- The Washington Times - Tuesday, February 12, 2008


U Dave Morgan, 44, a senior advertising executive at AOL, the Sterling, Va., Internet unit of Time Warner Inc., left the company after three months in the position to pursue unspecified startup opportunities. AOL described Mr. Morgan’s departure as voluntary and said he will continue to help the company identify startup prospects.

U T. Rowe Price, the 12th-biggest institutional holder of Yahoo Inc. stock, favors the Internet company’s acquisition by Microsoft Corp. “We will communicate that clearly with management,” said Larry Puglia, manager of the $12.8 billion T. Rowe Price Blue Chip Growth Fund. The fund holds shares of both companies. Yahoo’s board rejected Microsoft’s $44.6 billion offer as too low.


U A major service outage afflicted users of the popular BlackBerry smart phones across the United States and Canada yesterday, wireless carriers said. Officials with AT&T; Inc. and Verizon Wireless said BlackBerry maker Research in Motion Ltd. told them customers of all wireless carriers were affected beginning about 3:30 p.m. EST.

U Mailing a letter soon will cost a penny more. The cost of a first-class stamp will rise to 42 cents starting May 12, the U.S. Postal Service said. The price of the Forever stamp will increase at the same time, meaning those stamps still can be purchased for 41 cents but will remain good for first-class postage after the rate increase takes effect.

U William Lerach, a former partner at a well-known New York law firm now known as Milberg Weiss, was sentenced to two years in federal prison for his role in a lucrative kickback scheme involving class-action lawsuits against large corporations. The firm raked in an estimated $250 million in fees from the lawsuits. Lerach, 61, also was sentenced to two years of probation, fined $250,000 and ordered to complete 1,000 hours of community service.

U EBay Inc. bowed to pressure from some of its high-volume sellers, saying it will further cut listing fees for books, music, movies and video games sold through the online auction site. The move amends a fee structure announced last month and could mean savings for merchants who sell those goods in high volume.


U Societe Generale, reeling from the biggest-ever loss blamed on a single trader, began an effort to raise nearly $8 billion in capital through a heavily discounted equity rights offering to restore its position as a top-tier bank. Reports suggested that rogue trader Jerome Kerviel exchanged regular computer text messages with a broker about his unauthorized trades.

From wire dispatches and staff reports

U Russia’s state-controlled gas supplier Gazprom gave neighboring Ukraine a reprieve of a few hours in a debt dispute, but still said it will stop sending gas to the country of 47 million people if an agreement isn’t reached. The conflict is being watched nervously in the European Union, whose member countries get Russian gas through pipelines crossing Ukraine, fearing a repeat of the supply disruptions that hit in January 2006.

U Paris air-traffic controllers began a five-day strike, causing flight delays and cancellations. About half of the flights at Orly airport were canceled, France’s civil aviation authority said, adding that only domestic flights were called off entirely. International flights and trips to France’s overseas territories went ahead, albeit with delays of about one hour.

U Traffic returned to normal on undersea Internet cables in the Mediterranean Sea and Persian Gulf that were cut last month, causing disruptions across the Middle East and parts of Asia, cable owner FLAG Telecom said. Repair ships completed work over the weekend on both the Falcon cable in the Persian Gulf 35 miles north of Dubai and the Flag Europe-Asia cable about five miles north off the Egyptian port city of Alexandria.

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