Yahoo director steps down in flap over CEO's hiring
SAN FRANCISCO (AP) -- A Yahoo director who didn't challenge an inaccuracy in CEO Scott Thompson's academic record will step down from the troubled Internet company's board, according to a report published Tuesday.
Patti Hart, the head of the Yahoo search committee that hired Thompson in January, reportedly won't seek re-election at the company's annual meeting later this year. That's what unnamed people close to the situation told All Things D, a technology blog affiliated with the Wall Street Journal.
Yahoo Inc., which is based in Sunnyvale, Calif., had no immediate comment.
Hart's resignation would make her the first casualty of a dust-up caused by the recent exposure of a bogus college degree that has periodically appeared in Thompson's official biography.
McDonald's misses goal
OAK BROOK, Ill. (AP) -- McDonald's Corp. said Tuesday that a key revenue figure rose in April as strength in the U.S. and parts of Europe helped offset weakness in Japan. But the results fell short of Wall Street expectations and the fast-food chain's own guidance.
Although McDonald's has consistently outperformed its rivals, the company is facing the same pressures from the turbulent global economy and rising costs for ingredients that are squeezing the entire industry.
The world's largest hamburger chain says global sales rose 3.3 percent at stores open at least 13 months in April. That was short of the 4.1 percent rise analysts expected, according to Thomson Reuters, as well as the 4 percent rise McDonald's had forecast.
Firing at hedge fund upheld
ALBANY (AP) -- The state's top court on Tuesday upheld the firing of a hedge fund compliance officer who said he confronted its chief executive about improperly selling personal stock before doing the same for clients.
The Court of Appeals ruled 5-2 in rejecting Joseph Sullivan's damages claim against Peconic Partners, Peconic Asset Management and fund President William Harnisch.
The majority said New York common law generally gives an employer the "unimpaired" right to fire an at-will employee at any time, absent a violation of the constitution, a statute or a contract. It said there is no exception for the discharge of a hedge fund's compliance officer, the person responsible for the firm's adherence to securities laws and regulations.
Sullivan claimed he was wrongfully terminated after raising objections that Harnisch was "front-running," with stock sales from his and his family's personal accounts in anticipation of client transactions.
Myspace settles FTC probe
WASHINGTON (AP) -- Myspace, the once-mighty social network ultimately toppled by Facebook, settled a privacy investigation by the Federal Trade Commission and agreed to submit to privacy audits over the next 20 years.
The settlement, over charges that Myspace misrepresented its privacy policies to users, is similar to deals the FTC struck previously with Facebook Inc. and Google Inc.
The FTC said Tuesday that despite telling users it would not share personally identifiable information with others, Myspace gave advertisers users' "Friend ID" numbers. That allowed advertisers to find users' publicly available personal information, often including full names, and could even lead advertisers to discover users' Web-browsing activity.
Seneca firm gets Army pact
SCMC LLC, a Seneca Nation of Indians business, has won an $18.5 million contract to design and build an Army Reserve counter-terrorism training center in Schenectady.
The 60,000-square-foot center will have a training building, vehicle maintenance shop, library, learning center, weapons simulator and fitness area for 12 Reserve units from the Capital District. It is expected to create 200 construction jobs.
Seneca Nation President Robert Odawi Porter said the project is an example of the nation diversifying its economy, adding that revenues and profits from the project "will return to Western New York for reinvestment."