Business briefs: EBay sells Craigslist stake, tidying up before PayPal split

EBay sells Craigslist stake before PayPal split

SAN FRANCISCO -- EBay Inc. sold its 28.4 percent stake in Craigslist Inc. back to the online classified advertising company, ending years of litigation between the technology pioneers as the Web marketplace prepares to restructure.

All litigation between the companies will be dismissed, EBay said in a statement Friday. The price of the stake in Craigslist, which is closely held, wasn't disclosed.

The deal is the latest step by EBay to focus on its online marketplace. The San Jose, Calif.-based company is scheduled to spin off its PayPal transactions business in the third quarter. The company also is trying to sell its EBay Enterprise division, which provides warehousing, delivery and customer support to online merchants.

Saudi Arabia set to pump oil at maximum levels

LONDON -- Not content with the blow it's dealt to U.S. oil drillers, Saudi Arabia is set to escalate the battle for market share by raising production to maximum levels.

The world's largest oil exporter has already increased output to a 30-year high of 10.3 million barrels a day in a bid to check growth from nations including the United States, Canada and Brazil. It will add even more to the global glut, according to Goldman Sachs. Citigroup predicts the kingdom will push toward its maximum daily capacity, which the bank estimates at about 11 million barrels in the second half of 2015.

Saudi Arabia steered the Organization of Petroleum Exporting Countries in November to protect its market share in the face of swelling U.S. crude output, rather than cut supplies to shore up prices as it did in the past. Having abandoned the role of swing supplier -- adjusting production in line with demand -- the kingdom will maximize sales to increase pressure on producers outside the group, the banks said.

Apple, Google add new pay features on phones

SAN FRANCISCO -- The tech industry has been saying for years that smartphones would make traditional wallets obsolete. But most people still use cash or plastic when they shop in stores.

That could change this year when three leading tech companies are promising to give shoppers more reasons to use "digital wallets."

Apple said last week that it's adding store-issued credit cards and store rewards programs to Apple Pay, the mobile payments service it launched last fall. Google is readying a similar service for millions more smartphones to run on its Android software. And Samsung promises a service for its newest Galaxy smartphones will be accepted in more stores than both Apple Pay and Google's Android Pay.

-- Herald wire reports