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Financial News Network
May 04, 2012 AT 6:54 AM
This is what's in the news for Wednesday, May 2, 2012. The Wall Street Journal reports Facebook's $3B a year advertising business revolves around convincing marketers to buy new forms of ads to create buzz around their brands, but some major advertisers wonder if they're getting their money's worth. Reuters reports a German court ruled that Microsoft (NYSE:MSFT) infringed Motorola Mobility's (NYSE:MMI) patents and ordered Microsoft to remove its Xbox 360 gaming consoles and Windows 7 operating system software from the German market. Reuters also reports GM (NYSE:GM) had proposed taking a controlling stake of more than one-third in Isuzu Motors, worth about $3B, but now seeks a smaller holding after the Japanese truck maker said it wanted to remain independent, sources say. Bloomberg reports Oil fell from the highest level in five weeks as growing crude stockpiles in the U.S. and uncertainty before elections in three European countries raised concern that global demand may weaken. Finally, Bloomberg also reports Goldman Sachs (NYSE:GS) said a proposed Federal Reserve rule that seeks to limit links between banks could lower U.S. economic growth by as much as 0.4 percentage point and eliminate up to 300,000 jobs.