Luke Vargas

We will be back tonight with a new show. Until then, thanks for listening.

We will be back tonight with a new show. Until then, thanks for listening.

Warren Buffett marks the calendar for his departure from Berkshire Hathaway. Plus, the Trump factor propels another left-leaning leader to a surprise election victory, this time in Australia. And we'll hear from our South America bureau chief in Colombia as global cocaine production hits an all-time high.

Warren Buffett marks the calendar for his departure from Berkshire Hathaway. Plus, the Trump factor propels another left-leaning leader to a surprise election victory, this time in Australia. And we'll hear from our South America bureau chief in Colombia as global cocaine production hits an all-time high.

I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Berkshire Hathaway chief executive Warren Buffett plans to step down at the end of the year, with the 94-year-old handing over the reins to his hand-picked successor Greg Abel.

I'm Luke Vargas for The Wall Street Journal, and here is the AM edition of What's News, the top headlines and business stories moving your world today. Berkshire Hathaway chief executive Warren Buffett plans to step down at the end of the year, with the 94-year-old handing over the reins to his hand-picked successor Greg Abel.

Abel's selection wasn't a surprise, though the timing of the announcement was, silencing a cavernous arena of investors in Omaha, Nebraska on Saturday and triggering a wave of tributes from Wall Street titans.

Abel's selection wasn't a surprise, though the timing of the announcement was, silencing a cavernous arena of investors in Omaha, Nebraska on Saturday and triggering a wave of tributes from Wall Street titans.

While Buffett said that Abel would have final say at Berkshire starting next year, he said he didn't plan to disappear from the scene and used his remarks at the company's annual meeting, heard here courtesy of CNBC, to defend the global trade system, criticizing the antagonistic approach being taken in Washington toward America's economic partners.

While Buffett said that Abel would have final say at Berkshire starting next year, he said he didn't plan to disappear from the scene and used his remarks at the company's annual meeting, heard here courtesy of CNBC, to defend the global trade system, criticizing the antagonistic approach being taken in Washington toward America's economic partners.

Meanwhile, President Trump is downplaying concerns about the economy, emphasizing that he believes his policies will trigger a historic boom. That forecast, made on NBC's Meet the Press, comes as we report that Trump and his advisors are feeling more confident following a streak of stock market gains and a better than expected jobs report on Friday.

Meanwhile, President Trump is downplaying concerns about the economy, emphasizing that he believes his policies will trigger a historic boom. That forecast, made on NBC's Meet the Press, comes as we report that Trump and his advisors are feeling more confident following a streak of stock market gains and a better than expected jobs report on Friday.

No. While the White House is signaling that it expects some progress to cool trade tensions this week, including by announcing at least one deal with a country seeking to escape higher tariffs, President Trump said yesterday he'd authorized a new 100 percent tariff on films produced overseas.

No. While the White House is signaling that it expects some progress to cool trade tensions this week, including by announcing at least one deal with a country seeking to escape higher tariffs, President Trump said yesterday he'd authorized a new 100 percent tariff on films produced overseas.

that sent Hollywood executives scrambling to determine how they'd be affected, having received no prior warning about the plan and because movies aren't physical goods like most items subject to tariffs. The White House didn't immediately respond to a request for comment.

that sent Hollywood executives scrambling to determine how they'd be affected, having received no prior warning about the plan and because movies aren't physical goods like most items subject to tariffs. The White House didn't immediately respond to a request for comment.

Australian Prime Minister Anthony Albanese has returned to power in a surprising landslide election victory for his Labour Party. That comes as just last week, Canadians gave the left-leaning Liberal Party there a fourth term in office, as voters shied away from a conservative candidate viewed as being too similar to President Trump.

Australian Prime Minister Anthony Albanese has returned to power in a surprising landslide election victory for his Labour Party. That comes as just last week, Canadians gave the left-leaning Liberal Party there a fourth term in office, as voters shied away from a conservative candidate viewed as being too similar to President Trump.

And Sydney-based reporter Mike Cherney says a similar dynamic played out in Australia.

And Sydney-based reporter Mike Cherney says a similar dynamic played out in Australia.