Warren Buffett’s $6 Billion Charitable Share Donation
Warren Buffett announced he will donate about $6 billion worth of Berkshire Hathaway shares to five foundations, continuing a commitment he began nearly two decades ago. Of this, 9.43 million Class B shares will go to the Bill & Melinda Gates Foundation Trust. The remaining 2.92 million shares will be divided among foundations linked to his children and the Susan Thompson Buffett Foundation.
Buffett, who co-founded the Giving Pledge in 2010 with Bill and Melinda Gates, has gradually contributed Berkshire shares to philanthropic causes both during his lifetime and scheduled for his estate. He noted the five foundations have collectively received shares valued at approximately $60 billion since 2006, surpassing his entire net worth at that time.
Despite stepping down as Berkshire Hathaway CEO by the end of 2025, Buffett plans to continue donating shares steadily rather than selling them. As of now, his holdings include over 198,000 Class A and 1,144 Class B shares, worth around $145 billion, representing more than 99% of his net worth. He reaffirmed that about 99.5% of his estate will be dedicated to philanthropy.
Supreme Court Strengthens Presidential Powers Amid Trump Victories
The US Supreme Court concluded its recent term with a series of rulings largely favorable to former President Donald Trump. In a significant 6-3 decision, the Court limited judges’ ability to issue nationwide injunctions blocking presidential initiatives, which benefits executive authority.
The conservative majority upheld several Trump policies, including discharging transgender military service members, dismissing top federal agency officials, and facilitating deportation of hundreds of thousands of migrants. These rulings often came with minimal explanation, drawing sharp criticism from liberal justices who warned of undermining constitutional norms.
Justice Amy Coney Barrett, author of the injunction ruling, emphasized courts should not exercise broad oversight of the executive branch. This decision may reduce judicial interventions on major presidential acts, although class action lawsuits remain a potential check.
However, the Court also showed limits by temporarily blocking certain deportations and allowing some procedural safeguards in immigration cases. Its controversial stance reflects tensions over executive power, especially amid concerns about adherence to democratic principles.
Federal Reserve’s Stress Tests Show Banks Resilience Despite Eased Standards
All 22 major banks successfully passed the Federal Reserve’s annual stress tests designed to assess their ability to withstand economic shocks. These tests simulate adverse conditions such as recessions, housing price drops, and high unemployment to evaluate banks’ capital strength.
Notably, the Fed’s 2025 stress test scenario was less severe than in previous years, reflecting a weaker global economy and adjustments to reduce volatility in results. For instance, the scenario assumed smaller declines in commercial real estate, housing prices, and stock values compared to 2024.
Despite passing, some experts expressed concern that the Fed did not rigorously test exposure to growing sectors like private credit and private equity, which may present systemic risks. Additionally, the Fed’s decision to reduce testing intensity sparked debate about the prudence of lowering guardrails given evolving financial market challenges.
Passing the stress tests allows these banks to proceed with dividend payments and share buybacks, signaling confidence in their financial health.
Goldman Sachs: AI and Automation Key to Boosting U.S. Manufacturing Productivity
Goldman Sachs analysts highlight that tariffs alone are unlikely to revive U.S. manufacturing productivity, which has slowed partly due to global competition and broader sector trends. Instead, advancements in automation and artificial intelligence represent the most promising drivers of productivity growth.
While tariffs have aimed to reshore manufacturing jobs, analysts note that production costs remain lower internationally, limiting reshoring incentives. The U.S. lags behind other countries, including China, in deploying AI in factories. For example, only 46% of U.S. manufacturers report multiple AI use cases, compared to 77% in China.
Recent technological breakthroughs like AI-powered programming software for precision parts illustrate potential improvements in production speed and efficiency. However, reversing the decades-long productivity slowdown requires significant innovation breakthroughs and widespread adoption.
Big Brands Pull Back From Pride Amid Changing Corporate and Political Climate
Several corporations have reduced their public engagement with Pride events following political shifts such as President Trump’s executive order ending federal diversity, equity, and inclusion initiatives. A notable poll found that 39% of companies plan to decrease Pride-related activities.
NYC Pride, for example, faces a $750,000 shortfall, leading to fewer floats and performers and reduced support for local LGBTQIA+ organizations. Corporate involvement in Pride, which blossomed in the 1990s and grew substantially in the 2010s after landmark legal rulings, is now being reassessed by businesses and activists amid concerns about commercializing the movement.
Images from past Pride events trace how brand presence evolved from sponsorships to prominent parade participation, reflecting shifts in cultural and corporate priorities over time.
Victoria’s Secret CEO Faces Activist Pressure Amid Turnaround Efforts
Since taking the helm 10 months ago, CEO Hillary Super has been steering Victoria’s Secret through challenges including stock declines, a recent security breach, and calls from activist investors for board changes. Super emphasizes a strategy focusing on bra innovation, youth brands like PINK, and refreshing marketing to connect with modern consumers.
Following leadership scandals and market share losses over the past years, Victoria’s Secret has undergone transformation attempts including de-emphasizing traditional fashion shows and expanding its brand ambassadors’ diversity. Despite mixed reception, analysts note signs of improvement and classify the company as early in its turnaround journey.
Activist investors, including hedge funds and major shareholders, criticize capital allocation and governance while urging strategic reassessment. The company maintains confidence in Super’s leadership amid calls for fresh direction.
Billionaire Backlash Against NYC’s Democratic Socialist Mayoral Nominee
Zohran Mamdani’s likely nomination as New York City mayor, on a platform including rent freezes and city-owned grocery stores, has sparked strong opposition from billionaire donors who view his policies as threats to business and economic viability.
Notable figures such as Bill Ackman and Elon Musk voiced concerns about socialism’s impact on the city’s business environment and tax base. Grocery magnate John Catsimatidis even threatened relocating stores out of the city if Mamdani wins.
These billionaires funded campaigns backing former Governor Andrew Cuomo and vow to pour hundreds of millions into opposing Mamdani. This political tension highlights deep divides over New York’s future direction and governance.
Consumers Pull Back Spending as Inflation and Tariffs Rise
Consumer spending in May fell 0.1% month-over-month, indicating weakening demand amid inflation and tariff-driven price pressures. Income also declined, reflecting fading government benefit boosts and economic uncertainty.
Spending drops in sectors like travel and services point to growing caution among Americans, while inflation rates ticked up slightly. Economists warn of a looming summer slowdown as real incomes flatten and borrowing remains subdued.
The Federal Reserve is likely to maintain interest rates given persistent inflation above target, contributing to a cautious economic outlook.
AI Deepfakes Enter Philippine Political Battles
In the Philippines, AI-generated deepfake videos have emerged in the heated impeachment battle involving Vice President Sara Duterte. Supporters and opponents alike have used AI avatars expressing political viewpoints, fueling misinformation and controversy.
While criticized for spreading fake news, politicians like Duterte and her allies argue that such content helps communicate points and escape backlash. This phenomenon mirrors a broader global trend of AI-produced media influencing political discourse, raising concerns about authenticity and democratic norms.
Ford CEO Endorses Waymo’s LiDAR Approach Over Tesla’s Camera-Only Self-Driving System
Ford CEO Jim Farley stressed the importance of LiDAR technology in self-driving cars, favoring Waymo’s sensor-based approach over Tesla’s camera-only system. Farley highlighted that LiDAR offers critical advantages in detecting obstacles when cameras might be blinded.
While acknowledging Tesla’s progress and Elon Musk’s innovations, Farley emphasized caution and reliability, reflecting the industry’s skepticism of Tesla’s cost-saving but potentially less redundant technology. Ford plans to collaborate with partners on advanced autonomy and prioritize driver comfort with hands-free highway driving before pursuing full autonomy.