By Courtney Wirths
Features Editor
• Yahoo’s early investment in Alibaba recently paid off big time when the Chinese web colossus had its IPO, earning Yahoo tens of billions of dollars. The influx of cash allowed CEO Marissa Mayer to give half to shareholders and keep some around for future investments. Yahoo now plans to invest an estimated $20 million in the popular messaging app, Snapchat. Snapchat has the potential to be a powerful partner for the web portal as it looks to expand its reach on various tech platforms.
• One of the world’s most famous value investors is getting into the car-selling business. Warren Buffet’s Berkshire Hathaway Inc. has agreed to buy the nation’s fifth-largest auto retailer. The company would be called Berkshire Hathaway Automotive and will aim to make retail auto sales a more consolidated and efficient business.
• A morning cup of coffee is set to get a bit more expensive. Coffee prices surged to a two-and-a-half year high due to dry weather in Brazil posing a threat to next year’s crop. Brazil is the world’s largest coffee grower.
• Hilton Worldwide is selling the famed Walfdorf-Astoria in New York City to a Chinese insurance company, Anbang Insurance Group. The deal valued the luxury hotel at $1.95 billion. Hilton will continue to operate the hotel for the next 100 years, but, under new ownership plans, are set to renovate the building back to its original art-deco glory.
*All information according to the Wall Street Journal.
