Yahoo has closed its online video hub as part of a purge that CEO Marissa Mayer hopes will make the beleaguered Internet company more profitable. The decision to shut down the Yahoo Screen service signals Mayer is retreating from her plan to build a destination that could compete against online video leaders Netflix and YouTube. Yahoo is now scattering its video across its digital magazines and other services, such as Yahoo Music.

Developer to pay $2 million over ‘brain training’ games

The developer of Lumosity “brain training” games will pay $2 million to settle federal allegations that it misled customers about the cognitive benefits of its online apps and programs. The Federal Trade Commission said Tuesday the company’s ads deceptively suggested that playing the games a few times a week could boost performance at work, in the classroom and even delay conditions like dementia. Under the deal, Lumos Labs must contact its customers and offer them an easy way to cancel their subscriptions.

Oil lobbyist says export change having impact

The oil industry’s top lobbyist said Tuesday that a new law allowing U.S. crude exports helps explain why oil prices have not spiked despite rising tensions between two of the world’s big oil-producing countries, Iran and Saudi Arabia. The president and CEO of the American Petroleum Institute, Jack Gerard, said the three-week-old law lifting a 40-year ban on crude exports has already changed the dynamics of the global oil industry. The potential for U.S. exports, combined with the ongoing U.S. oil boom, Gerard said, means “the United States has come in as a major player” in the global oil market. He said “the geopolitics of energy will never be the same.”

— From wire reports

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