Icahn says Yahoo policy is 'obscene'

Billionaire investor Carl Icahn, seeking control of Yahoo Inc, said an employee-severance policy that would make a takeover of the company more costly was "obscene" and shouldn't be legal.

Kerkorian finds favor with Ford shareholders

Ford Motor Co investors, reflecting pessimism over its near term prospects, responded to billionaire Kirk Kerkorian's offer to buy their shares at a large premium by tendering nearly half of the automaker's stock.

Nardelli expects Chrysler to remain independent

Chrysler LLC Chief Executive Robert Nardelli said that he expects the automaker will be an independent company three years from now, and that Chrysler's private-equity owners were not second guessing their acquisition.

Daiichi gets key stake in Ranbaxy

Daiichi Sankyo Co, Japan's third-largest drugmaker, agreed to buy control of India's Ranbaxy Laboratories Ltd for as much as 495 billion yen ($4.6 billion).

Slowdown takes toll on Inditex

Inditex SA, Europe's largest clothes retailer, reported its smallest profit increase in four years after sales growth slowed at the Zara chain.

IN BRIEF (Page 16)

Business International

Jobs takes wraps off faster iPhone

Apple Inc Chief Executive Officer Steve Jobs delivered the first major makeover of the iPhone, unveiling a faster, cheaper handset that may help him convince business users to switch over from the BlackBerry.

Tesco sales slow amid consumer gloom

Tesco Plc, the biggest UK retailer, said first-quarter domestic sales growth slowed after higher household bills and inflation prompted shoppers to spend less.

Toyota to make hybrid in Oz

Toyota will start making the Camry gas-electric hybrid in Australia from early 2010, as part of the Japanese automaker's efforts to step up production of such green cars around the world, the company said yesterday.

Biz people

Buffett makes bet on S&P 500

IN BRIEF (Page 16)