Business International

UBS to axe 5,500 jobs

UBS AG, battered by $17.3 billion of first-quarter losses at its investment-banking unit, plans to cut 5,500 jobs and said clients withdrew a net $12.2 billion from its asset- and wealth-management divisions.

Yang says he may sell if the price is right

Yahoo Inc Chief Executive Officer Jerry Yang, criticized by some investors for rejecting Microsoft Corp's $47.5 billion takeover bid, said he'll consider selling to the software company or another bidder for the right price.

Crude oil gets close to $121 mark

Crude oil was little changed after reaching a record near $121 a barrel amid supply risks in Nigeria and Iran and signs of stronger US demand.

IN BRIEF (Page 17)

Fannie Mae posts $2.19b Q1 net loss

Fannie Mae, the largest US mortgage-finance company, reported a wider loss than analysts estimated and said it will cut its dividend and raise $6 billion in capital to help overcome the worst housing slump since the Great Depression.

Business International

Yahoo shares tumble on scrapped bid

Yahoo Inc, the Web company that spent three months fighting a takeover by Microsoft Corp, fell 21 percent in early trading after the software maker scrapped the bid because executives failed to agree on the price.

Withdrawal puts pressure on Ballmer

Microsoft Corp's decision to drop its pursuit of Yahoo Inc increases the pressure on Chief Executive Officer Steve Ballmer to make his money-losing Internet business succeed against Google Inc.

Sprint gains on takeover reports

Sprint Nextel Corp, the third-biggest US mobile-phone carrier, rose as much as 13 percent in German trading on reports Deutsche Telekom AG is analyzing a possible takeover offer.

UBS may cut 8,000 jobs on losses

UBS AG may cut as many as 8,000 jobs as it grapples with the biggest credit writedowns of any European bank and a 12 billion-franc ($11.4 billion) first-quarter loss.

IN BRIEF (Page 17)