Yahoo takes big leap with $1.1B deal for Tumblr
SAN FRANCISCO (AP) — Yahoo is buying online blogging forum Tumblr for $1.1 billion as CEO Marissa Mayer tries to rejuvenate an Internet icon that had fallen behind the times.The deal announced Monday is Mayer's boldest move since she left Google 10 months ago to lead Yahoo's latest comeback attempt. It marks Yahoo's most expensive acquisition since the Sunnyvale, Calif., company bought online search engine Overture a decade ago for $1.3 billion in cash and stock.
Small-company stocks lead the market higher
NEW YORK (AP) — The stock market is edging higher in midday trading, led by small-company shares.The Russell 2000 index of small company stocks crossed 1,000 points for the first time Monday. It's up 18 percent this year, more than other major market indexes.
- High court uphold FCC power in cell tower disputes
WASHINGTON (AP) — The Supreme Court has affirmed the authority of federal regulators to try to speed local government decisions on proposals to build or expand cell phone towers.The court voted 6-3 Monday to uphold an appeals court ruling in favor the Federal Communications Commission.
- Actavis buying Warner Chilcott in $8.5B deal
NEW YORK (AP) — Actavis is buying Warner Chilcott in an all-stock deal valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the U.S. market.The announcement Monday comes after the companies said earlier this month that they were in talks about a possible pairing of one of the world's largest generic drugmakers, Actavis Inc., with an Irish company that has a portfolio of established, branded drugs.
Russian oligarchs foot most of 2014 Sochi Olympics
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.Other countries that have hosted the Olympics have overwhelmingly used public funds to pay for the construction of needed venues and new infrastructure. The Russian government, however, has gotten state-controlled companies and tycoons to foot more than half of the bill, which now stands at $51 billion and makes the 2014 Winter Games by far the most expensive Olympics in history. In contrast, the much-larger 2012 Summer Olympics in London cost about $14.3 billion and the 2008 Summer Games in Beijing cost about $40 billion.
- Chesapeake names Anadarko executive as new CEO
OKLAHOMA CITY (AP) — Chesapeake Energy has named Anadarko Petroleum executive Robert Douglas Lawler as its new CEO.The appointment of the 46-year-old Lawler comes after a tough year during which Chesapeake's board ousted its founder and the company worked to shore up its finances.
- Seamless and GrubHub to combine, no terms revealed
NEW YORK (AP) — Rival online takeout services Seamless North America and GrubHub on Monday announced plans to combine and create a new company covering more than 20,000 restaurants in 500 cities across the U.S.Financial terms were not disclosed and it's unclear what the combined company will be called. GrubHub CEO Matt Maloney will become CEO, while Seamless CEO Jonathan Zabusky will serve as president, the companies said in a joint statement.
- What do we eat? New food map will tell us
CHAPEL HILL, N.C. (AP) — Do your kids love chocolate milk? It may have more calories on average than you thought.Same goes for soda.
- Economists predict increase in consumer spending
WASHINGTON (AP) — Consumer spending is likely to pick up this year, while government spending declines at a faster rate, according to a survey of business economists.The economists predict that the U.S. economy will grow 2.4 percent this year and 3 percent next year. That's unchanged from their forecast in February.
United to restart 787 flights on Monday
United Airlines is getting its 787s back in the air.The planes are flying again after being grounded for four months because of smoldering batteries on 787s owned by other airlines. The incidents included an emergency landing of one plane, and a fire on another. Federal authorities lifted the grounding order on April 19 but it has taken Boeing, which makes the plane, and the airlines a few more weeks to fix most of them.
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