The US Air Force announced Thursday that Lockheed Martin Corp gained a potential $3.6 billion contract to build a new network of navigation satellites for military and civilian use.

The Internet Company that began its existence as a television show, CBS Corporation announced Thursday that it would acquire CNet Networks Inc., one of the pioneering online providers of technology news and product reviews, for $1.8 billion cash.  

Virgin Mobile USA on Wednesday confirmed that it was in preliminary talks with SK Telecom, over exploring the possible strategic opportunities and over SK Telecom’s struggling MVNO Helio.

The Redmond, Washington based Microsoft Corp yesterday claimed that its Xbox 360 game machine had beaten Nintendo’s Wii and Sony’s PlayStation 3 to reach 10 million units in U.S. sales.

According to US business media reports, the Fairfield, Connecticut-based General Electric Company is looking to sell its appliances unit – one of the longest-running businesses in the conglomerate’s 120-year history.

The company has hired Goldman Sachs to run the auction, which could bring in $5 billion to $8 billion.

Suffering huge losses tied to flagging mortgage and credit markets, Citigroup Inc. yesterday revealed its plans to shed $400 billion of assets within three years and boost revenue by up to 10 percent annually.  

The U.S. stocks dropped and the major indexes suffered losses of 1% and more on Friday – sending the market to its first weekly drop in a month, American International Group Inc. reported a $7.8 billion loss and Citigroup Inc. unveiled plans to shed about half a trillion dollars in assets.

The sales of Windows Vista have been "rapid", and more than 140 million copies have been sold worldwide, claimed the Microsoft Chairman Bill Gates yesterday.

Gates was speaking in Tokyo when he disclosed the figures. Gates said the figure represented "a very rapid sales rate".

Google sounds to be pretty elated on Microsoft’s walking away from its unsolicited $47.5 billion offer to buy rival Yahoo. Well Google has every reason to be happy.

The Greensboro, North Carolina based Chip maker, RF Micro Devices Inc. yesterday announced that it is planning to cut $75 million in product development expenses this fiscal year by eliminating its wireless systems unit, which includes a GPS chip business and a cellular transceivers business.

The nation's brokers & lenders are still suffering the stings of the mortgage crisis and credit crunch - and may yet feel the pain for some time to come, indicated the earnings reports released Tuesday by four large financial-services companies.

UBS AG plans to cut 5,500 jobs after reporting a loss of $10.9 billion for fourth quarter. The banking services major plans to lay-off seven percent of its current workforce. The bank had to write-down $38 billion in the subprime mortgages.

Yahoo’s co-founder and chief executive, Jerry Yang yesterday revealed what went awry between Yahoo and the Redmond, Washington based software giant, Microsoft.

Google Inc. stock opened strong on Monday while Yahoo! plunged 20%. Google stock opened with a wide positive gap at $599. The stock touched an intraday high of $599 and a low of $581.29. At 10.49 am ET, the stock was trading at $594.90 and 2.59 million shares changed hands.

The shares of Sprint Nextel Corp., the third largest wireless telecommunications network in the United States, rose as much as 13 % in the wake of reports that Deutsche Telekom AG is analyzing a possible takeover offer.

According to the Wall Street Journal, the combination could make the German company's T-Mobile USA unit the biggest wireless company in the United States.