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Yahoo reportedly to begin sale process Monday

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(DIYA TV) — Search engine giant Yahoo! will begin approaching potential corporate and private equity buyers as soon as today, according to people close to the process, and a report by Bloomberg Business.

Verizon, Comcast and AT&T are just a few familiar names said to be interested in purchasing stakes in the company, as well as buyout firms Bain Capital Partners, KKR & Co. and TPG, according to the report. The first round of bidding likely will not end for at least a month, sources close to the situation said to Diya TV on the terms of anonymity, as the situation isn’t public.

Yahoo said Friday it began hiring financial advisers and instructed independent board members explore strategic options — the company is looking to take necessary steps to transform itself after another failed quarter, which this time is resulting in the layoff of 15 percent of the companies workforce, CEO Marissa Mayer said. The company is beginning to face strong scrutiny from investors of the former Google execs decisions — Goldman Sachs Group Inc., JPMorgan Chase & Co. and PJT Partners Inc. will provide financial counsel, the Web company said a statement.

FILE PHOTO - Yahoo, Inc. named Google executive Marissa Mayer to be its next CEO, its fifth in five years. PICTURED: July 7, 2008 - Mountainview, California, U.S. - MARISSA MAYER, Google's VP of Search and User Experiences on the Google campus. Mayer was the first woman hired by Google, in 1999, and one of their first 20 employees. (Credit Image: © Martin Klimek/ZUMA Press)

FILE PHOTO – Yahoo, Inc. named Google executive Marissa Mayer to be its next CEO, its fifth in five years. PICTURED: July 7, 2008

Even if Yahoo decides against selling, it must do something to satisfy its shareholders, who have grown weary and tired of Mayer, and hearing that the company is some great turnaround story waiting to happen. Fourth quarter results reported earlier this year left investors extremely underwhelmed, and Mayer, who joined the company in 2012, has failed to get the company back on track. Yahoo continues to lose ground to Google —where Mayer was notoriously known for shrinking the search engine giant’s font size to monetize additional ad space— Twitter and Facebook in online and mobile ad markets.

The company has begun cutting costs to prevent hemorrhaging. As mentioned previously, scores of layoffs have been announced, the company has shut down some of its online magazines, all of which may not prove to be enough.

“The company needs to be more focused. There is a lot more that needs to be done,” said Eric Jackson, managing director of SpringOwl Asset Management, a hedge fund that has called for big changes at Yahoo — including the firing of Mayer. She is the company’s eighth CEO (including two interim ones), since 2001, and could very well be its last.

Some of the company’s most well-known assets might have to be put on the market for sale — Yahoo Sports, Yahoo Finance, Yahoo Mail, Flickr and Tumblr.

Mayer has struggled to boost sales and separate Yahoo from a $26 billion stake in Alibaba Group Holding Ltd. Backdoor discussions of waging a proxy war against her have already begun, and Starboard Value LP is taking initial steps to unseat her from her current position, where her salary is $117 million over five years.

As of early Monday, Yahoo’s share price climbed 2.8 percent to $30.87 as of 1 p.m. EST. Through Friday’s close, however, shares declined 10 percent this year after having already dramatically decreased 34 percent in 2015. The aforementioned share price gives the company a value of about $29 billion.

Yahoo’s days as an independent company may be numbered, and it would appear that Wall Street couldn’t be happier.

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India, Pakistan trade quips at UNESCO

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UNESCO

PARIS (Diya TV)  — At UNESCO’s general conference in Paris, both Pakistan and India traded quips over Kashmir. Pakistan’s Minister of Education and newly elected President of UNESCO’s Education Commission Shafqat Mehmood efforted to convince UNESCO leadership to confront India over their recent constitutional change affecting Jammu and Kashmir, claiming 1.5 million Kashmiri students who have not been able to attend schools since August 5th. In response, India’s UNESCO delegate Ananya Agarwal countered that “Pakistan is the world’s largest producer and exporter” of terrorism, calling Pakistan’s charges “fabricated falsehoods.”

Notable executives from the worlds of private investing, industry and nonprofits came together to talk about impact investing at Akshaya Patra’s TAP Forum in the Bay Area. The goal is to take the diasporas success to build a foundation for the next generation.

The Indian women’s hockey team will get the chance to go for the gold in Tokyo, qualifying for the 2020 Olympics after beating team USA in a qualifying match.

Ravi Kapur contributed to this report.

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House holds hearing on human right violations in Jammu & Kashmir

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Jammu

WASHINGTON (Diya TV)  — The Tom Lantos Human Rights Commission, a bipartisan caucus in the U.S. House of Representatives, examined the human rights situation in Jammu and Kashmir. Seattle Congresswoman Pramila Jayapal was among those on hand hearing testimony from experts offering widely different narratives. The commission plans to take these perspectives into account before offering recommendations for action by Congress.

In a line of questioning during the impeachment inquiry lauded by many political analysts, Democratic Congressman Raja Krishnamoorthi focused on the timeline of the Ukraine affair, confirming through witness testimony that once Congress began investigating quid pro quo by the Trump administration, security funds were released to Ukraine two days later.

American tech firms are increasingly sponsoring green cards, or permanent US residency, for their employees from India and elsewhere in an effort to hold on to their skilled talent at a time when work visa extensions have become unpredictable.

India will fund at least 250 defense startups over the next five years as it seeks new technologies for their armed forces. The plan is obtain at least 50 ‘tangible innovations’ by the startups for military use.

Ravi Kapur contributed to this report.

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Jolly Joseph held for serial killings of her family in South India

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Jolly Joseph

Koodathai, India (Diya TV)  — A 47 year old mother of two in Kerala is being held on suspicion of using cyanide to murder at least six of her own family members, including her husband and in-laws. Jolly Joseph is behind bars as police continue their investigation into the serial killings. Police and neighbors allege after the deaths of her immediate family, years later, Jolly killed the wife and child of a man she went on to marry.

India’s Commerce minister Piyush Goyal will meet US Trade Representative Robert Lighthizer once again this week as the U.S. and India continue bilateral trade negotiations. These talks come days after India exited a China-backed trade agreement that covered much of Asia, citing domestic concerns.

Just a couple of months after the ‘Howdy Modi’ event that brought India and the U.S. together in a manner we’ve never seen before, President Trump told reporters he does plan to visit India soon, after Prime Minister Modi extended an invitation to him in Houston.

Kshama Sawant was reelected to Seattle’s City Council, despite Amazon spending $500,000 to back her opponent. Sawant, a self-proclaimed socialist, ran on an agenda to deal with Seattle’s growing gentrification, homelessness and a lack of affordable housing

Ravi Kapur contributed to this report.

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