Tim Cook Defends Apple  

A day after a Senate report blasted Apple for not paying U.S. taxes on billions of dollars in overseas income, Cook insisted that Apple  pays the taxes it legally owes.

Yahoo to Buy Tumblr for $1.1 Billion  

Yahoo board has approved a deal to acquire blogging startup Tumblr, people familiar with the matter said Sunday.

Yahoo has agreed to pay $1.1 billion in cash for the company, one of the people said.

Tumblr would continue to operate largely as an independent business, the people said. - More

Google To Compete With Spotify  

Google is set to introduce a subscription music feature to compete against fast-growing streaming services like Spotify, according to several people briefed on its plans.

Google is planning to introduce the new service as early as Wednesday at Google I/O, the company’s annual conference for software developers. - More

Wells Fargo ordered - again - to pay $203M in overdraft case  

A federal judge has again ordered Wells Fargo to pay $203 million to settle class action litigation accusing it of imposing excessive overdraft fees on checking account customers, reviving an award that had been thrown out last year.

U.S. District Judge William Alsup reinstated on Tuesday a penalty he first imposed in August 2010, saying the fourth-largest U.S. bank violated a California law that protects consumers against fraudulent misrepresentations. - More

Deere results beat estimates, but company cautious  

Deere & Co. reported higher-than-expected quarterly results on Wednesday and forecast a record profit for the full year, but it said it was cautious because of weakness in the construction market.

The company, the world’s largest maker of farm equipment, slashed its forecast for sales to the construction industry, citing concerns about the outlook for U.S. economic growth and other factors. - More

Yields on peso bonds due in December 2014 dropped two basis points  

Mexican shorter-term bond yields declined to record lows on speculation policy makers will further reduce benchmark borrowing costs amid signs of slowing economic growth.

Yields on peso bonds due in December 2014 dropped two basis points, or 0.02 percentage point, to 3.77 percent at 10:22 a.m. in Mexico City, according to data compiled by Bloomberg. - More

Defense Department to Let Apple Devices Onto Pentagon Network  

Defense department to let Apple devices onto Pentagon network The U.S. Defense Department plans to let its employees use Apple's mobile devices on its military network.

Pentagon employees may soon start using Apple mobile devices, like iPhones and iPads, on the U.S. Defense Department's secure network.

The department expects to clear the devices for use on its network early next week, Bloomberg reported Friday. - More

Jobless claims lowest since January 2008  

The fewest Americans in more than five years applied for new unemployment benefits last week, a surprising decline that may reflect seasonal quirks more than a sudden improvement in the jobs market. Initial jobless claims — a rough gauge of layoffs — sank by 18,000 to a seasonally adjusted 324,000 in the week ended April 27, the Labor Department said Thursday.

That’s the lowest level since January 2008. - More

An Apology From J.C. Penney  

In an ad titled "It's No Secret," J.C. Penney took to Facebook and YouTube to issue an apology to its customers.

A voice over states, “Some changes you liked, and some you didn't. But what matters with mistakes is what we learn. We learned a very simple thing, to listen to you.”

Strong auto sales for General Motors, Ford and Chrysler  

The three major automakers posted their strongest sales in the month of April since 2007.

Trucks and SUV's lead the surge for Ford General Mothers and Chrysler. Ford Motor Co.'s sales rose 17.9% and both Chrysler and General Motors Co reported an 11% gain for the month.

Chrysler's Ram truck division saw sales rise 49% from a year earlier while GM's twin trucks, the GMC Sierra and the Chevrolet Silverado, were up 23.6%.