Facebook: Yahoo! files a patent lawsuit
Yahoo! (YHOO) is suing Facebook for allegedly infringing on 10 patents covering technologies such as online advertising, privacy controls, and messaging. These patents cover tasks required to “build a successful website,” such as information customization and social networking, according to the complaint filed on Mar. 12 in federal court. Yahoo has been losing search and advertising market share to Facebook and Google (GOOG). In February it said the social network must pay to license its technology as other Web companies have done. Facebook, which is preparing for its initial public offering, says it will defend itself against what it calls a “puzzling” suit.
Volvo: Wants a piece of Linsanity
Volvo is close to signing Jeremy Lin to endorse cars in China, according to three people familiar with the matter who declined to be named because the talks are private. Volvo Cars, owned by Zhejiang Geely, is betting the New York Knicks point guard may help it make further inroads in China, the carmaker’s fastest-growing market. Volvo aims to double global sales, to 800,000 vehicles, by 2020. For Lin, the talks may lead to one of his first endorsement contracts since rising to fame in February.
UnitedHealth Group: Sizing up the market for genetic tests
Genetic tests may become a $25 billion annual market in the U.S. by 2021, up from $5 billion in 2010, says UnitedHealth Group (UNH), highlighting the need to find out which exams work the best. A majority of the 1,800 DNA tests to identify or manage medical conditions still haven’t been proved effective, according to the health insurer. UnitedHealth, which says three to five new tests are introduced each month, wants to see quicker, cheaper methods for evaluating the tests to help rein in unnecessary costs as the industry grows.
Banks: A health checkup
The Federal Reserve found 15 of 19 banks have enough capital to withstand a severe recession. JPMorgan Chase (JPM) and Wells Fargo (WFC) passed the stress test and got the go-ahead to raise dividends and repurchase shares. The Fed won’t let Citigroup (C) return more capital to shareholders because it determined that would leave the bank without enough cushion in a severe downturn. CEO Vikram Pandit, whose bank got the biggest bailout in the financial crisis, says Citi will revise its plan. SunTrust Banks (STI), Ally Financial, and MetLife (MET) also fell short.
Encyclopedia Britannica: Halts the presses after 244 years
Say goodbye to the bound volumes of the Encyclopedia Britannica. The reference book publisher says it will discontinue its print version and go solely online. The current edition, which costs $1,395 for 32 volumes, will be the last. Encyclopedia Britannica was founded in 1768 in Edinburgh with a three-volume first edition, according to its website. It published the first digital version in 1981 and now updates the Britannica.com website daily, competing with newer players such as crowdsourced Wikipedia.