BUSINESS BRIEFS
Yahoo tabs Carol Bartz as new chief executive
Advertiser News Services
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SAN FRANCISCO — Yahoo Inc. named technology veteran Carol Bartz as its new chief executive yesterday, bringing in a no-nonsense leader known for developing a clear focus — something that has eluded the struggling Internet company during a three-year slump.
The decision to lure Bartz, 60, from software maker Autodesk Inc. ends Yahoo's two-month search to replace co-founder Jerry Yang, who surrendered the CEO reins after potentially lucrative deals with rivals Microsoft Corp. and Google Inc. both collapsed.
After describing herself as a straight shooter, Bartz told analysts in a conference call that she intended to ensure Yahoo gets "some friggin' breathing room" so the company can "kick some butt." She said it would be presumptuous to share her vision for Yahoo on her first day on the job.
After a tepid early reaction, investors seemed to warm up to Bartz's appointment. Yahoo shares fell 12 cents yesterday to close at $12.10, then recovered 47 cents, almost 4 percent, in extended trading.
BERNANKE: MORE ACTION IS NEEDED
LONDON — A mammoth stimulus package being crafted by President-elect Barack Obama could give the economy a much-needed lift, but other steps must be taken to bolster the wobbly financial system and for any recovery to stick, Federal Reserve Chairman Ben Bernanke said yesterday.Bernanke suggested the government inject more money into banks. He also offered options to deal with rotten mortgages and other bad assets held by financial institutions, a problem that has contributed to a lockup in lending.
TREASURY PLANS TO EXAMINE BANKS
WASHINGTON — Under criticism for its oversight of the federal bailout program, the Treasury Department plans to examine more closely whether institutions that receive money use it to boost lending.Neel Kashkari, assistant Treasury secretary in charge of the bailout program, said yesterday that the department will compare the level of lending by banks that have received government money with lending levels by similar banks that haven't gotten assistance.
The Bush administration has been strongly criticized by lawmakers from both parties for not doing more to track the roughly $180 billion invested so far in more than 250 banks in an effort to increase consumer credit and lending to businesses.
PFIZER WILL LAY OFF UP TO 800 WORKERS
TRENTON, N.J. — Pfizer Inc., the world's biggest drug company, is laying off up to 800 research staff this year in its latest effort to refocus disappointing research efforts and cut its massive overhead ahead of an anticipated crash in revenue.New York-based Pfizer plans to reduce its global research staff of about 10,000 people by 5 percent to 8 percent this year.
The move comes after the company announced in September it was narrowing its research focus to six disease areas — Alzheimer's, cancer, schizophrenia, pain, inflammation and diabetes — and abandoning new research in other areas.
