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Revered investor Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year, Associated Press reported.

Buffett said he will recommend to Berkshire Hathaway’s board that Greg Abel should become CEO at the end of the year. 

“I think the time has arrived where Greg should become the Chief Executive office of the company at year end,” Buffett said.

Abel has been Buffett’s designated successor for years, and he already manages all of Berkshire’s noninsurance businesses. But it was always assumed he wouldn’t take over until after Buffett’s death. Previously, the 94-year-old Buffett has always said he has no plans to retire.

Buffett announced the news at the end of a five-hour question and answer period and didn’t take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning, according to Associated Press.

Remittances have significantly transformed the life of families in rural areas of Arghakhanchi. With the money sent by family members working overseas, many households have been able to upgrade their homes, get internet access, and buy smartphones to stay in touch with their loved ones. 

Another notable change can be seen in the children’s education. Today, many families send their children to private schools.   

An estimated 55,000 youths from Arghakhanchi alone have gone abroad for employment. However, there is no data on those who leave without completing formal processes—such as those using tourist or student visas. In fiscal year 2022/23, a total of 9,526 people, including 633 women, went abroad for work from Arghakhanchi. Across Nepal, over 7.8m workers have received official work permits for foreign employment.

“Limited employment opportunities, poverty, and other socio-economic factors are driving people abroad,” said Khimananda Bhusal, chief administrative officer of Sandhikharka Municipality. By the end of the first half of the current fiscal year, 699,699 Nepalis had left the country for employment. Around 93 percent of them went to Malaysia and Gulf countries, while the remaining seven percent went to destinations such as Japan, Bahrain, South Korea, and Croatia.

According to the National Statistics Office, 72 percent of remittances are spent on household expenses, 15.8 percent on loan repayments, 4.6 percent on children’s education, and 1.9 percent on real estate. Only 1.9 percent of the total is being saved. Remittances reach 56 percent of households nationwide and 89.6 percent in Lumbini Province.

An informal survey conducted two years ago by Sathi Savings and Loan Cooperative and Arghakhanchi District Savings and Loan Cooperative revealed that 80 percent of remittances are spent on luxury and non-productive sectors. Despite limited local government efforts to promote business or self-employment, the flow of remittance money continues unabated.

Roughly Rs 7.5bn enters Arghakhanchi annually through remittances. Of this, about 60 percent—or Rs 4.5bn—is spent on daily needs, food, vehicles, fuel, clothing, phones, and communications. The remaining 40 percent, or Rs 3bn, goes into relatively productive areas like home construction and agriculture, according to Prakash Bhusal, President of both the Arghakhanchi District Savings and Loan Cooperative and Sathi Cooperative. Much of this is used to purchase property in places like Kapilvastu, Butwal, Bhairahawa, Dang, Chitwan, and Kathmandu.

However, only 20 percent of remittances are invested in genuinely productive ventures such as agricultural farms, grocery stores, hotels, and transportation services like taxis and buses. Even among those who venture into such businesses, many discontinue midway. 

“The earnings of youths working abroad are mostly spent on luxuries and daily needs. To redirect funds into productive use, regulations are necessary,” said Krishna Prasad Shrestha, Mayor of Sandhikharka Municipality.

To address this, the local government is providing technical support and grants to returnee migrants engaged in agriculture and animal husbandry. “We have distributed mini-tillers, grinding mills, and other equipment to help modernize traditional farming,” said Chhabilal Poudel, Mayor of Sitganga Municipality. The municipality is also providing seeds, fertilizers, and other agricultural inputs.

Pradeep Khanal, an official at the Ministry of Industry, Tourism and Transport of the Lumbini Province Government, said that over 500,000 Nepalis go abroad for employment annually, with more than 2,000 people leaving each day with work permits.

As the number of migrant workers grows, remittances continue to rise. In the fiscal year 2023/24, remittance inflow increased by 16.5 percent, reaching Rs 1.445trn—equivalent to 25.3 percent of the national GDP. The primary destinations for Nepali workers include the United Arab Emirates, Saudi Arabia, Qatar, Malaysia, Kuwait, Croatia, Romania, Japan, South Korea, and Bahrain. Nepal has signed agreements allowing legal employment in 111 countries.

Farmer Gunda Bahadur Thakuri from Tinkanya, Golanjor Rural Municipality-4, earned Rs 1.5m this year from the sale of junar (sweet orange). Although his earnings have reached up to Rs 3.5m in previous years, production declined slightly this year due to unfavorable weather conditions. Thakuri, who has been cultivating junar for around 35 years, is supported in his work by his wife, Devi Kumari Thakuri. He currently farms on more than 25 ropanis of land.

The land, once unproductive even for basic crops like corn or millet, now supports thriving junar orchards that have helped fulfill Thakuri’s aspirations and created employment opportunities for locals. Several farmers in the area have found success through dedication and hard work, earning millions annually from junar cultivation.

In addition to Golanjor, commercial junar farming is underway in Kamalamai Municipality-3, Jalakanya Chapauli, Tinpatan Rural Municipality-1 (Shram Khola), Sunkoshi Rural Municipality-7 (Majhuwa), and other areas of Sindhuli district.

Junar has become the main source of income for many households in the region, replacing traditional crops such as pulses, corn, millet, and sorghum. Contributing to this shift are better market access, favorable pricing, and government initiatives like the Prime Minister’s Agriculture Modernization Project’s Junar Superzone program.

Farmers in the Mahabharat range of the district earn between Rs 350,000 and Rs 500,000 annually through junar farming. This growth has not only improved household incomes but also created local employment. Junar from Sindhuli is also transported to Kathmandu and other regions as a gift item (koseli).

To capitalize on its identity as a major junar-producing area, Golanjor Rural Municipality has proposed renaming itself “Junar Rural Municipality,” according to Chairperson Shankar Raj Baral. “We have seen prosperity through junar farming. It is the primary source of income for locals. While we are preparing to brand the municipality at the national and international levels, a few technical matters are still being addressed,” Baral said.

The municipality has been implementing special programs to support farmers, including training and access to better pricing. Across Sindhuli district, junar and orange cultivation spans 1,318 hectares, with junar grown on 794 hectares. The district produces junar worth approximately Rs 520m annually.

According to the Prime Minister’s Agriculture Modernization Project Implementation Unit, junar orchards have recently expanded to 237 hectares in Sindhuli, creating employment for over 6,000 people. Chandrakant Chaudhary, Chief Administrative Officer of Golanjor Rural Municipality, emphasized the importance of effective marketing to enhance income at both the local and national levels. The municipality is also providing incentives and subsidies for pest and disease control to improve the quality of production.

Apple on Thursday estimated that tariffs will add about $900 million in costs to the quarter ending in June if rates do not change, with CEO Tim Cook outlining profound changes to the company's supply chain to minimize the impact of President Donald Trump's trade war, Reuters reported.

Apple shares were down 3.8% after the company released quarterly results.

While the results were better than analysts had expected, investors are focused on how tariff concerns will play out in the coming quarter. Apple executives said that the company expects low-to-mid single-digit revenue growth during its fiscal third quarter, which is in line with analyst expectations of 4.28% growth to $89.45 billion, according to LSEG data.

But Apple did predict a hit to gross margins, which it said will be 45.5% to 46.5% in its fiscal third quarter, which is below analyst estimates of 46.58%, according to LSEG data, according to Reuters.