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Documents shed light on Yahoo's efforts to thwart Microsoft's takeover bid (Finance, 13 articles)
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Yahoo is facing intense pressure from its shareholders to reopen sales negotiations, with activist investor Carl Icahn threatening to replace the Sunnyvale-based company's entire board unless a deal can be worked out before Yahoo's July 3 annual meeting. In a bid to boost its Web search traffic, Microsoft Corp. on Monday announced a deal that will make its Live Search the default on Hewlett-Packard Co. personal computers shipped in the U.S. and Canada, starting in January. Selective details from Yahoo board minutes and other confidential company documents in an investor suit, unsealed by a Delaware Chancery Court judge on Monday, paint a picture of how Yahoo has rebuffed Microsoft's courtship since early 2007. The severance plan would have increased Microsoft's costs by $462 million to $2.1 billion, based on the software maker's initial Jan. 31 offer of $44.6 billion, or $31 per share, according to Yahoo estimates released Monday. HP's consumer PCs sold in North America will have a custom search toolbar and Internet Explorer will default to Microsoft's Live Search engine beginning in January, Microsoft plans to announce today. The Windows Live Search tool bar will be installed on PCs starting in January, Redmond, Wash.-based Microsoft said today.
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Other stories about Microsoft, Yahoo and Google:
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Bradford & Bingley profits warning takes FTSE 100 below 6000 (Finance, 9 articles)
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Freshfields Bruckhaus Deringer, the leading London-based law firm, on Monday unveiled a near-40 per cent rise in profits, in the latest striking evidence of the legal profession's continued prosperity amid the fall-out from the credit crunch. Plunging bank stocks forced the FTSE 100 below 6,000 as investors frightened by Bradford & Bingley's surprise profits warning fled the sector. The banking sector was down 1.5 per cent by the late afternoon, compared with a 1 per cent fall in the FTSE 100.
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Other stories about cent, b&b and Bradford:
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World's airlines say they face $2.3bn loss this year as oil price stays high (Finance, 10 articles)
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Record fuel costs are forecast to push the global airline industry back into loss in 2008 just a year after carriers returned collectively to a net profit for the first time since 2000. Mr Bisignani said 24 airlines had gone bankrupt in the past six months and the sector faced $99bn of extra fuel costs in the year ahead. The International Air Transport Association (IATA), which represents airlines, also said that if oil prices stayed at $135 a barrel, the losses could worsen to more than $6 billion.
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Citi Settlement Ends Enron Creditors' 'Mega Claims' Suit (Finance, 8 articles)
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Washington Post staff writer Carrie Johnson was online from Houston to discuss the sentencing of former Enron chief Jeffrey K. Skilling at Noon ET on Tuesday, Oct. 24. A federal appeals court yesterday thwarted attempts by a group of Enron investors to sue investment banks over their role in the Houston energy trader's collapse, giving Wall Street a powerful weapon to defend itself against future claims. Securities regulators yesterday sued two former Enron Corp. lawyers for allegedly participating in the devastating fraud and helping other executives at the Houston energy trader to mislead investors about financial setbacks and stock sales.
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Wachovia forces out CEO Ken Thompson :: CHICAGO SUN-TIMES :: Business (Finance, 8 articles)
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SEATTLE - Washington Mutual Corp., hard-hit by the mortgage and credit crises, said Monday it will replace chief executive Kerry Killinger as chairman of the board and take other steps to improve corporate governance. CHARLOTTE, N.C. Wachovia Corp. chief executive Ken Thompson was pushed out Monday as head of the nation's fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Smith replaced Thompson as chairman last month in a move the bank said "strengthens independent leadership" at the company.
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Manufacturing, construction, founder; prices rise (Finance, 5 articles)
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NEW YORK - Dark clouds continue to hang over the economy: The manufacturing sector shrank for the fourth consecutive month, construction spending has been falling for more than two years, future orders are down and prices are skyrocketing. NEW YORK - Treasury prices advanced Monday after new data on housing and manufacturing indicated that the economy is still showing signs of contraction. The Commerce Department said construction spending dipped in April for the sixth time in seven months due to a drop in home building.
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Vodafone seeks control of Vodacom (Finance, 4 articles)
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Vodafone is seeking control of Vodacom, South Africa's largest mobile phone operator, by making an informal offer of $2.5bn for 12.5 per cent of the company. Mvelaphanda Holdings, one of South Africa's top black empowerment groups, is leading a consortium that is considering making an offer for Telkom, the country's main fixed-line phone company. Analysts and bankers said one of the main factors behind the potential deals was the prospect of MTN, Africa's largest mobile operator, finalising a merger with Reliance Communications, India's second-largest wireless company.
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blaster@cs.columbia.edu
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