Seeking wider digital audience, Verizon buys Yahoo for $4.8B
SAN FRANCISCO (AP) — Seeking a wider digital audience, Verizon is buying Yahoo for $4.83 billion in a deal that marks the end of an era for a company that defined much of the early internet but struggled to stay relevant in an online world dominated by Google and Facebook.
It’s the second time in as many years that Verizon has snapped up the remnants of a fallen internet star. The nation’s largest wireless carrier paid $4.4 billion for AOL last year. The two brands will be rolled into the same operation.
Farewell to VCRs: Japanese maker to shelve once-hit product
TOKYO (AP) — Japanese electronics maker Funai Electric Co. says it’s yanking the plug on the world’s last video cassette recorder.
A company spokesman, who requested anonymity citing company practice, confirmed Monday that production will end sometime this month, although he would not give a date.
He said the company would like to continue production to meet customer requests, but can’t because key component makers are pulling out due to shrinking demand for VCRs.
EPA moves to regulate climate-warming airliner pollution
WASHINGTON (AP) — Jet engine exhaust from airliners endangers human health and adds to climate change, the government found Monday in taking the first step toward regulating those emissions.
The Environmental Protection Agency said it will use its authority under the Clean Air Act to impose limits on aircraft emissions.
Jet engines spew significant amounts of greenhouse gases, including carbon dioxide and methane, into the upper atmosphere, where they trap heat from the sun. But proposed rules such as imposing fuel-efficiency standards have faced stiff opposition from aircraft makers and commercial airlines.
AMC makes final $1.2B bid for Carmike Cinemas
NEW YORK (AP) — AMC Theatres is making its final bid for Carmike Cinemas Inc., offering to buy the movie theatre operator in an approximately $1.2 billion deal including debt.
AMC, which was bought by Chinese conglomerate Dalian Wanda Group in 2012, made an initial offer of $1.1 billion for Carmike in March. Both offers include the assumption of Carmike debt.
Both companies’ boards have approved the transaction, which is expected to close by year’s end. It still needs approval from Carmike’s shareholders.
LVMH selling Donna Karan brand to US group G-III Apparel
PARIS (AP) — French luxury giant LVMH Moet Hennessy Louis Vuitton is selling its Donna Karan and DKNY clothing brands to U.S. group G-III Apparel in a $650 million deal.
It’s a rare sale for LVMH, owner of such brands as Christian Dior, Kenzo and Sephora and a leader in the luxury world. G-III, which owns brands such as Bass shoes and Vilebrequin clothing, is looking to expand its brands.
Donna Karan herself stepped down from her signature collection last year, to focus on her Urban Zen company and foundation.
Ericsson CEO steps down amid tightened competition
HELSINKI (AP) — Hans Vestberg has stepped down as CEO and president of telecoms company Ericsson as the company struggles to improve earnings amid tightening competition.
The Swedish wireless equipment maker says that Vestberg will be temporarily replaced by CFO Jan Frykhammer until a replacement is found. Vestberg had been CEO for more than six years.
Last week, Ericsson reported a slide in sales and profits as it continued to struggle to improve profitability.
Report: ‘Brexit’ move raises risks to US financial stability
WASHINGTON (AP) — Britain’s decision to quit the European Union has elevated the risks to U.S. financial stability, though they remain moderate, U.S. Treasury Department experts say.
The “Brexit” vote, which surprised financial markets and was a blow to investor confidence and brings in months or years of uncertainty over British finance, trade and investment, the Treasury’s Office of Financial Research report says. Because Britain’s economy and financial system are so closely connected with the U.S. and the rest of Europe, distress in Britain could threaten U.S. financial stability, it warned.
‘Pokemon Go’ to be updated with trading capability
SAN DIEGO (AP) — The head of the company behind “Pokemon Go” says more capabilities for the wildly popular smartphone game are coming, including the ability to trade Pokemon.
During an appearance at a San Diego Comic-Con event Sunday, Niantic Labs CEO John Hanke said the update to add trading is “at the top of our priority list,” but no release date has been set.
Hanke also says future versions of the game could include customizable PokeStops and the addition of other Pokemon characters.
He calls “Pokemon Go” a game “we expect to run for years” and adds “we’re going to continue to invest in that way.”
Starbucks shuffles management; new role for Americas head
NEW YORK (AP) — Starbucks is shuffling its management, including a new role for the executive who headed its flagship Americas unit for eight years.
The move comes after the unit reported disappointing sales growth last week, though the coffee chain says the two are unrelated.
A letter from Starbucks CEO Howard Schultz posted online Monday said Cliff Burrows, the head of the Americas division, will shift to oversee a new group called Siren Retail that includes the Teavana business, and its “Roastery” and “Reserve” stores.
Twitter to live stream for free 1 MLB, 1 NHL game per week
SAN FRANCISCO (AP) — Twitter will live stream for free one Major League Baseball game and one NHL game per week under a new deal.
The agreement announced Monday will allow viewers to watch games nationally that would normally be available only in the two teams’ home markets. Users will not need to be logged into Twitter to see the games.
The baseball games will also be available outside the U.S., with some exceptions. Twitter did not announce the game schedule Monday.
1st US system to keep drones away from wildfires kicks off
BOISE, Idaho (AP) — Federal authorities say they’ve launched the first national system intended to prevent hobby drones from interfering with planes and helicopters fighting wildfires.
The U.S. Interior Department announced the kickoff of the pilot project Monday. It uses smartphone apps already on the market to quickly alert drone fliers to temporary flight restrictions over wildfires.
Officials say drones colliding with firefighting aircraft could be catastrophic.
The Interior Department developed the system with DJI, the world’s largest civilian drone-maker, and two other companies that specialize in offering navigational information to drone fliers.
The Dow Jones industrial average fell 77.79 points, or 0.4 per cent, to 18,493.06. The Standard & Poor’s 500 index lost 6.55 points, or 0.3 per cent, to 2,168.48. The Nasdaq composite climbed 2.53 points, or 0.1 per cent, to end at 5,097.63.
The price of crude fell $1.06, or 2.4 per cent, to close at $43.13 a barrel. Brent crude, the global benchmark, dropped 97 cents, or 2.1 per cent, to close at $44.72 a barrel in London. In other energy trading, wholesale gasoline fell 3 cents to $1.33 a gallon, heating oil fell 3 cents to $1.32 a gallon and natural gas also fell 3 cents to close at 2.75 per 1,000 cubic feet.