Maine gas prices fall further, down 19 cents in a month

Gas prices in Maine are continuing to fall and also are getting closer to the national average.

Price-monitoring website MaineGasPrices.com reported Monday that the average retail price for a gallon of gas in Maine dropped more than 3 cents in the past week to an average of $3.76. That compares with a national average of $3.70.

Maine prices are now almost 15 cents lower than at the same time a year ago and more than 19 cents lower than a month ago.

A company analyst said prices are likely to keep falling, even with a holiday weekend approaching.

Yahooo shareholders to get most of cash from sell-off

Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion, with most of the cash going to shareholders.

The deal will see Alibaba Group buying back half of its 40 percent stake from Yahoo for $6.3 billion cash and up to $800 million of Alibaba preferred shares.

The announcement caps at least a year of rocky on-and-off talks as Yahoo tried to sell the stake as part of efforts to turn around its business.

Money from the sale will give Yahoo the financial firepower to return cash to disgruntled shareholders, many of whom are still upset after it squandered an opportunity to sell itself to Microsoft Corp. in May 2008 for $33 per share, or $47.5 billion. Yahoo’s stock has sagged since then, trading at $15.42 Friday.

Alibaba and Yahoo also have an agreement for Yahoo to sell the remainder of its Alibaba stake in stages later on. Yahoo bought the stake in 2005 for $1 billion and the deal suggests it’s now worth $14.2 billion.

— From news service reports