Warren Buffett marks the calendar for his departure from Berkshire Hathaway.

Plus, the Trump factor propels another left-leaning leader to a surprise election victory,

this time in Australia, and we'll hear from our South America Bureau Chief in Columbia

as global cocaine production hits an all-time high.

We're seeing semi-submersibles in the last few years heading to Spain and Portugal and to the

South Pacific. So we're talking about 9,000 miles. These are dangerous trips, but that's how much

money is to be made by selling cocaine in some of these countries.

It's Monday, May 5th.

I'm Luke Vargas for the Wall Street Journal, and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

Berkshire Hathaway, Chief Executive Warren Buffett, plans to step down at the end of the year,

with a 94-year-old handing over the reins to his handpicked successor, Greg Abel.

Abel's selection wasn't a surprise, though the timing of the announcement was.

Silencing a cavernous arena of investors in Omaha, Nebraska on Saturday, and triggering a wave of tributes from Wall Street

Titans. While Buffett said that Abel would have final say at Berkshire starting next year,

he said he didn't plan to disappear from the scene and used his remarks at the company's annual

meeting, heard here courtesy of CNBC, to defend the global trade system, criticizing the antagonistic

approach being taken in Washington toward America's economic partners.

It's a big mistake, in my view, when you have seven and a half billion people that don't like you very well

and you've got 300 million that are crawling in some way about how well they've done.

Meanwhile, President Trump is downplaying concerns about the economy, emphasizing that he

believes his policies will trigger a

...