The daily business briefing: August 31, 2020

Billionaire investor Warren Buffett announced Sunday that his company, Berkshire Hathaway, has acquired stakes of just over 5 percent in Japan’s five leading trading companies: Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co., and Sumitomo Corp. Berkshire accumulated the holdings over about a year, making regular purchases on the Tokyo Stock Exchange. Based on Friday’s closing prices, the investments have a current value of about $6.25 billion. Berkshire’s investment was seen as a long-term bet on the global economy, particularly that of Japan, the world’s third largest after those of the United States and China. “I am delighted to have Berkshire Hathaway participate in the future of Japan and the five companies we have chosen for investment,” Buffett said. [CNBC]

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