Berkshire shares slip as Warren Buffett prepares to step aside as CEO
Conglomerate votes in favour of vice-chair Greg Abel’s promotion to top job next year
UK
Ackman completes quest to launch Berkshire Hathaway lookalike
Financier assumes effective control of Howard Hughes and will shift its strategy to hunt for acquisitions
Blackstone offers €200mn return guarantee to fund UK railway arch deal
Promise is similar to a controversial enticement to University of California to halt a flood of redemptions
Santander raises €7bn from Poland sale
Deal with Vienna-based Erste Group cuts exposure to country with few connections to Spanish bank’s biggest markets
European bank traders deliver best results in more than a decade
UBS, BNP Paribas, SocGen, Barclays and Deutsche Bank reported €13bn in combined first-quarter trading revenues
Warren Buffett to step down from Berkshire Hathaway
Plus, Trump adviser struggles to calm investors, the US economy contracts, and Edvard Munch at the National Portrait Gallery
Bankers who lament ringfencing should watch what they wish for
Deregulation could open door for big American rivals to invest in nascent UK lending operations
Private equity’s best days are over, says Egyptian billionaire Sawiris
Buyout firms’ difficulties in securing exits and distributing cash to investors are leading to mounting frustration
High mortgage rates and tariff uncertainty drag on US housing market
Trump’s trade wars and federal job cuts lead to stagnation during what should be peak selling season
City rift opens up over the ringfencing of UK banks
Barclays CEO’s defence of regulation contrasts with calls for reform by other senior bankers
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