Cocaine Trade Hits Record High as Smugglers Go Global
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What recent announcement did Warren Buffett make?
We're seeing semi-submersibles in the last few years heading to Spain and and Portugal into the South Pacific. So we're talking about 9,000 miles. These are dangerous trips, but that's how much money is to be made by selling cocaine in some of these countries. It's Monday, May 5th.
How are smugglers adapting to the cocaine trade?
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. 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.
It's a big mistake, in my view, when you have 7.5 billion people that don't like you very well, and you've got 300 million that are crowing in some way about how well they've done.
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.
There are many people on Wall Street who say this is going to be the greatest windfall ever happened. And that's my question, the long term. Is it okay in the short term to have a recession? Look, yeah, everything's okay. What we are, I said, this is a transition period. I think we're going to do fantastically. Are you worried about a recession?
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. 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.
Albanese successfully sold an argument to voters that he was a pair of stable hands and best suited to deal with some of this Trump-related disruption. His conservative opponent, Peter Dutton, to many voters perhaps came off as a little bit too Trump-like. Dutton did support some Trump-like policies like slashing the government workforce and ending working from home for some government employees.
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Chapters
6 chapters
1
What recent announcement did Warren Buffett make?
0:54–1:12
2
How are smugglers adapting to the cocaine trade?
1:12–6:45
3
What election dynamics are influenced by Trump in Australia?
6:45–8:29
4
How is Anthony Albanese managing Trump's influence?
8:29–8:56
5
What innovative tactics is Ukraine using against Russia?
8:56–10:19
6
What recent developments are affecting oil prices?
10:19–14:01
Speakers
3 identifiedMore from WSJ What’s News
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