Yahoo is set to pay $1 billion and transfer its China operations to Alibaba.com Corp. to get in return 35% stake in the Chinese e-commerce company. According to the deal, Alibaba will maintain Yahoo brands for its search engine, but would gain access to its users and advertisers.


Tupperware Corp. (TUP: chart) is near a deal to buy the direct-selling unit of Sara Lee Corp. (SLE: chart) for between $500 million and $600 million, according to reports Wednesday.

Unocal Corp.'s shareholders vote today on Chevron Corp.'s $17.8 billion cash and stock acquisition offer. Cnooc Ltd., China's largest offshore oil producer, last week abandoned a months-long effort to buy Unocal, blaming the political atmosphere in Washington.


SES AMERICOM and Comcast Media Center, a unit of Comcast Cable revealed a joint marketing and services agreement that focuses on providing centralized solutions to support the cable industry delivery of advanced services offerings, such as HD, VOD, and VOIP.

Questerre Energy disclosed the receipt of regulatory approval for the re-entry program at the Beaver River Field in British Columbia. The company targets production from shallow Mattson sands and expects production from the wells in early 2006. Apace Petroleum Inc., the company's farm-in partner, intends to start the first phase of the program in September 2005. It would work on re-entry, perforation and testing of two existing wells, with two additional re-entries scheduled for the winter, and fracture stimulation, if required. Apace Petroleum would fund 100% of the costs of the initial program and would receive 50% interest in the wells for the Mattson and Questerre would retain the remaining 50% interest.

OTHER NEWS

China revealed for the first time that the U.S. dollar, the euro, the Japanese yen, and the Korean won are the main currencies, composing the basket of currencies, used to set the yuan’s value. The currencies of Singapore, Britain, Malaysia, Russia, Australia, Canada and Thailand are also considered in setting the yuan’s