Business briefs

Database might render stolen devices useless
LOS ANGELES — The largest wireless carriers are banding together with regulators and law enforcement officials to launch an effort to make stolen cellphones and other mobile devices as useless as an empty wallet. The goal is to cut down on increasing thefts of smartphones by making them less appealing to criminals.

AT&T, Verizon Wireless, T-Mobile USA and Sprint Nextel Corp. said Tuesday they will create a central database to track stolen devices and prevent them from being reactivated.

Law enforcement officials have pushed the industry and regulators to help combat the dramatic growth in thefts of mobile devices.

Drivers to pay 6% more for gasoline in summer
NEW YORK — U.S. drivers will pay an average of 24 cents more per gallon for gas during this summer’s travel season, the government said Tuesday.

Gasoline will cost an average of $3.95 per gallon from April through September, an increase of 6.3 percent from the same period last year, the Energy Information Administration predicted. The peak should come in May, when gas averages $4.01 a gallon, the agency said.

Gasoline has jumped by 20 percent this year to a national average of $3.922 a gallon, according to auto club AAA’s Daily Fuel Gauge Report.

Best Buy’s CEO resigns, personal misconduct cited
MINNEAPOLIS — An investigation into personal misconduct led to the sudden resignation of Best Buy CEO Brian Dunn, the electronics retailer acknowledged Tuesday.

“Certain issues were brought to the board’s attention regarding Mr. Dunn’s personal conduct, unrelated to the company’s operations or financial controls, and an audit committee investigation was initiated. Prior to the completion of the investigation, Mr. Dunn chose to resign,” said Claire Koeneman, a spokeswoman for the electronics retailer.

In a statement Tuesday, Best Buy said Dunn’s departure was in “mutual agreement that it was time for new leadership to address the challenges that face the company.”

Best Buy board member G. Mike Mikan has been named interim CEO while a search for a successor to Dunn begins.

Mortgage debt cuts eyed by federal regulator
WASHINGTON — The federal regulator who oversees Fannie Mae and Freddie Mac is softening his position against allowing the mortgage giants to reduce principal for U.S. borrowers at risk of foreclosure.

Edward DeMarco, acting director of the Federal Housing Finance Agency, said Tuesday the agency is considering whether to allow Fannie and Freddie to offer principal reductions.

Yet DeMarco said the agency must weigh the idea against losses to taxpayers. Allowing reductions could lead to a rise in borrowers who strategically default, he warned. And fewer than 1 million homeowners would be eligible.

Yahoo chief exec outlines new structure for firm
SUNNYVALE, Calif. — A week after announcing a painful round of job cuts, Yahoo CEO Scott Thompson unveiled a plan Tuesday that will reorganize the company into three main divisions focused on users, advertisers and technology.

Thompson unveiled the plan at an “all hands” meeting for employees at the company’s headquarters. It will take effect May 1. Thompson said in a memo, “It’s time for Yahoo to move forward, and fast.”

Wire reports