Warren Buffett steps down as Berkshire Hathaway chairman
Warren Buffett attends ‘Becoming Warren Buffett’ World Premiere at The Museum of Modern Art on Jan. 19, 2017, in New York City. (Jamie McCarthy/Getty Images)
(NEW YORK ) — Warren Buffett has stepped down as chairman of Berkshire Hathaway, the company announced in a statement published early on Friday, having served in the role since 1970.
Buffett, 96, is now chairman emeritus of the company and will remain a director, Berkshire Hathaway said.
His son, Howard Buffett, will take over as Berkshire Hathaway’s new chairman, the statement added. Howard Buffett has been a member of the company’s board since 1993.
This is a developing story. Please check back for updates.
A cargo ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. (Majid Saeedi/Getty Images)
(NEW YORK) — Global oil prices on Wednesday fell to their lowest level since before the outbreak of the Iran war.
Brent crude futures, the benchmark index for worldwide trading, dropped to $73.50 a barrel. That figure, which amounted to a nearly 5% decline on Wednesday, marked the lowest price since Feb. 27, the day before the Middle East conflict began.
Stock prices, meanwhile, ticked higher Wednesday after a down day Tuesday. The Dow Jones Industrial Average jumped 105 points, or 0.2%, while the S&P 500 increased 0.2%. The tech-heavy Nasdaq rose 0.2%.Gas prices fell below $4 per gallon last week, crossing the milestone as oil costs eased in response to negotiations between the U.S. and Iran to end the war.
The national average price of a gallon of gas stands at $3.92, marking a decline of 58 cents, or 13%, over the past month, AAA data showed. Gas prices, however, remain 94 cents higher than where they stood before the Iran war.
The Middle East conflict prompted the Iranian closure of the Strait of Hormuz, a maritime trading route that facilitates the transport of about one-fifth of the global oil supply. The standoff triggered one of the largest oil shocks ever recorded, sending gasoline prices higher.
Delegations from the United States and Iran arrived over the weekend at the Bürgenstock resort in Switzerland, where they began negotiations aimed at a war-ending deal based on a memorandum of understanding signed last week by both countries.
The memorandum in part called on Iran to allow commercial shipping to resume through the strait, and to do so toll-free for the next 60 days.
In a social media post on Wednesday, President Donald Trump said Iran told him that there would be “no tolls, no insurance costs” and “no other charges of any kind” for ships traveling through the strait.
Claims to the contrary are “troublemaking” false reports, Trump said in the post.
Federal Reserve Chair Kevin Warsh speaks during a news conference at Federal Reserve Headquarters on July 29, 2026, in Washington, D.C. (Win McNamee/Getty Images)
(WASHINGTON) — The U.S. economy unexpectedly lost jobs in July, demonstrating a wobbly labor market as shoppers continued to withstand a surge of inflation set off by the Iran war.
The U.S. lost 23,000 jobs in July, according to the federal government’s monthly jobs report, which marked a decline from 57,000 jobs added in June.
The unemployment rate fell slightly from 4.2% in June to 4.1% in July, the Bureau of Labor Statistics (BLS) said. Unemployment remains low by historical standards.
The lackluster figure recorded in July departs from largely resilient performance for the labor market so far in 2026, despite a historic oil shock that has driven up fuel prices and hiked supply-chain costs for a host of other goods.
A government report issued last week showed a steeper slowdown in gross domestic product than expected over three months ending in June, however, suggesting strain in the underlying economy over the early months of the war.
The U.S. added an average of 92,000 jobs per month over the first half of 2026, U.S. Bureau of Labor Statistics data showed. That pace marks an improvement from an average of about 7,000 jobs lost per month over the second half of 2025.
The Iran war drove up gasoline prices and catapulted inflation to a three-year high in May. A preliminary peace agreement in June offered up some relief, but a burst of on-again, off-again fighting in recent weeks caused crude prices to rise again.
The combination of elevated inflation and a resilient labor market has raised the chances of an interest rate hike, futures markets show. Investors peg the odds of a quarter-point rate hike next month at about 56%, according to the CME Group’s FedWatch Tool, a measure of market sentiment.
The Fed opted to hold interest rates steady at its meeting last week, but central bankers appeared divided over the move. Three of the 12 members on the Fed’s policymaking board voted in favor of a rate hike, marking the largest number of dissenters casting ballots in the same direction since 2016.
A rate increase, however, could risk a slowdown in hiring and economic growth over the coming months as corporations face the prospect of higher borrowing costs.
The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.
Fed Chair Kevin Warsh, who took the helm of the central bank this summer, has repeatedly vowed to dial back inflation.
“The committee remains resolute — you’ve heard this before — that we will deliver price stability,” Warsh told reporters in Washington, D.C., last week.
(NEW YORK) — If you’re a millennial, you may remember the beauty and lifestyle influencers of the 2000s and 2010s. Back then, influencers were maximalists, competing to out-consume one another with walk-in closets filled with designer bags and shoes, and entire rooms dedicated to their makeup collections.
But in 2020, the economy began rapidly changing in response to the COVID-19 pandemic, and the culture around influencers has followed suit.
According to recent Pew Research Center polling, only 24% of Americans rate the economy as excellent or good, and 66% are worried about the price of food and consumer goods. As their economic realities change and everyday necessities become harder to afford, people are moving away from content centered on over-consumption at a luxury price point.
A new generation of influencers is adapting to this perceived economic downturn and the growing number of viewers with a lot less cash to spare.
One of these creators is trend analyst and fashion expert Mandy Lee. She has amassed over 900,000 followers across Instagram and TikTok with content focused on trend predictions, runway reviews and her own funky, luxe style. In 2024, Lee designed the 75 Hard Style challenge based on a popular diet and fitness program. She challenges her audience to create 75 unique outfits over 75 days without purchasing anything new.
Over 70,000 people have participated in the challenge since its launch, according to Lee’s Instagram. It has inspired Lee’s followers to get creative with their wardrobes, while making them more mindful shoppers.
Influencers in the beauty space are also helping their followers find ways to get glam on a budget.
Shelby Ann Bell, an Atlanta-based bridal makeup artist, has built a platform of over 2.5 million followers on TikTok by posting viral makeup routines using affordable products. Bell’s techniques have inspired her followers on a budget to save money by using products easily found at the drugstore.
Growing up in Aiken, South Carolina, Bell became interested in makeup at a young age, but she did not have the budget for expensive beauty products.
“I really can resonate with the person who is sitting on the other side of the screen, and feeling like times are tough, and they just want to escape, feel confident, or feel beautiful,” she told ABC News. “Being able to do that at an affordable price point or on a budget is really important to me.”
Another popular creator encouraging her followers to save is Pooja Jain. With a master’s degree in biomedical and bioengineering and experience in pharmaceutical sciences, she uses her background to help TikTok followers find beauty and skincare routines on a budget.
Jain finds affordable substitutes by studying ingredient lists in luxury beauty products, identifying cheaper products with similar key ingredients and explaining in layman’s terms what each ingredient’s purpose is.
Her audience has grown exponentially over the past year, as skincare and makeup lovers seek ways to cut back on unnecessary spending by replacing high end products with affordable alternatives.
These are just a few examples of a growing trend. A new generation of influencers are gaining large platforms by meeting their audiences where they’re at financially. And as the economy continues to change, this will surely not be the last era of influencers to help audiences on a budget.
