Moody’s Investor Service on Monday cut its credit ratings on 28 Spanish banks, saying the weakening financial condition of Spain’s government is making it more difficult for that country to support its lenders.
The banks are also vulnerable to losses from Spain’s burst real estate bubble, Moody’s said.
The announcement came on the same day that Spain formally asked for help from its European neighbors in cleaning up its stricken banking sector and on the day that Cyprus became the fifth eurozone country to request financial aid for its banks.
The island nation’s government said in a terse statement that it required assistance after “negative spillover effects through its financial sector, due to its large exposure in the Greek economy.”
Facebook names 1st woman, COO Sandberg, to board
NEW YORK — Facebook’s No. 2 executive, Sheryl Sandberg, has become the first woman on the social-networking company’s board of directors.
Ms. Sandberg was lured from Google in 2008 to become Facebook’s chief operating officer. Besides being the first woman, she is the first Facebook executive other than founder and CEO Mark Zuckerberg on the board.
There had been calls for the company to add women to its board ahead of its initial public offering of stock in mid-May.
Microsoft adds Yammer to technology toolbox
SAN FRANCISCO — Microsoft is paying $1.2 billion to buy Yammer, an Internet startup that has built a social network similar to Facebook for the business world.
The deal was announced Monday, nearly two weeks after word of Microsoft’s negotiations with Yammer first leaked in published reports. Yammer provides ways for companies to create private social networks for their employees. It has more than 5 million corporate users.
The acquisition represents Microsoft’s latest attempt to adapt to a major shift in the technology industry, one that is fueling demand for more Internet services and social-networking tools. That shift is threatening to weaken Microsoft’s position as the world’s largest software maker.