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Berkshire Hathaway is undergoing a major leadership transition as Warren Buffett prepares to retire, with investment manager Todd Combs leaving to lead JPMorgan’s new $10bn security and resiliency initiative. Berkshire chief financial officer Marc Hamburg will also retire in 2026, to be succeeded by Charles Chang. Nancy Pierce will replace Combs as Geico CEO. The changes come as Buffett, 95, prepares to hand over the CEO role to vice chairman Greg Abel by year-end.

 

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U.S. President Donald Trump has said that he would have a say whether a proposed $82.7bn merger between Netflix and Warner Brothers should proceed. "I'll be involved in that decision," Trump told reporters. Trump did not say whether he favored the deal's approval, but indicated a potential concentration of market power in the entertainment industry. At an event in Washington DC, Trump said Netflix has a "big market share" and the firms' combined size "could be a problem." Bloomberg reports that Netflix co-CEO Ted Sarandos met with Trump at the White House in mid-November to discuss the potential acquisition. Trump reportedly told Sarandos that Warner Bros. should sell to the highest bidder, and Sarandos argued that Netflix's acquisition of the company would not create a monopoly. Paramount, which triggered the auction of Warner Bros., may launch a hostile bid, Bloomberg notes.

 

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U.S. core inflation rose 2.8% in September, slightly below expectations, according to delayed data from the Commerce Department’s Bureau of Economic Analysis. The core personal consumption expenditures (PCE) index rose 0.2% month-on-month, while headline PCE climbed 0.3%, also reaching 2.8% annually. The data, postponed due to a government shutdown, reinforces expectations of a Federal Reserve rate cut announcement on Wednesday, with personal income up 0.4% and consumer spending up 0.3% for the month.

 

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Bloomberg

CNBC

The pilots' union at Allegiant Air is blocking the carrier's bid to secure U.S. residency for dozens of foreign pilots from Chile, Australia and Singapore. The union's refusal to certify to the U.S. Department of Labor that the pilot positions, which start at about $50,000 a year, or about half of what pilots at other regional airlines earn, meet "prevailing wage" standards has left their immigration status undecided.  Teamsters Local 2118 says Allegiant should offer industry-standard compensation and improvements to scheduling to retain pilots who are leaving for rivals, rather than hire pilots from overseas.

 

Reuters

Andersen Group, the consultancy formed by ex-Arthur Andersen partners, is aiming to raise $176m through an IPO of 11m shares priced between $14 and $16, implying a potential market value of $1.75bn. For the nine months to 30 September 2025, it reported net income of $65.7m on revenue of $668.3m. The firm, employing over 2,200 people, provides tax, valuation and advisory services and is part of the global Andersen network.

 

Bloomberg

Tesla has secured the largest allocation of advanced energy project tax credits, amounting to $240.3m, the IRS has announced. The certification is part of the second round of allocations under Section 48C(e). To claim the credit, Tesla must place the project in service within two years. The allocation process requires taxpayers to apply for consideration. The recent tax-and-climate law passed by Democrats in 2022 has renewed and expanded the qualifying advanced energy projects.

 

Bloomberg Tax

The New York Times has launched legal action against Perplexity AI, alleging that the start-up has unlawfully copied and distributed millions of its articles to enhance its generative AI products. The lawsuit contends that Perplexity's business model is based on scraping content, including paywalled material, and asserts that the AI outputs sometimes create fabricated content falsely attributed to the newspaper. In response, Perplexity has dismissed the allegations, claiming such lawsuits are an ineffective tactic by publishers against new technologies.

 

Reuters

The FASB has released an accounting standards update (ASU) to provide clear guidance on the accounting for government grants received by business entities. This update builds on previous guidance from 2021, addressing stakeholder requests for enhanced transparency. FASB chair Richard Jones said: "The new ASU adds guidance in an area where stakeholders have consistently highlighted a need for it, benefitting both preparers and investors." The amendments include specific disclosure requirements and recognition criteria for government grants, which are defined as transfers of monetary or nonmonetary assets from a government to a business entity. The new rules will take effect for public entities after December 15th 2028, and for other entities after December 15th 2029.

 

Accounting Today

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Journal of Accountancy

According to the AICPA and CIMA Economic Outlook Survey, optimism among U.S. business leaders about the economy has decreased, with only 28% of surveyed decision-makers expressing confidence for the next year, down from 34% last quarter. However, 41% are optimistic about their own companies, a slight increase from 37%. Tom Hood, CPA/CITP, CGMA, noted: “Despite a small decrease in optimism in the economy at large, we're seeing a mixed picture below that topline figure.” The survey also revealed that 52% expect a recession by the end of 2026, while domestic economic conditions and inflation remain the top challenges. Additionally, 48% of decision-makers anticipate business expansion in the coming year.

 

CPA Practice Advisor

Journal of Accountancy

U.S. consumer sentiment has risen for the first time in five months, with the University of Michigan's preliminary December index up to 53.3 from 51, driven by improved personal finance expectations and a moderation in inflation forecasts. One-year inflation expectations fell to 4.1%, the lowest since January, while long-term expectations dipped to 3.2%. Despite the improvement, sentiment remains weighed down by high living costs and job market concerns, as over half of employed Americans fear potential job losses. “Consumers have noted that the soaring inflation they feared in April and May 2025 at the height of tariff developments has not come to fruition at this time,” noted Joanne Hsu, director of the survey. “Still, inflation expectations over both time horizons remain higher than average readings from both 2024 and 2020," she added. 

 

Bloomberg

The FASB is finalizing a groundbreaking U.S. standard for environmental credits, including carbon offsets and renewable-energy certificates. Former SEC chief accountant Paul Munter and former SEC climate policy counsel Mika Morse highlight that this standard, effective for public companies starting after December 15, 2027, will require companies to recognize environmental credits as assets only if they are likely to be used for regulatory obligations or sales. This shift could discourage voluntary credit purchases, impacting liquidity and financing for carbon-reduction projects. Mr. Munter emphasizes: “For companies that have articulated long-term climate commitments, investors have a clear interest in understanding how those commitments will be met.” The new rules may influence how markets develop and how companies approach their climate strategies, with global implications as the International Accounting Standards Board (IASB) considers similar standards.

 

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Bloomberg reports that the Trump administration is moving to fast-track the construction of power-hungry data centers as a matter of national security, but its hindering of renewable energy projects risks slowing the artificial intelligence (AI) boom. The most efficient way to address growing demands on the power grid is through renewable energy, data suggests. Bloomberg notes that big tech companies are signing power contracts with natural gas, but say they are still committed to their clean energy goals.

 

Bloomberg

AMD chief executive Lisa Su has confirmed the company holds licences to export downgraded MI308 AI chips to China and is prepared to pay a 15% U.S. export tax under a deal announced by President Donald Trump. The MI308 complies with U.S. export controls, but faces headwinds from Chinese government policies favoring domestic AI chips for state-backed data centers.

 

Reuters

Swiss lender UBS could cut an additional 10,000 jobs by 2027, according to a report in SonntagsBlick. UBS did not confirm the number, but said it would "keep the number of jobs cuts in Switzerland and globally as low as possible," adding "The role reductions will take place over the course of several years and will be mostly achieved through natural attrition, early retirement, internal mobility and inhousing of external roles."

 

Reuters

Amazon has paid €180m ($210m) to Italian authorities and ended the use of a delivery staff monitoring system, closing a probe into alleged tax fraud and labor violations by its logistics unit. The investigation centred on the use of subcontractors to sidestep VAT and social security obligations. Amazon joins over 30 companies that have collectively paid more than €1bn to resolve similar cases.

 

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Reuters

The 2028 Los Angeles Olympics and Paralympics have secured over $2bn in sponsorship and licensing deals, surpassing the 2024 Paris games, with major contributions from brands like Honda, Uber, and Google. LA28 aims to raise $2.5bn in total to help avoid burdening taxpayers, as the games' budget has risen to $7.15bn. Organisers expect a further $2.5bn from ticket sales, with registration opening in January. The International Olympic Committee is set to contribute $948m.

 

Bloomberg