June 13, 2008 in Business

Yahoo taps Google to help raise ad cash

The Spokesman-Review
 

Yahoo has hired Internet search leader Google to sell some online ads in hopes of boosting its profit.

The Sunnyvale-based company announced the plans late Thursday after its stock plunged 10 percent on news that its efforts to revive takeover talks with Microsoft had hit a dead end.

Yahoo Inc. is now counting on Google Inc.’s superior moneymaking system to appease its angry shareholders as it tries to fend off a shareholder mutiny being led by activist investor Carl Icahn.

PHOENIX

US Airways will cut flights, raise fares

US Airways Group Inc. said Thursday it planned sweeping cuts in service and increased fees to pay for sky-high fuel costs that have plagued the industry.

The Tempe, Ariz.-based carrier said it would cut domestic flights, shrink the size of its fleet, slash 1,700 jobs, charge passengers to check their first bag and add a fee for nonalcoholic drinks during flights.

New York

Lehman Brothers fires two top executives

Lehman Brothers Holdings Inc. shook up its management Thursday, removing two top executives in a concession that attempts to quell Wall Street anger over recent losses have failed.

The nation’s fourth-largest investment bank said its chief financial and chief operating officers were removed from their positions, days after the investment bank announced a $3 billion quarterly loss.

Investors were shaken after the company disclosed Monday it needed $6 billion of fresh capital to offset that loss, its first since going public in 1994.

Washington

FCC eyes cell phone cancellation fees

The chairman of the Federal Communications Commission laid out plans Thursday to regulate the expensive fees that cellular phone companies charge consumers for canceling their contracts early.

FCC Chairman Kevin Martin said he was skeptical ongoing class-action lawsuits would adequately resolve for consumers all the pending issues about the unpopular fees.

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