effectively aligned with the BOK’s medium-term price stability mandate, the probability of imminent rate hikes diminishes. At the same time, the bank has signaled that any easing would be approached conservatively, likely contingent on clear evidence of slowing growth or external shocks.

This approach reflects a causal link between the inflation trajectory and the bank’s rate-setting strategy. As inflation subsides, the need for restrictive policy weakens, creating space for a potential pivot toward growth support if necessary. However, persistent global uncertainties such as oil price volatility and external demand fluctuations are likely to temper any aggressive dovish turn.

Inflation Data Reinforces Policy Credibility and Patience

South Korea’s 2025 inflation outcome serves as a validation of the Bank of Korea’s measured policy response to global and domestic challenges. With inflation now contained and well-anchored near the central target, the monetary authority gains greater flexibility to sustain its current stance without jeopardizing price stability.

Heading into 2026, the BOK is expected to remain cautious, using inflation control success as a platform to navigate slower global growth, demographic headwinds, and the need to foster investment-led recovery. The data underscores a stable macroeconomic environment, but also highlights the delicate balance between price management and economic reacceleration in the post-pandemic era.

Source: Reuters

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Gerik

Economic

Beijing Launches Early 2026 Investment Drive Amid Persistent Economic Pressures

In a bid to counter lingering economic uncertainty and ensure early momentum for the 15th Five-Year Plan, China’s top economic planner, the National Development and Reform Commission (NDRC), has issued an early 2026 funding plan worth 295 billion yuan (approx. $42.2 billion) for “Two Major” projects. These central budget allocations are part of a broader fiscal strategy designed to stimulate domestic demand and reinforce economic resilience.

The “Two Major” initiative encompasses both major national projects and key security-related capacity building, focusing on upgrading infrastructure, enhancing energy independence, and securing critical resources. The program is not new Beijing allocated 800 billion yuan in 2025 to similar priorities but the early release of the 2026 tranche reflects urgency in sustaining momentum amid weak consumer confidence and an uneven post-COVID recovery.

Strategic Infrastructure and Security Drive Anchor Investments

Spokesperson Li Chao of the NDRC emphasized during a Wednesday press conference that the new investments will “provide strong support for a smooth start to the 15th Five-Year Plan.” This statement reflects the government’s intent to front-load public investments to ensure early-year economic traction, a tactic commonly used during periods of macroeconomic stress.

Among the newly approved infrastructure ventures are major projects such as a new airport in Guangzhou, large-scale water resource facilities, and high-end scientific research platforms. Collectively, these projects represent over 400 billion yuan in total investment and are expected to support both near-term employment and long-term productivity.

The airport expansion in Guangzhou highlights China's continued commitment to regional development and transportation integration. Meanwhile, water infrastructure reflects increasing concern over climate resilience and environmental stability, and the research platforms indicate a push for technological self-sufficiency especially critical given rising tensions with the U.S. over advanced tech supply chains.

Causal Link Between Infrastructure and Growth Stabilization

The causal relationship between infrastructure-led investment and economic stabilization has long been central to China’s fiscal strategy. In the face of a sluggish property sector and weak private-sector investment, public infrastructure spending offers a dependable channel for immediate stimulus while also contributing to long-term capacity building.

The NDRC’s early action also sends a signal to local governments and state-owned enterprises to prepare for accelerated implementation of shovel-ready projects in early 2026. This anticipatory fiscal coordination is aimed at minimizing the typical Q1 economic slowdown that follows year-end data consolidation.

Reinforcing Policy Credibility and Strategic Autonomy

By releasing these plans before the start of 2026, Beijing not only asserts its macroeconomic control but also attempts to boost market confidence. Early-stage fiscal mobilization complements monetary policy stability, especially as the People’s Bank of China (PBOC) has kept rates steady despite calls for further easing.

The emphasis on security-related infrastructure and research platforms also underlines China’s growing prioritization of strategic autonomy. This is particularly significant amid ongoing global supply chain shifts, export control frictions, and competition over advanced technologies. Investments in these areas are not merely about domestic growth they serve as defensive and proactive mechanisms to fortify China’s long-term competitiveness.

Early Investments Set the Tone for 2026 but Structural Headwinds Remain

China’s early rollout of a $42 billion investment package for 2026 marks a proactive step to stabilize the economy and shape the opening trajectory of its new five-year strategy. While the “Two Major” framework remains a core instrument for state-led growth, its effectiveness in reversing broader structural weaknesses such as weak domestic consumption, a fragile property market, and global trade uncertainty will be closely watched.

If executed efficiently, these early investments may cushion the economy against a soft start in 2026. However, sustaining momentum beyond infrastructure will require deeper reforms to mobilize private capital, boost consumer spending, and enhance productivity across non-state sectors. For now, Beijing’s message is clear: strategic spending remains its frontline defense against economic stagnation.