Microsoft Corp unveiled a new design yesterday for its second-ranked Bing search engine, introducing elements from Facebook and other social networks, as it tries to claw market share from leader Google.

Yahoo's chief executive, Scott Thompson, told staff he "deeply regrets" the scandal over his academic credentials – but his apology extended only to the distraction caused by the affair, not to claims that he fabricated a computer science degree to pad his résumé.

Yahoo, the once all-conquering internet giant which has in recent years stumbled from crisis to crisis, faces legal action unless it fires its chief executive by a shareholder-imposed deadline of noon today.

The 14,000 employees of Yahoo are bracing for thousands of layoffs that could begin as early as this week as the company's new chief executive finalises a major new strategy for the internet firm.

Yahoo is threatening to sue Facebook for allegedly infringing more than a dozen patents covering how to personalise websites, serve adverts and run a social network.

The widening boardroom cull at Yahoo last night claimed the company's chairman, Roy Bostock, and three other non-executive directors.

Yahoo co-founder Jerry Yang is leaving the struggling internet company, as it tries to revive its revenue growth and win over disgruntled shareholders under a new leader.

Jerry Yang, the founder of Yahoo, is leaving the company that he founded in his university dorm room 17 years ago, it was announced last night.

In profit...

Mark Goddard-Watts found himself £24m richer when he sold his remaining stake in Toolstation to Travis Perkins, which runs the country's biggest network of builders' merchants.

The struggling internet firm Yahoo has recruited Scott Thompson, a senior executive from the online auction firm eBay, to be its new chief executive.

The struggling internet firm Yahoo has recruited Scott Thompson, a senior executive from the online auction firm eBay, to be its new chief executive.

The US internet giant Yahoo is in line for a huge windfall as it looks to sell most of its major Asian assets, which are said to be worth close to $17bn (£11bn). It is thought Yahoo could net upwards of $10bn by cutting its stake in Chinese internet giant Alibaba from 40 to 15 per cent and selling all its stake in Yahoo Japan to co-owner Softbank.

You couldn't fault him for a lack of ambition. But for a telecommunications minister, India's Kapil Sibal appears to be lacking in an understanding of telecommunications.