Warren Buffett to choose an Indian as his successor? They got a magician like themselves

Warren Buffett to choose an Indian as his successor? They got a magician like themselves

Warren Buffett, the world's most successful billionaire investor, stock market magician and head of Berkshire Hathaway, has got his successor. According to a Reuters report, Buffett said that Greg Abel would take over the responsibility of the company after his departure. CNBC said that if something happens to me tonight, tomorrow morning Greg Abel will take over the responsibility of the company's chief executive officer. Greg is currently the Vice Chairman of Berkshire Hathaway's non-insurance business.

Even though Warren Buffett is 90 years old, till date he has never said openly when he will resign from his post. Greg Abel is the Vice Chairman of the company since 2018. There is currently no response to this statement from Berkshire. For about 15 years, there has been talk about who will be the new head of Berkshire. In 2006, when Warren Buffett was 75 years old, he first talked about his successor in a letter to share holders. Let us tell that Buffett has been running Berkshire Hathaway since 1965.

Ajit Jain number two in the race to become CEO

Apart from this, Buffett also told CNBC that if something happens to Greg Abel, Ajit Jain will take over as CEO. He is an Indian American. Ajit Jain oversees the insurance business of Berkshire Hathaway. Ajit Jain is older than Greg by 10 years. It is believed that his son Howard can be made non-executive chairman. His investment manager Todd Combs and Ted Weschler will be in the line of Chief Investment Office.

Joined the company in 1992

Abel is currently looking at many of Berkshire Hathaway's businesses. This includes companies such as Berkshire Energy, BNSF railroad, Dairy Queen Ice Cream, See's Candies, Fruit of the Loom underwear. They employ 3 lakh 9 thousand employees. Able was born in Alberta, Canada. He completed his graduation in 1984 from the University of Alberta. He was first associated with PWC, later he joined CalEnergy, a geothermal energy company. After joining there, he joined Berkshire Hathaway Energy in 1992. At that time it was known as MidAmerican Energy.


Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

Why is the price of copper rising so fast in the world, including India, in the midst of the Corona crisis?

There is a record boom in the commodity market globally. Apart from steel, aluminum, copper is also doing business at a record level. On Thursday, the price of copper in the international market has crossed a record $ 10,000 per ton. The price of Shanghai copper has also reached the highest level in the past 10 years. Copper futures are also at record highs in the past decade in London, amid concerns over supply and weak dollar.

Information and agencies related to the commodity market say that in the coming time, the price of copper will see a boom. There are several reasons for this record boom in copper. For example, economic recovery has been seen worldwide, industrial copper consumption has increased in China, and Chile, which produces about a quarter of the global copper, has announced a tax of 75 per cent on its mining. Apart from this, due to the increasing trend of electric vehicles, the demand for copper is increasing.

If we talk about the Indian market, the price of copper was at the highest level till last week. Copper futures on Thursday were up 0.53 per cent at Rs 765.10 per kg. Copper futures for May delivery on the Multi Commodity Exchange (MCX) gained Rs 4, ie 0.53 per cent. The demand for copper has increased in India too.

Why is the copper price rising so fast?

1. Demand more and supply less: Sometime ago the Chilean Port Workers and Mining Association opposed a bill by the government. In fact, the Chilean government had introduced a new bill, under which workers were asked to block premature withdrawal from their pension funds for the third time.

About a quarter of the total global copper production comes from Chile. After the opposition of the association and the workers, the copper supply decreased and prices increased.

Apart from this, due to Kovid-19 in South America, many major commodity exports like iron ore and copper have been affected. Even in America, the importance of copper is seen as a raw material in Joe Biden's infrastructure plan.

However, in terms of supply, copper output in Peru has gone up by about 19 percent during the month of March. Globally, there has been some relief from this.

2. Less inventory: There has been a sharp decline in registered copper inventories on the London Metal Exchange. Analysts estimate that there has been a downward trend in this. As of 26 April 2021, the copper inventory at the London Metal Exchange was only 1,55,100 tonnes. In the second fortnight last month, it has reduced by 10 per cent.

3. Demand increased: Construction activities in China have increased this year. After this, the demand for copper in China has also increased. Let us know that half of the total consumption of copper in the world is from China. Analysts say that China consumes the most copper and now demand has increased due to large scale construction here. This is also a reason why the price of copper is getting faster.

A boom in economic development is now being expected in America. It will also have an impact on global economies. In the era of Kovid-19 crisis, countries around the world have announced an incentive package. On the other hand, good news is also coming about the corona vaccine. Both these factors have affected the price of copper.

4. Green Infrastructure: Demand for electric vehicles is increasing worldwide to reduce carbon footprint and promote the use of clean energy. Electric vehicles use twice as much copper as internal combustion engines. In such a situation, with the increase in demand for electric vehicles, the demand for copper will also increase.

What is the estimate of agencies?

In a recent report by Goldman Sachs, estimates say that by 2025, copper prices can reach $ 15,000 per tonne. The report titled 'Copper is the new oil' says that banks believe that by 2030, the annual demand for copper will rise by 900 per cent from the current level to 87 lakh tonnes.

Trading houses Trafigura Group and Bank of America also believe that copper prices have increased. Bank of America says that in the coming months, the price of copper can reach $ 13,000 per tonne.


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