Google is no stranger to financially dubious endeavors, but Google Wallet is reportedly proving to be a business disaster. “The mobile software that allows Android users to pay for purchases online and in stores with their phones … has become a money pit,” according to Bloomberg Businessweek. “The company has dedicated hundreds of developers to Wallet and spent about $300 million to acquire digital payment startups to help develop the app.” 

Yahoo is reportedly close to buying address-book app maker Xobni. “The two companies have been talking for a while, but a deal appears more imminent now,” AllThingsD writes, citing sources. “Xobni could be a fit for Yahoo’s mail and productivity tools, as it neatly creates automated profiles for each email contact with correspondence history and social network data.”

The latest creation from YouTube founders Chad Hurley and Steve Chen is out, and TechCrunch is calling it little more than a Vine clone. The new app “appears to be a Chinese version of Twitter’s popular six-second video-sharing app, Vine,” according to TechCrunch’s Jordan Crook. “I hate to use the word clone, but… clone.” 

Securing all three major music labels, Apple has reportedly signed up Sony Music for its forthcoming iRadio service. “Apple has been trying to launch iRadio -- or whatever it will call the service -- since last fall, but has been haggling with music owners over payments,” AllThingsD reports. “But the music industry in general has been receptive to the iRadio concept.” 

Facebook is launching local currency payments API for all game developers, and plans to phase out Facebook Credits before the end of the year. “Facebook will also be deprecating Payer Promotions for Facebook Credits in favor of support for Payer Promotions for local currency,” WebProNews reports. “This will take place in the coming months.” 

A clear majority of U.S. consumers are now proud smartphone owners, new reseach shows. “The Pew Research Center places the figure at 56%, up from just 35% two years ago while noting the number of adults with no cell phone at all has fallen by half in that time, to just 9%,” Forbes reports. 

The latest Hulu reports suggest that AT&T and the Chernin Group are preparing a joint bid for the video darling. “It makes sense -- in addition to its core phone business, AT&T also sells broadband and TV via its U-verse service,” AllThingsD reasons. “And, while well-funded, Chernin certainly could use the extra financial firepower in the multi-player competition to buy Hulu.” 

TechCrunch is intrigued by the novel approach that Russian search giant Yandex is taking to the business. “They feel there should be way more functionality to search terms,” TechCrunch writes of the company. “If you are searching for a hotel room, why can you not see live prices and availability? That’s a taster of what they plan to do.” 

As of April, Apple continued to rule the U.S. mobile market with a 39.2% of all smartphone subscribers, Apple Insider reports, citing new comScore data. What’s more, “Apple is growing at a faster clip [than chief rival Samsung] and extended its lead over … Samsung as iPhone marketshare peaked at nearly 40 percent in the last three months.” 

Ready the hand sanitizer as eBay is rolling out a number of "shoppable windows." These street-level touchscreens let consumers purchase various products. “The new screens … will appear on the front windows of closed stores,” Reuters reports. “Shoppers will be able to touch the screens to order and have products delivered to them within an hour via courier.”