Icahn cuts stake in Yahoo!

Billionaire investor Carl Icahn has sold 12.7 million shares in Yahoo!, cutting his stake in the company a month after it formed an Internet search partnership with software giant Microsoft.

Icahn, a member of Yahoo!'s board and one of Yahoo!'s largest shareholders, sold the shares during the last 3 trading days on Wall Street, according to a filing on Monday with the Securities and Exchange Commission (SEC).

Icahn sold the shares at prices between $14.74 and $14.92.

In November, following the decision of Yahoo! co-founder Jerry Yang to step down as head of the Internet firm, Icahn increased his stake in Yahoo! to 5.4%, up from the 5% he owned previously.

Icahn and Yang were involved in a very public dispute last year when Yang rejected a $47-billion takeover bid by Microsoft for the company he founded with a Stanford University classmate in 1995.

Icahn's sale of Yahoo! stock came a month after the company agreed to a Web search and advertising partnership with Microsoft.

Under the no-cash deal, Yahoo! will use Microsoft's new Bing search engine on its own sites while Yahoo! will provide the exclusive global sales force for the companies' premium search advertisers.

Yahoo! lost 1.62% in New York on Monday to close at $14.61.

PSE, Thomson Reuters ink accord on Makati eBoard

The Philippine Stock Exchange and Thomson Reuters signed a memorandum of agreement to redo the Makati eBoard located at the Insular Life building at the corner Ayala Avenue and Paseo de Roxas.

Under the agreement, Thomson Reuters will have the exclusive right to publish real-time market prices, news and summaries on the electronic display board in Makati City.

“The PSE continues to seek effective ways to raise its investor base to a significant share of the population. We partnered with Thomson Reuters for a more dynamic form of communicating with the investing community to deliver a stronger, more visual message that the stock market is a viable alternative especially during these difficult times,” Francis Lim, PSE president said.

He added that “information and technology play crucial roles in investment decisions and we are improving on both these respect to help the market and its industry players make more prudent and accurate calls.”

News feeds of Thomson Reuters will be seen at the electronic screen from 6 in the morning until 12 am starting on August 19, 2009.

Thomson Reuters Philippines managing director Rainer Fuchsluger said “the financial landscape is constantly transforming. That’s why market professionals need reliable insight to feel confident in their trading and investment decision making.”

He added that Thompson Reuters and the PSE are mutually exploring future investor relations and education programs that will strengthen the local stock market going forward.