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URGENT: Video shows beheading of second American journalist

DUBAI (Reuters) - The Islamic State militant group released a video purporting to show the beheading of U.S. hostage Steven Sotloff, the SITE monitoring service reported on Tuesday. A masked figure in the video also issued a threat against a British hostage, a man the group named as David Haines, and warned governments to back off "this evil alliance of America against the Islamic State", the monitoring service said. (Reporting by William Maclean, Editing by Angus MacSwan)

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Yahoo increases share buyback authorization by $5 billion

Marissa Mayer, President and CEO of Yahoo!, speaks on stage during a fireside chat session at TechCrunch Disrupt SF 2013 in San Francisco, C
Marissa Mayer, President and CEO of Yahoo!, speaks on stage during a fireside chat session at TechCrunch Disrupt SF 2013 in San Francisco, C

By Alexei Oreskovic

SAN FRANCISCO (Reuters) - Yahoo Inc said it has increased its share repurchase authorization by $5 billion and that it planned to offer $1 billion in convertible notes.

Shares of Yahoo increased 1.6 percent to $35.17 in after hours trading on Tuesday following the announcement.

Yahoo has aggressively repurchased its common stock in recent quarters using cash obtained from selling a portion of its stake in Chinese e-commerce giant Alibaba Group. In the first nine months of 2013, Yahoo spent $3.1 billion on share buybacks.

The buybacks have helped boost Yahoo's shares roughly 74 percent this year, even as the Web portal's revenue growth has remained stagnant amid competition from Facebook Inc, Google Inc and Twitter Inc.

Yahoo said the convertible notes will be due in 2018, with interest payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2014.

The interest rate and other terms of the senior unsecured notes will be determined at the time of pricing Yahoo said. The company also intends to grant the initial purchasers of the notes the right to buy an additional $150 million in notes.

(Reporting by Alexei Oreskovic; Editing by Bernard Orr)

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