Trump dishes up fresh dose of chaos aimed at May, Londoners

Dishing up a fresh dose of chaos on his European tour, President Donald Trump left behind a contentious NATO gathering in Brussels and moved on to Britain, where a pomp-filled welcome ceremony was soon overshadowed by an interview in which Trump blasted Prime Minister Theresa May, blamed London's mayor for terror attacks against the city and argued that Europe was "losing its culture" because of immigration.

Trump, in an interview with The Sun newspaper, said he felt unwelcome in London because of protests, including plans to fly a giant balloon over Parliament on Friday that depicts him as an angry baby in a diaper.

U.S. President Donald Trump raises his hands during a press conference after a summit of heads of state and government at NATO headquarters in Brussels, Belgium, Thursday, July 12, 2018. NATO leaders gather in Brussels for a two-day summit. (AP Photo/Geert Vanden Wijngaert)

"I guess when they put out blimps to make me feel unwelcome, no reason for me to go to London," he said.

Trump, in the interview given before he left Brussels for the U.K., accused May of ruining what her country stands to gain from the Brexit vote to leave the European Union. He said her former foreign secretary, Boris Johnson, would make an "excellent" prime minister, speaking just days after Johnson resigned his position in protest over May's Brexit plans.

Trump added that May's "soft" blueprint for the U.K.'s future dealings with the EU would probably "kill" any future trade deals with the United States.

U.S. President Donald Trump speaks during a news conference before departing the NATO Summit in Brussels, Belgium, Thursday, July 12, 2018. (AP Photo/Pablo Martinez Monsivais)

"If they do a deal like that, we would be dealing with the European Union instead of dealing with the U.K., so it will probably kill the deal," Trump told the paper.

Trump, who has compared his own election to the June 2016 referendum in which a majority of British voters supported leaving the EU, complained, "The deal she is striking is a much different deal than the one the people voted on."

He also told the tabloid that he'd shared advice with May during Britain's negotiations with the EU and she ignored it.

U.S. President Donald Trump gestures while speakings during a news conference before departing the NATO Summit in Brussels, Belgium, Thursday, July 12, 2018. With Trump on stage are Secretary of State Mike Pompeo, behind Trump, and National security adviser John Bolton, right. (AP Photo/Pablo Martinez Monsivais)

Details from Trump's interview with the paper became public as Trump was attending a black-tie dinner with May to welcome him to Britain with pomp and pageantry.

As for Johnson, Trump said: "I think he would be a great prime minister. I think he's got what it takes." He added, "I think he is a great representative for your country."

White House press secretary Sarah Huckabee Sanders issued a statement after the tabloid interview was published, saying Trump "likes and respects Prime Minister May very much.

"As he said in his interview with the Sun she 'is a very good person' and he 'never said anything bad about her.' He thought she was great on NATO today and is a really terrific person," Sanders wrote.

On Thursday night, hundreds of demonstrators chanted outside the U.S. ambassador's residence where Trump was staying on the outskirts of London, providing a preview of the forceful protests expected on Friday.

U.S. President Donald Trump speaks during a press conference after a summit of heads of state and government at NATO headquarters in Brussels, Belgium, Thursday, July 12, 2018. NATO leaders gather in Brussels for a two-day summit. (AP Photo/Geert Vanden Wijngaert)

Trump acknowledged he didn't feel welcome in the city, and blamed that in part on Mayor Sadiq Khan, who gave protesters permission to fly the 20-foot-tall balloon depicting Trump as an angry baby.

Trump also blamed recent terrorist attacks there on Khan, who is a Muslim. The president claimed Europe is "losing its culture" because of immigration from the Middle East and Africa.

"Allowing the immigration to take place in Europe is a sham," he said. "I think it changed the fabric of Europe and, unless you act very quickly, it's never going to be what it was and I don't mean that in a positive way."

In sharp contrast to the president's sharp words, Trump's first event in England was an oasis of warm greetings at an evening reception at Blenheim Palace, birthplace of Winston Churchill, the larger-than-life British leader cited by the president as a model of leadership. That was just one of several helicopter rides on the agenda for Trump, whose staff opted to keep him largely out of central London and the swarms of demonstrators who are likely to provide some of the defining images of his first official trip to the U.K.

From left, first lady Melania Trump, President Donald Trump, British Prime Minister Theresa May, and her husband Philip May, stand during the arrival ceremony at Blenheim Palace, Oxfordshire, Thursday, July 12, 2018. (AP Photo/Pablo Martinez Monsivais)

Trump's Marine One departure from the ambassador's residence was met by jeers from demonstrators banging pots and pans, and another pack of protesters lined roads near the palace. Some of their signs read "Dump Trump," ''Lock Him Up" and "There Will Be Hell Toupee." Police worked overtime, their days off cancelled.

Trump was greeted at the palace by May, whose government has been rocked by resignations from ongoing tumult over Brexit.

The outdoor arrival ceremony at Blenheim — Trump wore a tuxedo and first lady Melania Trump a butter-yellow, chiffon, off-the-shoulder gown — was a grand affair marked by a military band in bearskin hats, hundreds of business leaders in black tie and gorgeous setting sunlight.

The mood was far less jovial in Belgium earlier in the day.

During his 28 hours there, Trump had disparaged longtime NATO allies, cast doubt on his commitment to the mutual-defense organization and sent the 29-member pact into a frenzied emergency session.

U.S. President Donald Trump gestures while speakings during a news conference before departing the NATO Summit in Brussels, Belgium, Thursday, July 12, 2018. With Trump on stage are Secretary of State Mike Pompeo, behind Trump, and National security adviser John Bolton, right. (AP Photo/Pablo Martinez Monsivais)

Then, in a head-snapping pivot at the end, he declared the alliance a "fine-tuned machine" that had acceded to his demands to speed up increases in military spending to relieve pressure on the U.S. budget. But there was little evidence other leaders had bowed to his wishes on that front.

Trump claimed member nations had agreed to boost their defense budgets significantly and reaffirmed — after days of griping that the U.S. was being taken advantage of by its allies — that the U.S. remains faithful to the accord.

"The United States' commitment to NATO remains very strong," Trump told reporters at a surprise news conference following the emergency session of NATO members.

A helicopter leaves the grounds of the US ambassador residence in Regent's Park, London, while demonstrators protest against the visit of US President Donald Trump Thursday July 12, 2018. (Gareth Fuller/PA via AP)

Neither Trump nor NATO offered specifics on what Trump said he had achieved. French President Emmanuel Macron quickly disputed Trump's claim that NATO allies had agreed to boost defense spending beyond their existing goal of 2 percent of gross domestic product by 2024.

"There is a communique that was published yesterday; it's very detailed," Macron said. "It confirms the goal of 2 percent by 2024. That's all."

OMAHA, Neb. (AP) — Warren Buffett cautioned the tens of thousands of shareholders who packed an arena for his annual meeting that artificial intelligence scams could become "the growth industry of all time."

Doubling down on his cautionary words from last year, Buffett told the throngs he recently came face to face with the downside of AI. And it looked and sounded just like him. Someone made a fake video of Buffett, apparently convincing enough that the so-called Oracle of Omaha himself said he could imagine it tricking him into sending money overseas.

The billionaire investing guru predicted scammers will seize on the technology, and may do more harm with it than society can wring good.

“As someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm and I just don’t know how that plays out,” he said.

The day started early Saturday with Berkshire Hathaway announcing a steep drop in earnings as the paper value of its investments plummeted and it pared its Apple holdings. The company reported a $12.7 billion profit, or $8,825 per Class A share, in first the quarter, down 64% from $35.5 billion, or $24,377 per A share a year ago.

But Buffett encourages investors to pay more attention to the conglomerate’s operating earnings from the companies it actually owns. Those jumped 39% to $11.222 billion, or $7,796.47 per Class A share, led by insurance companies’ performance.

None of it that got in the way of the fun.

Throngs flooded the arena to buy up Squishmallows of Buffett and former Vice Chairman Charlie Munger, who died last fall. The event attracts investors from all over the world and is unlike any other company meeting. Those attending for the first time are driven by an urgency to get here while the 93-year-old Buffett is still alive.

“This is one of the best events in the world to learn about investing. To learn from the gods of the industry,” said Akshay Bhansali, who spent the better part of two days traveling from India to Omaha.

Devotees come from all over the world to vacuum up tidbits of wisdom from Buffett, who famously dubbed the meeting ‘Woodstock for Capitalists.’

But a key ingredient was missing this year: It was the first meeting since Munger died.

The meeting opened with a video tribute highlighting some of his best known quotes, including classic lines like “If people weren't so often wrong, we wouldn't be so rich.” The video also featured skits the investors made with Hollywood stars over the years, including a “Desperate Housewives” spoof where one of the women introduced Munger as her boyfriend and another in which actress Jaimie Lee Curtis swooned over him.

As the video ended, the arena erupted in a prolonged standing ovation honoring Munger, whom Buffett called “the architect of Berkshire Hathaway.”

Buffett said Munger remained curious about the world up until the end of his life at 99, hosting dinner parties, meeting with people and holding regular Zoom calls.

“Like his hero Ben Franklin, Charlie wanted to understand everything,” Buffett said.

For decades, Munger and Buffett functioned as a classic comedy duo, with Buffett offering lengthy setups to Munger's witty one-liners. He once referred to unproven internet companies as “turds.”

Together, the pair transformed Berkshire from a floundering textile mill into a massive conglomerate made up of a variety of interests, from insurance companies such as Geico to BNSF railroad to several major utilities and an assortment of other companies.

Munger often summed up the key to Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett also were known for sticking to businesses they understood well.

“Warren always did at least 80% of the talking. But Charlie was a great foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting.

Munger's absence, however, created space for shareholders to get to know better the two executives who directly oversee Berkshire's companies: Ajit Jain, who manages the insurance units; and Abel, who handles everything else and has been named Buffett's successor. The two shared the main stage with Buffett this year.

The first time Buffett kicked a question to Abel, he mistakenly said “Charlie?” Abel shrugged off the mistake and dove into the challenges utilities face from the increased risk of wildfires and some regulators' reluctance to let them collect a reasonable profit.

Morningstar analyst Greggory Warren said he believes Abel spoke up more Saturday and let shareholders see some of the brilliance Berkshire executives talk about.

Abel offered a twist on Munger's classic “I have nothing to add” line by often starting his answers Saturday by saying “The only thing I would add.”

“Greg's a rock star,” said Chris Bloomstran, president of Semper Augustus Investments Group. "The bench is deep. He won’t have the same humor at the meeting. But I think we all come here to get a reminder every year to be rational.”

Buffett has made clear that Abel will be Berkshire's next CEO, but he said Saturday that he had changed his opinion on how the company's investment portfolio should be handled. He had previously said it would fall to two investment managers who handle small chunks of the portfolio now. On Saturday, Buffett endorsed Abel for the gig, as well as overseeing the operating businesses and any acquisitions.

“He understands businesses extremely well. and if you understand businesses, you understand common stocks,” Buffett said. Ultimately, it will be up to the board to decide, but the billionaire said he might come back and haunt them if they try to do it differently.

Overall, Buffett said Berkshire's system of having all the noninsurance companies report to Abel and the insurers report to Jain is working well. He himself hardly gets any calls from managers anymore because they get more guidance from Abel and Jain.

“This place would work extremely well the next day if something happened to me,” Buffett said.

Nevertheless, the best applause line of the day was Buffett's closing remark: “I not only hope that you come next year but I hope that I come next year.”

For more AP coverage of Warren Buffett look here: https://apnews.com/hub/warren-buffett. For Berkshire Hathaway news, see here: https://apnews.com/hub/berkshire-hathaway-inc. Follow Josh Funk online at https://www.twitter.com/funkwrite and https://www.linkedin.com/in/funkwrite.

From left, D'Ann Rhoten takes a photo of Brittany Thornton and Melissa Shapiro in the exhibit hall of the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Amy Keady of Frederick, Maryland, holds her son, Ben, 11, as they wait in line outside the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Jennifer Cua of Las Vegas sits with her purchases from Squishmallows during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Shareholder Tina Schmidt of Cozad, Neb., wears a shirt with Warren Buffett's portrait in the style of an Andy Warhol painting at he Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

See's Candies associates, including Holly Pellicano of San Francisco, center, do yoga together before shareholders arrive for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Bart Macdonald of New York City takes photos of the BNSF Railway model train display during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Valerie Deichert of Omaha, left, assists shareholders with their purchases from the Oriental Trading booth during the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Shareholders find their seats for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Harold and Caroline Ernst of St. Louis chat with fellow shareholders as they wait for the Berkshire Hathaway annual meeting to begin on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Michelle King of San Francisco does yoga in the See's Candies booth before the arrival of shareholders for the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Berkshire Hathaway shareholders pose with the mascot for one of its companies, Oriental Trading, while the more famous spokeslizard for Geico insurance looms over their shoulder, Friday, May 3, 2024, in Omaha, Neb. CEO Warren Buffett will spend hours answering questions at the meeting on Saturday. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett Friday, May 3, 2024, in Omaha, Neb., inside the exhibit hall in Omaha where Berkshire companies sell their products. Buffett will spend hours answering questions at the meeting Saturday. (AP Photo/Josh Funk)

Daegwon Kim of South Korea, who arrived in line at 3:30 a.m., takes photos of the crowd behind him outside the Berkshire Hathaway annual meeting on Saturday, May 4, 2024, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)

Berkshire Hathaway Vice Chairman Greg Abel poses with shareholders Friday, May 3, 2024, in Omaha, Neb. Abel is set to be the next CEO after Warren Buffett is gone. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders watch a model BNSF train run past a model town filled with other Berkshire companies Friday, May 3, 2024, in Omaha, Neb. Buffett will spend hours answering questions at a meeting Saturday. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders line up to take selfies with Greg Abel Friday, May 3, 2024, in Omaha, Neb. Abel will one day replace Warren Buffett as CEO. (AP Photo/Josh Funk)

Berkshire Hathaway investment manager Ted Weschler, center, talks with Brooks Running CEO Dan Sheridan, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)

Berkshire Hathaway shareholders pose with a cutout poster of CEO Warren Buffett, Friday, May 3, 2024, in Omaha, Neb., one day ahead of the annual shareholders meeting. (AP Photo/Josh Funk)

Berkshire Hathaway Vice Chairman Greg Abel poses for pictures with shareholders while touring the booths Berkshires companies set up, Friday, May 3, 2024, in Omaha, Neb. Abel will succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)

Berkshire Hathaway Vice Chairman Greg Abel checks out the flight simulators offered by one of Berkshires companies, Flight Safety as he toured the exhibit hall Friday, May 3, 2024, in Omaha, Neb. ahead of Saturday's meeting. Abel is set to succeed Warren Buffett as CEO one day. (AP Photo/Josh Funk)