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I’m a Celeb star ‘favourite to quit’ after struggling with terrifying Bushtucker TrialsTrump's casting call as he builds out his administration: TV experience preferredWarren Buffett gives away another $1.1B and plans for distributing his $147B fortune after his death OMAHA, Neb. (AP) — Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1. Josh Funk, The Associated Press Nov 25, 2024 1:56 PM Nov 25, 2024 2:05 PM Share by Email Share on Facebook Share on X Share on LinkedIn Print Share via Text Message FILE - The children of Berkshire Hathaway Chairman and CEO Warren Buffett, from left, Howard Buffett, Susie Buffett, and Peter Buffett, pose for a photo at the CenturyLink Center exhibit hall in Omaha, Neb., May 1, 2015. (AP Photo/Nati Harnik, File) OMAHA, Neb. (AP) — Investor Warren Buffett renewed his Thanksgiving tradition of giving by handing out more than $1.1 billion of Berkshire Hathaway stock to four of his family's foundations Monday, and he offered new details about who will be handing out the rest of his fortune after his death. Buffett has said previously that his three kids will distribute his remaining $147.4 billion fortune in the 10 years after his death, but now he has also designated successors for them because it's possible that Buffett's children could die before giving it all away. He didn't identify the successors, but said his kids all know them and agree they would be good choices. “Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” the 94-year-old Buffett said in a letter to his fellow shareholders Monday. “To date, I’ve been very lucky, but, before long, he will get around to me. There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.” Buffett said he still has no interest in creating dynastic wealth in his family — a view shared by his first and current wives. He acknowledged giving Howard, Peter and Susie millions over the years, but he has long said he believes “hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing.” The secret to building up such massive wealth over time has been the power of compounding interest and the steady growth of the Berkshire conglomerate Buffett leads through acquisitions and smart investments like buying billions of dollars of Apple shares as iPhone sales continued to drive growth in that company. Buffett never sold any of his Berkshire stock over the years and also resisted the trappings of wealth and never indulged in much — preferring instead to continue living in the same Omaha home he'd bought decades earlier and drive sensible luxury sedans about 20 blocks to work each day. “As a family, we have had everything we needed or simply liked, but we have not sought enjoyment from the fact that others craved what we had,” he said. If Buffett and his first wife had never given away any of their Berkshire shares, the family's fortune would be worth nearly $364 billion — easily making him the world's richest man — but Buffett said he had no regrets about his giving over the years. The family's giving began in earnest with the distribution of Susan Buffett's $3 billion estate after her death in 2004, but really took off when Warren Buffett announced plans in 2006 to make annual gifts to the foundations run by his kids along with the one he and his wife started, as well as the Bill & Melinda Gates Foundation. Warren Buffett's giving to date has favored the Gates Foundation with $55 billion in stock because his friend Bill Gates already had his foundation set up and could handle huge gifts when Buffett started giving away his fortune. But Buffett has said his kids now have enough experience in philanthropy to handle the task and he plans to cut off his Gates Foundation donations after his death. Buffett always makes his main annual gifts to all five foundations every summer, but for several years now he has been giving additional Berkshire shares to his family's foundations at Thanksgiving. Buffett reiterated Monday his advice to every parent to allow their families to read their will while they are still alive — like he has done — to make sure they have a chance to explain their decisions about how to distribute their belongings and answer their children's questions. Buffett said he and his longtime investing partner Charlie Munger, who died a year ago, “saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry.” Today, Buffett continues to lead Berkshire Hathaway as chairman and CEO and has no plans to retire although he has handed over most of the day-to-day managing duties for the conglomerates dozens of companies to others. That allows him to focus on his favorite activity of deciding where to invest Berkshire's billions . One of Buffett's deputies who oversees all the noninsurance companies now, Greg Abel, is set to take over as CEO after Buffett's death. Even after converting 1,600 Class A shares into 2.4 million Class B Berkshire shares and giving them away, Buffett still owns 206,363 Class A shares and controls more than 30% of the vote. Josh Funk, The Associated Press See a typo/mistake? Have a story/tip? 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NoneThe Sausalito City Council has approved a series of energy conservation measures for some city-owned buildings in a move expected to save millions of dollars. The initial investment will cost the city $1.9 million, which includes design and construction. Sausalito is looking to modernize utilities such as heating, water and lighting to increase efficiency and reduce costs while also lowering greenhouse gas emissions. It hired energy consultant Climatec to assess its facilities. Climatec representatives recommended upgrading streetlights, park lights and interior and exterior building lights to LED; adding solar energy panels at the MLK campus and police building; installing electric vehicle chargers at the police station; automating buildings; and adding a new heating a cooling system at the old city hall building at 729 Bridgeway. Upgrades to the MLK campus, a property of six buildings leased by the city, are expected to cost $986,000. Police station improvements are estimated at $429,000. Tyler Girtman, a regional manager at Climatec, said the objective was to get back to basics while protecting against fluctuating utility costs. He said if the city keeps the status quo, with an average cost increase of 10.2% per year, it could spend $80.5 million in energy costs over the next 30 years. “For the base phase, what it really boiled down to is looking at the fundamental elements of energy efficiency-type projects,” Girtman said. In June, the company recommended a list of actions estimated to cost $5.7 million. After discussions with staff, the list was narrowed based on funding and need, Girtman said. The effort is expected to save Sausalito between $3.1 million and $6.9 million over the project lifecycle, which is 15 years for energy efficiency systems and 30 years for renewable energy systems, Girtman said. In the first five years alone, the city could save $770,000. The council’s approval makes the city eligible to receive $304,000 in federal and local funding to install solar technology and electric vehicle chargers. Some upgrades are reimbursable through the Inflation Reduction Act and utility providers. Vice Mayor Joan Cox pointed out that most solar panels have to be replaced every 20 years, and asked if the 30-year life cycle estimate accounts for the replacement cost. Girtman said the technology has advanced greatly in the past decade. The solar panels the firm would use have a warranty of 30 years. Councilmember Janelle Kellman asked if the city had any electric police vehicles. Staff confirmed it did not, and Kellman asked the reason for placing electric vehicle chargers at the police station instead of the MLK campus. She said it seemed like a waste of resources. “I just want to be cautious about solving a problem we don’t have yet,” Kellman said. Girtman said the council previously directed the consultant to focus on the police building. Other upgrades include a new Wi-Fi system relating to two city-owned parking lots. Mark Palmer, chair of the city’s sustainability commission, spoke in favor of the project. He said it is a major step forward on the city’s climate plan, low-emissions plan, general plan and strategic plan. “So Sausalito receives important and overdue upgrades to our municipal facilities, which then act as a hedge on future utility costs volatility,” Palmer said. “As utility costs rise, so does the city’s return on investment.” The firm hopes to begin implementing the upgrades in January.