Yahoo! Chairman Roy Bostock fired CEO Carol Bartz over the phone on Tuesday, ending a tumultuous tenure marked by stagnation and a rift with Chinese partner Alibaba. Chief Financial Officer Tim Morse will step in as interim CEO, and the company will search for a permanent leader to spearhead a battle in online advertising and content with rivals Google Inc and Facebook.

Internet giant Yahoo! has plans to invest more in video on-demand service to deliver content from popular Arabic TV series, movies and music videos as mobile and Internet penetration is growing significantly in the region, according to Yahoo!'s Chief Executive Officer Carol Bartz.

Today, Yahoo! and Nokia announced a worldwide strategic alliance to extend the reach of their industry leading online services and offer people rich experiences that keep them connected to their world and the world around them.

Business 24|7 reports that according to Reuters, Yahoo’s revenue could grow for the first time in six quarters in the first three quarters of this year. The company pointed recent improvements to its search advertising technology which has helped it boost revenue-per-search about eight per cent. The report also stated that social media and mobile internet are key areas of focus for Yahoo going forward.

Maktoob Business reports that Yahoo! has agreed to acquire Maktoob.com, the Arab world’s largest online community, marking the first major investment by a U.S. technology company in a region where internet penetration is still in its infancy.