Aibaba makes Yahoo buyback

■ China’s Alibaba has gone ahead with its plan to buy back half the stake Yahoo owned in the company for about $7.6bn (£4.7bn) as it moves closer to an initial public offering. Alibaba said it paid Yahoo about $6.3bn in cash and $800m in preferred shares in Alibaba Group. Separately, Yahoo said it will return to shareholders $3bn of the $4.3bn of after-tax proceeds from the sale. This is in addition to the $646m downpayment that it has already returned to its shareholders through buybacks.