Reuters says Nestle, of Switzerland, will pay Starbucks $7.15 billion in cash for the rights to sell the coffee chain’s products around the world, tying a premium brand to Nestle’s global distribution muscle. The deal on Monday for a business with $2 billion in sales reinforces Nestle’s position as the world’s biggest coffee company tries to fortify its place atop a fast-changing market.
BUFFETT CALLS BITCOIN RAT POISON
Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it. Likening bitcoin demand to the tulip bulb mania in 17th century Netherlands, Buffett, the chairman and chief executive of Berkshire Hathaway Inc, said the mystique behind the cryptocurrency has caused its price to surge. After Buffett’s comments, the price of a bitcoin was at $9,348.26, down $322.98, or just over 3.3 per cent.
TSX UP MONDAY
Canada’s main stock index climbed to a more than 13-week high on Monday, as the energy sector got a boost from higher oil prices and talks to update the North American Free Trade Agreement entered a crucial week. At 11:27 a.m. ET, the Toronto Stock Exchange’s S&P/TSX Composite Index rose 103.05 points, or 0.65 per cent, to 15,832.45.
