Sony's Blu-ray DVD format chalked up an important victory in the race to become the dominant technology in high-definition video discs when Warner Bros. dropped its support for Toshiba's rival HD DVD standard. Other companies in the HD DVD camp now may switch sides.
CNBC signed a reciprocal content-sharing deal with the New York Times. The cable business channel will contribute videos to the newspaper's website and in return the Times will provide CNBC with its business and technology reporting. The companies are uniting now to fight future competition from Rupert Murdoch's News Corp., which launched the Fox Business Channel and bought the Wall Street Journal last year.
Bear Stearns shook up its senior management, with Alan Schwartz, the financial company's president, replacing Jimmy Cayne as chief executive. The troubles of two hedge funds at Bear Stearns acted as the catalyst for the unraveling of confidence in credit markets last summer. Bear's share price has fallen sharply since then, and fell again when it emerged that Cayne will stay on as chairman.
Silver Lake Partners, which specializes in technology investments, sold a 9.9 percent stake, worth about $275 million, to CalPERS, the largest state pension fund in California. Since the squeeze in credit markets, private equity firms have turned to "outside" investors, such as sovereign-wealth funds and pension funds, that can provide money separate from their investment funds to boost their cash position.
After receiving a capital infusion of $1 billion in December, MBIA announced extra measures to prevent its top-notch credit rating from being downgraded. The bond insurer, an important actor in greasing the wheels of the world's debt markets, will slash its annual dividend and sell $1 billion in debt to strengthen its position.
Ferdinand Piëch, chairman of Volkswagen and one of corporate Germany's most venerable figures, gave evidence at the corruption trial of two former VW insiders. Piëch, who is not a suspect in the trial, told the court that he knew nothing about the perks and prostitutes allegedly provided to worker representatives during his tenure as the carmaker's chief executive. A verdict is expected in March.
Sirtris Pharmaceuticals, based in Massachusetts, announced results of early trials of an "anti-aging" drug intended to combat diabetes. The drug, based on a chemical found in red wine that is thought to mimic the life-prolonging effects of a very low-calorie diet, proved safe.
Political economy Hugo Chávez, Venezuela's president, said he would slow the pace of his drive for socialism in the wake of his defeat last month in a referendum on constitutional change. He said his government now would concentrate on fighting crime and corruption.
