Finance officials from the world's top economic powers endorsed a plan Friday aimed at preventing another financial crisis like the credit...

Share story

Yahoo’s board met Friday to evaluate Microsoft’s takeover bid and other alternatives but did not make a formal decision on which option to pursue, people briefed on the meeting said.

Yahoo’s board did authorize the company’s management to continue meeting with Microsoft and with Time Warner, these people said, and meetings with both are expected to be scheduled for next week.

In addition to Microsoft’s proposal, the board is considering a plan to merge with the AOL unit of Time Warner, these people said. Yahoo has also been discussing a complementary plan to outsource its search advertising business, one of its principal sources of revenue, to Google, in an effort to increase revenue and try to remain independent.

Treasury Department

G7 nations seek way to avert crises

Finance officials from the world’s top economic powers endorsed a plan Friday aimed at preventing another financial crisis like the credit and mortgage debacles that erupted in the United States and quickly sent tremors around the globe.

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke hosted the Group of Seven discussions, where officials embraced a plan that would seek to increase the openness, or transparency, of financial markets and to sharpen regulators’ response to urgent financial problems.

Besides the United States, the other members of the G7 are Britain, Canada, France, Germany, Italy and Japan. Friday’s action preceded the weekend meetings of the 185-nation International Monetary Fund and the World Bank.

Energy

Gas rises 56 cents above 2007 price

Gas and diesel pump prices jumped to yet another record Friday, piling on the costs for motorists as well as consumers reliant on trucks, trains and ships that deliver goods to market.

Retail gasoline rose 0.8 cents to a national average of $3.365 a gallon, although drivers in California could expect to pay nearly 30 cents more for regular and more than $4 a gallon for higher grades, according to AAA and the Oil Price Information Service.

The increase marks the latest in a series of retail-gasoline records and leaves drivers paying 56 cents more a gallon now than they did a year ago.

AMD

Chief tech officer quits as sales fall

Advanced Micro Devices’ (AMD) top technology executive is stepping down as the world’s No. 2 microprocessor maker tries to recover from a sales slump triggered by prolonged product delays and tougher competition.

The company said Friday that Chief Technology Officer Phil Hester’s resignation is not connected to AMD’s financial woes or its recently announced 10 percent reduction of its global work force.

Hester joined the company in 2005 after working for more than two decades at IBM.

Compiled from Seattle Times news services