Yahoo begins staff, units shake-up
Yahoo Inc.'s top sales executive is leaving the company in the latest reorganization by President Susan Decker that merges sales into a broader division seeking new partnership deals such as ones it has struck with eBay, Comcast and newspaper publishers. Gregory Coleman, the company's executive vice president of global sales, is leaving Yahoo to pursue other opportunities Decker said in a memo sent to employees late on Wednesday.
Gap says chief financial officer to leave
Gap Inc chief financial officer Byron Pollitt is leaving to become finance chief for Visa Inc, the companies said, marking the second high-level executive exit this year for the clothing retailer as it wrestles with a multiyear sales slump.
Jumbo mortgage troubles push ARM rates higher
Concerns about creditworthiness in the U.S. mortgage market have helped to push up rates on so called jumbo mortgages, and rates on adjustable-rate mortgages saw a record rise this week.
Microsoft to buy corporate group-chat provider
Microsoft Corp agreed to acquire Parlano, which provides technology to allow companies to create group chat sessions for employees, and add the application to its portfolio of communication offerings.
Smithfield Foods turning from growth to paring debt
U.S. meat company Smithfield Foods Inc.'s once ravenous appetite for growth may be abating as the company may now focus on paying down debt, according to comments made on Wednesday by its chief executive.
Madrone, Goldman take $1 bln stake in Global Hyatt
Private equity firms Madrone Capital Partners and Goldman Sachs Capital Partners agreed to invest $1 billion in closely held Global Hyatt Corp, the hotel company's chairman, Tom Pritzker, said on Wednesday.
Techs lead Wall Street rebound as oil soars
U.S. stocks rebounded on Wednesday, pushing the Nasdaq to its best day in more than a year, as investors snapped up beaten down technology shares, while the energy sector benefited from a surge in oil prices. Also, a letter from Federal Reserve Chairman Ben Bernanke saying the Fed was prepared to act to stabilize the credit market added to investor hopes for a an interest rate cut.
Senator asks Countrywide to halt pushy business practices
The nation's largest mortgage lender, Countrywide Financial Corp, should halt the aggressive marketing practices that put many borrowers into loans they could not afford, the head of a housing panel in the Senate said on Wednesday.
American aims to grow business with new terminal
American Airlines, the world's largest carrier, is pinning its hopes for growth in the New York market to a $1.3 billion terminal, unveiled on Wednesday, that could net 50 percent more passengers at John F. Kennedy International Airport.
Yen tumbles on rising U.S. equities
The yen dropped against the euro and dollar on Wednesday as investors took recovering U.S. stock markets as a cue to slash short-term bets that the Japanese currency would strengthen.
Angelina Jolie visits Iraq refugees
Hollywood star Angelina Jolie on Tuesday traveled to Iraq and appealed for more international support for the millions of people uprooted by war and violence.
Spaghetti westerns big in Venice
Venice's film festival is celebrating 30 films of a quintessentially American genre made by Italian directors.
Apple shares rise on new iPods buzz
Apple Inc shares rose more than 4.5 percent on Wednesday, fueled by excitement over the pending launch of new iPod digital music players, which could entice current users to buy upgraded models.
Maybank Q4 profit up 28 pct, beats forecasts
Malaysia's biggest listed firm, Malayan Banking, posted a better-than-expected 28 percent rise in fourth-quarter profit on Wednesday, helped by growth in net interest, insurance and credit card income.
China's ICBC to pay $583 million for Macau bank
Industrial and Commercial Bank of China, the world's largest lender by market value, said on Wednesday it would pay 4.68 billion patacas (US$583 million) for 80 percent of Macau's Seng Heng Bank, giving it a foothold in the booming gaming territory.
Bear Stearns names Asia CEO, seeks overseas growth
Wall Street bank Bear Stearns Cos, which is building up its business outside the United States, has appointed John Moore, co-head of fixed income for Europe, to be its chief executive for Asia.
OMX says sent questions to Borse Dubai on bid
Bourse owner and operator OMX said on Wednesday it had sent questions to Borse Dubai about Borse Dubai's $4.0 billion bid for the company, which topped an agreed $3.7 billion deal with Nasdaq.
Barclays to stick with ABN bid despite gap-sources
British bank Barclays has no plans to walk away from the battle for ABN AMRO despite a growing gap between its bid and a competing offer, sources close to the matter said on Wednesday.
Goldman's subprime car lender Triad to cut jobs
Subprime auto lender Triad Financial Corp., partly owned by Goldman Sachs, plans to cut 124 jobs in California next month, according to a notice filed with that state's department of labor.
Altria to spin off international unit
Altria Group said on Wednesday it plans to spin off its international tobacco unit but will not give details on the timing on the much anticipated move until January. The spinoff is the second in a corporate restructuring that has seen Altria spin off its Kraft Foods Inc holdings.
China defends food safety standards to WHO
China has sent a notice to the World Health Organisation defending its food safety standards and sentenced another food and drug watchdog official for bribery, its latest moves to assure the world its exports are up to par.
Williams-Sonoma profit down but beats expectations
Upscale home furnishings retailer Williams-Sonoma Inc reported higher-than-expected quarterly profit on Wednesday on an improvement at its Pottery Barn chain, sending its shares up as much as 11 percent.
Bush to request $50 billion more for Iraq war: report
U.S. President George W. Bush is preparing to ask Congress for as much as $50 billion in additional funding for the war in Iraq, The Washington Post reported on Wednesday, citing a White House official.
CAMEC launches offer for Canada's Katanga
London-listed Central African Mining & Exploration launched a formal offer for Katanga Mining Ltd on Wednesday, but Katanga Chief Executive Arthur Ditto said he was not interested.
Australian fund Basis Yield files for bankruptcy
Basis Yield Alpha Fund, a hedge fund specializing in corporate and structured credit, on Wednesday filed for bankruptcy protection in the United States amid mounting losses from U.S. subprime mortgage assets, court papers show.
DaimlerChrysler mum on payout plans
DaimlerChrysler left investors guessing about plans to return excess cash to shareholders as the German carmaker reported second-quarter operating profits on Wednesday in line with market expectations.
Housing crisis keeps buyers on sidelines
For some prospective home buyers in Southern California, the effect of the U.S. mortgage crisis has been to keep them on the sidelines of the home market, wary of stepping in for fear prices will fall further.
Firefighters gain upper hand over Greek fires
Greek firefighters gained the upper hand on Wednesday over widespread forest fires that have killed at least 63 people and left the government shaken by accusations of incompetence.
Pizza for pesos marks decline of dollar
U.S.-based Pizza Patrón's move to take Mexican currency at its stores initially sparked a backlash in January. But business has been booming.
Gold edges higher, but global economy weighs
Gold changed course to trade higher on Wednesday, but investors remained cautious because of weaker equities and fears about the global economy.
