By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. ...
By Angela Moon NEW YORK (Reuters) - Stocks ended little changed on Monday, with indexes hovering near record levels as concerns about a correction cut earlier gains that had been prompted by news about a flurry of acquisitions. The Dow and the S&P 500 briefly hit all-time intraday highs. Early in the session, investors' sentiment was brightened by a slew of deal news, including Yahoo Inc's acquisition of Tumblr. ...
TOKYO (Reuters) - Sprint Nextel Corp said its Japanese suitor SoftBank Corp granted it a waiver allowing it to consider a $25.5 billion rival bid by Dish Network Corp, as pressure mounts on SoftBank to sweeten its offer for the No. 3 U.S. wireless carrier. Sprint said its recommendation in favor of the SoftBank agreement had not changed, although some major Sprint shareholders including Paulson & Co and Omega Advisors have publicly said the Dish offer looks better than SoftBank's deal. SoftBank, which agreed last October to pay $20. ...
By Patrick Temple-West and Poornima Gupta WASHINGTON/SAN FRANCISCO (Reuters) - Using an unusual global tax structure, Apple Inc has kept billions of dollars in profits in Irish subsidiaries to pay little or no taxes to any government, a Senate report on the company's offshore tax structure said on Monday. ...
(Reuters) - The board of iGate Corp, an information technology outsourcing services provider, has sacked Chief Executive Officer Phaneesh Murthy following an investigation into a claim of sexual harassment, the company said in a statement. The U.S.-listed company, which has bulk of its employees in India, has appointed Gerhard Watzinger as interim chief executive with immediate effect, the iGate statement said. "The board's decision was made as a result of an investigation by outside legal counsel, engaged by the board, of the facts and circumstances surrounding a relationship Mr. ...
By Karen Freifeld and David Henry (Reuters) - JPMorgan Chase & Co , under pressure from New York officials, gave shareholders information about an upcoming vote that would increase oversight of Chairman and Chief Executive Jamie Dimon. But the ballot details may have come too late for some investors. The bank's annual meeting is on Tuesday and by far the most controversial matter up for vote is whether Dimon should retain his chairman title. ...
By Andrea Shalal-Esa WASHINGTON (Reuters) - The U.S. Air Force plans to start operational use of Lockheed Martin Corp.-built F-35 fighter jets in mid-2016, a year earlier than planned, using a similar software package as the Marine Corps, two sources familiar with the plans said on Monday. The Air Force's decision to accelerate its introduction with a slightly less capable version of the F-35 software package means the planes will carry fewer weapons at first, although the software will later be upgraded to the final version, said the sources, who were not authorized to speak publicly. ...
CHICAGO (Reuters) - United Airlines said on Monday it expects to have its entire fleet of Boeing 787 Dreamliners back in service this week, as the airline's first flight with the new jetliner in four months landed safely in Chicago. "Every new airplane has issues," United CEO Jeff Smisek said after the flight landed ahead of schedule. "We've worked with Boeing to fix them. We're very confident." Smisek and Boeing CEO Jim McNerney were on the flight from Houston on Monday. ...
(Reuters) - Tesla Motors Inc may repay its U.S. Department of Energy loan as early as Wednesday, Chief Executive Elon Musk said in a message on Twitter on Monday. Musk, a billionaire who owns 27.5 percent of Tesla, added that the company would move another announcement about its charging station network to next week. "Given govt loan repayment this week (prob Wed), Supercharger update will be next week," Musk said in his post. A Tesla spokeswoman confirmed that Musk was referring to the full repayment of the DOE loan. Last week, Tesla said it would use $452. ...
By Poornima Gupta SAN FRANCISCO (Reuters) - Apple Inc will argue for a comprehensive corporate tax reform that will levy a "reasonable tax" on foreign earnings and is not dependent on a company's revenue when it goes before a Senate panel on Tuesday to explain its offshore tax practices. In prepared testimony released by the company and submitted ahead of Apple Chief Executive Tim Cook's hearing on Tuesday before the Senate Permanent Subcommittee on Investigations, Apple denied it employed "tax gimmicks" like using Cayman Islands bank accounts or shifting intellectual property abroad. ...
SAN FRANCISCO (AP) — After falling woefully out of fashion, Yahoo wants to be cool again while catering to the capitalistic demands of its shareholders. That goal led CEO Marissa Mayer to make a $1.1 billion bet on online blogging forum Tumblr in a risky acquisition that revolves around the vision and instincts of a 26-year-old entrepreneur who dropped out of high school to pursue his dream of bringing more beauty and creativity to the Internet.
NEW YORK (AP) — It's one thing to say tech geniuses don't need degrees. After all, Bill Gates, Steve Jobs and Mark Zuckerberg all dropped out of college.
NEW YORK (AP) — Small-company stocks were a bright spot in a subdued start to the week for Wall Street.
WASHINGTON (AP) — Senate supporters of far-reaching immigration legislation accepted minor changes in public while negotiating over more sweeping alterations in private Monday as they drove toward expected Judiciary Committee approval by mid-week.
BANGKOK (AP) — Asian stock markets struggled to post gains Tuesday as investors waited for the U.S. Federal Reserve to telegraph what it plans to do next with its economic stimulus program.
SOCHI, Russia (AP) — The mountains of Sochi are now home to Potanin's slope, Gazprom's gondola lift and Sberbank's ski jump. The nicknames used by locals and an army of construction workers leave no doubt about who is paying for the 2014 Winter Games: Russia's business powerhouses.