IRS warns taxpayers about bogus e-mail scam

The Internal Revenue Service is warning taxpayers about an e-mail scam that tries to dupe them into divulging personal financial information by masquerading as a notice from the IRS offering a "2008 Economic Stimulus Refund." People who access links or attachments in the e-mail may download malicious software and should immediately scan for viruses and spyware. Taxpayers who have responded to the e-mail and provided private information should report the bogus e-mail to the IRS at phishing@irs.gov. The agency noted that it never sends unsolicited e-mails about taxes.

Fall in region's home prices mirrors woes across U.S.

Home prices fell in a record four out of five U.S. cities in the third quarter as low-cost foreclosures flooded the market. Among 152 metropolitan areas included in the trade group's survey, 120 posted declines in median home sales prices vs. a year ago, the National Association of Realtors said yesterday. The median price in the seven-county Pittsburgh region fell 3.9 percent to $122,700 from the year-ago period. Nationwide, prices fell by 9 percent.

BlackRock joins peers in reducing work force

Asset manager BlackRock Inc. is cutting jobs for the first time in its 20-year history as slumping financial markets force the mutual fund industry to shrink. Dismissal notices will be issued this week, BlackRock said Monday in a memo to its 5,500 employees, a copy of which was obtained by Bloomberg News. The number of people and positions affected wasn't disclosed. PNC Financial Services Group has nearly a 34 percent stake in BlackRock.

Departure of Yahoo chief lifts spirits of investors

Yahoo Inc. shares shot up nearly 9 percent yesterday as investors took the resignation of Chief Executive Officer Jerry Yang to mean Microsoft Corp. was more likely to make another bid for the ailing Internet company. Mr. Yang's emotional attachment to the company he co-founded in 1995 is a reason he balked at a $47.5 billion takeover offer from Microsoft six months ago. Mr. Yang will leave after Yahoo finds a successor. Shares closed up 92 cents at $11.55.

As affluent tighten belts Saks sinks into the red

Luxury retailer Saks Inc. yesterday reported a wider-than-expected third-quarter loss, as its affluent customers slashed their spending amid massive job losses on Wall Street and shrinking stock portfolios. Saks posted a loss of $42.8 million, or 31 cents per share, vs. net income of $21.6 million, or 14 cents, a year ago. Analysts surveyed by Thomson Reuters expected a loss of 3 cents a share. Net sales fell 13 percent to $698 million.

Also in business ...

The average price of a gallon of regular unleaded gasoline at area pumps fell 18 cents this week to $2.223, AAA East Central reported ... Accounting and business consulting firm Alpern Rosenthal raised $1,250 for the Pancreatic Cancer Action Network in honor of former Carnegie Mellon University computer science professor Randy Pausch, who died in July. The firm will present the money to the network today as part of the city's celebration of Randy Pausch Day ... Motor Trend Magazine named the Nissan GT-R as its 2009 car of the year, saying it delivers a world class level of performance at a much more affordable price.