Buffett Sees Global Growth Over Next Yea

Source: Reuter

Billionaire Warren Buffett, who is looking to invest in large countries
such as China, India and Brazil, said on Wednesday he expected
global output to rise "significantly" over the next year.
On his first visit to India, the 80-year-old US investor said he was
unlikely to enter the country's automobile market, which is one of the
world's fastest growing.
"It's unlikely I would go into that (autos) myself. For one thing, the
ownerships are pretty well established in that field," he said in an
interaction with executives on India's CNBC-TV18.
His Berkshire Hathaway Inc holds a 10 per cent stake in BYD Co Ltd,
a Chinese car maker that also makes rechargeable batteries and cell
phone components.
Buffett, who is yet to name a successor to take over his US$200-
billion empire, skirted questions on his succession plan but praised
Berkshire veteran Ajit Jain for smoothly running much of the
company's insurance business.
"We have a clear succession plan at Berkshire Hathaway, we just
haven't announced it yet," he said.
Buffett was in Bangalore to visit the local arm of TaeguTec, a unit of
Israeli metal-cutting tool maker ISCAR Metalworking, in which
Berkshire has a majority stake.
Ranked the world's third-richest man by Forbes magazine, he is also
in India to launch Berkshire's insurance selling portal and is scheduled to meet policyholders in New Delhi later this week in an event
advertised as "Wit, Wisdom, Warren."
Earlier this month, Berkshire marked its entry into the insurance
sector in Asia's third-largest economy as a corporate agent for India's
Bajaj Allianz General Insurance.
On Tuesday, Buffett had said he was looking to invest in large countries, but added that restrictions on foreign ownership in India's insurance industry could act as a deterrent in the sector.