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Greg Abel is wasting little time putting his stamp on Berkshire Hathaway ‘s investment portfolio, reportedly moving to unwind positions tied to the departed lieutenant Todd Combs. The new chief executive has already sold stocks previously overseen by Combs after the longtime investment manager and Geico chief left for JPMorgan at the end of 2025, the Wall Street Journal reported. Combs had been one of two portfolio managers recruited by Warren Buffett to help oversee the conglomerate’s equity holdings. The move underscores how Abel is asserting control over Berkshire’s roughly $300 billion stock portfolio as he succeeded Buffett. Abel is…

Derek Sylvester with members of his family, team and mascot Molly, who was featured on the dealership’s logo.Courtesy Sylvester ChevroletDerek Sylvester’s father built the family’s original Chevrolet dealership with his bare hands on Main Street in rural Peckville, Pennsylvania, in 1972.The store and family have been a pillar of the village, outside Scranton, ever since. That was until late last month, when Sylvester and his family closed a deal to sell Sylvester Chevrolet to a New York-based dealer group.”As a family, we decided this might be the time,” said Sylvester, who at 67 has been contemplating retirement. “Unless you’re a…

Traders work at the New York Stock Exchange on April 17, 2026.NYSEThe Dow Jones Industrial Average was little changed Monday even after tensions between the U.S. and Iran escalated over the weekend, with traders betting the two countries will eventually reach a compromise. The 30-stock benchmark lost 50 points, or 0.1%. The S&P 500 shed 0.2%, while the Nasdaq Composite pulled back 0.4%.Traders remain hard-pressed to fully price in a worst-case scenario on the war given stocks’ recovery from near correction territory to all-time highs.”News flow from the Middle East was net negative over the weekend but (as was the…

A Jersey Mike’s restaurant in Walnut Creek, California, Nov. 21, 2024.David Paul Morris | Bloomberg | Getty ImagesJersey Mike’s has confidentially filed for an initial public offering, the company said on Monday. The announcement comes more than a year after Blackstone bought a majority stake in the sandwich chain in a deal that reportedly valued Jersey Mike’s at roughly $8 billion.After the Blackstone deal closed, Jersey Mike’s tapped former Wingstop CEO Charlie Morrison to helm the company. Morrison led the chicken wing chain for a decade, ushering it through its own IPO and a period of historic growth.With more than…

My top 10 things to watch Monday, April 20 1. Stocks are headed for a lower open, and oil prices are higher this morning as tensions reignite in the Strait of Hormuz. The U.S. seized an Iranian commercial ship that tried to evade the Navy blockade. Iran’s brief reopening of the strait Friday capped off a strong week for the S & P 500 and Nasdaq . In my Sunday column, I wrote about things going right for stocks beyond Iran. One of those things is earnings , and we have a lot more of them this week. 2. Roofing…

Eli Lilly will acquire biotech company Kelonia Therapeutics in a deal worth up to $7 billion, the company said Monday.Lilly will pay $3.25 billion upfront, and the remaining payments are contingent upon clinical, regulatory and commercial milestones, it said. The transaction is expected to close in the second half of 2026. Kelonia is developing technology to reprogram patients’ T-cells inside the body so those cells can attack cancer, called in vivo CAR-T. Current treatments require that work to be done outside the body, or ex vivo, a process that involves harvesting cells, engineering them in a lab and then reintroducing…

UniCredit has unveiled plans for a far-reaching shake-up of takeover target Commerzbank with the intention of transforming the German lender for a “new future-ready era.” Chief executive of UniCredit Andrea Orcel said in a conference call Monday that a “true combination” of UniCredit and Commerzbank would send “a clear signal”, creating a “country leader and benchmark.”He added that the plan would build a “federal pan-European group and European benchmark for others to follow.”UniCredit has been eyeing a potential bid for the Frankfurt-based lender since taking a 9% stake in 2024, which has since swelled above the 30% benchmark requiring a…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.UK counterterror police have signalled Iran is the focus of their probe into a series of arson attacks around London, after a newly emerged group linked to the Islamic republic claimed at least its fifth attack in a week.Officers on Sunday also threatened to use the anti-espionage National Security Act against anyone involved in the incidents, raising the potential sentence for anyone convicted.Vicki Evans, UK senior national co-ordinator for counterterrorism policing, said: “As the conflict in the Middle East continues to evolve,…

This report is from this week’s The Tech Download newsletter. Like what you see? You can subscribe here.Nvidia has cemented itself at the heart of the AI boom with a monopoly on the most powerful chips to train and run models, but a growing crop of startups are set on challenging the company’s supremacy.And increasingly, investors are throwing huge sums behind them. In 2026, AI chip startups raised $8.3 billion in funding, globally, according to Dealroom. Barring a near total collapse of the market, the sector is expected to see record sums pumped into it this year. So what’s causing the spike?While…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The new director of the EU’s anti-fraud agency has warned that European capitals’ rearmament drive is a “magnet” for criminals who are attracted by the historic sums being poured into the defence sector.The anti-fraud watchdog Olaf has received a rising number of tip-offs regarding “wrongdoing in the defence area, especially in research projects or procurement”, it stated in its yearly report published on Monday.“If we invest more into defence, you will see more fraud or more cases in defence,” Petr Klement, who…