IN BRIEF
SAN FRANCISCO
Yahoo closes deal for Maven Networks
Undeterred by the threat of a hostile takeover, slumping Internet pioneer Yahoo completed an acquisition of its own Tuesday by buying online video service Maven Networks for $160 million.
The deal marks Yahoo's latest effort to expand its online advertising network and snap out of a two-year financial funk that has culminated in an unsolicited takeover offer from Microsoft Corp.
Yahoo's board rejected the bid Monday, prompting Microsoft to raise the possibility of taking its offer -- originally valued at $44.6 billion or $31 per share -- directly to shareholders.
Sunnyvale-based Yahoo thinks it's worth more, an opinion echoed by its second largest shareholder in a letter released Tuesday.
"We think (Microsoft) will have to enhance its offer if it wants to complete a deal," wrote Bill Miller, a fund manager for Legg Mason, which owns more than 80 million Yahoo shares.
NEW YORK
Eat burgers, get better bang for your bucks
If you want to stretch your dollar without shrinking your appetite, you're in luck.
Fast food companies, looking for a way to attract budget-conscious customers and keep them spending, are increasingly offering more food for less money.
A version of the double cheeseburger is appearing on value and dollar menus at Burger King Corp. and Wendy's International.
"People are looking for premium items but there's also a push for value," said Jeffrey Davis, president of restaurant research firm Sandelman & Associates. "They're giving you a little bit more for what you pay."
McDonald's Corp., ahead of the value-menu curve, has had its double cheeseburger on the dollar menu since its introduction in 2003.
CARACAS, Venezuela
Venezuela arm halts oil sales to Exxon Mobil
Venezuela's state oil company said Tuesday that it has stopped selling crude to Exxon Mobil Corp. and has suspended commercial relations with the U.S.-based oil company.
State-run Petroleos de Venezuela SA, or PDVSA, said in a statement that it "has paralyzed sales of crude to Exxon Mobil." It said the decision was made "as an act of reciprocity" for the company's "judicial-economic harassment."
President Hugo Chavez has shaken oil markets this week with broader threats to cut off oil supplies to the United States. His threats came in response to a drive by Exxon Mobil to seize Venezuelan assets through U.S. and European courts in a dispute over the nationalization of its oil ventures in Venezuela.
Legg Mason unit raises stake in Countrywide
Legg Mason Capital Management raised its stake in Countrywide Financial Corp., the biggest U.S. mortgage lender, to 15 percent and said it hasn't decided whether to vote for Bank of America Corp.'s $4 billion takeover.
Countrywide should remove a "poison pill" designed to discourage takeovers, fund manager Bill Miller said Tuesday in a letter to investors. His firm previously held a stake of about 12 percent and may acquire as much as 25 percent, the letter said. Baltimore-based Legg Mason was already the biggest stakeholder of Countrywide, based in Calabasas, Calif.
Shareholders and analysts have split on whether Countrywide got a fair price from Bank of America, the nation's second-largest bank. Investors including SRM Global Fund, which held a 5.2 percent stake, have said the bid is too low, while Paul Miller of Friedman Billings Ramsey Group contends Bank of America is overpaying because of Countrywide's continued losses.
WASHINGTON
Initiative would give homeowners reprieve
Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under an initiative the Bush administration announced Tuesday.
Critics attacked the proposal as far short of what is needed to resolve a serious financial crisis that is threatening millions of families with the loss of their homes.
Under the new program, six of the nation's largest financial institutions said they will begin contacting homeowners who are 90 or more days overdue on their monthly mortgage payments. The homeowners will get the chance to pause foreclosure for 30 days while lenders look for a way to make the mortgage more affordable.
The new program will be available to the holders of all types of mortgages from prime to subprime and represents a widening of an initiative announced by President Bush in December that offers a freeze on subprime mortgage rates that are scheduled to reset to sharply higher rates for borrowers who qualify for the assistance.
DALLAS
Riders on the bus count points, points, points
Airlines have frequent-flier programs, and Greyhound has one for repeat riders.
The big bus line said Tuesday it's taking the Road Rewards program beyond the Internet, to let people earn points by buying tickets over the phone or at the bus terminal.
The loyalty program was launched on Greyhound.com in 2006. Since then, the Dallas-based company says more than 130,000 customers have signed up. They get updates on their account in the mail, by e-mail, or on Greyhound's Web site.
NEW YORK
Treasury prices decline after Buffett bond bid
Long-term Treasury prices plunged Tuesday after investor Warren Buffett offered to provide extra guarantees on up to $800 billion in municipal bonds backed by troubled insurers MBIA, Ambac Financial Group and FGIC Corp.
The benchmark 10-year Treasury note dropped 0.56 points to 98.56 with a yield of 3.67 percent, up from 3.62 percent late Monday. Prices and yields move in opposite directions.
