THE NEWS WRAP: Twitter changes its tune on SoundCloud deal

Twitter has backed out of a proposed deal to buy audio-sharing service SoundCloud.


A person familiar with the matter told the Wall Street Journal “the numbers didn’t add up”.


SoundCloud raised $60 million in venture capital funding last year at a valuation of around $700 million.


No Windows 8 for Chinese government


The Chinese government has banned the use of Microsoft’s Windows 8 on government computers.


In a blow to Microsoft, the Central Government Procurement Centre issued the ban as part of a notice on the use of energy-saving products posted on its website last week.


The official Xinhua news agency said the ban was to ensure computer security after Microsoft ended support for Windows XP, which was widely used in China.


Yahoo! to acquire RayV Inc


Video-streaming startup RayV is set to be acquired by Yahoo! a move that may help bolster its web-video technology, a source told the Wall Street Journal.


It’s one of several web-video deals negotiated by Yahoo! chief executive Marissa Mayer recently, who aims to turn Yahoo’s video site into a viable competitor to YouTube.




The Dow Jones Industrial Average is down 137.55 to 16,374.31. The Australian dollar is currently trading at US92 cents.


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