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This is the World In Brief from The Economist.

Our top stories. Warren Buffett said he plans to retire from his investment firm, Berkshire Hathaway, at the end of the year.

The 94-year-old made the announcement at the company's annual shareholder meeting in Omaha.

He proposed that Greg Abel, currently vice-chair of Berkshire's non-insurance operations,

should take over as boss.

Mr. Buffett, one of the world's most prominent investors, has run the firm since 1965.

Anthony Albanese, Australia's Prime Minister, said the country had chosen optimism and determination

in the face of

global challenges in Saturday's federal election. His Labour Party looks to have scored a resounding

victory over a coalition including the Liberal Party, whose hard-right leader, Peter Dutton,

lost his parliamentary seat. Mr. Dutton admitted his campaign didn't do well enough.

...