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  • Ebay announced plans to spin off Skype, its internet phone service, after talks to sell Skype back to its founders collapsed. Skype, purchased for $3.1bn in 2005, was meant to help buyers and sellers connect on eBay’s core e-commerce site. But there has been no synergy between the companies, and eBay chief executive John Donahoe has faced increasing pressure to sell Skype. The plan was announced one day after eBay sold StumbleUpon back to its founders.
  • Intel said the PC market has bottomed out, but offered few signs that a recovery from recent drastic sales declines was close at hand. Revenues for the three months through March slumped to $7.1bn, or 26 per cent lower than a year before, while net income fell by 55 per cent to $647m.

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  • Tech Mahindra won the auction for a controlling stake in Satyam Computer Services, the disgraced Indian outsourcing group. Tech Mahindra, which is partly owned by British telecommunications group BT, will pay $353m for a 31 per cent state in Satyam, which is still reeling from an accounting scandal that has made its former chairman the target of criminal investigations.
  • Seagate scrapped its dividend payments and raised $430m in a secured bond issue as it tried to weather the steep downturn in the diskdrive business. The latest evidence of collapsing profit margins wiped nearly 5 per cent off its share price, even as the company gained market share.

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