“Yahoo Inc. shares fell more than 15% in trading Monday, erasing about $6.5 billion in market value, as Wall Street reset the Internet company's worth after Microsoft Corp. withdrew its acquisition offer,” reports The Wall Street Journal.
Yahoo shares fell by 17 percent in Germany after Microsoft's failed bid to buy the company. Financial analysts are predicting that the Internet company’s shares will drop in the United States when Wall Street begins trading.
The Economist analyzes Microsoft’s withdrawal of its bid for Yahoo on Saturday. “Amid all the dissatisfaction that the fight did not reach a conclusion one winner stands out. Google still has no worthy competitor to challenge for its title as heavyweight champion of the Internet.”
The income gap between the rich and poor in the United States has widened significantly over the past few decades, reports CBS News. Incomes for the bottom half of households rose six percent from 1979 to 2005, while those for the top one percent of earners increased by 228 percent, according to the Congressional Budget Office.
Central bankers are saying that monetary policy can do little to fight rising food prices. The issue of food price inflation was a top topic at meetings of the Bank of International Settlements in Basel that began on Sunday.
Rising food costs have not hugely affected the typical American, according to a Newsweek report, which points out that the average consumer in the United States spends only 14.9 percent of expenditures on food and beverages.
Time magazine asks whether the world can survive the downturn in the American economy and concludes that the emerging strength of Asian economies such as China and India means that the United States does not play the dominant role it once had in the world. “With more sources of growth, a sick America can no longer send the rest of the world into the hospital ward.”
The New York Times investigates the 66 people who have died in immigration custody from January 2004 to November 2007 and reports that their families have had difficulty getting information about their fates.
The death toll from the cyclone in Myanmar has surpassed 10,000, said Foreign Minister Nyan Win. “If the toll is confirmed, Nargis is now the world's deadliest storm since a 1999 cyclone in India killed 10,000 people,” according to The BBC.
“Taiwanese prosecutors announced Monday that Vice Premier Chiou I-jen is suspected of corruption in connection with a diplomatic scandal involving an alleged attempt to defraud the government of nearly $30 million,” The Washington Post writes.
The journal Nature published a story showing that “Neanderthals were a separate species to Homo sapiens, as anatomically modern humans are known, rather than offshoots of the same species,” according to Discovery News.