Alibaba repurchases half of Yahoo’s stake for $7.1 billion
As Yahoo’s struggles continue, the company is looking to cut costs and dig up cash wherever it can. Yahoo announced plans last month to lay off 2,000 workers, or nearly 15% of its staff, and before that it filed a “puzzling” patent lawsuit against long-time partner Facebook. Now, Yahoo will sell half of its 40% stake in China-based retail giant Alibaba. Led by Chinese Internet entrepreneur Jack Ma, Alibaba will repurchase part of Yahoo’s holdings in the e-commerce firm for $7.1 billion as it prepares to take the company public. The deal, which was announced in a joint statement on Monday, will see Yahoo sell half its stake in Alibaba for $6.3 billion in cash and as much as $800 million in new preferred
Foxconn to invest $210M in new Apple production line
Foxconn, the manufacturer of Apple’s iPhones, iPads and Macs, plans to invest $210 million in a new Apple production line in China’s east Jiangsu province in October, according to a report from China Daily. The 40,000 square meter plant will employ as many as 35,800 workers and will be located in Huai’an City. The office of Taiwan Affairs of Huai’an City confirmed that the plant will house a production line for Apple devices and is expected to output between $949 million to $1.1 billion a year. The report did not indicate which Apple products would be assembled at the new plant, however. Read
Game Review: 'Prototype 2' For Xbox 360
I love open-world games where the action is only restricted by player fatigue. Being able to run around a huge sand-box of a city, virtually wreaking havoc in creative ways is always fun. “Prototype 2″ builds upon the original, while tightening things and adding just...
Nasdaq seen struggling with aftermath of Facebook IPO
NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image. Initially, the exchange said it plans to set aside $13 million to resolve bad trades, and even if all of that was used, the cost would be minimal compared with the $387 million in net income it reported last year. The bigger hit to Nasdaq's business is likely to come from the damage done to its reputation by the stumble. ...
Mammoth 'Butchered' by Ancient Man
A young woolly mammoth, found remarkably well preserved in the tundra in Siberia, may have been attacked by lions -- but scientists say there are signs it was then butchered by ancient humans.
Zuckerberg's Status Update: Married
Newly minted billionaire Mark Zuckerberg had an important status update Saturday evening: Married.
The 28-year-old tied the knot with his longtime girlfriend, the recently graduated Dr. Priscilla Chen in a private ceremony at the couple's home in Palo Alto, Calif.
