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By BERNARD CONDON AND JOSH FUNK, AP Business Writers

OMAHA, Neb. (AP) — Billionaire Warren Buffett will remain chairman of the board at Berkshire Hathaway when vice chairman Greg Abel takes over for Buffett as CEO at the start of 2026.

The board of directors at the cash-rich conglomerate voted Sunday to keep the legendary 94-year-old investor as head of the board, a decision likely to relieve investors worried about maintaining Berkshire’s remarkable winning streak as U.S. and global economies are beset by tariff shocks, financial turmoil and a growing risk of recession.

The board in the same meeting also approved Buffett’s chosen successor as CEO, veteran Berkshire executive Greg Abel, 62. In a surprise announcement Saturday, Buffett said he would step down from that top spot at the end of the year.

Berkshire Class B shares fell 4% Monday morning after hitting an all-time high Friday.

Macrae Sykes, portfolio manager at Gabelli Funds, praised the company’s transparency after Buffett announced the succession and does not believe Buffett is going anywhere. read more

By MATT OTT, AP Business Writer

The shoe company Skechers is being acquired for more than $9 billion to be taken private by the investment firm by 3G Capital.

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The deal comes amid growing uncertainty over how U.S. President Donald Trump’s tariffs on foreign goods will affect companies who make their products overseas, particularly in China. Athletic shoe makers have invested heavily in production in Asia.

The offer of $63 per share represents a premium of 30% to Skechers’ 15-day volume-weighted average stock price. The deal was unanimously approved by Skechers’ board. read more

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — The Federal Reserve will likely keep its key short-term interest rate unchanged on Wednesday, despite weeks of harsh criticism and demands from President Donald Trump that the Fed reduce borrowing costs.

After causing a sharp drop in financial markets two weeks ago by saying he could fire Fed Chair Jerome Powell, Trump subsequently backed off and said he had no intention of doing so. Still, he and Treasury Secretary Scott Bessent have said the Fed should cut rates.

They argue that inflation has steadily cooled and high borrowing costs are no longer needed to restrain price increases. The Fed sharply ramped up its short-term rate in 2022 and 2023 as pandemic-era inflation spiked.

Separately, Elon Musk, the head of Trump’s Department of Government Efficiency, last Wednesday suggested that DOGE should look more closely at the Fed’s spending on its facilities.

The heightened scrutiny shows that even as the Trump administration backs off its threats to fire Powell, the Fed is still subject to unusually sharp political pressures, despite its status as an independent agency. read more

By Kevin Hardy, Stateline.org

Missouri Republicans may take their tax-cutting efforts to new heights this year as lawmakers consider exempting profits from the sale of stocks, bonds and real estate from state income taxes.

Part of a broader push to eliminate the state income tax altogether, legislation making its way through the Capitol would provide an unprecedented benefit to the wealthy by excluding capital gains, the long-term earnings from the sale of assets. If approved, tax experts say, the legislation would mark the first time a state with an income tax has eliminated capital gains tax.

The Republican sponsors say the move would make the state more attractive for businesses and families.

“This bill is intended to energize Missouri’s economy,” Republican Speaker Pro Tem Chad Perkins said upon introducing the measure.

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By Jeff Ostrowski, Bankrate.com

Homes are acutely unaffordable, a reality that’s pushing stressed-out buyers to consider fixer-uppers. While older homes might offer bargains upfront, there’s a catch: Aging properties saddle owners with maintenance costs that squeeze budgets and test patience. Homebuyers need nearly $117,000 in household income to afford a home, so buying an older one that needs work isn’t necessarily an ideal solution.

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How old are America’s homes?

America’s housing stock is graying. The median age of owner-occupied homes nationally climbed to 41 years old in 2023, up from 31 years in 2005, according to the U.S. Census Bureau. Put another way, the typical American now lives in a home built in the early 1980s or before. read more