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Pressure Points

Welcome to The Adversarial. Every other week, we’ll provide you with expert analysis on America’s greatest challengers: China, Russia, Iran, North Korea, and jihadists. Read more below.***IranU.S. strikes on Iranian soil tapered off in August after frequent exchanges throughout July. The hiatus seems more of an adjustment in tactics to wear down Iran’s finances rather than further degrade its military capability: A combined “one-two punch” of a physical blockade against Iran’s maritime trade and increased sanctions measures, which Treasury Secretary Scott Bessent last week said, “have never been seen in the history of the economic isolation of a country.” Iran will

War on the RocksWar on the RocksWOTR Staff18 Sept

Warren Buffett steps down as Berkshire chairman, son Howard succeeds

Berkshire Hathaway said on Friday that Warren Buffett will step down as chairman and become chairman emeritus, effective immediately, nine months after handing the CEO reins to longtime lieutenant Greg Abel. The company named his son, Howard Buffett, a director since 1993, as chairman. Warren Buffett is credited with transforming Berkshire from a failing textile company into a $1.1 trillion conglomerate while building an investment philosophy that influenced generations of investors and executives, making him one of the most consequential figures in modern ⁠corporate America. "As Chairman Emeritus, Mr. Buffett will remain a member of the Board of Directors and will continue to offer his valued judgment and perspective," Berkshire said in a statement. A chairman emeritus is typically an honorary title given to a retired board leader or company founder to recognize their past service and lasting impact. Shares of the company were broadly ‌unchanged in premarket trading. Buffett's reputation has also been reflected in Berkshire's valuation, with investors for years ascribing a "Buffett premium" to its shares. The conglomerate's price-to-book value has fallen since Buffett announced he would step down as CEO, slipping from around 1.62 to 1.53, according to ‌data compiled by LSEG. Berkshire remains the only financial firm in the trillion-dollar market-value club dominated ‌by technology giants. "It was always a matter of when, not if. Buffett has made a graceful exit," said Brian Jacobsen, ‌chief economic strategist at Annex Wealth Management. "Berkshire has ‌had years to prepare for this transition, so this feels more like the completion of a carefully planned succession than a sudden changing of the guard." Unmatched legacy "Father Time always wins. He has, however, ‌been generous with me," Buffett, 96, wrote in a letter to shareholders on Friday. Buffett's influence has extended ⁠far beyond Berkshire, shaping generations of corporate leaders and investors with his emphasis on long-term thinking, disciplined capital allocation and straightforward management. "The culture Warren built and the values he championed will remain at the heart of Berkshire, and Howard will be their guardian," Abel said in a statement on ⁠Friday. CEOs have looked to him as ⁠a sounding board on everything from acquisitions and succession to navigating periods of market turmoil, while his annual shareholder meetings became a gathering point for investors seeking insight into the broader business landscape. Buffett first announced plans to step away from the conglomerate in May ⁠2025, surprising shareholders and analysts despite his age. After decades at the helm, he had become synonymous with the company, making his succession one of the most closely watched in corporate America. "The timing is right to complete the transition," he wrote in the letter on Friday. In August, Berkshire said it began reducing its enormous stockpile of cash in the second quarter, investing billions of dollars in stocks such as Alphabet and repurchasing billions of its own, as it reported ‌higher-than-expected profit. Its quarterly operating profit rose 16% to $12.98 billion, topping analysts' forecasts, while net income more than doubled to $25.67 billion, including unrealized gains and losses on stocks that Omaha, Nebraska-based Berkshire still owns. Howard Buffett is the chairman and CEO of the Howard G. Buffett Foundation, a non-profit that focuses on global food security and conflict mitigation. He has been a director of numerous public and private company boards, including Agro Tech, Archer-Daniels-Midland, ConAgra Foods, Coca-Cola. "The company is in excellent hands, and I look forward to remaining a shareholder alongside you," Warren Buffett said in his letter.

MBMobile BusinessReuters18 Sept

Is Trump’s AI obsession walking the world into disaster? | Politics Weekly America

Tech bosses have called for a slowdown in artificial intelligence and formal guardrails to be introduced by the US government. But President Trump is not moved by the doomsday predictions, calling them a ‘hoax'. What is behind his affection for the AI industry? Jonathan Freedland and Guardian US tech editor Blake Montgomery discuss Continue reading...

The GuardianThe GuardianPresented by Jonathan Freedland with Blake Montgomery , produced by Nada Smiljanic and John Rogers; the executive producer is Maz Ebtehaj18 Sept
  • critical toward Donald Trump · 95%

Trump Targets Big Bad Wolves, but Ranchers Say Other Administration Actions Drive Their Woes

America’s centuries-old conflict with wolves took another turn earlier this month when President Donald Trump ordered the animals be stripped of federal protections across several U.S. states, claiming the action will provide economic relief for ranchers.  Alongside a suite of regulatory reviews to “promote financial viability” for ranchers, Trump ordered the Interior secretary to begin […]

Inside Climate NewsInside Climate NewsBy Jake Bolster, Peter Aldhous18 Sept

Paul Keating says Aukus locking Australia into a US war against China, which it would ‘certainly lose’

Former prime minister says US would ‘scuttle itself back to San Diego’, leaving Australia to deal with retribution from China Follow our Australia news live blog for latest updates Get our new political email , free app or daily news podcast Aukus critic Paul Keating has said the submarine deal is locking Australia in to any future US conflict with China – “a war America would certainly lose” – and making Australia a target for retribution. The former prime minister seized on comments reported out of Washington this week from Republican congressman Michael McCaul – a China hawk and co-chair of the Congressional Friends of Australia caucus – who said “Australia is a target” for enemies of the US already. However, McCaul argued that greater integration with the US military would better protect Australia rather than leaving it more vulnerable. Continue reading...

The GuardianThe GuardianBen Doherty18 Sept

America Is Paying a Lot for Fuel, Not Running Out of Gasoline

Gasoline is expensive. Diesel is worse. Social media is melting down and has apparently decided America is running out of fuel. U.S. gasoline inventories rose 800,000 barrels last week to 207.7 million barrels, according to the EIA. Stocks are 5% below the five-year average for this time of year. Tight, certainly, but hardly empty-tankish. Refineries processed 17.3 million barrels per day last week and operated at 96.8% utilization. Gasoline production increased to 9.6 million bpd. Gasoline demand averaged 8.8 million bpd over the past four weeks,…

OilPrice.comOilPrice.comJulianne Geiger17 Sept