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As part of the partnership, drivers will be sporting the BR-X3 Black Titanium watch, which retails for 8,400 euros.

START YOUR ENGINES: Bell & Ross is kicking off 2026 in high gear.

The French-designed, Swiss-made watchmaker said Friday that it is becoming the official time partner of Defender Rally, the competition team of British automotive company Land Rover in the World Rally-Raid Championship.

It will also be its timekeeper for the Dakar 2026 rally, the first leg of the annual championship kicking off on Saturday and running until Jan. 17.

“The Dakar Rally is a symbol of boldness, exploration and pushing beyond one’s limits — values that lie at the very heart of Bell & Ross’ DNA,” said the watchmaker’s cofounder and chief executive officer Carlos Rosillo.

As part of the partnership, the brand is equipping the drivers with the BR-X3 Black Titanium watch, a design in Grade 5 titanium that launches a COSC-certified manufacture movement developed with Kenissi.

The timepiece, which retails for 8,400 euros, was conceived with optimal legibility in mind and its dial features a three-day date indicator, nodding to its 70-hour power reserve.

The CEO described the watch as a perfect embodiment of the “precision, legibility and robustness in the most extreme conditions” philosophy at the heart of the brand, which was founded as a passion project with longtime friend and fellow aviation afficionado Bruno Belamich.

“The functional design of our iconic square watch naturally echoes that of Defender Dakar D7X-R,” added Belamich, who serves as creative director of the brand. “Both express a bold, uncompromising character defined by strong lines and purposeful forms.”

The move marks the return of the watchmaker to the automotive space. Best known for its aeronautical slant and being a supplier to France’s air force and elite units, Bell & Ross previously had partnerships with the Renault Sport and Alpine teams in Formula 1.

BMPS IM | DELFIN MAY SELL ITS 17.5% MONTE PASCHI TO UNICREDIT: ITA PRESS

From: Guido Pardini

According to Italian Press (OdP), Delfin Milleri and Bardin would consider the possibility to sell 17.5% BMPS stake to Unicredit (UCG IM). Rumors on this story have been around in past few days in Milan. On UCG side, such an acquisition would perfectly comply with Orcel strategy, happy to be the main shareholder ahead of Caltagirone 10.3% and Italian Treasury with 4.8% (BAMI not mentioned).

On Delfin side such a sale would comply with the interest of a few Delfin Shareholders unhappy with Delfin involved in financial deals, with Milleri actively working to sort the Inheritance issues. On the other side, Delfin selling would put in evidence no action in concert with Caltagirone (Milan Prosecutors thesis)

Source: IlGiornale, Wednesday 31st Dec

BERLIN, Jan 2 (Reuters) - German exporters should prepare for continued weakness in 2026 in their two largest markets, the United States and China, with little prospect of recovery, the BGA trade association said on Friday.

"We do not see a turnaround, but at best a brief respite," said BGA president Dirk Jandura.

Exports to the U.S. are projected to have fallen more than 7% to just under 150 billion euros ($156 billion) in 2025, while exports to China have contracted even more sharply, dropping 10% to 81 billion euros, GTAI figures show. (https://dub.sh/zaxqCRu)

U.S. tariffs on EU goods have acted like "sand in the gears of transatlantic trade", Jandura said, adding they created a permanent additional burden on margins for German exporters.

Germany also faces structural headwinds, including a comparatively strong euro, high energy costs, excessive bureaucracy and weak investment, the BGA chief said.

In China, industrial policies favouring domestic producers have eroded demand for German goods, particularly in automotive, mechanical engineering and chemicals sectors where Chinese competitors are gaining ground.

German companies are increasingly localizing production within China or shifting investment to other Asian markets, Jandura said.

"This often stabilizes global sales, but leads to fewer exports from Germany," he said.

As Warren Buffett passes the torch to Greg Abel, a mountain of cash is top of mind

Greg Abel assumes leadership of Berkshire Hathaway, facing the challenge of deploying a record $358 billion cash pile.

Berkshire Hathaway has been a net seller of stocks for twelve consecutive quarters and refrained from share buybacks for five quarters.

The S&P 500’s 16% jump in 2025 has made the market appear expensive, with companies trading at over five times their net assets.

Greg Abel’s time has come, and there’s a $358 billion question on investors’ minds: What will the new chief executive of Berkshire Hathaway BRK.B -0.21%decrease; red down pointing triangle do with all of that cash?

As Warren Buffett’s handpicked successor, Abel faces several challenges as he takes the reins today. For one, he isn’t Warren Buffett, who became a household name as the leader of one of America’s most-admired companies. Shareholders don’t know if Abel can channel the stock-picking magic of his predecessor, who earned the nickname the Oracle of Omaha.

The most pressing issue is how to deploy Berkshire’s record cash pile. The company has been a net seller of stocks for 12 straight quarters. Close observers view that as a sign that prices had gotten too high for Buffett to believe an investment would lead to worthwhile long-term returns.

The S&P 500 index’s 16% jump in 2025 has left many corners of the market looking pricey for a bargain hunter like Berkshire. The company, which has historically done big share buybacks, also refrained from repurchasing its own shares for five consecutive quarters.

The resulting buildup of cash is a problem—though perhaps a good one, as far as problems go—that leaves Abel with both a menu of options and scrutiny from shareholders.

Abel long ago earned Buffett’s trust. As vice chairman, the 63-year-old has led all of the companies that Berkshire owns outside of the insurance sector since 2018.

“Greg has exceeded my expectations in every respect—and I hope he gets a 20-year run or more,” Buffett, 95, said in a recent statement to The Wall Street Journal.

Abel declined to comment for this article. At the 2025 annual meeting in May, he said the cash pile is an “enormous asset” that gives Berkshire a cushion if a market downturn occurs.

The company’s every move is closely followed. Over 60 years, Buffett built Berkshire into not only one of the most legendary U.S. companies, but one of the largest. Berkshire’s market value topped $1 trillion in 2024, one of only two non-tech companies in the U.S. to reach that milestone.

Once primarily Buffett’s vehicle for investments, the sprawling conglomerate now employs around 400,000 people across a range of businesses, including BNSF Railway, Dairy Queen, Duracell, Fruit of the Loom and Geico. It owns so many businesses in so many sectors that it’s sometimes seen as a proxy for the U.S. economy.

“Greg will make his mark on Berkshire,” said Chris Bloomstran, president of Semper Augustus Investments Group, which has owned Berkshire shares for about 25 years. “It’s going to be fun to see what he does.”

Abel was born in the Canadian Prairies. Boyhood hustles included delivering advertising fliers to homes, redeeming bottles for money and filling fire extinguishers. He grew up playing hockey and is an assistant coach on his son’s hockey team. Abel has credited team sports for shaping his leadership skills.

“If I had to be remembered as something right now, obviously I’d want to be remembered as a great father, but equally, a coach,” Abel said at the annual meeting.

Mark Oman, a former Wells Fargo executive and longtime friend of Abel, says that Abel and his wife, Andrea Abel, host gatherings at their home in Des Moines, Iowa, for the children who play on their son’s hockey team and their parents.

Oman recalls watching Olympic curling on TV with Abel and joking about getting a curling team together. Abel’s ultracompetitive instincts came out: “Oh, I think I could probably coach you to be the best in Iowa,” he quipped. “That’s kind of a low bar,” Oman remembers thinking.

Abel joined Berkshire more than two decades ago when Berkshire bought a 75% stake in Des Moines-based MidAmerican Energy, where he was president.

After the acquisition, he expanded the company, renamed Berkshire Hathaway Energy, into one of the biggest providers of power in the central and western U.S., in part through acquisitions and investments. In 2018, he was put in charge of all of Berkshire’s noninsurance businesses, ranging from candy to footwear to building materials.

“I think he’s been trained well, and he knows it well, and he’s a smart guy,” said Mario Gabelli, a money manager whose firm has owned shares of Berkshire since the 1980s. He got to know Abel better through their shared involvement in the nonprofit Horatio Alger Association of Distinguished Americans.

Abel is stepping into the spotlight at an age many Americans are considering retirement. He is the latest successor tasked with following in the footsteps of a lionized leader: Tim Cook took over Apple in 2011, the year Steve Jobs died, and Jeff Bezos handed over the reins at Amazon to Andy Jassy in 2021.

At Berkshire, it’s a handoff years in the making. Abel’s name has long popped up in Buffett’s annual letters to shareholders, considered essential reading among stock pickers—even those who don’t own Berkshire shares. Charlie Munger, Buffett’s longtime business partner, let the succession plan slip at the 2021 annual meeting. As CEO-in-waiting, Abel joined Buffett on stage at Berkshire’s arena-filled annual meetings.

“We will remain Berkshire,” Abel said at the 2025 meeting. “How Warren and the team have allocated capital for the past 60 years, it will not change.”

Buffett has long prided himself on maintaining a strong balance sheet with plenty saved up for a rainy day. During the financial crisis, he famously used Berkshire’s financial strength to throw lifelines to companies including Goldman Sachs and General Electric. He has been waiting for other big opportunities. At the 2017 annual meeting, Buffett said: “There’s no way I can come back here three years from now and tell you that we hold $150 billion or so in cash or more, and we think we’re doing something brilliant by doing it.” The cash pile kept growing.

Berkshire’s cash and equivalents increased to $358 billion by the end of September, after accounting for a payable for purchasing some short-term government debt.

The risk to holding so much cash is that the return Berkshire can receive on such holdings could fall as the Federal Reserve lowers interest rates, some analysts have warned. On the other hand, they say, the cash is a protective armor for Berkshire’s balance sheet.

Buffett had said that he and his deputies were searching for stocks cheap enough to invest in. Some investors say they don’t expect Abel to make any big investments until a large market decline or recession brings stocks down from historically expensive levels.

Companies in the S&P 500 are trading at more than 5 times the value of their net assets, above their 10-year average of 3.9 times. Berkshire’s Class B shares recently traded at a price-to-book ratio of 1.6, according to FactSet.

Others have speculated Berkshire could use its cash to pay a dividend, something Buffett has resisted, partly because of the tax consequences for shareholders. The company has only done so on one occasion, a dividend of 10 cents a share in 1967.

Little is known about Abel’s own investing record. He has said that he shares Buffett’s investing creed, including prioritizing a fortresslike balance sheet.

For years, Todd Combs, Geico’s former chief executive, and Ted Weschler, Berkshire’s investment manager, were expected to take over stock-picking duties once Buffett stepped down. But, in December, Berkshire announced that Combs had resigned to lead a $10 billion strategic-investment group at JPMorgan Chase.

One clue for what could happen: Buffett said at Berkshire’s 2024 shareholder meeting that he believes Abel should handle capital allocation decisions on his own. “He understands businesses extremely well,” Buffett said. “If you understand businesses, you understand common stocks.”

Berkshire’s Class B shares have slid about 7% since Buffett said he is retiring, which some attribute to the loss of a “Buffett premium,” or the higher price investors were willing to pay to own Berkshire’s stock because of his presence. Berkshire has a particularly large number of individual investors, and they come from all over the world.

Berkshire already said Abel will take over from Buffett to write the company’s annual letters to shareholders. And in May, when Berkshire investors gather in Omaha, Neb., for its annual meeting, Abel will take the stage to answer questions, while Buffett, who will remain chairman, sits nearby with the other board members.

Berkshire shareholders say that they don’t expect Abel to try to be the next Buffett. More important, they say, he doesn’t have to be.

That is largely by Buffett’s design. Buffett is a famously hands-off manager, building Berkshire as a decentralized company with just a handful of top executives and largely autonomous subsidiaries. Buffett has said he purposely purchases companies that are so self-sufficient that they can thrive regardless of who is at Berkshire’s helm.

Abel is taking over a different Berkshire than Buffett did. Berkshire’s current size means that the company must be even more prudent when making investment decisions than it has been in the past, Buffett has said. Berkshire is also big enough that its future growth will be slow, he has said.

“It’s all an evolution, right? Buffett and Munger took the company to this point. It may, in fact, be right that a different kind of person could take it further,” said Bill Stone, chief investment officer at Glenview Trust, a longtime Berkshire shareholder.

Abel has largely kept a low profile and stayed out of the spotlight, unlike Buffett who lent his image to ads for brands such as Geico and made cameos in “The Office” and soap opera “All My Children.” Shareholders say they don’t see Abel penning op-eds or making appearances on TV shows.

Nor do they expect him to act as Wall Street’s authoritative voice of calm. “I don’t think the market is turning to Greg for advice in the midst of a 40% market downturn,” said Darren Pollock, portfolio manager at Cheviot Value Management and a Berkshire shareholder.

That doesn’t mean Abel won’t be a good steward for Berkshire shareholders, he added. Plus, Buffett will still be nearby in the Omaha office.