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No horse race between Ajit Jain, Greg Abel: Buffett

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Warren-Buffett

Washington: Warren Buffett, Berkshire Hathaway chairman & CEO, said there’s no horse race to run between India-born top insurance executive Ajit Jain and Greg Abel, head of Berkshire’s energy companies, as his possible successors.

“There’s no jockeying position at all” between front-runners Jain, 63, and Abel, 52, and neither of them knows who will be Berkshire Hathaway’s next CEO, Buffett said on CNBC on Monday.

“The board has talked about it at every meeting for I don’t know how many years. We have a precise plan in mind,” the 84-year-old Buffett said.

Jain and Abel, both long-time Berkshire Hathaway executives, were named as possible successors to Buffett in Vice Chairman Charlie Munger’s annual letter to shareholders.

“When Charlie’s letter came in, and he referenced Greg and Ajit, it was news to me that he was writing that. He’s right, they’re very, very, very good, each one of them,” Buffett said.

Nevertheless, Buffett said in his annual letter to shareholders, which was released on Saturday, that he and the board have already agreed on who would carry the torch once his time comes.

“In certain important respects, this person will do a better job than I am doing,” Buffett said in his letter.

Currently, Abel is the chairman, president and CEO of Iowa-based Berkshire Hathaway Energy, while Jain runs the company’s reinsurance division.

Born in India, Jain has worked for the company since 1986. Educated at the Indian Institute of Technology Kharagpur and the Harvard Business School, Jain earlier worked for McKinsey & Co. and IBM.

“Ajit insures risks that no one else has the desire or the capital to take on,” Buffett wrote in Berkshire’s annual report.

“His operation combines capacity, speed, decisiveness and, most important, brains in a manner unique in the insurance business. Yet he never exposes Berkshire to risks that are inappropriate in relation to our resources.”

In his letter, Munger described Abel and Jain as “proven performers who would probably be under-described as ‘world-class'”.

“‘World-leading’ would be the description I would choose,” Munger said.

“In some important ways, each is a better business executive than Buffett.”

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Lockdowns in China Force Urban Communities to Defy Censorship and Vent Frustration Online

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Anyip Mobile Proxies

Shanghai’s rich middle class is leading a wave of online dissent over the strict and prolonged lockdowns imposed in various parts of the country. Chinese internet censorship is struggling as patience is wearing thin in many urban centers, coming up with creative forms of online protests.

Social Media Posts Revealing Lockdown Tension in Shanghai

Drawn-out lockdowns are nothing new in China as authorities insist with the nation’s zero-Covid policy since the start of the pandemic. Currently over This time around, however, metropolitan areas like Shanghai are increasingly difficult to keep quiet, given that its more than 25 million residents have seen weeks of total isolation along with food shortages and many other service interruptions.

Dozens of towns and reportedly over 300 million Chinese citizens have been affected by lockdowns of different severity. As expected, urban netizens have been most outspoken over their difficulties by finding creative ways to get around state censorship and bans placed on topics, news comments and spontaneous campaigns.

Shanghai residents have been using mobile proxies and hijacking seemingly unrelated hashtags to talk about healthcare issues, delivery failures and the overall severity of their situation. The “positive energy” that the Chinese government wants to transmit during the recent prolonged series of lockdowns does not come naturally to those counting food supplies and online censors are working hard to filter words, trending topics and undesired social media sharing.

WeChat groups and message threads are under constant monitoring. Posts questioning the zero-Covid approach have been quickly deleted, including by leading Chinese health experts like Dr. Zhong Nanshan. Video footage is soon censored and protests and investigations are quickly made to disappear.

Where this has not worked, officials have exposed banners with warnings and outright threats like “watch your own mouth or face punishment”, while drones have been patrolling the city skies. Yet, if anything, this has led to further tensions and unspoken confrontation with Shanghai’s educated and affluent middle class.

Creative Online Solutions Harnessing Civic Energy

Announcements by Chinese social media that they would be publishing the IP addresses of users who “spread rumors” have not helped either. Tech industry research has shown that much of Asia’s tech-savvy population has a habit of using mobile proxies and other privacy tools, quickly finding workarounds to browse the internet freely and talk to the world about the hottest topics.

The sheer volume of forbidden posts is already a challenge for the very censorship system, experts explain. Unable to track all trending hashtags, state workers overlook topics that speak about the US, Ukraine or other popular news. Linking human rights elsewhere to their situation, Chinese online dissidents establish their informal channels and “hijack” the conversation to share personal or publicly relevant information about the Covid suppression in their town.

Sarcastic and satirical posts still dominate. Others hope to evade the censors by replacing words from famous poems or the national anthem. One thing is certain – social media, when harnessed with the right creativity, has proven its ability to mount pressure on the government in even some of the most strictly controlled tech environments like China.

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