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Warren Buffett Donates $6bn in Berkshire Shares, Reinforces His Longstanding Philanthropic Pledge

By
Samuel Nwite
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0

Warren Buffett, the legendary billionaire investor and chairman of Berkshire Hathaway, has announced a fresh charitable donation totaling $6 billion worth of Berkshire Hathaway Class B shares.

The move is the latest installment in Buffett’s nearly two-decade commitment to give away the bulk of his wealth, and it cements his place among the most prolific philanthropists in history.

In a statement released Friday, Buffett said he donated 12.4 million Class B shares to five philanthropic organizations, led by the Bill & Melinda Gates Foundation Trust, which will receive 9.4 million shares, worth approximately $4.6 billion.

The remainder of the shares were distributed among four family-linked charities: the Susan Thompson Buffett Foundation, the Sherwood Foundation, the Howard G. Buffett Foundation, and the NoVo Foundation, each receiving about 660,000 shares.

Buffett, now 94 years old, remains one of the wealthiest people on the planet, with a net worth of $152 billion, according to Bloomberg’s Billionaires Index. He first pledged in 2006 to donate the vast majority of his fortune to philanthropic causes and has since made annual contributions, steadily reducing his stake in Berkshire without ever selling shares for personal gain.

“When originally made, I owned 474,998 Berkshire A shares worth about $43 billion and those shares represented more than 98% of my net worth,” Buffett said. “During the following 19 years, I have neither bought nor sold any A or B shares nor do I intend to do so.”

Today, Buffett owns 198,117 Class A shares and 1,144 Class B shares, representing over 99% of his fortune. He emphasized that the value of the shares he has already donated — over $60 billion — exceeds his entire net worth when he first made the 2006 pledge.

Reflecting on his wealth, Buffett downplayed any sense of financial genius. “Nothing extraordinary has occurred at Berkshire,” he wrote, attributing his success to “a very long runway, simple and generally sound decisions, the American tailwind, and compounding effects.”

Philanthropy on a Grand Scale: Bill Gates and MacKenzie Scott

Buffett’s latest donation again elevates the Bill & Melinda Gates Foundation Trust, which has been a key beneficiary of his wealth since 2006. The Gates Foundation, co-founded by Microsoft co-founder Bill Gates and his then-wife Melinda French Gates, is one of the largest private foundations in the world. It focuses heavily on global health, poverty alleviation, education, and climate adaptation, with projects ranging from vaccine distribution in Africa to sanitation improvements in South Asia. As of 2023, the foundation had disbursed over $77 billion in grants since its inception.

Earlier this year, Gates announced a plan to give all his wealth out by 2060, with most going into charity work in Africa.

Another modern titan of philanthropy, MacKenzie Scott, the ex-wife of Amazon founder Jeff Bezos, has rapidly redefined charitable giving in recent years. After her 2019 divorce settlement, she committed to giving away the majority of her wealth and has since disbursed over $17 billion to more than 1,600 organizations. Scott’s strategy emphasizes no-strings-attached donations, trusting recipients to allocate funds based on their own judgment, often benefiting underfunded nonprofits in education, racial justice, women’s health, and rural development.

Buffett’s Legacy as a Giver

Buffett co-founded the Giving Pledge in 2010 alongside Bill Gates and Melinda French Gates, encouraging billionaires worldwide to commit to giving away most of their wealth. Despite his age, Buffett has continued to fulfill that pledge without pause.

His focus on slow, compounding generosity mirrors the investment principles that built Berkshire Hathaway into one of the world’s most valuable companies.

With this latest donation, Buffett not only reiterates his philanthropic vision but also signals to a new generation of billionaires that generosity, not accumulation, is the enduring mark of legacy.

Tesla Car Drives Self to Buyer, Marking Company’s First Fully Autonomous Vehicle Delivery

By
Samuel Nwite
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0

In what could prove more consequential than its much-hyped robotaxi rollout, Tesla has announced the first-ever fully autonomous vehicle delivery, completing a drive from its Austin Gigafactory directly to a customer — without anyone inside the car or remotely piloting it.

A video posted by Tesla on X (formerly Twitter) shows a Model Y navigating a varied route across highways, suburban neighborhoods, and residential streets before pulling up outside a customer’s apartment complex.

Tesla CEO Elon Musk, who had previously teased a June 28 debut, confirmed Friday that the feat was achieved a day earlier.

“There were no people in the car at all and no remote operators in control at any point. FULLY autonomous!” Musk wrote. “To the best of our knowledge, this is the first fully autonomous drive with no people in the car or remotely operating the car on a public highway.”

The buyer named Jose responded to the post saying: “That was me! So excited to have been a part of this thank you! @elonmusk @Tesla.”

A First? Not Exactly

Despite Musk’s claims, Waymo has already been operating fully driverless cars — including on highways — for over a year. The Google-owned autonomous vehicle unit currently runs freeway operations in Phoenix, Los Angeles, and San Francisco, though its access is limited to employees. While Tesla’s latest move is a significant technical and symbolic achievement, it’s not the industry’s first instance of true driverless highway navigation.

Why This Matters More Than Robotaxis

The announcement comes amid growing skepticism about Tesla’s robotaxi initiative, which launched earlier this week with in-vehicle safety monitors. Despite heavy promotion, several early tests captured incidents of poor driving behavior: crossing into oncoming lanes, abrupt braking, and awkward interactions at intersections.

Tesla has so far deployed 10 to 20 robotaxis, all Model Y vehicles fitted with Full Self-Driving (FSD) beta software. Human safety operators sit in the passenger seat with a kill switch, highlighting the cautious and still-supervised nature of the service.

The fully autonomous delivery, however, did not involve a human monitor or remote supervisor, making it a more confident demonstration of Tesla’s FSD progress. That said, it also raises regulatory and safety questions, as Tesla’s system still lacks the redundancies seen in competitors like Waymo and Cruise.

Tesla continues to rely solely on vision-based AI, using just eight cameras with no radar, no lidar, and no secondary steering or braking systems. By contrast, Waymo’s AVs are equipped with:

  • 5 lidars
  • 6 radars
  • 29 cameras
  • Plus multiple layers of redundancy in braking, steering, and onboard computing

This difference in design philosophy has fueled a long-running debate in the autonomous vehicle community. Musk has long dismissed lidar as a “crutch,” while some believe that Tesla’s approach is inherently less safe, particularly in poor lighting or weather conditions. Even Musk’s own AI chatbot, Grok, reportedly acknowledged that adopting lidar could reduce phantom braking and improve FSD’s performance at night and during sun glare.

Where It Leaves Tesla

This delivery does show Tesla inching closer to its long-promised dream of unsupervised, city-to-city autonomy. But it’s still far from commercial viability on a large scale, particularly when contrasted with Waymo’s slow but methodical rollout of robotaxi fleets with verified safety data and state-level regulatory approval.

Tesla has not disclosed whether it will scale autonomous deliveries or under what conditions they may become common. Nor has it provided data on how many disengagements occurred during the route — a standard metric in the self-driving world used to evaluate safety and performance.

Ultimately, this may be less about immediate commercial deployment and more about reputation-building, especially as Tesla heads into its highly anticipated AI Day 2025 and tries to assure investors that its autonomous bets aren’t stalling.

While the milestone is important, Tesla still has a long road ahead before Full Self-Driving matches the safety records and regulatory acceptance.

UN Urges Germany To Maintain Its Refugee Resettlement Program

By
Paul Ugbede Godwin
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0

The United Nations, through the UNHCR, has urged Germany to continue its refugee resettlement program, expressing concern over the country’s decision to temporarily suspend it in April 2025. Filippo Grandi, the head of UNHCR, voiced regret over the halt, which was prompted by coalition negotiations between the CDU/CSU and SPD, with the incoming government expected to adopt stricter immigration policies.

The program, active since 2012, facilitates the resettlement of vulnerable refugees—such as children, victims of torture, or those with urgent medical needs—who cannot remain in their first country of asylum. Germany had committed to resettling 13,100 refugees in 2024-2025, with 6,540 places allocated for 2024, primarily from countries like Syria, Afghanistan, and Iraq, through the EU Resettlement Programme.

Despite the suspension, cases already in advanced stages are being processed, and UNHCR anticipates the program may resume once a new interior minister is appointed. However, the new coalition plans to end similar schemes and shift focus to labor market-driven immigration programs.

The suspension of Germany’s resettlement program, which targets highly vulnerable groups like children, torture victims, and those with urgent medical needs, could leave thousands stranded in precarious conditions in first-asylum countries (e.g., Turkey, Lebanon, Jordan). In 2024-2025, Germany planned to resettle 13,100 refugees, and halting these risks exacerbating their suffering.

Germany’s decision could influence other nations to scale back or suspend similar programs, weakening the global resettlement framework. In 2024, only 120,000 refugees were resettled worldwide, a fraction of the 26 million refugees needing protection, according to UNHCR data. The suspension reflects tensions within the new CDU/CSU-SPD coalition, formed after the February 2025 elections. The CDU/CSU’s push for stricter immigration policies clashes with the SPD’s more progressive stance, signaling potential governance friction.

Anti-immigration sentiment, fueled by parties like the AfD, has gained traction, with 17% of Germans favoring tougher border controls in a 2025 poll cited on X. The suspension aligns with this sentiment but risks alienating pro-refugee advocates and civil society groups. Germany’s halt undermines the EU’s collective resettlement efforts, which rely on member states’ commitments. This could strain relations with countries like Sweden or France, which continue to accept refugees under the EU framework.

The UNHCR’s public urging puts diplomatic pressure on Germany, potentially complicating its role in international forums where it has championed humanitarian causes. The coalition’s focus on labor market-driven immigration programs prioritizes economic migrants over humanitarian cases. This could reshape Germany’s demographic and economic landscape but may marginalize those fleeing persecution who don’t meet labor criteria.

The suspension reflects a polarized public. Pro-immigration groups, including NGOs and parts of the SPD base, argue for humanitarian obligations, citing Germany’s history of welcoming over 1 million refugees during the 2015-2016 crisis. Conversely, anti-immigration voices, amplified by the AfD and some CDU/CSU factions, prioritize national security and economic concerns, pointing to integration challenges and costs.

Urban areas like Berlin and Hamburg often support multiculturalism, while rural regions lean toward skepticism, fearing cultural and economic strain, as seen in X discussions on regional voting patterns in 2025. The UN’s call underscores a broader divide between wealthier nations like Germany, which have the capacity to resettle refugees, and developing nations hosting the majority of the world’s refugees (e.g., Turkey hosts 3.6 million Syrians).

The UNHCR emphasizes global responsibility, while Germany’s incoming government prioritizes national sovereignty and domestic priorities, reflecting a tension between international obligations and local politics. The shift toward labor-driven immigration highlights a policy divide between humanitarian resettlement and economic pragmatism. Critics argue this commodifies migration, sidelining those most in need.

The suspension may address immediate political pressures but risks long-term consequences, such as increased irregular migration or strained relations with asylum-hosting countries. Posts on X reveal polarized views, with some users praising Germany’s suspension as a defense of national interests, while others criticize it as abandoning moral responsibilities. Hashtags like #RefugeesWelcome and #CloseTheBorders trend alongside these debates.

Similar policy shifts are occurring elsewhere. For instance, posts on X mention tightened asylum policies in Denmark and the UK’s Rwanda plan revival in 2025, indicating a broader Western trend toward restrictive migration policies. Germany’s suspension of its resettlement program signals a pivot toward stricter, economically driven immigration policies, with significant humanitarian and diplomatic consequences.

AI Action Day: Trump’s AI Agenda Gains Momentum with Executive Orders, Action Plan, and High-Stakes Industry Summit

By
Samuel Nwite
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0

President Donald Trump is intensifying his drive to make the United States the global leader in artificial intelligence, setting the stage for a sweeping policy rollout aimed at accelerating the deployment of AI infrastructure, slashing regulatory hurdles, and rallying private investment.

In January, Trump ordered his administration to produce a national AI Action Plan, declaring his intent to make “America the world capital in artificial intelligence.” The final version of that plan is due on July 23, and the White House is reportedly considering designating the date as “AI Action Day” to draw national attention and underscore the administration’s commitment to expanding the AI industry.

The upcoming report, expected to carry input from the National Security Council and other federal agencies, is being positioned as the strategic blueprint for both federal coordination and private sector engagement in the AI economy. Trump’s broader goal is to dismantle what he views as bureaucratic and ideological constraints imposed during previous administrations, replacing them with fast-track policies to boost innovation, infrastructure, and competitiveness.

Executive Orders to Power AI’s Growth

According to policy details obtained by Reuters, Trump is preparing a series of executive actions designed to eliminate key bottlenecks in the energy and permitting systems that support AI infrastructure. Among the proposals are:

  • A nationwide Clean Water Act permit that would simplify environmental clearances for AI-related construction projects such as data centers and power facilities.
  • The prioritization of transmission projects that are already “shovel-ready,” particularly those critical to AI infrastructure.
  • Use of federal land overseen by the Departments of Defense and Interior for rapid deployment of AI-supporting assets.

The executive orders, expected in the coming weeks, align with internal White House assessments that America’s grid and permitting system are woefully unprepared for the energy needs of the AI economy. Trump aides say that current regulatory barriers “risk surrendering the AI future to foreign rivals like China.”

AI and Energy Summit: Trump to Rally Support in Pennsylvania

As part of the administration’s AI offensive, President Trump is scheduled to headline an AI and energy summit on July 15 at Carnegie Mellon University in Pittsburgh, Pennsylvania, hosted by Senator Dave McCormick. The event is expected to bring together leaders across AI, energy, and industry, including OpenAI CEO Sam Altman, Meta’s Mark Zuckerberg, Microsoft’s Satya Nadella, Alphabet’s Sundar Pichai, and other tech and infrastructure executives.

The summit will focus on the interdependence of artificial intelligence and energy infrastructure, as well as the policies needed to accelerate data center growth and digital innovation. McCormick’s team has confirmed that the summit is not just a symbolic gathering but a prelude to coordinated state-federal action on AI.

The timing coincides with a major corporate investment in the state. Earlier this month, Amazon announced a $20 billion investment to build data centers in two Pennsylvania counties, underscoring the region’s strategic importance as an energy-AI hub.

The AI Action Plan

The AI Action Plan due on July 23 will likely serve as a roadmap for the next decade of U.S. AI policy. According to reporting by Reuters and Axios, the plan will:

  • Emphasize AI’s role in national security and global competitiveness.
  • Prioritize permitting reform and public-private partnerships.
  • Outline training and workforce adaptation strategies for the age of digital labor.

The Office of Science and Technology Policy, alongside the National Security Council, is expected to lead the coordination of the plan, supported by senior administration officials and a new industry advisory council.

Trump’s January executive order, EO 14179, reversed many elements of the Biden administration’s more cautious AI approach. The order emphasized deregulation, free-market competition, and the need to prevent “ideological bias” in federally funded AI systems.

The Scale of AI’s Future—and Its Stakes

In recent remarks, Trump officials have warned that AI will soon become the largest driver of electricity demand in the country, outpacing electric vehicles and industrial growth. Some estimates project that AI-driven energy usage could double U.S. power demand within the next five years, especially with the rise of generative models and autonomous systems.

The administration believes this presents both a risk and an opportunity: unless grid and permitting challenges are resolved, the U.S. risks falling behind countries like China that are aggressively funding national AI systems.

With the July 15 summit and the July 23 report on the horizon, Trump is aligning political, financial, and institutional forces behind an AI-first strategy. Aides say the administration sees AI not just as a technology category but as a pillar of 21st-century geopolitical power.

It is not clear whether Congress will support these efforts, especially as lawmakers begin reviewing the forthcoming AI Action Plan. However, with major companies like Amazon, Microsoft, and Oracle expanding their AI footprints and backing state-level infrastructure investments, Trump’s strategy is quickly moving from policy outline to industrial reality.

In essence, the U.S. is now preparing for an AI race powered by silicon, steel, and deregulation—and Trump wants to be the one driving the charge from Washington.

Implications of U.S. Q1 2025 GDP Miss and High Odds of Rate Cuts

By
Paul Ugbede Godwin
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0

The U.S. Q1 2025 GDP contracted at an annualized rate of 0.5%, below the expected -0.2% and a sharp decline from Q4 2024’s 2.4% growth, driven by a surge in imports and reduced government spending. This marks the first negative GDP reading since Q1 2022, raising concerns about economic slowdown and potential recession risks, though analysts note a single quarter of contraction doesn’t confirm a recession.

The reported 94% odds of Federal Reserve rate cuts by September 2025 align with market sentiment reflected in fed funds futures, which have priced in a high probability of easing due to weaker growth and rising inflation pressures (core PCE at 3.5% vs. 3.2% expected). Posts on X and economic forecasts suggest tariffs and policy uncertainty are fueling stagflation risks, prompting expectations of one or two 25-basis-point cuts by year-end, with some analysts eyeing July as a possible start. However, the Fed may delay cuts if inflation remains elevated, as tariffs could push prices higher.

A negative GDP print, the first since Q1 2022, signals potential economic weakness. While one quarter of contraction doesn’t confirm a recession (typically requiring two consecutive quarters), it heightens concerns, especially with slowing consumer spending (down to 1.8% growth from 3.1% in Q4 2024) and reduced government expenditure. Imports surged (contributing to the GDP decline), reflecting trade imbalances possibly exacerbated by tariff expectations, which could further dampen growth if sustained.

The 94% odds of rate cuts by September (likely one or two 25-basis-point reductions) stem from fed funds futures reflecting market bets on monetary easing to counter slowdown risks. Some X posts suggest markets are eyeing July for a potential cut if Q2 data weakens further. However, persistent inflation (core PCE at 3.5% vs. 3.2% expected) and potential tariff-driven price increases create a stagflation risk, complicating the Fed’s decision. Cutting rates too soon could fuel inflation, while delaying cuts risks deeper economic contraction.

Weaker GDP growth typically pressures stock markets, particularly growth-sensitive sectors like technology and consumer discretionary. X posts highlight mixed sentiment, with some investors betting on defensive sectors (e.g., utilities, healthcare) as growth slows. Treasury yields may decline as rate cut expectations rise, with the 10-year yield already softening post-GDP release (check Bloomberg or Reuters for real-time data). However, tariff-driven inflation could push yields higher if price pressures intensify.

A dovish Fed outlook weakens the USD, though tariff policies could bolster it by increasing import costs. FX markets are volatile, per recent X discussions. Proposed tariffs (e.g., 10-20% on imports) under discussion in policy circles could raise costs, further slowing growth while pushing inflation higher. X posts reflect fears that tariffs could negate rate cut benefits, creating a stagflationary environment.

Business investment, already soft (contributing to the GDP miss), may remain subdued amid uncertainty over trade policies and Fed actions. Some economists and investors argue that rate cuts will stimulate growth, particularly in housing and consumer spending, preventing a full recession. They point to strong labor markets (unemployment at 4.1% in recent data) and resilient corporate earnings as buffers. X posts from this camp emphasize the Fed’s ability to “soft land” the economy.

Others warn that rate cuts may be ineffective or premature given sticky inflation and tariff risks. They argue that easing could weaken the USD and fuel price pressures, especially if supply chain disruptions worsen. X discussions highlight fears of 1970s-style stagflation, with some users citing rising commodity prices (e.g., oil, metals) as warning signs. Some investors see rate cuts as a catalyst for equity rallies, particularly in rate-sensitive sectors like real estate and small caps. They argue that the GDP miss is a one-off, driven by temporary factors like import surges.

Others predict prolonged market volatility, pointing to declining consumer confidence (e.g., Conference Board index at 66.8, below expectations) and tariff uncertainty. Bears on X argue that valuations remain stretched, and a recession could trigger a deeper correction. Some policymakers and X users support tariffs to boost domestic manufacturing and reduce trade deficits, arguing that short-term pain (higher prices, slower growth) is worth long-term gains.

Others, including economists and business leaders, warn that tariffs will raise costs, hurt consumers, and exacerbate the GDP slowdown. X posts from this group emphasize global trade retaliation risks, citing Canada and EU responses to past U.S. tariffs.

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