• The weak economy and plummeting advertising revenue has prompted AOL to cut 700 jobs. The news comes shortly after Google wrote down its 2005 investment of $1bn in AOL. Once valued at $20 billion, Google’s new valuation puts AOL at $5.5bn. Kara Swisher, who broke the story, has chief executive Randy Falco’s memo to AOL staffers.
• In Davos, Vladimir Putin gave Michael Dell a public smack-down. After Dell asked “how can we help” expand IT in Russia, Putin replied: “We don’t need help. We are not invalids. We don’t have limited mental capacity.”

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