Yahoo is all set to reinvent itself and compete with search engine giant, Google. It has recently struck a deal with micro-blogging site, Twitter with Facebook, the popular social networking site already in its side.

Yahoo wants to cash on the success of Twitter that boasts of 50 million tweets every day.

On the company's 15th anniversary, Carol Bartz, Chief Executive for Yahoo Inc., revealed European judicial action against executives at Yahoo competitor Google Inc. on account of privacy violation is a situation that "concerns" her, according to reports.

Google Inc. had slapped a lawsuit against a small Intent company in Ohio in October, seeking $335,000 in unpaid advertising bills. The complaint was a small, regular one, hardly two sentence long.

Both the US and European regulators have extended an approval last week to Yahoo! and Microsoft's multi-million pound search deal.

The arrangement, which will witness Microsoft's search technology power Yahoo!'s search engine for the next decade, is expected to go unnoticed by users of both services, as it is no more than back-end tweaking.

On Tuesday, Yahoo! declared partnership with Twitter to amalgamate the micro-blogging site's feeds into its various online properties.

Facebook has knocked out Yahoo from its second spot on the ‘most popular sites’ list on the Web. Passing Yahoo with 133 million unique visitors in January, Facebook is now the second most popular Web site in the United States, according to new research.

Regarding the issue of deal between Yahoo and Microsoft to pose a challenge for the market heading Google, the unconditional approval by U. S. Department of Justice is being awaited. This information comes as a source reveals to the New York Post about the deal. The approval to the search agreement is expected to bless Microsoft and Yahoo within 20-30 days.

After Microsoft’s move of signing a deal to partner in search, the U. S. residents have started shifting their search engine use from Yahoo to Microsoft, since mid-2009.

As a result, Yahoo's share of U. S. search queries has reportedly dropped to 17 percent, in January, from 17.3 percent, in December, while Microsoft's share jumped from 10.7 percent to 11.3 percent.

Reiterating Yahoo’s commitment to reinvent Internet search and turn around the plunging market share of the company, Yahoo executives recently attempted to clear the “misconception” about Yahoo’s seemingly laid back approach.

Monster Worldwide Inc. announced on Wednesday that it will acquire Yahoo Inc's HotJobs site for $225 million in cash, citing an improving job market.