Last Updated Jun 19, 2007 1:36 PM EDT
- Yahoo's CEO Terry Semel is stepping down and will be replaced by Jerry Yang, one of the company's cofounders. Under Semel, whose background is in traditional media, the company lost its lead in ad sales to competitor Google and continues to lose ground. The company hopes that the more tech-savvy Yang will make Yahoo more competitive.
- The world's largest candy company, Cadbury-Schweppes plans to sell its U.S.-based beverage division-- which includes Dr. Pepper, 7-Up, and Canada Dry -- to focus on improving margins in its confectionary business. The company sold its European beverage division last year. It will cut 7,500 jobs and close 15 percent of its candy factories, but the company also plans to expand its reach by acquiring interests in existing international companies.
- Sources say that the Federal Trade Commission cleared Cerberus Capital Management's purchase of DaimlerChrysler's Chrysler division. Made before the end of the FTC's standard 30-day review, the early decision likely signifies that there will be no conditions on the deal. Cerberus would pay $7.4 billion for 80.1 percent of the U.S. auto operations, which Daimler purchased for $36 billion in 1998.
- In May, construction of new homes fell for the first time in four months, continuing the worst housing slump the United States has seen in 16 years. Rising mortgage rates, tightening restrictions on mortgages, and missed payments and foreclosures on subprime loans are all contributing to the decline.