Domain: bloomberg.com
Stories and comments across the archive that link to bloomberg.com.
Stories · 1,477
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Google Plans Upgrade of Two-Factor Authentication For Politicians and CEOs (theverge.com)
An anonymous reader quotes the Verge: Google plans on upgrading its two-factor authentication tool with an improved, physical security measure aimed at protecting high-profile users from politically motivated cyberattacks, according to a report from Bloomberg. The new service, to be called Advanced Protection Program and potentially slated to launch next month, will trade out the standard authentication process for services like Gmail and Google Drive with physical USB security keys. The service would also restrict the types of third-party apps and services that could connect to a user's Google account.
The changes are not likely to affect standard Google account owners, as Bloomberg reports that Google "plans to market the product to corporate executives, politicians and others with heightened security concerns." -
Equifax CEO: All Companies Get Breached (fortune.com)
An anonymous reader quotes Fortune:There are two kinds of companies, according to a saying that former Equifax CEO Rick Smith shared in a speech at the University of Georgia on August 17. "There's those companies that have been breached and know it, and there are those companies that have been breached and don't know it," he said. Though it was still 21 days before his company would reveal that it had been massively hacked, Equifax, at that time, had been breached and knew it...
Smith's fastest growing area of security concern was state-sponsored hacking and espionage, he said. "It's countries you'd expect -- you know it's China, Russia, Iran, and Iraq -- and they're being very aggressive trying to get access to the know-how about how companies have built their capabilities, and transport that know-how back to their countries," said Smith. "It's my number one worry." he added.
"In a speech at the University of Georgia last month, he described a stagnating credit reporting agency with a 'culture of tenure' and 'average talent", reports Bloomberg, adding that the Equifax CEO also bragged that the company's data-crunching business nonetheless earned a gross profit margin of 90%. -
Squabble With Contractor Delayed Equifax's Response To Data Breach (bloomberg.com)
An anonymous reader quotes Bloomberg's report on the contractor Equifax first hired to investigate their breach: Equifax and Mandiant got into a dispute just as the hackers were gaining a foothold in the company's network... Mandiant warned Equifax that its unpatched systems and misconfigured security policies could indicate major problems, a person familiar with the perspectives of both sides said. For its part, Equifax believed Mandiant had sent an undertrained team without the expertise it expected from a marquee security company...
That rift, which appears to have squelched a broader look at weaknesses in the company's security posture, looks to have given the intruders room to operate freely within the company's network for months. According to an internal analysis of the attack, the hackers had time to customize their tools to more efficiently exploit Equifax's software, and to query and analyze dozens of databases to decide which held the most valuable data. The trove they collected was so large it had to be broken up into smaller pieces to try to avoid tripping alarms as data slipped from the company's grasp through the summer... By the time they were done, the attackers had accessed dozens of sensitive databases and created more than 30 separate entry points into Equifax's computer systems.
"They may not have immediately grasped the value of their discovery, but, as the attack escalated over the following months, that first group -- known as an entry crew -- handed off to a more sophisticated team of hackers," reports Bloomberg, suggesting that the attack may have been sponsored by a nation-state. -
Equifax Board Forms Panel To Review Executives' Stock Sales After Data Breach (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: Equifax's board of directors has formed a special committee to review the stock sales that top executives made days after the company found out it was hacked. Directors at Equifax have retained counsel and are conducting a "thorough review" of the trades, according to a Sept. 28 letter the company's outside lawyers submitted to the top Democrat on the House Energy and Commerce Committee. The examination adds to investigations already being conducted by federal law-enforcement agencies. "Equifax takes these matters seriously," the company said in its response to questions posed by Democrats on the panel, led by Frank Pallone, from New Jersey. "The board of directors has formed a special committee," according to the letter, addressed to Pallone and obtained by Bloomberg News.
The trades, which were first reported by Bloomberg, involve Equifax CFO John Gamble, President of U.S. Information Solutions Joseph Loughran and President of Workforce Solutions Rodolfo Ploder. They unloaded shares worth almost $1.8 million just days after the company says it discovered the breach on July 29. Equifax has repeatedly said the managers didn't know of the intrusion when they sold stock. -
AT&T Seeks Supreme Court Review On Net Neutrality Rule (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: AT&T and other broadband providers asked the U.S. Supreme Court to overturn the Obama-era "net neutrality" rule barring internet service providers from slowing or blocking rivals' content. The appeals, filed Thursday, will put new pressure on a rule enacted in 2015 when the Federal Communications Commission was under Democratic control. Filing a separate appeal from AT&T were the United States Telecom Association, a trade group, and broadband service provider CenturyLink. The embattled net neutrality rules bar internet service providers such as AT&T, Verizon and Comcast from blocking or slowing some web traffic in favor of other content -- their own or a paying customer's. "The practical stakes are immense," AT&T said in its appeal of a ruling that backed the FCC. The company pointed to a dissenting opinion that said the regulation "fundamentally transforms the internet" and will have a "staggering" impact on infrastructure investment. -
California Considers Banning Internal Combustion Engines To Meet Emissions Goals (sacbee.com)
New submitter Rick Schumann writes about California considering a ban on internal combustion engines: The ban on internal-combustion engine automobiles would be at least 10 years away, and it's unclear at this early stage if it would ban only sales and use of new cars, or ban existing cars as well. There's also no mention of two (or three) wheeled vehicles at this stage. The California Air Resources Board (CARB) is nevertheless considering this seriously, in order to meet its ambitious emissions reduction goals. According to state data, tailpipes generate more than one-third of all greenhouse gases, and so far only a small fraction of California's motorists drive electric vehicles. The announcement was made in an interview with Bloomberg news. "I've gotten messages from the governor asking, 'Why haven't we done something already?' The governor has certainly indicated an interest in why China can do this and not California," Mary Nichols, the chairwoman of the CARB, told Bloomberg. -
Moscow Deploys Facial Recognition to Spy on Citizens in Streets (bloomberg.com)
Moscow is adding facial-recognition technology to its network of 170,000 surveillance cameras across the city in a move to identify criminals and boost security. From a report: Since 2012, CCTV recordings have been held for five days after they're captured, with about 20 million hours of video stored at any one time. "We soon found it impossible to process such volumes of data by police officers alone," said Artem Ermolaev, head of the department of information technology in Moscow. "We needed an artificial intelligence to help find what we are looking for." Moscow says the city's centralized surveillance network is the world's largest of its kind. The U.K. is one of the most notorious for its use of CCTV cameras but precise figures are difficult to obtain. However, a 2013 report by the British Security Industry Association estimated there were as many as 70,000 cameras operated by the government across the nation. -
Airlines Suffer Worldwide Delays After Global Booking System Fails (bloomberg.com)
rastos1 writes: Airlines worldwide were forced to delay flights Thursday as a global flight-bookings system operated by Amadeus IT Group SA suffered what the company called a "network issue." Major carriers including British Airways, Deutsche Lufthansa AG, Cathay Pacific Airways and Qantas Airways were among those reportedly impacted by the outage. Singapore's Changi airport said via Twitter that a technical issue affecting some operators was delaying the check-in process, with boarding passes having to be issued manually. "Amadeus confirms that, during the morning, we experienced a network issue that caused disruption to some of our systems," the Madrid-based company said in a statement. Technical teams took immediate action to identify the cause of the issue and services are "gradually being restored," it said. -
Equifax Will Offer Free Credit Locks for Life, New CEO Says (bloomberg.com)
Equifax will debut a new service that will permanently give consumers the ability to lock and unlock their credit for free. From a report: The service will be introduced by Jan. 31, Chief Executive Officer Paulino do Rego Barros Jr. wrote in a Wall Street Journal op-ed Wednesday, a day after taking the helm. The company will also extend the sign-up period for TrustedID Premier, the free credit-monitoring service it's offering all U.S. consumers, he said. "The service we are developing will let consumers easily lock and unlock access to their Equifax credit files," Barros wrote. "You will be able to do this at will. It will be reliable, safe and simple. Most significantly, the service will be offered free, for life." Barros was named interim CEO on Tuesday, less than three weeks after Equifax disclosed that hackers accessed sensitive data for 143 million U.S. consumers. -
Russia Threatens To Shut Down Facebook Over Local Data Storage Laws (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: Facebook Inc. will be shut down in Russia next year if it fails to comply with requirements to store user data locally, according to the head of Russia's state communications watchdog. "The law is mandatory for everyone," Alexander Zharov told reporters Tuesday. Roskomnadzor will be forcing foreign internet companies to comply or shut down in the country. President Vladimir Putin signed a law in 2014 that requires global internet firms to store personal data of Russian clients on local servers. Companies ranging from Alphabet Inc.'s Google to Alibaba Group Holding Ltd complied, while others like Twitter Inc. demanded extra time to evaluate the economic feasibility of doing so. -
NSA Targeted 106,000 Foreigners In Spy Program Up For Renewal (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: The U.S. National Security Agency conducted targeted surveillance over the past year against 106,000 foreigners suspected of being involved in terrorism and other crimes, using powers granted in a controversial section of law that's set to expire at the end of this year. The number of foreigners targeted under Section 702 of the Foreign Intelligence Surveillance Act rose from 94,000 in fiscal year 2015, according to U.S. intelligence officials, who asked not to be identified discussing the information. The program lets agencies collect the content of emails and other communications from suspected foreign criminals operating outside the U.S., but it has become a flash point with some lawmakers for potential infringement of Americans' constitutional rights. Congress has to decide by year-end whether to renew the NSA's power under Section 702, a program that came to light when former government contractor Edward Snowden revealed classified government documents in 2013. While the intelligence officials cautioned that changes would limit its effectiveness, lawmakers including Senate Intelligence Committee member Ron Wyden, an Oregon Democrat, have indicated they'll seek adjustments to ensure against abuses. -
Court Rules That Imported Solar Panels Are Bad For US Manufacturing (theverge.com)
The International Trade Commission has ruled that American companies are being hurt by cheap solar panels from overseas, providing an opportunity for President Donald Trump to tax imports from countries like China. The Verge reports: Today's unanimous decision ruled that the companies SolarWorld Americans and Suniva were struggling financially not because of their own poor management, but because they couldn't compete with cheap panels from countries like China, Mexico, and South Korea. Suniva is now suggesting import duties of 40 cents a watt for solar cells, and a floor price of 78 cents a watt for panels. (Right now, the average floor price, worldwide, for panels is about 32 cents.) The Solar Energy Industries Association warned that implementing these suggestions could end up doubling the price of solar, thus destroying demand and causing Americans to lose their jobs. -
Nestle Makes Billions Bottling Water It Pays Nearly Nothing For (bloomberg.com)
Nestle, the world's largest food and beverage company, has been bottling water since 1843 and has grown into the largest seller of bottled water. But a detailed report on Bloomberg uncovers the company's operation in Michigan, revealing that Nestle has come to dominate in the industry in part by going into economically depressed areas with lax water laws. It makes billions selling a product for which it pays close to nothing. Find the Bloomberg Businessweek article here (it might be paywalled, here's an alternative source). -
Apple's Latest Products Get Rare Mixed-Bag Reviews, Muted Reception (bloomberg.com)
Mark Gurman, writing for Bloomberg: Despite the strength of its brand, Apple occasionally releases a product to mediocre reviews -- remember the original Apple TV or Apple Watch? But reviewers have rarely been as grumpy as this month, when Apple unveiled its collection of new gadgets for the holidays. "I can't think of a single compelling reason to upgrade [to iPhone 8, or iPhone 8 Plus] from an iPhone 7 [which was launched last year]," wrote Nilay Patel of The Verge. Another potential sign of trouble: the iPhone 8 models didn't sell out during pre-orders, another rare occurrence for Apple phones. [...] Reviewing the new Apple Watch Series 3 model, The Wall Street Journal's Joanna Stern wrote "On the AT&T-connected models, the cellular connection dropped, calls were often choppy and Siri sometimes failed to connect. On the one that ran on T-Mobile, I experienced several dropped connections." The Verge's Lauren Goode noticed a serious connection issue as well, saying the device "would appear to pick up a single bar of some random Wi-Fi signal, and hang on that, rather than switching to LTE." [...] Reviewing the Apple TV 4K, The Verge's Patel noted the device's high price, a lack of 4K support in major apps including YouTube, and a lack of support for the Dolby Atmos audio standard. Reuters reported on Friday: Hundreds of people usually gather at Apple's Sydney city store with queues winding down the town's main street, George Street, when there is a new product release. But there were fewer than 30 people lining up before the store opened on Friday, according to a Reuters witness. While the number of people queuing up outside Apple stores have dropped over the years with many opting for online purchases, the weak turnout for the latest iPhone has partly been due to poor reviews. Over at Financial Times, Tim Bradshaw reports: "I think demand is down from last year, for no other reason than you have another flagship phone," said Neil Cybart, an Apple analyst at Above Avalon. "A portion of the iPhone launch demand is not materialising quite yet." That could leave this weekend's initial sales lower than at any point since the iPhone 6 first launched in 2014, Mr Cybart added. Apple's decision to increase prices for the iPhone 8 compared with last year's model and a less aggressive launch push by mobile carriers could also affect demand. -
A New Zealand Company Built An AI Baby That Plays the Piano (bloomberg.com)
pacopico writes: A New Zealand company called Soul Machines has built a disturbingly lifelike virtual baby powered by artificial intelligence software. According to a Bloomberg story, the baby has learned to read books, play the piano and draw pictures. The work is built off the research of Mark Sagar, the company's CEO, who is on a quest to mimic human consciousness in a machine. Sagar used to work at Weta creating lifelike faces for films like King Kong and Avatar and is now building these very realistic looking virtual avatars and pumping them full of code that not only handles things like speech but that also replicates the nervous system and brain function. The baby, for example, has virtual dopamine receptors that fire when it feels joy from playing the piano. What could go wrong? -
PC Gaming Is Back in Focus at Tokyo Game Show (bloomberg.com)
After taking a back seat to consoles for the past few years, personal computers are enjoying a resurgence in gaming, thanks to the popularity of e-sports, customizable machines and faster software releases. From a report: This week's Tokyo Game Show will feature a main-stage tournament for PlayerUnknown's Battlegrounds, a hit online survival PC game that's been downloaded more than 10 million times since March. Sony's PlayStation 4 and Microsoft's Xbox One consoles are heading into their fifth years, while Nintendo's Switch is in a bit of a lull before new titles are released for the year-end holiday shopping season. Spending on gaming-ready PC rigs are on track to climb an average of 6.6 percent per year through 2020, while the market as a whole is projected to decline 3.8 percent annually, according to Gartner. Revenue from PC titles will grow by 3 to 4 percent over the coming years, while console-game sales are seen flat, according to DFC Intelligence. Written off years ago for being too expensive, complex and bulky for mass appeal, gaming PCs are seeing a resurgence that could even threaten consoles, according to Kazunori Takahashi, Japan gaming head at Nvidia. "The abundance of titles and the popularity of e-sports is bringing a lot of excitement to PC gaming," said Takahashi, whose employer supplies graphic chips to PC and console makers. Even in Japan, "it's not unreasonable to think that PCs can eventually become a presence that threatens console gaming." -
Slashdot Asks: Why Does Google Want To Purchase HTC? (bloomberg.com)
Rumor has it Google is planning to purchase HTC -- or at least a portion of it. The speculation of this has been doing rounds for weeks now, and it reached a new high today after HTC said its stock will stop trading from Thursday, as it prepares to make a "major announcement" tomorrow. Bloomberg reported today: Alphabet's Google is close to acquiring assets from Taiwan's HTC, according to a person familiar with the situation, in a bid to bolster the internet giant's nascent hardware business. HTC, once ranked among the world's top smartphone makers, is holding a town hall meeting Thursday, according to tech website Venture Beat, which cited a copy of an internal invitation. The shares will also be suspended from trading as of Sept. 21 due to a pending announcement, according to the Taiwan stock exchange. Of course Google has made similar moves in the past. It previously owned Motorola for a brief period of time, but that acquisition didn't materialize much. The company has however, since re-hired the Motorola chief it once had, Rick Osterloh, and founded a separate hardware team under his stewardship. Claude Zellweger, the one-time chief designer of HTC Vive, is also now at Google, working on that company's Daydream virtual reality system.
What reasons could Google have to purchase HTC? Share your thoughts in the comments section below. -
Twitter Suspends 300,000 Accounts Tied To Terrorism In 2017 (bloomberg.com)
According to a new transparency report, Twitter said it suspended nearly 300,000 accounts globally linked to terrorism in the first half of the year. The company is improving automation tools used to help block accounts that promote terrorism and violence. Bloomberg reports: Of [the nearly 300,000 accounts that were suspended], roughly 95 percent were identified by the company's spam-fighting automation tools. Meanwhile, the social network said government data requests continued to increase, and that it provided authorities with data on roughly 3,900 accounts from January to June. Twitter said about 75 percent of the blocked accounts this year were spotted before a single tweet was sent, and that 935,897 accounts had been suspended since August 2015, with two-thirds of those coming in the past year. American authorities made 2,111 requests from Twitter from January to June, the most of the 83 countries tracked by the company. Twitter supplied information on users in 77 percent of the inquiries. Japan made 1,384 requests and the U.K. issued 606 requests. Turkish authorities continued a trend of aggressively policing Twitter, making 554 requests for account data and issuing court orders to remove 715 pieces of content. Other governments made only 38 total content-removal requests. -
Google's AI Boss Blasts Musk's Scare Tactics on Machine Takeover (bloomberg.com)
Mark Bergen, writing for Bloomberg: Elon Musk is the most-famous Cassandra of artificial intelligence. The Tesla chief routinely drums up the technology's risks in public and on Twitter, where he recently called the global race to develop AI the "most likely cause" of a third world war. Researchers at Google, Facebook and other AI-focused companies find this irritating. John Giannandrea, the head of search and AI at Alphabet's Google, took one of the clearest shots at Musk on Tuesday -- all while carefully leaving him unnamed. "There's a huge amount of unwarranted hype around AI right now," Giannandrea said at the TechCrunch Disrupt conference in San Francisco. "This leap into, 'Somebody is going to produce a superhuman intelligence and then there's going to be all these ethical issues' is unwarranted and borderline irresponsible." -
Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed (bloomberg.com)
Bloomberg is reporting that Equifax, the credit reporting company that recently reported a cybersecurity incident impacting roughly 143 million U.S. consumers, learned about a breach of its computer systems in March -- almost five months before the date it has publicly disclosed. The company said the March breach was unrelated to the recent hack involving millions of U.S. consumers, but one of the people familiar with the situation said the breaches involve the same intruders. From the report: Equifax hired the security firm Mandiant on both occasions and may have believed it had the initial breach under control, only to have to bring the investigators back when it detected suspicious activity again on July 29, two of the people said. Equifax's hiring of Mandiant the first time was unrelated to the July 29 incident, the company spokesperson said. The revelation of a March breach will complicate the company's efforts to explain a series of unusual stock sales by Equifax executives. If it's shown that those executives did so with the knowledge that either or both breaches could damage the company, they could be vulnerable to charges of insider trading. The U.S. Justice Department has opened a criminal investigation into the stock sales, according to people familiar with the probe.
In early March, they said, Equifax began notifying a small number of outsiders and banking customers that it had suffered a breach and was bringing in a security firm to help investigate. The company's outside counsel, Atlanta-based law firm King & Spalding, first engaged Mandiant at about that time. While it's not clear how long the Mandiant and Equifax security teams conducted that probe, one person said there are indications it began to wrap up in May. Equifax has yet to disclose that March breach to the public. -
Equifax Stock Sales Are the Focus of US Criminal Probe (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: The U.S. Justice Department has opened a criminal investigation into whether top officials at Equifax Inc. violated insider trading laws when they sold stock before the company disclosed that it had been hacked, according to people familiar with the investigation. U.S. prosecutors in Atlanta, who the people said are looking into the share sales, said in a statement they are examining the breach and theft of people's personal information in conjunction with the Federal Bureau of Investigation. The Securities and Exchange Commission is working with prosecutors on the investigation into stock sales, according to another person familiar with the matter. Investigators are looking at the stock sales by Equifax's chief financial officer, John Gamble; its president of U.S. information solutions, Joseph Loughran; and its president of workforce solutions, Rodolfo Ploder, said two of the people, who asked not to be named because the probe is confidential. Equifax disclosed earlier this month that it discovered a security breach on July 29. The three executives sold shares worth almost $1.8 million in early August. The company has said the managers didn't know of the breach at the time they sold the shares. Regulatory filings don't show that the transactions were part of pre-scheduled trading plans. -
Canada's Challenge Is Keeping Techies, BlackBerry Inventor Says (bloomberg.com)
The former chief executive officer of BlackBerry added his voice to the chorus of people saying that Canada's main economic hurdle is keeping technology talent. From a report: "The biggest challenge as a country is retaining and recruiting the best people to build industries in Canada and not lose them to other jurisdictions," Mike Lazaridis, who left BlackBerry in 2013, said Thursday at the Waterloo Innovation Summit. Canada is pushing to become a technological leader as Prime Minister Justin Trudeau tries to shift away from a commodities-driven economy by increasing funding for technology and offering fast-track visas to highly skilled workers. Cities like Ottawa, the capital, have stepped up recruitment efforts targeting expats in the U.S., while Toronto and its surrounding cities submitted a regional bid Wednesday for Amazon.com's second headquarters. The BlackBerry inventor sees Canada as at the forefront of the development of quantum computers, technology that could transform the world by allowing computers to operate much faster and on larger data sets than ever before. -
Union Power Is Putting Pressure on Silicon Valley's Tech Giants (bloomberg.com)
An anonymous reader writes: Organized labor doesn't rack up a lot of wins these days, and Silicon Valley isn't most people's idea of a union hotbed. Nonetheless, in the past three years unions have organized 5,000 people who work on Valley campuses. Among others, they've unionized shuttle drivers at Apple, Tesla, Twitter, LinkedIn, EBay, Salesforce.com, Yahoo!, Cisco, and Facebook; security guards at Adobe, IBM, Cisco, and Facebook; and cafeteria workers at Cisco, Intel, and, earlier this summer, Facebook. The workers aren't technically employed by any of those companies. Like many businesses, Valley giants hire contractors that typically offer much less in the way of pay and benefits than the tech companies' direct employees get. Among other things, such arrangements help companies distance themselves from the way their cafeteria workers and security guards are treated, because somebody else is cutting the checks. Silicon Valley Rising, a coalition of unions and civil rights, community, and clergy groups heading the organizing campaign, says its successes have come largely from puncturing that veneer of plausible deniability. That means directing political pressure, media scrutiny, and protests toward the tech companies themselves. "Everybody knows that the contractors will do what the tech companies say, so we're focused on the big guys," says Ben Field, a co-founder of the coalition who heads the AFL-CIO's South Bay Labor Council. Labor leaders say their efforts have gotten some tech companies to cut ties with an anti-union contractor, intervene with others to ease unionization drives, and subsidize better pay for contract workers. "If you want to get people to buy your product, you don't want them to feel that buying your product is contributing to the evils of the world," says Silicon Valley Rising co-founder Derecka Mehrens, who directs Working Partnerships USA, a California nonprofit that advocates for workers. Tech companies have been image-conscious and closely watched of late, she says, and the coalition is "being opportunistic." -
North Korea Is Dodging Sanctions With a Secret Bitcoin Stash (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new sanctions approved by the United Nations Security Council. Hackers from Kim Jong Un's regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to a new report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from global victims of the malware WannaCry, according to the researcher. Kim's apparent interest in cryptocurrencies comes amid rising prices and popularity. The same factors that have driven their success -- lack of state control and secretiveness -- would make them useful fund raising and money laundering tools for a man threatening to use nuclear weapons against the U.S. With tightening sanctions and usage of cryptocurrencies broadening, security experts say North Korea's embrace of digital cash will only increase. The 15-member Security Council on Monday approved sanctions aimed at punishing North Korea for its latest missile and nuclear tests. U.S. officials said the new measures would cut the country's textile exports by 90 percent, restricting its ability to get hard currency. -
Amazon's Whole Foods Price Cuts Brought 25 Percent Jump In Shoppers (bloomberg.com)
According to Foursquare Labs, which compiled location information from shoppers' mobile devices during the first two days after Amazon completed its acquisition of Whole Foods and compared the data with the same period a week earlier, the electronic commerce company boosted customer traffic to Whole Foods by 25 percent. Bloomberg reports: Amazon acquired the upscale chain last month for $13.7 billion, a move that has brought turmoil to the supermarket industry and sent shares of grocery rivals tumbling. The same day it completed the acquisition, the e-commerce giant cut prices by as much as 43 percent on a range of items. Organic fuji apples were marked down to $1.99 a pound from $3.49 a pound, for instance. Organic avocados dropped to $1.99 each from $2.79. The traffic data is an optimistic sign that Amazon can succeed in the brick-and-mortar world. In some areas, the jump in customers was dramatic. At stores in Chicago, 35 percent more shoppers visited Whole Foods stores, Foursquare found. It's not surprising that curious shoppers visited the stores immediately after the takeover, particularly after a bevy of media coverage, according to Jennifer Bartashus, an analyst at Bloomberg Intelligence. What's left to be seen is whether they will start consistently shopping more at Whole Foods stores. -
Volkswagen To Build Electric Versions of All 300 Models By 2030 (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: Volkswagen AG Chief Executive Officer Matthias Mueller announced sweeping plans to build electric versions of all 300 models in the group's lineup as the world's largest automaker accelerates the shift away from combustion engines and tries to draw a line under the emissions-cheating scandal. Speaking on the eve of the Frankfurt auto show, the CEO laid out the enormity of the task ahead, vowing to spend 20 billion euros ($24 billion) to develop and bring the models to market by 2030 and promising to plow another 50 billion euros into the batteries needed to power the cars. Volkswagen is throwing the fire power of its 12 brands behind the push, aiming to catch up with the likes of Tesla Inc. and transform from a battery-vehicle laggard into a leader. Underscoring the enormity of the shift taking place in the industry, Mueller said VW will need the equivalent of at least four gigafactories for battery cells by 2025 just to meet its own vehicle production. At 50 billion euros, the CEO announced one of the largest tenders in the industry's history for the procurement of batteries. By 2025, VW aims to have 50 purely battery-powered vehicles and 30 hybrid models in its lineup, with a goal of selling as many as 3 million purely battery-powered cars by then. The transformation will pick up speed after that to reach the 2030 goal as economies of scale and better infrastructure help bring down prices and accelerate sales. -
Uber Gives Free Rides to Shelters During Hurricane Irma (bloomberg.com)
One million households lost power in Florida, and at least three people died, after Hurricane Irma made landfall Sunday morning. Bloomberg reports how Uber tried to help: Uber Technologies Inc. is offering free rides to shelters near Tampa as Hurricane Irma barrels toward the Florida mainland. The City of Tampa's Office of Emergency Management publicized the free rides on its Twitter feed, @AlertTampa, and mobile news alert service. Uber's offer helps serve a vital need for transportation, as Tampa Bay area residents got late notice that the monster storm that changed track on Saturday and was heading their way. It also provided a chance for the company to burnish an image... Uber has also been criticized for using its so-called surge pricing in times of crisis. -
Equifax Breach is Very Possibly the Worst Leak of Personal Info Ever (arstechnica.com)
The breach Equifax reported Thursday is very possibly is the most severe of all for a simple reason: the breath-taking amount of highly sensitive data it handed over to criminals. Dan Goodin of ArsTechnica writes: By providing full names, Social Security numbers, birth dates, addresses, and, in some cases, driver license numbers, it provided most of the information banks, insurance companies, and other businesses use to confirm consumers are who they claim to be. The theft, by criminals who exploited a security flaw on the Equifax website, opens the troubling prospect the data is now in the hands of hostile governments, criminal gangs, or both and will remain so indefinitely. Hacks hitting Yahoo and other sites, by contrast, may have breached more accounts, but the severity of the personal data was generally more limited. And in most cases the damage could be contained by changing a password or getting a new credit card number. What's more, the 143 million US people Equifax said were potentially affected accounts for roughly 44 percent of the population. When children and people without credit histories are removed, the proportion becomes even bigger. That means well more than half of all US residents who rely the most on bank loans and credit cards are now at a significantly higher risk of fraud and will remain so for years to come. Besides being used to take out loans in other people's names, the data could be abused by hostile governments to, say, tease out new information about people with security clearances, especially in light of the 2015 hack on the US Office of Personnel Management, which exposed highly sensitive data on 3.2 million federal employees, both current and retired. Meanwhile, if you accept Equifax's paltry "help" you forfeit the right to sue the company, it has said. In its policy, Equifax also states that it won't be helping its customers fix hack-related problems.
UPDATE (9/9/17): Equifax has now announced that "the arbitration clause and class action waiver included in the Equifax and TrustedID Premier terms of use does not apply to this cybersecurity incident."
Bloomberg reported on Friday that a class action seeking to represent 143 million consumers has been filed, and it alleges the company didn't spend enough on protecting data. The class-action -- filed by the firm Olsen Daines PC along with Geragos & Geragos, a celebrity law firm known for blockbuster class actions -- will seek as much as $70 billion in damages nationally. -
IBM To Invest $240 Million To Develop AI Research Lab With MIT (bloomberg.com)
IBM will spend $240 million over 10 years to develop an artificial intelligence research lab with the Massachusetts Institute of Technology, pooling the organizations' resources as competition intensifies to produce breakthroughs in the field. Bloomberg reports: The MIT-IBM Watson AI Lab will fund projects in four broad areas, including creating better hardware to handle complex computations and figuring out applications of AI in specific industries, the Armonk, New York-based company said Thursday in a statement. While IBM has always conducted long-term research internally, it decided AI was such a vast field that it needed to reach out for talent and ideas, said John Kelly, the head of International Business Machines Corp.'s research and cognitive solutions groups, which includes Watson products. While researchers will focus on long-term innovations in artificial intelligence, IBM will also be looking for developments -- a new medical imaging algorithm, say -- that it can immediately plug into its existing products. Big Blue expects to see results that boost its Watson-branded AI business in the next year or two, Kelly said. The plan is to change the focus and number of teams as needed to produce results, he said. The partnership underscores IBM's focus on building a business selling AI software, a strategy that requires clients to adopt such products and the company to develop offerings that add actual business value and are competitive with juggernauts in artificial intelligence, including Microsoft Corp. and Alphabet. IBM and MIT will jointly own the intellectual property that results from the projects conducted together. The company also has the option to buy out MIT for full ownership, Kelly said. -
Credit Reporting Firm Equifax Announces 'Cybersecurity Incident Impacting Approximately 143 Million US Consumers' (cnbc.com)
Equifax, which supplies credit information and other information services, said Thursday that a cybersecurity incident discovered on July 29 could have potentially affected 143 million consumers in the U.S. "The leaked data includes names, birth dates, social security numbers, addresses and potentially drivers licenses," reports CNBC. "209,000 U.S. credit card numbers were also obtained, in addition to 'certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers."
Chairman and Chief Executive Officer, Richard F. Smith said in a statement: "This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do. I apologize to consumers and our business customers for the concern and frustration this causes. We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations. We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident." Equifax is now alerting customers whose information was included in the breach via mail, and is working with state and federal authorities.
UPDATE (9/7/17): According to Bloomberg, "three Equifax senior executives sold shares worth almost $1.8 million" in the days after the company discovered the security breach. Regulatory filings show that three days after the breach was discovered on July 29th, Chief Financial Officer John Gamble sold shares worth $946,374 and Joseph Loughran, president of U.S. information solutions, exercised options to dispose of stock worth $584,099." Meanwhile, "Rodolfo Ploder, president of workforce solutions, sold $250,458 of stock on Aug. 2." -
Intel's $1.3 Billion Fine In Europe Requires Review, Court Says (nytimes.com)
cdreimer writes: According to a report in The New York Times (Warning: source may be paywalled; alternative source), the Court of Justice in the European Union has ordered the lower courts to revisit the $1.3 billion anti-trust fine levied against Intel in 2009, giving hope to Google and other American technology firms to avoid being fined for being dominant in the EU markets. From the report: "The highest court in the European Union ordered on Wednesday that a $1.3 billion antitrust fine doled out against Intel nearly a decade ago be revisited, a ruling that could give hope to Google and other American technology giants facing challenges to their dominance in the region. The decision to send the case back to a lower court for re-examination is a blow to regional competition regulators, whose oversight of digital services has been among the world's most aggressive. It could also embolden American technology companies, which have long complained that antitrust officials in Europe target them unfairly, to challenge rulings and investigations against them. The move by the Court of Justice of the European Union raises the prospect that the 1.06 billion euro fine on Intel in 2009, equivalent to $1.26 billion at current exchange rates, could be reduced or scrapped entirely. The penalty -- at the time the largest of its kind -- was upheld by European courts in 2014 and will most likely be the subject of legal battles for years to come. That record fine was overtaken by a 2.4 billion euro penalty against Google in June. The Silicon Valley giant was accused of using its dominant position in online search to give preferential treatment to its internet shopping service over those of its rivals." -
Facebook Offers Hundreds of Millions of Dollars for Music Rights (bloomberg.com)
Facebook is offering major record labels and music publishers hundreds of millions of dollars so the users of its social network can legally include songs in videos they upload, Bloomberg reported on Tuesday. From the report: The posting and viewing of video on Facebook has exploded in recent years, and many of the videos feature music to which Facebook doesn't have the rights. Under current law, rights holders must ask Facebook to take down videos with infringing material. Music owners have been negotiating with Facebook for months in search of a solution, and Facebook has promised to build a system to identify and tag music that infringes copyrights. Yet such a setup will take as long as two years to complete, which is too long for both sides to wait, said the people, who asked not to be named discussing details that aren't public. Facebook is eager to make a deal now so that it no longer frustrates users, by taking down their videos; partners, by hosting infringing material; or advertisers, with the prospect of legal headaches. The latest discussions will ensure Facebook members can upload video with songs just as it's rolling out Watch, a new hub for video, and funding the production of original series. Facebook is attempting to attract billions of dollars in additional advertising revenue and challenge YouTube as the largest site for advertising-supported video on the web. -
Do Code Bootcamps Work? (inc.com)
"Computer programming is highly specialized work; it can't be effectively taught in an intensive program," writes Inc. magazine's contributing editor: Last month, two of the country's largest and most well-regarded coding bootcamps closed. While there are still over 90 such camps in the U.S. and Canada, these for-profit intensive software engineering schools aren't successfully preparing their students for programming jobs. According to a recent Bloomberg article, the Silicon Valley recruiter Mark Dinan characterized the bootcamps as "a freaking joke," while representatives of Google and Autodesk said respectively that "most graduates from these programs are not quite prepared" and "coding schools haven't been much of a focus for [us]."
In one sense, the failure of coding bootcamps reflects the near-universal failure of for-profit universities, colleges, and charter schools to provide a usable education. In another sense, though, coding bootcamps represent a profound misunderstanding of what computer programming is all about... Coding at the professional level is highly specialized and requires years of practice to master... the idea of a bootcamp for coding is just as practical as the idea of a bootcamp for surgery. -
Alphabet Wraps Up Reorganization With a New Company Called XXVI (bloomberg.com)
Alphabet is approaching its final form. After evolving from Google into a corporate parent with distinct arms in far-flung fields like health care and self-driving cars, it is now forming a new holding company called XXVI Holdings Inc. Bloomberg reports: The new structure legally separates Google from other units such as Waymo, its self-driving car business, and Verily, a medical device and health data firm. Google co-founder Larry Page announced Alphabet two years ago to foster new businesses that operate independently from Google. Technically, however, those units, called the "Other Bets," were still subsidiaries of Google. The new structure, unveiled Friday, enables the Other Bets to become subsidiaries of Alphabet on the same legal footing as Google. "We're updating our corporate structure to implement the changes we announced with the creation of Alphabet in 2015," Gina Weakley Johnson, an Alphabet spokeswoman, said. She called the process a legal formality that won't affect ultimate shareholder control, operations, management or personnel at the 75,606 person company. Google is also changing from a corporation to a limited liability company, or LLC. This won't alter the way the business pays taxes, Johnson said. The switch is partly related to Google's transformation from a listed public company into a business owned by a holding company. Now, it's owned by Alphabet, so it effectively has only one investor and no public disclosure obligations. An LLC structure is better suited to this situation. XXVI, the name of the new holding entity, is the number of letters in the alphabet expressed in Roman numerals. -
Billionaire Brothers Want to Build a Cheaper Rival to Slack (bloomberg.com)
Saritha Rai, writing for Bloomberg: A teenage entrepreneur who became a millionaire by 20 before sharing a billion-dollar fortune at 36, Bhavin Turakhia isn't afraid to think big. Now he's putting $45 million of his own money into building a rival to Slack and other office messaging platforms. Flock, a cloud-based team collaboration service, has attracted 25,000 enterprise users and customers including Tim Hortons, Whirlpool and Princeton University. It's a market that has already drawn interest from global technology giants Facebook, Amazon.com and Microsoft. This time last year, few had heard of Bhavin and his younger brother Divyank. That changed when they sold their advertising technology company Media.net, with customers including Yahoo, CNN and the New York Times, to a Chinese consortium for $900 million. The all-cash deal catapulted the duo from mere millionaires into the ranks of the super-rich. "I want to make Flock bigger and better than anything I've built before," Bhavin Turakhia, wearing his signature dark Levi's T-shirt and Puma sweatpants, said at his Bangalore offices. -
Central Banks Can't Ignore the Cryptocurrency Boom (bloomberg.com)
The boom in cryptocurrencies and their underlying technology is becoming too big for central banks, long the guardian of official money, to ignore. From a report: Until recently, officials at major central banks were happy to watch as pioneers in the field progressed by trial and error, safe in the knowledge that it was dwarfed by roughly $5 trillion circulating daily in conventional currency markets. But now as officials turn an eye toward the increasingly pervasive technology, the risk is that they're reacting too late to both the pitfalls and the opportunities presented by digital coinage. "Central banks cannot afford to treat cyber currencies as toys to play with in a sand box," said Andrew Sheng, chief adviser to the China Banking Regulatory Commission and Distinguished Fellow of the Asia Global Institute, University of Hong Kong. "It is time to realize that they are the real barbarians at the gate." Bitcoin -- the largest and best-known digital currency -- and its peers pose a threat to the established money system by effectively circumventing it. Money as we know it depends on the authority of the state for credibility, with central banks typically managing its price and/or quantity. Cryptocurrencies skirt all that and instead rely on their supposedly unhackable technology to guarantee value. -
PayPal Debuts a Credit Card That Offers 2% Cash Back (bloomberg.com)
PayPal is turning to its old nemesis, plastic, to help it expand beyond the digital realm. From a report: The online payments venture is introducing a credit card that offers customers 2 percent cash back on purchases -- one of the industry's highest rebate rates -- with no annual fee. The rewards will appear in users' online wallets and can be spent immediately on additional PayPal purchases or transferred to a bank. The move is part of Chief Executive Officer Dan Schulman's effort to transform PayPal from a payments button on websites into a versatile financial tool for everyday use, even in brick-and-mortar stores. He's forged 24 deals over the past 18 months with technology and financial companies including Apple, Visa and JPMorgan Chase, looking to make PayPal ubiquitous in the lives of its 210 million customers. The company already tested the card with some of them. -
China Regulator To Review Apple Antitrust Complaint (bloomberg.com)
China's State Administration for Industry and Commerce is reviewing an antitrust complaint accusing Apple of abusing its dominant position in smartphone applications, people familiar with the matter told Bloomberg. From the report: The regulator is studying the information following a complaint filed on behalf of developers before deciding if a formal investigation is necessary, said the people, who asked not to be named because the matter isn't public. The review is preliminary and Chinese antitrust agencies usually review such information before deciding whether a official probe is needed. Beijing-based law firm Daxiao, or Dare & Sure, said earlier this month it filed complaints on the developers' behalf to the SAIC and the National Development and Reform Commission. The lawyers accused Apple of removing apps without a proper explanation and taking an excessive 30 percent cut of in-app transactions, it said in an Aug. 8 statement. The law firm now represents close to 50 developers, producing games and a number of other apps, according to Lin Wei, managing partner of Dare & Sure. -
Google To Comply With EU Search Demands To Avoid More Fines (bloomberg.com)
Google will comply with Europe's demands to change the way it runs its shopping search service, a rare instance of the internet giant bowing to regulatory pressure to avoid more fines. From a report: The Alphabet unit faced a Tuesday deadline to tell the European Union how it planned to follow an order to stop discriminating against rival shopping search services in the region. A Google spokeswoman said it is sharing that plan with regulators before the deadline expires, but declined to comment further. The EU fined Google a record 2.4 billion euros ($2.7 billion) in late June for breaking antitrust rules by skewing its general search results to unfairly favor its own shopping service over rival sites. The company had 60 days to propose how it would "stop its illegal content" and 90 days to make changes to how the company displays shopping results when users search for a product. Those changes need to be put in place by Sept. 28 to stave off a risk that the EU could fine the company 5 percent of daily revenue for each day it fails to comply. "The obligation to comply is fully Google's responsibility," the European Commission said in an emailed statement, without elaborating on what the company must do to comply. -
Publishers Are Making More Video -- Whether You Want It or Not (bloomberg.com)
An anonymous reader shares a report: Mic, a website aimed at millennials, used to employ 40 writers and editors producing articles on topics like "celebrating beauty" and "strong women." Ten were let go this month, with most in the revamped newsroom of 63 now focused on making videos for places like Facebook. Critics have called such moves "100 percent cynical" and out of sync with audience demand. Yet Americans are watching more video snippets online, either because they secretly like them or because they're getting harder to avoid. The growing audience for video, more valuable to advertisers than the space next to words, is causing websites to shift resources in what's become known across the industry as the pivot to video. Americans are expected to spend 81 minutes a day watching digital video in 2019, up from 61 minutes in 2015, according to projections by research firm eMarketer. Time spent reading a newspaper is expected to drop to 13 minutes a day from 16 minutes during that time. The question is whether those trends will sustain the growing number of outlets flooding social networks with video clips. Mic, a New York-based news site founded in 2011, was just the latest to fire writers when it announced its pivot to video this month. Dozens of writers and editors have also been laid off this summer at news outlets like Vocativ, Fox Sports, Vice and MTV News. All of the moves were tied in part to focusing more resources on making videos. Publishers are heading in this direction even though polls show consumers find video ads more irritating than TV commercials. Google and Apple are testing features that let you mute websites with auto-play videos or block them entirely. More young Americans prefer reading the news than watching it, according to a survey last year by the Pew Research Center. But many publishers have little choice. -
Facebook's 21-Year-Old Wunderkind Leaves For Google (bloomberg.com)
An anonymous reader shares a report: Facebook hired Michael Sayman for an internship when he was 17 years old, and gave him a full-time engineering job at 18. Now, the wunderkind is leaving for Alphabet's Google. He turned 21 last week. At Facebook, Sayman was a product manager who helped the social-media giant understand how his generation uses their phones, advising on experimental products for teens and helping executives understand trends. At Google, he'll be a product manager for Assistant, a voice-based service built on the search engine's giant database. -
As Prosecutors Submit Evidence, WannaCry Hero's Legal Fund Returns All Donations (buzzfeed.com)
An anonymous reader quote BuzzFeed: The vast majority of money raised to pay for the legal defense of beloved British cybersecurity researcher Marcus Hutchins was donated with stolen or fake credit card numbers, and all donations, including legitimate ones, will be returned, the manager of the defense fund says. Lawyer Tor Ekeland, who managed the fund, said at least $150,000 of the money collected came from fraudulent sources, and that the prevalence of fraudulent donations effectively voided the entire fundraiser. He said he'd been able to identify only about $4,900 in legitimate donations, but that he couldn't be certain even of those. "I don't want to take the risk, so I just refunded everything," he said.
Two days later, Hutchins posted the following on Twitter. "When sellouts are talking shit about the 'infosec community' remember that someone I'd never met flew to Vegas to pay $30K cash for my bail."
Hutchins is facing up to 40 years in prison, and at first was only allowed to leave his residence for four hours each week. Thursday a judge lifted some restrictions so that Hutchins is now allowed to travel to Milwaukee, where his employer is located. According to Bloomberg, government prosecutors complain Hutchins now "has too much freedom while awaiting trial and may skip the country."
Clickthrough for a list of the evidence government prosecutors submitted to the court this week.
According to BankInfoSecurity, this is the evidence submitted by government prosecutors.- Statements made by Hutchins after he was arrested.
- A CD containing two audio recordings from a county jail in Nevada where he was apparently detained by the FBI.
- 150 pages of Jabber chats between the defendant and an individual.
- Business records from Apple, Google and Yahoo.
- Statements (350 pages) by the defendant from another internet forum, which were seized by the government in another district.
- Three to four samples of malware.
- A search warrant executed on a third party, which may contain some privileged information.
Hutchins' attorneys have requested 45-60 days to review evidence, and on October 13 both attorneys will then give the judge a proposed schedule for the actual trial.
-
Elon Musk's Neuralink Gets $27 Million To Build Brain Computers (bloomberg.com)
An anonymous reader writes: Neuralink, the startup co-founded by billionaire Elon Musk, has taken steps to sell as much as $100 million in stock to fund the development of technology that connects human brains with computers. The San Francisco-based company has already gotten $27 million in funding, according to a filing with the U.S. Securities and Exchange Commission. Musk said via Twitter on Friday that Neuralink isn't seeking outside investors. In June, Musk said Neuralink is a priority after much more demanding commitments to his automotive and rocket companies. "Boring Co. is maybe 2 percent of my time; Neuralink is 3 percent to 5 percent of my time; OpenAI is going to be a couple of percent; and then 90-plus percent is divided between SpaceX and Tesla," said Musk at the electric-car maker's annual shareholder meeting. -
Waymo Built a Fake City In California To Test Self-Driving Cars (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: In May, Waymo revealed key details of its latest self-driving car design to Bloomberg as part of the rollout of a new program that ferries ordinary passengers around in Phoenix. Now The Atlantic's Alexis Madrigal has a new piece revealing important details about Waymo's extensive infrastructure for testing self-driving cars. Madrigal reports on two Waymo projects that haven't been previously made public. One is an extensive virtual city in California, 100 miles east of Silicon Valley. Named Castle after the former Castle Air Force Base, the facility hosts a network of private roads for testing self-driving vehicles. It's a proprietary cousin of Mcity, the open vehicle testing facility we visited in 2015. At the Castle facility, Waymo builds replicas of real intersections -- like a two-lane roundabout in Texas -- that have given Waymo cars trouble.
Having their own extensive network of private streets allows Waymo engineers to perform repetitive tests to observe how Waymo's software reacts in carefully controlled situations. In one series of tests seen by Madrigal, another car cuts off a Waymo car at a variety of speeds and angles. The tests were designed to help engineers calibrate how hard cars brake in these kinds of situations. Brake too slowly and there's a risk of a crash. Brake too hard and passengers will get whiplash. The Castle team has amassed an extensive collection of props -- traffic cones, tricycles, fake plants, dummies -- that help simulate a wide variety of road situations. -
Apple Is Planning a 4K Upgrade For Its TV Box (bloomberg.com)
Apple is planning to unveil an upgraded Apple TV set-top box that can stream 4K video and highlight live television content such as news and sports. Bloomberg reports: The updated box, to be revealed alongside new iPhone and Apple Watch models at an event in September, will run a faster processor capable of streaming the higher-resolution 4K content, said the people, who asked not to be identified because the plans aren't yet public. The 4K designation is a quality standard that showcases content at twice the resolution of 1080P high-definition video, meaning the clarity is often better for the viewer. Apple is also testing an updated version of its TV app, which first launched in 2016, that can aggregate programming from apps that already offer live streaming. Apple is seeking to revive its video ambitions with the new product. In order to view 4K video, users will need to attach the updated Apple TV to a screen capable of showing the higher-resolution footage. In order to play 4K and HDR content, Apple will need deals with content makers that can provide video in those formats. The Cupertino, California-based technology giant has begun discussions with movie studios about supplying 4K versions of movies via iTunes, according to people familiar with the talks. The company has also discussed its 4K video ambitions with content companies that already have apps on Apple TV, another person said. Popular video apps on the Apple TV that support 4K on other platforms include Vevo and Netflix. -
Smartphone Maker HTC Explores Strategic Options (bloomberg.com)
An anonymous reader shares a Bloomberg report: HTC, the beleaguered manufacturer that once ranked among the world's top smartphone makers, is exploring options that could range from separating off its virtual-reality business to a full sale of the company, according to people familiar with the matter. The Taiwanese firm is working with an adviser as it considers bringing in a strategic investor, selling or spinning off its Vive virtual reality headset business, the people said, asking not to be identified as the discussions are private. A full sale of HTC, which has businesses ranging from VR to headset manufacturing, is less likely because it doesn't fit obviously with one acquirer, one of the people said. -
Bill Gates and Richard Branson Back Startup That Grows 'Clean Meat' (bloomberg.com)
A large global agricultural company has joined Bill Gates and Richard Branson to invest in a nascent technology to make meat from self-producing animal cells. "Memphis Meats, which produces beef, chicken and duck directly from animal cells without raising and slaughtering livestock or poultry, raised $17 million from investors including Cargill, Gates and billionaire Richard Branson, according to a statement Tuesday on the San Francisco-based startup's website," reports Bloomberg. From the report: This is the latest move by an agricultural giant to respond to consumers, especially Millennials, who are rapidly leaving their mark on the U.S. food world. That's happening through surging demand for organic products, increasing focus on food that's considered sustainable and greater attention on animal treatment. Big poultry and livestock processors have started to take up alternatives to traditional meat. To date, Memphis Meats has raised $22 million, signaling a commitment to the "clean-meat movement," the company said. -
People Start Hating Their Jobs at Age 35, Study Says (bloomberg.com)
Older workers tend to be more unhappy in their jobs than their younger colleagues, according to a survey of more than 2,000 U.K. employees by human resource firm Robert Half U.K. One in six British workers over age 35 said they were unhappy -- more than double the number for those under 35. Nearly a third of people over 55 said they didn't feel appreciated, while 16 percent said they didn't have friends at work. From a report: There's the stress of being in a high-ranking position -- or the disappointment of not making it far enough up the career ladder. True, salaries are higher, but life starts to get more expensive. "Work-life balance" starts to mean taking care of children, rather than just personal stress management. "There comes a time when either you haven't achieved success, work has burned you out, or lived experience tells you family is more important," said Cary Cooper, a workplace researcher at Manchester Business School. "You ask yourself: 'What am I doing this for?'" -
FBI Warns US Private Sector To Cut Ties With Kaspersky (cyberscoop.com)
An anonymous reader quotes CyberScoop: The FBI has been briefing private sector companies on intelligence claiming to show that the Moscow-based cybersecurity company Kaspersky Lab is an unacceptable threat to national security, current and former senior U.S. officials familiar with the matter tell CyberScoop... The FBI's goal is to have U.S. firms push Kaspersky out of their systems as soon as possible or refrain from using them in new products or other efforts, the current and former officials say.
The FBI's counterintelligence section has been giving briefings since beginning of the year on a priority basis, prioritizing companies in the energy sector and those that use industrial control (ICS) and Supervisory Control and Data Acquisition (SCADA) systems. In light of successive cyberattacks against the electric grid in Ukraine, the FBI has focused on this sector due to the critical infrastructure designation assigned to it by the Department of Homeland Security... The U.S. government's actions come as Russia is engaged in its own push to stamp American tech giants like Microsoft out of that country's systems.
Meanwhile Bloomberg Businessweek claims to have seen emails which "show that Kaspersky Lab has maintained a much closer working relationship with Russia's main intelligence agency, the FSB, than it has publicly admitted" -- and that Kaspersky Lab "confirmed the emails are authentic."
Kaspersky Lab told ZDNet they have not confirmed the emails' authenticity. A representative for Kaspersky Lab says that the company does not have "inappropriate" ties with any government, adding that "the company does regularly work with governments and law enforcement agencies around the world with the sole purpose of fighting cybercrime." -
Hollywood, Apple Said To Mull Rental Plan, Defying Theaters (bloomberg.com)
An anonymous reader shares a report: Movie studios are considering whether to ignore the objections of cinema chains and forge ahead with a plan to offer digital rentals of films mere weeks after they appear in theaters, according to people familiar with the matter. Some of the biggest proponents, including Warner Bros and Universal Pictures, are pressing on in talks with Apple and Comcast on ways to push ahead with the project even without theater chains, the people said. After months of negotiations, the two sides have been unable to arrive at a mutually beneficial way to create a $30 to $50 premium movie-download product. The leading Hollywood studios, except for Walt Disney, are eager to introduce a new product to make up for declining sales of DVDs and other home entertainment in the age of Netflix. They have discussed sharing a split of the revenue from premium video on demand, or PVOD, with the cinema chains if they give their blessing to the concept. But the exhibitors have sought a long-term commitment of as much as 10 years for that revenue split, which the studios have rejected, the people said. Deals with potential distributors such as Apple and Comcast could be reached as soon as early next year to sell digital downloads of major films as soon as two weeks after they debut in theaters, the people said.