Warren Buffett signals Greg Abel as his successor amid soaring profits / Reuters  Berkshire Hathaway, under the leadership of Warren Buffett, has reported an all-time high in cash reserves, marking a historic financial milestone. In his latest annual letter to shareholders, Buffett, now 94, hinted that Greg Abel, currently overseeing Berkshire’s non-insurance operations, will soon take over as CEO. Buffett’s annual letter, released on February 22, detailed Berkshire Hathaway’s robust financial performance in 2024. The conglomerate’s cash reserves have consistently increased over the past ten quarters, reaching a staggering $334 billion by the end of last year—nearly double the $168 billion recorded at the close of 2023. Berkshire Hathaway’s Operating Profits Surge by 71% Berkshire’s diversified businesses have contributed significantly to its record-breaking financial results. The company’s operating profit surged by 71% in the fourth quarter of 2024, reaching $14.5 billion, th...

Meta's ambitious underwater cable plan will span 50,000 km across five continents Meta Platforms, the parent company behind popular social media platforms like Facebook, Instagram, and WhatsApp, has unveiled an ambitious plan to build the world's longest subsea cable. The company’s new project is expected to significantly enhance connectivity between the U.S. and India, and is seen as a major step forward in fostering closer relations between the two countries. This initiative, known as Project Waterworth, was officially announced on February 14 by Meta through a public notice on its website. The Project Waterworth aims to lay down a subsea cable system that will stretch an unprecedented 50,000 kilometers—longer than the Earth’s circumference. Meta emphasized that this project will use cutting-edge technology to connect five continents, making it the most advanced and expansive subsea cable network in existence. The announcement was made in conjunction with visuals illustrati...

Higher prices and weaker consumer purchasing power expected, NRF cautions The National Retail Federation (NRF) has issued a stark warning following U.S. President Donald Trump’s announcement that he plans to impose reciprocal tariffs on all countries that have levied tariffs and non-tariff barriers against U.S. products. According to NRF, Americans will likely experience rising prices, which will weaken consumer spending power in the near future. On February 13, 2025, President Trump signed an executive order at the White House, mandating the introduction of reciprocal tariffs. This move is part of a broader effort to open a new front in the ongoing trade war. Trump’s directive mandates that the tariffs the U.S. imposes on imported goods be aligned with the tariffs that other nations impose on American products. These new tariffs are expected to impact all U.S. trade partners, including China, Japan, South Korea, and the European Union (EU). David French, NRF’s Vice President for Gov...