Yahoo lays off 2000 workers in major cost overhaul
Yahoo announces 2000 job cuts about 14 percent of its staff as new CEO Scott Thompson reshapes the company to focus on core strengths and mobile computing. The move, expected to save roughly 375 million annually and incur a 125 to 145 million pre tax severance charge, will reduce current quarter earnings. The layoffs, notified Wednesday, mark the sixth mass purge in four years, the deepest yet.
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Paramount Adds 500 Films to YouTube Rentals
Paramount Pictures reaches a deal to add nearly 500 films to YouTube Rentals and Google Play amid a $1 billion Viacom lawsuit. The library expands YouTube to about 9,000 titles with titles like Hugo, Transformers, and The Godfather trilogy available for rent in the U S and Canada.
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Gold price falls to three month low on weak market
Gold dropped almost $58 to $1,614 an ounce in a broad market slide as the Dow fell 125 points. Analysts say inflation is easing and fear fading erode gold’s appeal as a crisis hedge, signaling a possible end to the gold market's surge.
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