Reuters Business Summary

Microsoft says willing to restart Yahoo talks

NEW YORK (Reuters) - Microsoft Corp (MSFT.O: 行情) said on Monday it would be willing to reopen talks to buy all or part of Yahoo Inc (YHOO.O: 行情), but only if a new Yahoo board is elected -- a big boost for financier Carl Icahn's board slate. Microsoft, which broke off months-long talks in early May to buy the Internet company for $47.5 billion, said it would resume talks immediately if a new board were elected at Yahoo's August 1 stockholder meeting. Yahoo shares leapt 12 percent.

Wall Street slides on financial worries

NEW YORK (Reuters) - Stocks slid on Monday on concerns that the top two mortgage providers would have to raise even more capital, severely devaluing existing shareholders' stakes, while big energy companies fell along with oil prices. The S&P 500 finished within 1 point of the level that would confirm it is in a bear market. The Dow and Nasdaq are already trading in confirmed bear markets.

GM may be mulling thousands of job cuts

(Reuters) - No. 1 U.S. automaker General Motors GM.N is planning to cut thousands of white-collar jobs and is considering whether it should sell or stop production of more of its brands, The Wall Street Journal said, citing people familiar with the matter. Both moves are part of a broader re-evaluation of the company's strategy and of its ability to meet an internal projection of returning to profitability in 2010, the people told the paper.

InBev seeks new Bud board in takeover battle

BRUSSELS (Reuters) - InBev NV INTB.BR increased pressure on reluctant takeover target Anheuser-Busch Cos Inc (BUD.N: 行情) on Monday with a plan to replace the U.S. rival's board of directors, which had rejected its $46.3 billion takeover offer. Belgium-based InBev filed a preliminary proposal with the U.S. Securities and Exchange Commission that would lead to Anheuser shareholders voting on the board's future.

Oil drops on profit-taking, easing Iran tensions

NEW YORK (Reuters) - Oil dropped over $4 a barrel Monday on profit taking and signals that Iran will be more flexible in negotiations over its nuclear program. Oil received additional pressure from news Hurricane Bertha will likely avoid damaging Gulf of Mexico energy facilities.

IndyMac to cut 3,800 jobs and stop most mortgage loans

NEW YORK (Reuters) - IndyMac Bancorp Inc IMB.N, one of the largest U.S. mortgage lenders, said on Monday it will eliminate 3,800 jobs and stop making most home loans after regulators concluded it was no longer "well-capitalized." In a letter to shareholders posted on IndyMac's corporate blog, theimbreport.com, Chief Executive Michael Perry said the Pasadena, California-based company will no longer accept most applications or lock rates on retail and wholesale mortgages. IndyMac plans to honor existing commitments, he said.

Alcoa investors bracing for earnings hit