Business International

Microsoft won't budge on Yahoo bid

Yahoo Inc delivered first-quarter results that eclipsed analysts' modest expectations, but the performance did little to support the Internet pioneer's demands for software maker Microsoft Corp to raise its takeover bid above $45 billion.

VW says profit up 26% on job cuts

Volkswagen AG, Europe's largest automaker, said first-quarter profit rose 26 percent after the company cut jobs in Germany and lured buyers with the new Tiguan compact sport-utility vehicle and an upgraded Audi A4 sedan.

Toyota Q1 sales rise on new markets

Toyota Motor Corp, vying with General Motors Corp to be the world's largest carmaker, increased first-quarter sales 2.7 percent after demand grew in China and other emerging markets.

Ospel: Worst is over for UBS

Outgoing UBS AG chairman Marcel Ospel said yesterday that the worst is over for subprime problems at Switzerland's largest bank and "we soon will be sailing into calmer waters.

Subprime takes heavy toll on Ambac earnings

Ambac Financial Group Inc, the bond insurer that lost 93 percent of its stock market value in the past year, posted a wider loss than analysts estimated after $3.1 billion in charges for subprime-mortgage securities.

IN BRIEF (Page 16)

Business International

'I am truly sorry', says Samsung's Lee

Samsung Group Chairman Lee Kun-hee will step down after being charged with tax evasion and breach of duty, ending his two-decade reign over South Korea's largest industrial group.

'Hermit manager' changed company

Lee Kun-hee, who resigned yesterday as chairman of the scandal-tainted Samsung group, lives a reclusive existence, but his occasional pronouncements on business reverberated throughout South Korea.

Immelt resists calls to shrink GE

Chief Executive Officer Jeffrey Immelt said he will resist calls to shrink General Electric Co beyond an existing plan that includes reducing the company's consumer businesses in slowing economies.

Biocon Q4 profit rises 7.6%

Biocon Ltd, India's largest biotechnology firm, said yesterday fourth-quarter net profit rose 7.6 percent as demand for drugs and research services offset the impact of a stronger rupee.