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Business Highlights

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Alaskans to get $878 in yearly oil wealth payout

ANCHORAGE, Alaska (AP) â¿¿ Buy an iPhone 5 or replace the leaky rain gutters? Splurge or save? Ah, the tough choices that befall Alaskans every year, when they get their dividend checks from the state's oil savings account, just for living here.

State officials said Tuesday that each eligible Alaskan will receive $878 this year. That's significantly less than last year's dividend of $1,174, which was the smallest since 2006. The payout will be distributed Oct. 4.

The Alaska Permanent Fund Corp. last month suggested residents could expect a smaller dividend this year.

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Yahoo closes $7.6 billion deal with Alibaba Group

SAN FRANCISCO (AP) â¿¿ Yahoo has completed a long-awaited $7.6 billion deal with China's Alibaba Group, generating a windfall that could help ease the pain of Yahoo shareholders who have endured the company's foibles during the past few years.

After Yahoo distributes most of the proceeds to its shareholders, its recently hired CEO Marissa Mayer will still have an extra $1.3 billion to finance acquisitions or hire new talent as she tries revive the company's revenue growth.

Tuesday's announcement comes four months after Yahoo Inc. and Alibaba Group Holding Ltd. outlined the details of a complex transaction that took more than two years of on-again, off-again negotiations to hammer out. The deal will give Alibaba greater autonomy as it prepares to pursue an initial public offering of stock within the next three years, while rewarding Yahoo for one of the few moves that has gone right for the troubled company in the past few years.

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Goldman Sachs' Schwartz to replace Viniar as CFO

NEW YORK (AP) â¿¿ Goldman Sachs Group Inc.'s chief financial officer is retiring, and his replacement is a longtime executive at the investment bank.

David Viniar, 57, is stepping down after 32 years with Goldman, the last 12 as CFO. Harvey M. Schwartz, 48, will replace him at the end of January, the bank said Tuesday

Stock quotes in this article: F, FDX, GS, MRK, MSFT 

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