By Alexei Oreskovic and Jennifer Saba SAN FRANCISCO/NEW YORK (Reuters) - Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social media platform to reach a younger generation of users and breathe new life into its ailing brand. The deal, announced on Monday, is a bold bet by Yahoo Chief Executive Marissa Mayer to revitalize the company by co-opting a Web property with strong visitor traffic but little revenue. ... more...

HELSINKI (Reuters) - A group of ex-Nokia software developers unveiled its first smartphone on Monday, aiming to prove their former employer wrong by making a success of a technology dropped by the Finnish mobile phone maker. Jolla was founded by Nokia's former MeeGo software team that was shut down after the company decided to switch to Microsoft's Windows Phone software in 2011. With just 70 employees and 11 million euros ($14. ... more...

LONDON (Reuters) - British Prime Minister David Cameron on Monday told Google's Executive Chairman Eric Schmidt and other business leaders that he expected their companies to pay their taxes in exchange for benefiting from low tax rates. Cameron's intervention came days after British lawmakers accused Google of using "smoke and mirrors" to avoid paying tax, fuelling a debate over corporate taxation that has angered the public and led to calls for a tougher approach from the government. ... more...

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