 | Good afternoon Bit |  |  | Yahoo's battle with Alibaba intensified as they issued contradictory statements over the Chinese company's transfer of a major Internet asset to its CEO. Analysts said the handover of Alipay, an online e-commerce payment system, to Alibaba CEO Jack Ma has reduced the value of Yahoo's 43 percent Alibaba stake. Yahoo said it had been blindsided by the deal, while Alibaba countered that Yahoo was aware of the transaction by virtue of having a board seat, now held by former Yahoo Chief Executive Jerry Yang, who is also a Yahoo director.
PR agency Burson-Marsteller, in the spotlight after it was revealed that Facebook had hired the firm to run a smear campaign against Google, said it will give the employees in charge of the operation extra training instead of firing them, The Daily Beast's Dan Lyons writes.
Cisco Systems is expected to cut thousands of jobs in possibly its worst-ever round of layoffs to meet Chief Executive John Chambers' goal of slashing costs by $1 billion. Four analysts contacted by Reuters estimated the world's largest maker of network equipment will eliminate up to 4,000 jobs in coming months, with the average forecast at 3,000. That would represent 4 percent of Cisco's 73,000 permanent workers. It also has an undisclosed number of temporary contractors.
Travelers in the western U.S. should not rely solely on technology such as GPS for navigation, authorities said, after a Canadian couple were lost in the Nevada wilderness for 48 days. Sheriff's offices in remote, high-elevation parts of Idaho, Nevada and Wyoming report the past two years have brought a rise in the number of GPS-guided travelers driving off marked and paved highways and into trouble. | | | LATEST NEWS | | Judge issues gag order for Twitter | | May 13, 2011 09:54 AM ET | | LONDON (Reuters) - A British judge has banned Twitter users from identifying a brain-damaged woman in one of the first attempts to prevent the messaging website from revealing sensitive information. | Full Article | | Google nears settlement over drugstore ads: report | | May 13, 2011 08:50 AM ET | | SAN FRANCISCO (Reuters) - Google Inc is close to settling a U.S. criminal probe into allegations that it made hundreds of millions of dollars from online pharmacy ads that break U.S. laws, the Wall Street Journal reported, citing people familiar with the matter. | Full Article | | France to host Internet leaders for "e-G8" talks | | May 13, 2011 12:55 PM ET | | PARIS (Reuters) - French President Nicolas Sarkozy will host technology titans, including Facebook, Google and Amazon, at a summit to debate how governments can encourage innovation on the Internet, while taming its excesses. | Full Article | | TomTom sees fleet management services growth | | May 13, 2011 11:07 AM ET | | AMSTERDAM (Reuters) - TomTom, which provides fleet management systems to trucking firms, expects smaller rivals to go out of business in the fragmented sector in the next three to five years, an executive said on Friday. | Full Article | | | BUSINESS NEWS
| | Inflation hits 2-1/2 year high, seen peaking | | May 13, 2011 04:35 PM ET | | WASHINGTON (Reuters) - Gasoline and food prices hoisted U.S. inflation to a 2-1/2-year high in April, but there was little sign of a broader pick-up in consumer prices that would trouble the Federal Reserve. | Full Article | | Citi reinstates quarterly dividend at 1 cent | | May 13, 2011 02:14 PM ET | | NEW YORK (Reuters) - Citigroup Inc declared its first dividend in more than two years on Friday, announcing it will pay a penny per share on June 17, but analysts said the bank could take a while to pay the kinds of dividends that its rivals do. | Full Article | | Taxes remain sticking point in budget talks | | May 13, 2011 08:36 AM ET | | WASHINGTON (Reuters) - White House-led negotiations to reduce massive budget deficits and raise the United States' credit limit laid bare deep divisions on Thursday over whether tax increases could be part of any solution. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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