Business Briefs – February 18, 2018

Cities Pitching Diversity In Efforts to Lure Businesses

(AP) – Some cities and regions are highlighting racial diversity along with positive business climates, competitive tax rates and available land in pitches to lure tech companies and high-paying jobs to town.

Places such as Pittsburgh, Philadelphia and Detroit are touting their populations of people of color to chief executives and other corporate officials as part of being open for business.

“For Pittsburgh and southwestern Pennsylvania, ethnic and racial diversity has been an integral part of our history and a rich part of our narrative,” said Stefani Pashman, CEO of the Allegheny Conference on Community Development.

Pittsburgh and Philadelphia are among 20 cities still under consideration by online retail giant Amazon as locations for the company’ second headquarters.

Buffett Wins 10-Year, $1m Bet With Hedge Fund Managers

OMAHA, Neb. (AP) – Ten years ago, Omaha billionaire Warren Buffett was so sure that his chosen S&P 500 stock index fund would outperform a collection of hedge funds that he made a $1 million bet over it.

The Oracle of Omaha won.

On Friday, a couple of money managers with Protégé Partners LLC were in Omaha to pay up. More than $2 million is now going to Girls Inc. of Omaha.

The Omaha World-Herald reports that Girls Inc. will invest the money and use the income to support a new residential program for young women leaving foster care. The facility is due to open next year in a former convent. Its name: Protégé House.

Had Protégé won, it would have donated the money to Absolute Returns for Kids, a British nonprofit.

Buffett’s fund gained 94 percent over 10 years. Protégé’s selected funds gained 24 percent.