Business Today: Yahoo buying Tumblr for $1.1 billion, vows not to screw it up

	Click to View in Browser 05/20/2013 Yahoo buying Tumblr for $1.1 billion, vows not to screw it up SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. Wall Street ends near flat; correction worry rises NEW YORK (Reuters) - U.S. stocks ended little changed on Monday with indexes hovering near record levels as concerns about a correction cut earlier gains that were boosted by acquisition activities. Apple to argue for tax reform, defend tax practices on Tuesday SAN FRANCISCO (Reuters) - Apple Inc will argue for comprehensive corporate tax reform when it goes before a Senate subcommittee on Tuesday, becoming the latest technology company to face questions over its offshore tax practices. Morgan Stanley sued in 'pay-to-play' retirement plan case (Reuters) - Morgan Stanley has been sued by an Alabama medical laboratory that claims it steered retirement plan business to ING U.S. Inc and others in exchange for extra fees in an illegal "pay-to-play" scheme. Citi names new heads of mortgages, private bank, Citi Holdings NEW YORK (Reuters) - Citigroup Inc Chief Executive Michael Corbat named Jane Fraser as the new head of the bank's mortgage business on Monday ,as current CitiMortgage CEO Sanjiv Das plans to leave the bank to pursue other opportunities, according to an internal memo. Chesapeake Energy hires Anadarko executive as CEO (Reuters) - Chesapeake Energy Corp on Monday named a top executive at rival Anadarko Petroleum Corp to head the No. 2 U.S. natural gas producer, which has suffered a governance crisis and liquidity crunch over the last year. Britain's Cameron tells Google and others to play fair on tax LONDON (Reuters) - British Prime Minister David Cameron on Monday told Google's Executive Chairman Eric Schmidt and other business leaders that he expected their companies to pay their taxes in exchange for benefiting from low tax rates. GM gearing up for big ad push for crucial new pickups: executive DETROIT (Reuters) - The launch of General Motors Co's redesigned Chevrolet Silverado, the most important since the automaker's bankruptcy and $50 billion taxpayer-funded bailout in 2009, is on track and advertising for its full-size trucks should begin in a few weeks, a top GM executive said on Monday. Actavis to buy Warner Chilcott in $5 billion stock deal (Reuters) - Generic drugmaker Actavis Inc, itself a recent takeover target, said on Monday it would buy specialty pharmaceutical company Warner Chilcott Plc for $5 billion in stock to expand its branded drug portfolio, lower taxes and increase profits. First flight nears, A350 could make Paris show flyby PARIS (Reuters) - Airbus could steal the Paris air show with a flyby of its newest passenger jet, the A350, as confidence grows over a maiden flight some four weeks away. Related Video Techquity: Yahoo's Tumblr deal in more than a blog post Trading at Noon: Mayer promises not to 'screw up' Tumblr Economic News Unclear whether Fed's bond buying has helped economy: Fisher Fed could end bond buys in autumn if jobs outlook sure: Evans A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend