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Geico to expand Amherst, N.Y., office

Thu, 08/20/2009 - 01:20 by surajdogra

Amherst, N.Y. -- U.S. auto insurance giant Geico Corp. said Wednesday it would add 300 jobs to its business center in western New York and possibly 1,000 more in the future.

The company won concessions from the Empire State Development Corp., the Amherst
Industrial Development Agency and the New York Power Authority which will provide
Geico with 1.6 million megawatts of low-cost hydro-power, Buffalo Business First reported.

The deal will save the company $1.75 million on its electric bill through 2013,
when the incentive ends, the newspaper said.

"Jobs are everything," New York Power Authority President and Chief Executive Officer Richard Kessel said.

"The rewards will exceed any investment we can make," Gov. David Paterson said.

Details of Microsoft, Yahoo! deal come out

Wed, 08/05/2009 - 23:18 by Salinder Kumar

Redmond, Wash. -- U.S. software giant Microsoft Corp. intends to pay Yahoo! Inc. 88 percent of the revenue from searches on Yahoo! Web sites, a regulatory filing said.

The Securities and Exchange Commission filing revealed details of the Microsoft and Yahoo! advertising partnership announced on July 29, CNNMoney.com reported Wednesday.

The agreement includes Microsoft hiring 400 Yahoo! employees and paying Yahoo! $150 million over three years. Microsoft, in turn, will be allowed access to Yahoo!'s search engine technology. Microsoft recently launched its own search engine called Bing.

The deal combines two heavyweights in the Internet advertising business and is subject to approval by antitrust regulators.

LinedIn names Weiner new CEO

Thu, 06/25/2009 - 02:20 by Salinder Kumar

Mountain View, Calif. -- California's online networking service LinkedIn said Wednesday that former Yahoo! Inc., executive Jeff Weiner would serve as its new chief executive officer.

Weiner had served as the interim president since January. His departure from Yahoo! was part of the fallout of a proxy war with activist investor Carl Icahn, who was pushing for Yahoo! to accept an unsolicited bid from Microsoft Corp. a year ago.

Former LinkedIn CEO Reid Hoffman will remain with the company as the executive chairman, MarketWatch reported.

"Over the past six months, Jeff has done an exceptional job leading the company and I look forward to continuing the work that we have begun together," Hoffman said.