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The U.S. Treasury’s sale of its remaining stake in American International Group Inc will fetch $ 7.6 billion, bringing the government a total profit of $ 22.7 billion from its bailout of the insurer in the financial crisis four years ago. The share offering will close the chapter on one of the most politically contentious rescues of 2008, which ultimately gave AIG up to $ 182 billion of government support. At one point, the government estimated that it would never recover all of the bailout money, but as AIG restructured and returned to viability, it was able to repay the [...]

The executive most widely tipped to be the next chief executive of Microsoft Corp (MSFT) has left the world’s largest software maker barely two weeks after launching the flagship Windows 8, as CEO Steve Ballmer moved to tighten his grip on the company. The exit of 23-year veteran Steven Sinofsky, head of Microsoft’s Windows unit, is the latest – and most prominent – in a line of high-profile departures from the Redmond, Washington-based company, which is struggling to keep pace with Apple Inc and Google Inc in mobile computing. It comes hard on the heels of Sinofsky unveiling the most [...]

SEATTLE The executive most widely tipped to be the next chief executive of Microsoft Corp has left the world’s largest software maker barely two weeks after launching the flagship Windows 8, as CEO Steve Ballmer moved to tighten his grip on the company. The exit of 23-year company veteran Steven Sinofsky, head of Microsoft’s Windows unit, is the latest – and most prominent – in a line of high-profile departures from the Redmond, Washington-based company, which is struggling to keep pace with Apple Inc and Google Inc in mobile computing. The move was unexpected and neither Microsoft nor Sinofsky gave [...]

SAN FRANCISCO Warren Buffett’s Berkshire Hathaway Inc. disclosed late Tuesday that it sold all shares of Intel Corp. and bought into Phillips 66 and National Oilwell Varco Inc. in the second quarter. It added to existing stakes in Wells Fargo & Co. and Bank of New York Mellon Corp. significantly while unwinding some shares of U.S. Bancorp . Berkshire also reported lower stakes in Johnson & Johnson [s:jnj], Procter & Gamble Co. and Kraft Foods .

Zynga (ZNGA) Chief Operating Officer John Schappert suddenly resigned on Wednesday, the latest blow to the games maker as it struggles to stem criticism and lift its bottom line.  The announcement, which came in a securities filing late Wedensday, comes weeks after Zynga pulled games management from the COO, a former Electronic Arts (EA) executive. Zynga did not immediately respond to Business for comment over why he left or whether the company has started searching for a replacement. Shares of Zynga fell 2% afterhours to $ 2.89, pushing them down nearly 69% since January. The beleaguered San Francisco-based games maker [...]