INTERNET
Former Morgan Stanley employee Darin DeMizio is escorted by FBI agents at Federal Plaza in New York. DeMizio is one of eight charged in connection with an investigation of stock-loan desks.
(By Jin Lee -- Bloomberg News)
TOOLBOX   Resize
 Save/Share +
COMMENT
 Discussion Policy
 CLOSE
Comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions. You are fully responsible for the content that you post.
|
INTERNET
Yahoo Prepares for Board Fight
Yahoo postponed a looming showdown for control of its board, giving itself more time to prepare a defense -- or negotiate a sale to Microsoft -- that would cause activist investor Carl Icahn to call off a shareholder mutiny.
The battle between the Yahoo board and unhappy shareholders was supposed to come to a head at the company's July 3 annual meeting. But Yahoo has pushed the meeting back to an undetermined date in late July, according to a regulatory filing.
This is the second time Yahoo has postponed the meeting. The previous delay, announced in March, gave Yahoo more time to explore alternatives to Microsoft's unsolicited takeover bid, which was withdrawn two weeks ago.
Spurred by shareholders upset with Yahoo's handling of Microsoft's last offer of $47.5 billion, Icahn has nominated a slate of candidates to replace the current directors.
In its filing, Yahoo said it needs more time to prepare and obtain SEC approval for all the material it plans to file in the upcoming proxy battle.
Google's Page Opposes Deal
Google co-founder Larry Page said the company was opposed to a Microsoft-Yahoo deal because it would monopolize online communications, stifle innovation and curb competition. He also discounted the idea that a potential advertising deal between Google and Yahoo would present any potential antitrust problems.
Page said a successful Microsoft-Yahoo deal would have closed "a lot of things that are really important . . . like instant messaging."
AUTOMOTIVE
Vote Ends Strike at Parts Maker
Workers from the largest union local at American Axle & Manufacturing Holdings voted in favor of a new contract, ending a nearly three-month strike. The vote by United Auto Workers Local 235 means American Axle workers will return to work, though the date is unknown. Workers at two New York factories and another plant in Michigan already have approved the deal, which includes steep wage cuts and other concessions.
The strike forced General Motors to cut production at or temporarily close more than 30 factories, crippling output of pickup trucks and large sport-utility vehicles.
