Teen Sells App to Yahoo for Millions

Daily Business Memo:

One of Britain's youngest Internet entrepreneurs has hit the jackpot after selling his top-selling mobile app, Summly, to search giant Yahoo. Nick d'Aloisio, 17, dreamed up the idea for the content-shortening app when he was studying for his exams. Yahoo didn't disclose how much it is paying for Summly, but British newspapers said the deal is worth millions. "Sources familiar with the deal indicated that Nick received almost $30 million for the app," The Daily Telegraph reported. Summly has been downloaded about 1 million times since its launch last year. The app works by condensing content so readers on mobile devices can scroll through information more quickly, which is useful for small screens. "I would have never imagined being in this position so suddenly," d'Aloisio wrote on his website, before thanking his family, his school and his venture capitalist backer, Li Ka-Shing, for supporting him. The Summly deal is Yahoo's fifth small acquisition in the past five months. All of them have been part of CEO Marissa Mayer's effort to attract more engineers with expertise in building services for smartphones and tablet computers, an increasingly important area of technology that she believes the Internet company had been neglecting.

Banks across Cyprus remain firmly padlocked after financial authorities extended the country's bank closure, fearing worried depositors will rush in to cash out their accounts. The shut-down is hammering businesses, which have been without access to their funds for more than a week. All but Cyprus' two largest lenders had been due to reopen today, after being shut while politicians figured out how to raise the funds necessary for an international bailout. The $13 billion rescue agreement requires Cyprus to slash its oversized banking sector and inflict hefty losses on large depositors in troubled banks.

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Richard Davies Business Correspondent ABC News Radio abcnews.com Twitter: daviesabc

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