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Wednesday, 11 March 2015
'Sexist' Uber vows to create a million jobs for female drivers by 2020
Taxi app Uber is working with the United Nations to employ a million female drivers in the next five years after months of criticism for being 'sexist'
Uber has vowed to create one million jobs for women as drivers by 2020.
The global taxi app has made the promise as it embarks on a new global partnership with UN Women, a sub group of the United Nations dedicated to achieving gender equality, to “accelerate economic opportunity for women”.
UN Women executive director Phumzile Mlambo-Ngcuka and Uber chief executive Travis Kalanick said in a joint statement:
“Today, UN Women and Uber are launching a partnership to work together around the world toward a shared vision of equality and women’s empowerment.
“We intend to invest in long-term programs in local communities where we live and work, as Uber commits to creating 1,000,000 jobs for women globally on the Uber platform by 2020.
“This important mission can only be accomplished when all women have direct access to safe and equitable earning opportunities.”
The news comes after Uber has faced months of criticism for being 'sexist' and not taking women's safety seriously.
A woman in India claimed she was raped last year which led the app to be banned in Delhi, with officers accusing Uber of failing to adequately screen drivers.
In the UK, Uber London recently gave a woman £20 credit on her account after she accused a driver of sexual harassment.
The company later said that the driver involved was permanently deactivated from the Uber platform.
All the news led journalist Sarah Lacy to say she no longer felt safe taking Uber cars and she accused Uber of “sexism and misogyny.”
Uber senior executive Emil Michael then threatened to spend a million dollars to do “opposition research” on her and her family, according to Buzzfeed.
Kalanick has previously been criticised by women's groups in America after jokingly using the phrase 'Boob-er' to describe his company in a GQ interview, when he was asked about his growing appeal to women.
Uber has vowed to create one million jobs for women as drivers by 2020.
The global taxi app has made the promise as it embarks on a new global partnership with UN Women, a sub group of the United Nations dedicated to achieving gender equality, to “accelerate economic opportunity for women”.
UN Women executive director Phumzile Mlambo-Ngcuka and Uber chief executive Travis Kalanick said in a joint statement:
“Today, UN Women and Uber are launching a partnership to work together around the world toward a shared vision of equality and women’s empowerment.
“We intend to invest in long-term programs in local communities where we live and work, as Uber commits to creating 1,000,000 jobs for women globally on the Uber platform by 2020.
“This important mission can only be accomplished when all women have direct access to safe and equitable earning opportunities.”
The news comes after Uber has faced months of criticism for being 'sexist' and not taking women's safety seriously.
A woman in India claimed she was raped last year which led the app to be banned in Delhi, with officers accusing Uber of failing to adequately screen drivers.
In the UK, Uber London recently gave a woman £20 credit on her account after she accused a driver of sexual harassment.
The company later said that the driver involved was permanently deactivated from the Uber platform.
All the news led journalist Sarah Lacy to say she no longer felt safe taking Uber cars and she accused Uber of “sexism and misogyny.”
Uber senior executive Emil Michael then threatened to spend a million dollars to do “opposition research” on her and her family, according to Buzzfeed.
Kalanick has previously been criticised by women's groups in America after jokingly using the phrase 'Boob-er' to describe his company in a GQ interview, when he was asked about his growing appeal to women.
Apple Watch event: as it happened
Tim Cook, Apple's chief executive, has confirmed the price, battery life, release date and apps of the Apple Watch
watch here
watch here
CIA Linked To Apple Hacking Programme
US and British intelligence services collaborated for years on efforts to break Apple's encryption coding, a report says.
The CIA has worked for nearly a decade to break the security protecting Apple phones and tablets, according to a report citing documents obtained from Edward Snowden.
Investigative news website The Intercept said on Tuesday the top-secret programme was aided by British intelligence services.
The report said efforts to break into Apple products started as early as 2006, a year before the introduction of the first iPhone, and continued as recently as 2013.
US government researchers reportedly built a version of XCode - Apple’s software application development tool - to create surveillance backdoors into programmes distributed on Apple's App Store.
The attempt to hack "secure communications products, both foreign and domestic" also targeted Google Android phones, the report said.
The Intercept stopped short of saying whether the CIA successfully cracked Apple’s encryption coding.
An Apple spokesman pointed to public statements by CEO Tim Cook on privacy, but declined to comment further.
"I want to be absolutely clear that we have never worked with any government agency from any country to create a backdoor in any of our products or services," Cook wrote in a statement published last year.
"We have also never allowed access to our servers. And we never will."
Apple and other top technology companies have been working to restore faith among consumers concerned that products have become tools for widespread government surveillance.
In September, Apple strengthened encryption methods for data stored on iPhones.
The company said the changes meant it no longer had any way to extract customer data even if a government ordered it to with a search warrant.
Google Inc announced shortly afterward it also planned to increase the use of stronger encryption tools.
The CIA has worked for nearly a decade to break the security protecting Apple phones and tablets, according to a report citing documents obtained from Edward Snowden.
Investigative news website The Intercept said on Tuesday the top-secret programme was aided by British intelligence services.
The report said efforts to break into Apple products started as early as 2006, a year before the introduction of the first iPhone, and continued as recently as 2013.
US government researchers reportedly built a version of XCode - Apple’s software application development tool - to create surveillance backdoors into programmes distributed on Apple's App Store.
The attempt to hack "secure communications products, both foreign and domestic" also targeted Google Android phones, the report said.
The Intercept stopped short of saying whether the CIA successfully cracked Apple’s encryption coding.
An Apple spokesman pointed to public statements by CEO Tim Cook on privacy, but declined to comment further.
"I want to be absolutely clear that we have never worked with any government agency from any country to create a backdoor in any of our products or services," Cook wrote in a statement published last year.
"We have also never allowed access to our servers. And we never will."
Apple and other top technology companies have been working to restore faith among consumers concerned that products have become tools for widespread government surveillance.
In September, Apple strengthened encryption methods for data stored on iPhones.
The company said the changes meant it no longer had any way to extract customer data even if a government ordered it to with a search warrant.
Google Inc announced shortly afterward it also planned to increase the use of stronger encryption tools.
India leaning toward Japan's bullet train tech
NEW DELHI -- Japan's shinkansen bullet train technology is the leading candidate for a planned 500km railway linking the western city of Mumbai and the state of Gujarat to the north, the first step in India's extensive high-speed rail project.
The Indian and Japanese governments initiated a joint feasibility study in late 2013, and a final report is to be released in July 2015.
The Japan International Cooperation Agency, which is participating in the study, told participants at a Feb. 28 high-speed rail seminar in New Delhi that the report will likely recommend that Japan's bullet train technology is the most appropriate option.
A top official in India's Ministry of Railways told The Nikkei that Japan's technology is the world's best and that India hopes to work on this project with Japan.
The Japanese contingent at the seminar included Issei Kitagawa, state vice-minister of transport; Yuji Fukasawa, executive vice president at East Japan Railway, which hopes to win orders for the project as part of a consortium of Japanese companies; Tadaharu Ohashi, a counselor at Kawasaki Heavy Industries; and top Hitachi officials.
With construction likely to start as early as 2017, India and Japan will quickly work out the necessary details, such as fundraising, as soon as the study is complete. Plans include combining official development assistance from JICA with an infrastructure fund set up by Japan's transport ministry.
What Modi wants
Indian Prime Minister Narendra Modi, who has been working to revive manufacturing with the "Make in India" initiative, will probably require that rolling stock be built locally. How much Japanese companies will cede to India's demands will be a point of interest.
The railway linking Mumbai and Ahmedabad will cost 700-800 billion rupees ($11.3 billion to $12.9 billion), including 12 stations to be built along the route, the Indian government said. The train will have a top speed of 320kph, slashing travel time to around two and a half hours from about eight hours now.
India plans to build nine railways linking the major cities of Delhi, Mumbai, Chennai and Kolkata, which has been dubbed the Diamond Quadrilateral project.
Since the Mumbai-Ahmedabad railway requires tunneling beneath a river, India favors Japanese drilling technology, which was used in such projects as the Seikan Tunnel linking Japan's main island with the northern island of Hokkaido. India also focused on Japan's safety record, with no passenger deaths in 50 years of operation, and know-how allowing trains to run at intervals of several minutes.
France, Spain and China also have shown interest in India's high-speed rail plans, and competition over the other routes will likely remain fierce.
Google opens first ever Google Shop in London
Google to sell Android phones, Chromebook laptops, and Chromecast TV service through site at Currys PC World store in London
Google has opened its first-ever branded shop, choosing the Currys PC World on London’s Tottenham Court Road as the location.
The store, to be called The Google shop, will sell the company’s range of Android phones and tablets, Chromebook laptops, and Chromecast TV services. The shop will hold tutorials showing consumers how to use the devices and hold demonstrations showing off key Google apps.
It is the first time that Google has opened a shop under its own name and highlights how online companies are increasingly exploring ways to open physical stores. Amazon is thought to be considering opening a shop in a standalone location in New York.
Google previously opened a “Chromezone” in the Tottenham Court Road shop in 2011, which was then rolled out across the UK by Dixons, the owner of Currys PC World. Google has also opened “Androidland” in shops in Australia.
However, this is the first time it has opened a shop under its own brand. It will operate as a “shop in shop” within the Currys PC Word. Google plans to open two further areas within Currys PC Worlds in Fulham, west London, and Thurrock, Essex.
James Elias, the UK marketing director for Google, said: “We’re incredibly excited to launch this space - the first of its kind anywhere in the world - in London with Currys PC World.
“The pace of innovation of the devices we all use is incredible, yet the way we buy them has remained the same for years. With the Google shop, we want to offer people a place where they can play, experiment and learn about all of what Google has to offer; from an incredible range of devices to a totally-connected, seamless online life.
“We think it’s a genuinely unique try-before-you-buy experience.”
The shop will host regular classes and events. These will include tutorials about online security as well as how to use Google devices. It will also hold “Virtual Space Camps” to teach children the basics of coding, and "Open House" events where teachers can test potential educational tools.
Google has opened its first-ever branded shop, choosing the Currys PC World on London’s Tottenham Court Road as the location.
The store, to be called The Google shop, will sell the company’s range of Android phones and tablets, Chromebook laptops, and Chromecast TV services. The shop will hold tutorials showing consumers how to use the devices and hold demonstrations showing off key Google apps.
It is the first time that Google has opened a shop under its own name and highlights how online companies are increasingly exploring ways to open physical stores. Amazon is thought to be considering opening a shop in a standalone location in New York.
Google previously opened a “Chromezone” in the Tottenham Court Road shop in 2011, which was then rolled out across the UK by Dixons, the owner of Currys PC World. Google has also opened “Androidland” in shops in Australia.
However, this is the first time it has opened a shop under its own brand. It will operate as a “shop in shop” within the Currys PC Word. Google plans to open two further areas within Currys PC Worlds in Fulham, west London, and Thurrock, Essex.
James Elias, the UK marketing director for Google, said: “We’re incredibly excited to launch this space - the first of its kind anywhere in the world - in London with Currys PC World.
“The pace of innovation of the devices we all use is incredible, yet the way we buy them has remained the same for years. With the Google shop, we want to offer people a place where they can play, experiment and learn about all of what Google has to offer; from an incredible range of devices to a totally-connected, seamless online life.
“We think it’s a genuinely unique try-before-you-buy experience.”
The shop will host regular classes and events. These will include tutorials about online security as well as how to use Google devices. It will also hold “Virtual Space Camps” to teach children the basics of coding, and "Open House" events where teachers can test potential educational tools.
Israel's Partner Comms Q4 profit slides more than forecast
Partner Communications , Israel's second-largest mobile phone operator, reported a larger-than-expected drop in quarterly profit, as fierce competition in the sector continues.
Partner, which operates under the Orange brand name, said on Wednesday it earned 24 million shekels ($5.9 million) in the fourth quarter, down 48 percent from a year earlier and below an estimate of 29 million in a Reuters poll of analysts.
Revenue dipped 2 percent to 1.11 billion shekels, with service revenue down 12 percent but equipment income up 46 percent.
Partner, which operates under the Orange brand name, said on Wednesday it earned 24 million shekels ($5.9 million) in the fourth quarter, down 48 percent from a year earlier and below an estimate of 29 million in a Reuters poll of analysts.
Revenue dipped 2 percent to 1.11 billion shekels, with service revenue down 12 percent but equipment income up 46 percent.
Alibaba in funding talks with India's Snapdeal - source
Alibaba is in talks with Indian online marketplace Snapdeal over a potential cash investment, a source familiar with the negotiations said, in what would be the Chinese e-commerce giant's first direct investment in India.
Snapdeal competes in India with bigger rivals Flipkart.com and Amazon.com, and media reports have said it is seeking $1 billion in its latest funding round to fuel growth.
In October last year, Snapdeal secured a $627 million investment from Japan's Softbank, itself an early backer of Alibaba.
The source, who declined to be named as talks are not public, said on Wednesday that negotiations were "ongoing", confirming Indian media reports. The source said Alibaba was "looking, but there's still no deal".
A second source familiar with the matter confirmed the two sides had spoken in the past and said investor interest was "high", but gave no detail on any current negotiations.
Snapdeal declined to comment.
Alibaba has been eyeing India for months, but has yet to invest directly in the e-commerce space. Ant Financial, an affiliate of Alibaba controlled by senior Alibaba executives, bought a 25 percent stake in the Indian payment services provider behind Paytm last month.
Snapdeal competes in India with bigger rivals Flipkart.com and Amazon.com, and media reports have said it is seeking $1 billion in its latest funding round to fuel growth.
In October last year, Snapdeal secured a $627 million investment from Japan's Softbank, itself an early backer of Alibaba.
The source, who declined to be named as talks are not public, said on Wednesday that negotiations were "ongoing", confirming Indian media reports. The source said Alibaba was "looking, but there's still no deal".
A second source familiar with the matter confirmed the two sides had spoken in the past and said investor interest was "high", but gave no detail on any current negotiations.
Snapdeal declined to comment.
Alibaba has been eyeing India for months, but has yet to invest directly in the e-commerce space. Ant Financial, an affiliate of Alibaba controlled by senior Alibaba executives, bought a 25 percent stake in the Indian payment services provider behind Paytm last month.
Ericsson cuts 2,200 Swedish staff as part of savings program
Swedish telecom equipment maker Ericsson said on Wednesday it would cut 2,200 positions in Sweden, mainly within R&D and Supply, as part of its latest cost cutting program.
Ericsson said in November it aimed to cut cut annual costs by around 9 billion Swedish crowns ($1.05 billion), with full effect in 2017. This program will entail restructuring charges of around 3-4 billion crowns during 2015-2017 in total.
Ericsson usually has charges of around 2 billion crowns per year. The firm employs around 115,000 people, of which around 17,000 in Sweden.
($1 = 8.5686 Swedish crowns)
Ericsson said in November it aimed to cut cut annual costs by around 9 billion Swedish crowns ($1.05 billion), with full effect in 2017. This program will entail restructuring charges of around 3-4 billion crowns during 2015-2017 in total.
Ericsson usually has charges of around 2 billion crowns per year. The firm employs around 115,000 people, of which around 17,000 in Sweden.
($1 = 8.5686 Swedish crowns)
Japan's Brother Industries to buy UK's Domino Printing for $1.55 bln
Brother offers 915 pence per share in cash
* Offer at 27 pct premium to Domino's Tuesday close
* Analysts say higher bids possible
* Domino shares jumps to record high of 956 pence (Adds details, analyst comments, share movement)
By Mamidipudi Soumithri
March 11 (Reuters) - Japan's Brother Industries Ltd will buy British barcode-printer maker Domino Printing Sciences Plc for about 1.03 billion pounds in cash ($1.55 billion) to expand its industrial printing range, the companies said.
Domino, which is fighting bigger rivals with enhanced financial firepower, said its shareholders will get 915 pence per share, a 27 percent premium to the stock's Tuesday close.
Domino shares rose to a record 956 pence, well above the recommended offer price, hinting at the possibility of a higher bid. The stock was the biggest gainer on the London Stock Exchange on Wednesday morning.
"There's also potential for a rival bid to come in, probably from a U.S. player, given how neatly Domino would fit into a U.S. portfolio given that's where it is weaker," Peel Hunt analyst Henry Carver told Reuters.
Some analysts named Danaher Corp and Dover Corp as possible bidders. The companies could not immediately be reached for comment.
Domino's products had been leading the digital label printing market in certain areas, and a rival bid wouldn't be surprising, said UBS analyst Robbie Capp in a note.
"It has become increasingly clear that maintaining its position in the enlarged markets will require Domino to find the appropriate partner," Domino Chairman Peter Byrom said.
Brother Industries plans to finance the deal through debt or existing cash. It has a bridge facility with Citibank and Citibank Japan under which 1.073 billion pounds would be available for financing the acquisition.
Domino shareholders will also get the 14.76 pence-per-share final dividend announced in December. They can opt to receive loan notes issued by Brother instead of the cash offer.
Brother, which makes equipment ranging from sewing machines and printers to online karaoke systems, gets about 70 percent of its sales from its printing and solutions unit.
Domino, which makes printers to stamp barcodes and expiry dates on food items, beverage cans and medicines, will operate as a standalone division post the deal, the companies said.
Domino warned in June that 2015 results would be hurt by pricing pressure in Asia and other developing markets and higher research and development expenses.
Sky News reported on Tuesday Domino had agreed to a deal with a Japanese company, adding that the company had held talks with some U.S.-based competitors in recent months.
Citi advised Brother, while Rothschild was Domino's financial adviser. ($1 = 0.6637 pounds)
* Offer at 27 pct premium to Domino's Tuesday close
* Analysts say higher bids possible
* Domino shares jumps to record high of 956 pence (Adds details, analyst comments, share movement)
By Mamidipudi Soumithri
March 11 (Reuters) - Japan's Brother Industries Ltd will buy British barcode-printer maker Domino Printing Sciences Plc for about 1.03 billion pounds in cash ($1.55 billion) to expand its industrial printing range, the companies said.
Domino, which is fighting bigger rivals with enhanced financial firepower, said its shareholders will get 915 pence per share, a 27 percent premium to the stock's Tuesday close.
Domino shares rose to a record 956 pence, well above the recommended offer price, hinting at the possibility of a higher bid. The stock was the biggest gainer on the London Stock Exchange on Wednesday morning.
"There's also potential for a rival bid to come in, probably from a U.S. player, given how neatly Domino would fit into a U.S. portfolio given that's where it is weaker," Peel Hunt analyst Henry Carver told Reuters.
Some analysts named Danaher Corp and Dover Corp as possible bidders. The companies could not immediately be reached for comment.
Domino's products had been leading the digital label printing market in certain areas, and a rival bid wouldn't be surprising, said UBS analyst Robbie Capp in a note.
"It has become increasingly clear that maintaining its position in the enlarged markets will require Domino to find the appropriate partner," Domino Chairman Peter Byrom said.
Brother Industries plans to finance the deal through debt or existing cash. It has a bridge facility with Citibank and Citibank Japan under which 1.073 billion pounds would be available for financing the acquisition.
Domino shareholders will also get the 14.76 pence-per-share final dividend announced in December. They can opt to receive loan notes issued by Brother instead of the cash offer.
Brother, which makes equipment ranging from sewing machines and printers to online karaoke systems, gets about 70 percent of its sales from its printing and solutions unit.
Domino, which makes printers to stamp barcodes and expiry dates on food items, beverage cans and medicines, will operate as a standalone division post the deal, the companies said.
Domino warned in June that 2015 results would be hurt by pricing pressure in Asia and other developing markets and higher research and development expenses.
Sky News reported on Tuesday Domino had agreed to a deal with a Japanese company, adding that the company had held talks with some U.S.-based competitors in recent months.
Citi advised Brother, while Rothschild was Domino's financial adviser. ($1 = 0.6637 pounds)
PayPal sets up Israeli security centre, buys CyActive
Online payments company PayPal, a unit of eBay, is establishing a cyber security centre in Israel and has bought local start-up CyActive to help launch the development.
PayPal, which is slated to split from eBay later this year, did not disclose financial details but Israeli media have said the acquisition was worth $60 million.
"Located in one of the world's top cybersecurity hubs, this new security center will allow us to tap into the country's cutting-edge technology and top cybersecurity talent," PayPal chief technology officer James Barrese wrote in a blog on the company's website.
CyActive, which can predict how malicious software will develop and offer companies detection and prevention, had received a strategic investment from the venture capital unit of Germany company Siemens in September. Financial details were not disclosed.
Siemens joined Jerusalem Venture Partners (JVP), an Israeli venture capital firm, in investing in CyActive. JVP was the main shareholder in another cyber security company, CyberArk Software , which went public on Nasdaq in September.
Israel's dedication to developing its defence capabilities has been extended to cyberspace in recent years, spawning an industry which has attracted a near four-fold increase in venture capital investment since 2010.
Besides jumpstarting the security centre, Barrese said the acquisition of CyActive will add "future-proof technology" to PayPal's security platform.
This is PayPal's second acquisition in Israel, after it bought FraudSciences, which monitors financial fraud, in 2008 for $169 million. PayPal has a fraud and risk detection centre in Tel Aviv.
PayPal, which is slated to split from eBay later this year, did not disclose financial details but Israeli media have said the acquisition was worth $60 million.
"Located in one of the world's top cybersecurity hubs, this new security center will allow us to tap into the country's cutting-edge technology and top cybersecurity talent," PayPal chief technology officer James Barrese wrote in a blog on the company's website.
CyActive, which can predict how malicious software will develop and offer companies detection and prevention, had received a strategic investment from the venture capital unit of Germany company Siemens in September. Financial details were not disclosed.
Siemens joined Jerusalem Venture Partners (JVP), an Israeli venture capital firm, in investing in CyActive. JVP was the main shareholder in another cyber security company, CyberArk Software , which went public on Nasdaq in September.
Israel's dedication to developing its defence capabilities has been extended to cyberspace in recent years, spawning an industry which has attracted a near four-fold increase in venture capital investment since 2010.
Besides jumpstarting the security centre, Barrese said the acquisition of CyActive will add "future-proof technology" to PayPal's security platform.
This is PayPal's second acquisition in Israel, after it bought FraudSciences, which monitors financial fraud, in 2008 for $169 million. PayPal has a fraud and risk detection centre in Tel Aviv.
Women face growing threat of online domestic abuse - experts - TRFN
UNITED NATIONS, March 11 (Thomson Reuters Foundation) - O nline domestic abuse has become a growing threat for women around the world, with their partners using the Internet, smartphones and tablets to harass them and track their every move, experts said.
While technology has presented new forms of abuse, it has also yielded solutions to help battered women seek assistance, said the experts, who urged women not to allow abuse to deter them from using the Internet or social media.
"We can't allow technology to (become) another way to silence women," said Michaelia Cash, the minister assisting the Australian prime minister for women, at a panel during the U.N. 59th Commission on the Status of Women.
An Australian national survey found that 97 percent of domestic violence support workers said the women they assist experience technology-facilitated abuse, according to Julie Oberin of Australia's Women's Services Network (WESNET).
Moreover, offenders are resorting to increasingly aggressive ways to exert complete control over victims, for example through "revenge porn", in which rapists record videos of the abuse to blackmail victims.
However, technology can and must also be part of the solution to online gender-based violence, panellists said.
In Australia, developers have created apps that help women who face or are at risk of domestic violence seek immediate help through their phones.
The Aurora app, for example, contains emergency contacts, information on domestic violence and links to support services in Australia's New South Wales state.
Oberin said women should not be discouraged from using the Internet or social media such as Twitter and Facebook, where a lot of the abuse takes place.
Doing so would be ineffective and build another barrier to gender equality, she said.
Many women and people working in domestic violence prevention and response have only recently started to recognise online abuse as a serious threat.
"When we started asking for funding for cyberthreats and violence in the early 2000s, people thought it was 'cute,'" said Cindy Southworth, the executive vice president of the U.S. National Network to End Domestic Violence (NNEDV).
Nearly half of Americans under 35 have been bullied, harassed or threatened online, while women make up 57 percent of victims, according to a poll conducted last year.
The poll indicated more than two-thirds (67 percent) of those harassed online knew their harasser in real life, while in the under-35 age group, that number rose to 72 percent.
Getting tech companies to cooperate initially proved a challenge, Southworth said, as service providers assisting battered women were perceived to be hostile towards technology.
Now, Twitter and Google, among others, have turned to NNEDV when developing safety improvements for their products, she said.
Another challenge has been educating women to use technology safely and respond to abuse, while avoiding at the same time inadvertently "creating a how-to guide for offenders", Southworth said.
While technology has presented new forms of abuse, it has also yielded solutions to help battered women seek assistance, said the experts, who urged women not to allow abuse to deter them from using the Internet or social media.
"We can't allow technology to (become) another way to silence women," said Michaelia Cash, the minister assisting the Australian prime minister for women, at a panel during the U.N. 59th Commission on the Status of Women.
An Australian national survey found that 97 percent of domestic violence support workers said the women they assist experience technology-facilitated abuse, according to Julie Oberin of Australia's Women's Services Network (WESNET).
Moreover, offenders are resorting to increasingly aggressive ways to exert complete control over victims, for example through "revenge porn", in which rapists record videos of the abuse to blackmail victims.
However, technology can and must also be part of the solution to online gender-based violence, panellists said.
In Australia, developers have created apps that help women who face or are at risk of domestic violence seek immediate help through their phones.
The Aurora app, for example, contains emergency contacts, information on domestic violence and links to support services in Australia's New South Wales state.
Oberin said women should not be discouraged from using the Internet or social media such as Twitter and Facebook, where a lot of the abuse takes place.
Doing so would be ineffective and build another barrier to gender equality, she said.
Many women and people working in domestic violence prevention and response have only recently started to recognise online abuse as a serious threat.
"When we started asking for funding for cyberthreats and violence in the early 2000s, people thought it was 'cute,'" said Cindy Southworth, the executive vice president of the U.S. National Network to End Domestic Violence (NNEDV).
Nearly half of Americans under 35 have been bullied, harassed or threatened online, while women make up 57 percent of victims, according to a poll conducted last year.
The poll indicated more than two-thirds (67 percent) of those harassed online knew their harasser in real life, while in the under-35 age group, that number rose to 72 percent.
Getting tech companies to cooperate initially proved a challenge, Southworth said, as service providers assisting battered women were perceived to be hostile towards technology.
Now, Twitter and Google, among others, have turned to NNEDV when developing safety improvements for their products, she said.
Another challenge has been educating women to use technology safely and respond to abuse, while avoiding at the same time inadvertently "creating a how-to guide for offenders", Southworth said.
Domino Printing says Japan's Brother Industries makes 1 bln stg offer for co
Domino Printing Sciences Plc :
* Recommended offer for Domino Printing Sciences Plc
* Reached pact on cash offer in which Brother will acquire entire issued and to be issued ordinary share capital of Domino
* Shareholders will be entitled to receive a total of 915 pence in cash for each Domino share held
* Offer values entire issued ordinary share capital of Domino at approximately £1,031 million
* Co shareholders will also receive proposed final dividend for year ended 31 October 2014 of 14.76p per share
* A premium of approximately 42.6 per cent to volume weighted average price per Domino share of 641.7 pence during six month period to 10 March
* As part of offer, a loan note alternative will be available to domino shareholders
* Loan note alternative will enable eligible co shareholders to elect to get loan notes in lieu of part or all of cash consideration Source text for Eikon
* Recommended offer for Domino Printing Sciences Plc
* Reached pact on cash offer in which Brother will acquire entire issued and to be issued ordinary share capital of Domino
* Shareholders will be entitled to receive a total of 915 pence in cash for each Domino share held
* Offer values entire issued ordinary share capital of Domino at approximately £1,031 million
* Co shareholders will also receive proposed final dividend for year ended 31 October 2014 of 14.76p per share
* A premium of approximately 42.6 per cent to volume weighted average price per Domino share of 641.7 pence during six month period to 10 March
* As part of offer, a loan note alternative will be available to domino shareholders
* Loan note alternative will enable eligible co shareholders to elect to get loan notes in lieu of part or all of cash consideration Source text for Eikon
Deals of the day- Mergers and acquisitions
The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Wednesday:
** Barcode-printer maker Domino Printing Sciences Plc said it agreed to be bought by Japan's Brother Industries Ltd for about 1.03 billion pounds ($1.55 billion).
** EQT Midstream Partners LP said it would buy parent EQT Corp's Northern West Virginia Marcellus Gathering System and a preferred interest in an EQT subsidiary for about $1.05 billion.
** Zogenix Inc said on Tuesday it would sell its Zohydro business to Pernix Therapeutics Holdings Inc in a deal that could be worth nearly $400 million, to cut costs and focus on two other drugs in its pipeline.
** Egypt's Commercial International Bank said Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.
** Prime Healthcare Services said on Tuesday it had withdrawn its offer to buy the Daughters of Charity Health System in California due to conditions imposed by the state, a move the struggling hospital chain said could force it into bankruptcy.
** South Africa's Bidvest Group Ltd is in talks with a fellow shareholder in Adcock Ingram, the Public Investment Corporation, to jointly control nearly half of struggling drugmaker, it said.
** Greece's National Bank confirmed on Wednesday it will sell shares in its Turkish subsidiary Finansbank AS through a rights issue to raise cash. Earlier, in a statement to the Istanbul Stock Exchange, Finansbank said NBG's stake would fall to 73 percent after the offering.
** Swiss-based commodities trader Glencore Plc is expected to own 49 percent of Russia's Russneft oil producer, pending approval from Russia's competition watchdog, Russneft's owner told Rossiya 24 TV channel.
** TD Ameritrade Holding Corp has no interest at the moment in buying smaller discount brokerage rival E*Trade Financial Corp, TD Ameritrade Chief Executive Fred Tomczyk said on Tuesday.
($1 = 0.6637 pounds)
** Barcode-printer maker Domino Printing Sciences Plc said it agreed to be bought by Japan's Brother Industries Ltd for about 1.03 billion pounds ($1.55 billion).
** EQT Midstream Partners LP said it would buy parent EQT Corp's Northern West Virginia Marcellus Gathering System and a preferred interest in an EQT subsidiary for about $1.05 billion.
** Zogenix Inc said on Tuesday it would sell its Zohydro business to Pernix Therapeutics Holdings Inc in a deal that could be worth nearly $400 million, to cut costs and focus on two other drugs in its pipeline.
** Egypt's Commercial International Bank said Citigroup had opened its books for a due diligence process that could lead to the purchase of its retail portfolio.
** Prime Healthcare Services said on Tuesday it had withdrawn its offer to buy the Daughters of Charity Health System in California due to conditions imposed by the state, a move the struggling hospital chain said could force it into bankruptcy.
** South Africa's Bidvest Group Ltd is in talks with a fellow shareholder in Adcock Ingram, the Public Investment Corporation, to jointly control nearly half of struggling drugmaker, it said.
** Greece's National Bank confirmed on Wednesday it will sell shares in its Turkish subsidiary Finansbank AS through a rights issue to raise cash. Earlier, in a statement to the Istanbul Stock Exchange, Finansbank said NBG's stake would fall to 73 percent after the offering.
** Swiss-based commodities trader Glencore Plc is expected to own 49 percent of Russia's Russneft oil producer, pending approval from Russia's competition watchdog, Russneft's owner told Rossiya 24 TV channel.
** TD Ameritrade Holding Corp has no interest at the moment in buying smaller discount brokerage rival E*Trade Financial Corp, TD Ameritrade Chief Executive Fred Tomczyk said on Tuesday.
($1 = 0.6637 pounds)
Saturday, 7 March 2015
Microsoft warns Windows PCs also vulnerable to 'Freak' attacks
Hundreds of millions of Windows PC users are vulnerable to attacks exploiting the recently uncovered "Freak" security vulnerability, which was initially believed to only threaten mobile devices and Mac computers, Microsoft Corp warned.
News of the vulnerability surfaced on Tuesday when a group of nine security experts disclosed that ubiquitous Internet encryption technology could make devices running Apple Inc's iOS and Mac operating systems, along with Google Inc's Android browser vulnerable to cyberattacks.
Microsoft released a security advisory on Thursday warning customers that their PCs were also vulnerable to the "Freak" vulnerability.
The weakness could allow attacks on PCs that connect with Web servers configured to use encryption technology intentionally weakened to comply with U.S. government regulations banning exports of the strongest encryption.
If hackers are successful, they could spy on communications as well as infect PCs with malicious software, the researchers who uncovered the threat said on Tuesday.
The Washington Post on Tuesday reported that whitehouse.gov and fbi.gov were among the sites vulnerable to these attacks, but that the government had secured them. (wapo.st/18KaxIA)
Security experts said the vulnerability was relatively difficult to exploit because hackers would need to use hours of computer time to crack the encryption before launching an attack.
"I don't think this is a terribly big issue, but only because you have to have many ducks in a row," said Ivan Ristic, director of engineering for cybersecurity firm Qualys Inc.
That includes finding a vulnerable web server, breaking the key, finding a vulnerable PC or mobile device, then gaining access to that device.
Microsoft advised system administrators to employ a workaround to disable settings on Windows servers that allow use of the weaker encryption. It said it was investigating the threat and had not yet developed a security update that would automatically protect Windows PC users from the threat.
Apple said it had developed a software update to address the vulnerability, which would be pushed out to customers next week.
Google said it had also developed a patch, which it provided to partners that make and distribute Android devices.
"Freak" stands for Factoring RSA-EXPORT Keys.
News of the vulnerability surfaced on Tuesday when a group of nine security experts disclosed that ubiquitous Internet encryption technology could make devices running Apple Inc's iOS and Mac operating systems, along with Google Inc's Android browser vulnerable to cyberattacks.
Microsoft released a security advisory on Thursday warning customers that their PCs were also vulnerable to the "Freak" vulnerability.
The weakness could allow attacks on PCs that connect with Web servers configured to use encryption technology intentionally weakened to comply with U.S. government regulations banning exports of the strongest encryption.
If hackers are successful, they could spy on communications as well as infect PCs with malicious software, the researchers who uncovered the threat said on Tuesday.
The Washington Post on Tuesday reported that whitehouse.gov and fbi.gov were among the sites vulnerable to these attacks, but that the government had secured them. (wapo.st/18KaxIA)
Security experts said the vulnerability was relatively difficult to exploit because hackers would need to use hours of computer time to crack the encryption before launching an attack.
"I don't think this is a terribly big issue, but only because you have to have many ducks in a row," said Ivan Ristic, director of engineering for cybersecurity firm Qualys Inc.
That includes finding a vulnerable web server, breaking the key, finding a vulnerable PC or mobile device, then gaining access to that device.
Microsoft advised system administrators to employ a workaround to disable settings on Windows servers that allow use of the weaker encryption. It said it was investigating the threat and had not yet developed a security update that would automatically protect Windows PC users from the threat.
Apple said it had developed a software update to address the vulnerability, which would be pushed out to customers next week.
Google said it had also developed a patch, which it provided to partners that make and distribute Android devices.
"Freak" stands for Factoring RSA-EXPORT Keys.
U.S. charges three in ring that stole 1 bln email addresses
Two Vietnamese citizens and a Canadian have been charged with running a massive cyberfraud ring that stole 1 billion email addresses, then sent spam offering knockoff software products, the U.S. Department of Justice said on Friday.
The Justice Department described the hacking spree as "one of the largest" data breaches uncovered in U.S. history. It declined to name the email companies that were victimized, though it appeared that the breaches included a massive 2011 attack on email marketing firm Epsilon.
Security blogger Brian Krebs reported that Epsilon, a unit of Alliance Data Systems Corp, was among the victims. That high-profile 2011 attack was followed by a wave of customer notifications from Epsilon clients, including Citigroup Inc and JPMorgan Chase & Co. (reut.rs/1En1udF)
Krebs noted that the government's press release said the data breach "was the subject of a congressional inquiry and testimony before a U.S House of Representatives subcommittee on June 2, 2011." The House Energy and Commerce Committee held a hearing on that data about breaches at Sony Corp <6758.T) and Epsilon, according to Krebs. (bit.ly/1wbKVi7) Epsilon representatives could not be reached. Viet Quoc Nguyen, 28, is charged with hacking at least eight email service providers between February 2009 and June 2012. The government alleges that Nguyen and Giang Hoang Vu, 25, both Vietnamese citizens, used the stolen email addresses to identify tens of millions of people who they targeted in a spam campaign. The spam emails directed recipients to websites selling software that was falsely branded as Adobe Systems Inc's . Both men resided in the Netherlands. Vu, who was extradited to the United States in March of last year, pleaded guilty on Thursday to conspiracy to commit computer fraud. Nguyen remains at large. The other defendant, Canadian David-Manuel Santos Da Silva, 33, was charged with conspiracy to commit money laundering. He is the co-owner of a company called 21 Celsius Inc, which struck up a marketing arrangement with Nguyen and Vu to generate revenue and launder the proceeds, according to the indictment. Court documents allege that Da Silva and Nguyen received about $2 million in commissions from the sale of the software, which they marketed as Adobe Reader 10 for $65 a copy. Da Silva was arrested at a Florida airport last month and was set to be arraigned on Friday in Atlanta federal court, according to the Justice Department.
The Justice Department described the hacking spree as "one of the largest" data breaches uncovered in U.S. history. It declined to name the email companies that were victimized, though it appeared that the breaches included a massive 2011 attack on email marketing firm Epsilon.
Security blogger Brian Krebs reported that Epsilon, a unit of Alliance Data Systems Corp, was among the victims. That high-profile 2011 attack was followed by a wave of customer notifications from Epsilon clients, including Citigroup Inc and JPMorgan Chase & Co. (reut.rs/1En1udF)
Krebs noted that the government's press release said the data breach "was the subject of a congressional inquiry and testimony before a U.S House of Representatives subcommittee on June 2, 2011." The House Energy and Commerce Committee held a hearing on that data about breaches at Sony Corp <6758.T) and Epsilon, according to Krebs. (bit.ly/1wbKVi7) Epsilon representatives could not be reached. Viet Quoc Nguyen, 28, is charged with hacking at least eight email service providers between February 2009 and June 2012. The government alleges that Nguyen and Giang Hoang Vu, 25, both Vietnamese citizens, used the stolen email addresses to identify tens of millions of people who they targeted in a spam campaign. The spam emails directed recipients to websites selling software that was falsely branded as Adobe Systems Inc's . Both men resided in the Netherlands. Vu, who was extradited to the United States in March of last year, pleaded guilty on Thursday to conspiracy to commit computer fraud. Nguyen remains at large. The other defendant, Canadian David-Manuel Santos Da Silva, 33, was charged with conspiracy to commit money laundering. He is the co-owner of a company called 21 Celsius Inc, which struck up a marketing arrangement with Nguyen and Vu to generate revenue and launder the proceeds, according to the indictment. Court documents allege that Da Silva and Nguyen received about $2 million in commissions from the sale of the software, which they marketed as Adobe Reader 10 for $65 a copy. Da Silva was arrested at a Florida airport last month and was set to be arraigned on Friday in Atlanta federal court, according to the Justice Department.
At long last, Dow gets a taste for Apple
Apple Inc, the largest U.S. company by market value, will join the Dow Jones industrial average, replacing AT&T Inc, in a change that reflects the dominant position of the iPhone maker in the U.S. consumer economy.
The decision to nudge aside AT&T, which has been part of the Dow for the better part of a century, is a recognition of how communications and technology have evolved. It's also a marker of Apple's transformation, from a struggling company with a small, fervent following two decades ago, into the nation's predominant consumer tech company.
"This is a sign of the times, and it might get everyone to look at the Dow more than they have been," said Richard Sichel, who oversees $2 billion as chief investment officer at Philadelphia Trust Co. "It would be difficult to pick any 30 companies that would cover the entire economy, especially compared with the S&P 500, but it does give the Dow more credibility."
The action, by S&P Dow Jones Indices, had been widely expected since Apple split its shares seven-for-one in June of last year.
AT&T declined to comment on its removal from the average, of which it has been a member for most of the last 100 years. The stock was added to the Dow in 1916, the year after the first-ever transcontinental telephone call. It was removed in 2004, but after SBC Communications renamed itself AT&T following a 2005 merger, it was reinstated.
"It was a new way of life: telephones, back then 100 years ago, these talking machines," said Howard Silverblatt, index analyst at S&P Dow Jones Indices. "Back then, AT&T was it, end of story."
TWIST OF FATE
After Apple's stock split, many investors felt it was only a matter of time before the company, whose high stock price had previously made it unsuitable for the price-weighted index, would join it.
The Dow industrials is the oldest U.S. stock average, first published in 1896. Its compact size - just 30 names - and its mission to reflect the U.S. economy means that many retail investors are more familiar with it than other indexes covering a broader cross-section of the market.
Even though professional managers generally benchmark against the S&P 500, additions and removals from the Dow are still a big event on Wall Street. It was last altered in September 2013 when Goldman Sachs Group Inc, Visa Inc and Nike Inc were added.
Apple did not respond to requests for comment. The company has a market capitalization of $737 billion, making it twice the size of the second-largest Dow component, Exxon Mobil Corp .
Shares of Apple rose 0.15 percent to $126.60 on Friday, while those of AT&T fell 1.5 percent to $33.48.
In a twist of fate, Apple owes some of its success to its partnership with AT&T over the iPhone, the device that propelled Apple's dominance. The iPhone first hit the market in 2007 with AT&T as its exclusive carrier, a deal that continued for more than three years.
Since the iPhone's introduction, Apple's annual revenue has risen more than sevenfold, from $24.6 billion in 2007 to $182.8 billion most recently. AT&T saw 11 percent revenue growth over the same period to $132.4 billion in 2014.
"There's irony in that they are replacing AT&T, which helped them lift off to begin with," said Neil Azous, founder of Stamford, Connecticut-based advisory firm Rareview Macro.
Despite Apple's size, as of Thursday's close it would only have a 4.66 percent weighting in the Dow because of its price, the index company said. Apple will join the average after the close of trading on March 18.
Most of the assets indexed to the Dow industrials do so through the S&P Dow Jones Industrials exchange-traded fund , commonly known as the "Dow Diamonds." It had about $12.5 billion in assets as of Thursday. By comparison, more than $1.9 trillion in assets track the S&P, including mutual funds and ETFs.
Kevin Landis, chief investment officer of Firsthand Capital Management, a Silicon Valley-based technology-investing specialist with $300 million in assets under management, said he hopes that this is not a sign that Apple is past its prime.
"The Dow Jones is such a backwards-looking list, I cringed when Intel and Microsoft were added," Landis said. "I'm cringing today. Let's hope Apple can defy the forces of history."
Intel and Microsoft joined the average in November 1999, and their performance was weak for years following.
The decision to nudge aside AT&T, which has been part of the Dow for the better part of a century, is a recognition of how communications and technology have evolved. It's also a marker of Apple's transformation, from a struggling company with a small, fervent following two decades ago, into the nation's predominant consumer tech company.
"This is a sign of the times, and it might get everyone to look at the Dow more than they have been," said Richard Sichel, who oversees $2 billion as chief investment officer at Philadelphia Trust Co. "It would be difficult to pick any 30 companies that would cover the entire economy, especially compared with the S&P 500, but it does give the Dow more credibility."
The action, by S&P Dow Jones Indices, had been widely expected since Apple split its shares seven-for-one in June of last year.
AT&T declined to comment on its removal from the average, of which it has been a member for most of the last 100 years. The stock was added to the Dow in 1916, the year after the first-ever transcontinental telephone call. It was removed in 2004, but after SBC Communications renamed itself AT&T following a 2005 merger, it was reinstated.
"It was a new way of life: telephones, back then 100 years ago, these talking machines," said Howard Silverblatt, index analyst at S&P Dow Jones Indices. "Back then, AT&T was it, end of story."
TWIST OF FATE
After Apple's stock split, many investors felt it was only a matter of time before the company, whose high stock price had previously made it unsuitable for the price-weighted index, would join it.
The Dow industrials is the oldest U.S. stock average, first published in 1896. Its compact size - just 30 names - and its mission to reflect the U.S. economy means that many retail investors are more familiar with it than other indexes covering a broader cross-section of the market.
Even though professional managers generally benchmark against the S&P 500, additions and removals from the Dow are still a big event on Wall Street. It was last altered in September 2013 when Goldman Sachs Group Inc, Visa Inc and Nike Inc were added.
Apple did not respond to requests for comment. The company has a market capitalization of $737 billion, making it twice the size of the second-largest Dow component, Exxon Mobil Corp .
Shares of Apple rose 0.15 percent to $126.60 on Friday, while those of AT&T fell 1.5 percent to $33.48.
In a twist of fate, Apple owes some of its success to its partnership with AT&T over the iPhone, the device that propelled Apple's dominance. The iPhone first hit the market in 2007 with AT&T as its exclusive carrier, a deal that continued for more than three years.
Since the iPhone's introduction, Apple's annual revenue has risen more than sevenfold, from $24.6 billion in 2007 to $182.8 billion most recently. AT&T saw 11 percent revenue growth over the same period to $132.4 billion in 2014.
"There's irony in that they are replacing AT&T, which helped them lift off to begin with," said Neil Azous, founder of Stamford, Connecticut-based advisory firm Rareview Macro.
Despite Apple's size, as of Thursday's close it would only have a 4.66 percent weighting in the Dow because of its price, the index company said. Apple will join the average after the close of trading on March 18.
Most of the assets indexed to the Dow industrials do so through the S&P Dow Jones Industrials exchange-traded fund , commonly known as the "Dow Diamonds." It had about $12.5 billion in assets as of Thursday. By comparison, more than $1.9 trillion in assets track the S&P, including mutual funds and ETFs.
Kevin Landis, chief investment officer of Firsthand Capital Management, a Silicon Valley-based technology-investing specialist with $300 million in assets under management, said he hopes that this is not a sign that Apple is past its prime.
"The Dow Jones is such a backwards-looking list, I cringed when Intel and Microsoft were added," Landis said. "I'm cringing today. Let's hope Apple can defy the forces of history."
Intel and Microsoft joined the average in November 1999, and their performance was weak for years following.
Texas man jailed for sending harassing emails to Yahoo CEO
A man previously convicted of harassing Yahoo Inc Chief Executive Officer Marissa Mayer has been arrested by Austin police on suspicion of sending her sexually graphic emails, according to police records released on Friday.
Gregory Calvin King, 30, was booked on Thursday into the Travis County Jail with bond set at $100,000. No lawyer was listed for him, according to online records.
He was charged with stalking, a second-degree felony that can carry a punishment of two to 20 years in jail.
King was sentenced in a California court in 2012 to three years probation for harassing Mayer. His probation was revoked after he was found to have violated its provisions and in 2014 King was ordered to be sent to a federal prison, according to court records.
After his release in February, King sent more than 60 messages to Mayer from several locations in the Texas capital, including "unwanted and sexually graphic emails," a police arrest affidavit said.
King had also been under surveillance by security personnel for Sunnyvale, California-based Yahoo since he entered Austin, it said.
Gregory Calvin King, 30, was booked on Thursday into the Travis County Jail with bond set at $100,000. No lawyer was listed for him, according to online records.
He was charged with stalking, a second-degree felony that can carry a punishment of two to 20 years in jail.
King was sentenced in a California court in 2012 to three years probation for harassing Mayer. His probation was revoked after he was found to have violated its provisions and in 2014 King was ordered to be sent to a federal prison, according to court records.
After his release in February, King sent more than 60 messages to Mayer from several locations in the Texas capital, including "unwanted and sexually graphic emails," a police arrest affidavit said.
King had also been under surveillance by security personnel for Sunnyvale, California-based Yahoo since he entered Austin, it said.
Wall St ends lower as jobs data may bring rate hike sooner
U.S. stocks closed lower on Friday and the S&P 500 declined for a second straight week after a strong monthly jobs report as investors bet that the Federal Reserve could raise interest rates sooner than previously expected.
Some of the worst-hit stocks were utilities and real estate investment trusts as they are high-yielding investments which would look less attractive after a rate hike.
The S&P and the Dow, which accelerated their declines as the day wore on, were under additional pressure because they had hit records earlier in the week after a strong February.
U.S. nonfarm payrolls rose 295,000 last month, topping estimates for a gain of 240,000, after a downwardly revised 239,000 increase in January. The unemployment rate fell to 5.5 percent from 5.7 percent in January.
The strong report, seen as a gauge for the timing of the Fed's first rate hike in years, may put pressure on the Fed to move soon, said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.
"You have to think that report makes the likelihood of a June rate increase somewhat higher," said Frederick.
The S&P extended its losses as the session wore on having found little support after it fell below its two-week intraday low, according to Frank Cappelleri, technical market analyst at Instinet, a Nomura company, in New York.
The Dow Jones industrial average fell 278.94 points, or 1.54 percent, to 17,856.78, the S&P 500 lost 29.78 points, or 1.42 percent, to 2,071.26 and the Nasdaq Composite dropped 55.44 points, or 1.11 percent, to 4,927.37.
For the week, the S&P 500 fell 1.6 percent while the Dow slid 1.5 percent and the Nasdaq dropped 0.7 percent. The S&P and the Dow both ended the day more than 2 percent lower than their March 2 records. The S&P saw its biggest percentage decline since early January on Friday.
In a shakeup of the Dow Jones industrial average, Apple Inc , the largest U.S. company by market value, will join the index this month, replacing AT&T Inc. Apple shares rose 0.15 percent at $126.60 after rising as high as $129.37 while AT&T fell 1.5 percent to $33.48.
"If anything, what that should do is cause the Dow to be more volatile," said Schwab's Frederick, because the Dow is a price-weighted index and Apple has a higher share price than AT&T.
The utilities sector was the worst performing S&P 500 sector with a 3.1 percent decline and the Dow Jones Equity Reit Index finished off 3.2 percent.
About 7.2 billion shares changed hands on U.S. exchanges, compared with the 6.4 billion average for the last five sessions, according to data from BATS Global Markets.
Declining issues outnumbered advancing ones on the NYSE by 2,683 to 438, for a 6.13-to-1 ratio on the downside; on the Nasdaq, 1,926 issues fell and 840 advanced for a 2.29-to-1 ratio favoring decliners.
The benchmark S&P 500 index posted 13 new 52-week highs and four new lows; the Nasdaq Composite recorded 67 new highs and 47 new lows.
Some of the worst-hit stocks were utilities and real estate investment trusts as they are high-yielding investments which would look less attractive after a rate hike.
The S&P and the Dow, which accelerated their declines as the day wore on, were under additional pressure because they had hit records earlier in the week after a strong February.
U.S. nonfarm payrolls rose 295,000 last month, topping estimates for a gain of 240,000, after a downwardly revised 239,000 increase in January. The unemployment rate fell to 5.5 percent from 5.7 percent in January.
The strong report, seen as a gauge for the timing of the Fed's first rate hike in years, may put pressure on the Fed to move soon, said Randy Frederick, managing director of trading and derivatives for Charles Schwab in Austin, Texas.
"You have to think that report makes the likelihood of a June rate increase somewhat higher," said Frederick.
The S&P extended its losses as the session wore on having found little support after it fell below its two-week intraday low, according to Frank Cappelleri, technical market analyst at Instinet, a Nomura company, in New York.
The Dow Jones industrial average fell 278.94 points, or 1.54 percent, to 17,856.78, the S&P 500 lost 29.78 points, or 1.42 percent, to 2,071.26 and the Nasdaq Composite dropped 55.44 points, or 1.11 percent, to 4,927.37.
For the week, the S&P 500 fell 1.6 percent while the Dow slid 1.5 percent and the Nasdaq dropped 0.7 percent. The S&P and the Dow both ended the day more than 2 percent lower than their March 2 records. The S&P saw its biggest percentage decline since early January on Friday.
In a shakeup of the Dow Jones industrial average, Apple Inc , the largest U.S. company by market value, will join the index this month, replacing AT&T Inc. Apple shares rose 0.15 percent at $126.60 after rising as high as $129.37 while AT&T fell 1.5 percent to $33.48.
"If anything, what that should do is cause the Dow to be more volatile," said Schwab's Frederick, because the Dow is a price-weighted index and Apple has a higher share price than AT&T.
The utilities sector was the worst performing S&P 500 sector with a 3.1 percent decline and the Dow Jones Equity Reit Index finished off 3.2 percent.
About 7.2 billion shares changed hands on U.S. exchanges, compared with the 6.4 billion average for the last five sessions, according to data from BATS Global Markets.
Declining issues outnumbered advancing ones on the NYSE by 2,683 to 438, for a 6.13-to-1 ratio on the downside; on the Nasdaq, 1,926 issues fell and 840 advanced for a 2.29-to-1 ratio favoring decliners.
The benchmark S&P 500 index posted 13 new 52-week highs and four new lows; the Nasdaq Composite recorded 67 new highs and 47 new lows.
Smartwatches Play Big At Mobile World Congress
Connected dials on your wrist could be the new tech battleground.
In Barcelona there were plenty of new phones on show – after all they are the raison d'etre of what is nowadays called Mobile World Congress.
But, this year, the device that most people were talking about was technology for your wrist.
Smartbands that record and track your fitness regime are now well established, and there were plenty of new variants on display.
Many manufacturers have extended their capabilities to become phone companions – displaying caller or text information and calendar appointments.
Some have gone a further step and embedded a Sim card in the watch, so it’s an independent way to stay online.
One of the first watches that could partner your Android or iPhone was the Pebble, which began as a Kickstarter project in 2012.
It uses an e-paper screen, like a Kindle, so consumes tiny amounts of electricity and can last a week without needing to be charged.
The funding call back then was quickly exceeded - and this year, history repeated itself.
Last month, Pebble returned to Kickstarter, seeking $500,000 (£332,000) to develop their new watch, which they have called Pebble Time.
And this week at MWC, Eric Migicovsky their charismatic CEO, had a further surprise for supporters and investors.
He announced a second new watch, this time in stainless steel.
Once again Kickstarter surpassed expectations as Pebble received commitments of $1m in just 40 minutes and, at the time of writing, now stands in excess of $16m, with the option open until the end of March.
It is timely that sports firms, jewellers and tech companies got their wares in front of the world’s press when they did, as all this fell just a week ahead of what is expected to be the elephant on your wrist – the new iWatch from Apple.
Announced in September, more details about specification and pricing are likely to be revealed on March 9.
Migicovsky is sanguine about his prospects in the face of such competition, arguing there is room in the market for all.
"It’s incredibly exciting," he says.
"We have been working on this for seven years, and now the world's attention is focusing on smartwatches."
By contrast, there was a very different phone on offer from Huawei, the Chinese electronics giant.
Their new watch was a circular design, 42mm across and takes its aesthetic from classic gentleman's jewellery.
It looks the part too – with a familiar watch face and hand design – even though the whole thing is an optical illusion. In truth, it is just a screen.
Ben Norton, the British designer leading the project, says the features ape a traditional watch "using metal in the case, the top ring, and a single crown … [giving] the phone a very luxury feel".
Of all the new phones on offer in Barcelona, the Samsung Galaxy S6 probably stole the show.
The launch event on Sunday evening was spectacular in its scale, with several thousand analysts, supporters and journalists subjected to a huge light and sound show.
J K Shin, Samsung President and CEO, hailed the new phone.
"We listen to our customers, and learn from our mistakes," he told the packed auditorium - and later celebrated the strength of the phone’s metal casing.
"This phone won’t bend," he said in one of many allusions to the new iPhone 6 and 6+, which are believed to have taken market share away from Samsung.
HTC announced a phone that was barely different from its predecessor.
While similar is size and form, the HTC One M9 has a better processor and a redesigned, simpler user interface.
Now, the Sense UI recognises whether you are at home or in the car, or at the office and reorganises the home screen accordingly.
In Barcelona there were plenty of new phones on show – after all they are the raison d'etre of what is nowadays called Mobile World Congress.
But, this year, the device that most people were talking about was technology for your wrist.
Smartbands that record and track your fitness regime are now well established, and there were plenty of new variants on display.
Many manufacturers have extended their capabilities to become phone companions – displaying caller or text information and calendar appointments.
Some have gone a further step and embedded a Sim card in the watch, so it’s an independent way to stay online.
One of the first watches that could partner your Android or iPhone was the Pebble, which began as a Kickstarter project in 2012.
It uses an e-paper screen, like a Kindle, so consumes tiny amounts of electricity and can last a week without needing to be charged.
The funding call back then was quickly exceeded - and this year, history repeated itself.
Last month, Pebble returned to Kickstarter, seeking $500,000 (£332,000) to develop their new watch, which they have called Pebble Time.
And this week at MWC, Eric Migicovsky their charismatic CEO, had a further surprise for supporters and investors.
He announced a second new watch, this time in stainless steel.
Once again Kickstarter surpassed expectations as Pebble received commitments of $1m in just 40 minutes and, at the time of writing, now stands in excess of $16m, with the option open until the end of March.
It is timely that sports firms, jewellers and tech companies got their wares in front of the world’s press when they did, as all this fell just a week ahead of what is expected to be the elephant on your wrist – the new iWatch from Apple.
Announced in September, more details about specification and pricing are likely to be revealed on March 9.
Migicovsky is sanguine about his prospects in the face of such competition, arguing there is room in the market for all.
"It’s incredibly exciting," he says.
"We have been working on this for seven years, and now the world's attention is focusing on smartwatches."
By contrast, there was a very different phone on offer from Huawei, the Chinese electronics giant.
Their new watch was a circular design, 42mm across and takes its aesthetic from classic gentleman's jewellery.
It looks the part too – with a familiar watch face and hand design – even though the whole thing is an optical illusion. In truth, it is just a screen.
Ben Norton, the British designer leading the project, says the features ape a traditional watch "using metal in the case, the top ring, and a single crown … [giving] the phone a very luxury feel".
Of all the new phones on offer in Barcelona, the Samsung Galaxy S6 probably stole the show.
The launch event on Sunday evening was spectacular in its scale, with several thousand analysts, supporters and journalists subjected to a huge light and sound show.
J K Shin, Samsung President and CEO, hailed the new phone.
"We listen to our customers, and learn from our mistakes," he told the packed auditorium - and later celebrated the strength of the phone’s metal casing.
"This phone won’t bend," he said in one of many allusions to the new iPhone 6 and 6+, which are believed to have taken market share away from Samsung.
HTC announced a phone that was barely different from its predecessor.
While similar is size and form, the HTC One M9 has a better processor and a redesigned, simpler user interface.
Now, the Sense UI recognises whether you are at home or in the car, or at the office and reorganises the home screen accordingly.
What to Watch in the Week Ahead and on Monday, March 9
WEEK AHEAD
The steady stream of strong U.S. labor market figures has raised expectations of an acceleration
in plans for interest rate hikes. As a result, the repricing taking place in the bond and forex
markets should continue. Long-dated yields, now at levels not seen in a couple of months, could
continue to push higher, particularly as investors await supply in the form of 3-, 10- and
30-year Treasury auctions. Euro/dollar could break through 1.08 before long. The stock market
has run into a bit of choppiness of late, without further catalysts to push higher as investors
weigh higher short-term rates as well against stronger economic growth.
Analysts expect the U.S. federal government to report $190.5 billion budget deficit on
Wednesday. A day later, the Commerce Department will release the retails sales report. The gauge
of consumer spending is expected to have risen 0.3 percent in the month after a 0.8 percent
decline in January. The labor department will show on Friday that its producer price index for
final demand rose 0.3 percent in February, after dipping 0.8 percent in January. On Tuesday, the
National Federation of Independent Business will release its Small Business Optimism Index,
while the Commerce Department will report wholesale inventories for January.
Barnes & Noble Inc is expected to report third-quarter revenue below analysts' estimates,
according to Thomson Reuters StarMine. The biggest U.S. book store chain said last month that it
would keep its Nook Digital unit and spin off its college bookstore business, scrapping an
earlier plan to divest a combination of both as it seeks to focus on its core retail business
and expand its online offerings. Barnes & Noble has been struggling with falling book sales and
weak demand for its Nook tablets. Investors will look for details on strategy, the performance
of the core retail book store division and an update to the full-year forecast when the company
reports results on Tuesday.
Crescent Point Energy Corp, Canada's No.3 independent oil producer, releases its fourth-quarter
results and its forecast for 2105 on Tuesday. The company, which focuses on producing oil from
shale fields in Western Canada and the United States, is expected to feel the pinch of the slump
in oil prices.
Shares of cement company Summit Materials Inc, controlled by Blackstone Group LP, are expected
to start trading on the New York Stock Exchange on Thursday. The initial public offering is
expected to be priced at $17-$19 per share, valuing the company at about $1.8 billion at the
higher end of the range. The offering of 22.2 million shares is expected to raise up to $422.2
million. Summit Materials supplies aggregates and produces cement, ready-mixed concrete and
asphalt paving mix. Blackstone's voting power would fall to 59.5 percent from 79.5 percent after
the offering.
Struggling teen apparel retailer Aeropostale Inc is expected to report fourth-quarter revenue
above the average analyst estimate, according to Thomson Reuters StarMine. The retailer said
last month that it might go into the black after two years of losses due to higher traffic,
better margins and lower costs during the holiday shopping season. To fight a persistent slump
in sales, Aeropostale has begun offering newer styles in dresses, tops and jeans, has lowered
its price points and is controlling inventory to be able to discount less. When the mall-based
retailer reports results on Thursday, investors will look for comments on strategy and initial
forecast for 2015.
Penn West Petroleum Ltd reports fourth-quarter results on Thursday. The company has struggled to
lower costs and sell off assets as it seeks to survive weak oil prices that have put its future
at risk.
JA Solar Holdings Co is expected to report a higher fourth-quarter profit, helped by strong
demand for panels, mainly from the world's biggest market, China. The Chinese solar panel maker
had said last year that it would set up plants in North America, among other regions, to avoid
U.S. trade duties. When the company reports results on Thursday, investors will want details
about the plan and related expenses and how the company will be affected by slowing growth in
Japan.
Mexican inflation data will show if a sharp drop in the peso is stoking higher consumer prices,
which could back bets that Mexican policymakers could raise interest rates before the U.S.
Federal Reserve. Industrial output data for January on Friday will show if factory output picked
up after a slump late last year, while a drop in oil output is also expected to have dampened
activity at the start of 2015.
MONDAY MARCH 9
Apple is expected to unveil its smartwatch. The smartwatch will spearhead Apple's initial foray
into the burgeoning field of wearable devices. The company is expected to detail how the device
will work and how it will be different from other smartwatches in the market, such as Samsung's
Galaxy Gear. The largest U.S. company by market value is expected to imprint its
easy-functionality on the smartwatch.
McDonald's Corp reports its last month of same-restaurant sales under the tenure of former CEO
Don Thompson. Investors will be looking for signals that Chief Executive Steve Easterbrook has
new plans for reviving sales.
Apparel retailer Urban Outfitters Inc reports fourth-quarter results. The company released
preliminary results in February, reporting a rise in comparable sales for the first time this
fiscal year. It has been overhauling stores and merchandise at its flagship Urban Outfitters
stores to fight a slump in sales, while continuing to offer fewer discounts at its full-price
Anthropologie and Free People divisions. Apart from the quarterly profit, investors will look
for initial forecast for 2015.
Federal Reserve Bank of Cleveland President Loretta Mester speaks on the economic outlook and
monetary policy before the National Association for Business Economics annual Economic Policy
Conference in Washington. (1425/1825) Separately, Federal Reserve Bank of Dallas President
Richard Fisher speaks on "Reflections on 10 Years at the Fed" before the Founding Director's
Lecture Series at Rice University's Baker Institute for Public Policy in Houston. (1930/2330
Congressional Budget Office releases updated baseline budget estimates and new cost estimates of
insurance coverage provisions of the Affordable Care Act. New baseline will reflect stronger job
growth over the past four months since data was locked for its previous forecast. This may bring
forecast deficits down, helping to grease the path for lawmakers to ease sequester spending
constraints. The event was postponed from Friday, March 6 due to weather conditions.
Canadian Mortgage and Housing Corp releases report on housing starts for February. The
seasonally adjusted annualized rate of housing starts is expected to have declined to 175,000
units from 187,300 units last month, according to analysts. (0815/1315)
The steady stream of strong U.S. labor market figures has raised expectations of an acceleration
in plans for interest rate hikes. As a result, the repricing taking place in the bond and forex
markets should continue. Long-dated yields, now at levels not seen in a couple of months, could
continue to push higher, particularly as investors await supply in the form of 3-, 10- and
30-year Treasury auctions. Euro/dollar could break through 1.08 before long. The stock market
has run into a bit of choppiness of late, without further catalysts to push higher as investors
weigh higher short-term rates as well against stronger economic growth.
Analysts expect the U.S. federal government to report $190.5 billion budget deficit on
Wednesday. A day later, the Commerce Department will release the retails sales report. The gauge
of consumer spending is expected to have risen 0.3 percent in the month after a 0.8 percent
decline in January. The labor department will show on Friday that its producer price index for
final demand rose 0.3 percent in February, after dipping 0.8 percent in January. On Tuesday, the
National Federation of Independent Business will release its Small Business Optimism Index,
while the Commerce Department will report wholesale inventories for January.
Barnes & Noble Inc is expected to report third-quarter revenue below analysts' estimates,
according to Thomson Reuters StarMine. The biggest U.S. book store chain said last month that it
would keep its Nook Digital unit and spin off its college bookstore business, scrapping an
earlier plan to divest a combination of both as it seeks to focus on its core retail business
and expand its online offerings. Barnes & Noble has been struggling with falling book sales and
weak demand for its Nook tablets. Investors will look for details on strategy, the performance
of the core retail book store division and an update to the full-year forecast when the company
reports results on Tuesday.
Crescent Point Energy Corp, Canada's No.3 independent oil producer, releases its fourth-quarter
results and its forecast for 2105 on Tuesday. The company, which focuses on producing oil from
shale fields in Western Canada and the United States, is expected to feel the pinch of the slump
in oil prices.
Shares of cement company Summit Materials Inc, controlled by Blackstone Group LP, are expected
to start trading on the New York Stock Exchange on Thursday. The initial public offering is
expected to be priced at $17-$19 per share, valuing the company at about $1.8 billion at the
higher end of the range. The offering of 22.2 million shares is expected to raise up to $422.2
million. Summit Materials supplies aggregates and produces cement, ready-mixed concrete and
asphalt paving mix. Blackstone's voting power would fall to 59.5 percent from 79.5 percent after
the offering.
Struggling teen apparel retailer Aeropostale Inc is expected to report fourth-quarter revenue
above the average analyst estimate, according to Thomson Reuters StarMine. The retailer said
last month that it might go into the black after two years of losses due to higher traffic,
better margins and lower costs during the holiday shopping season. To fight a persistent slump
in sales, Aeropostale has begun offering newer styles in dresses, tops and jeans, has lowered
its price points and is controlling inventory to be able to discount less. When the mall-based
retailer reports results on Thursday, investors will look for comments on strategy and initial
forecast for 2015.
Penn West Petroleum Ltd reports fourth-quarter results on Thursday. The company has struggled to
lower costs and sell off assets as it seeks to survive weak oil prices that have put its future
at risk.
JA Solar Holdings Co is expected to report a higher fourth-quarter profit, helped by strong
demand for panels, mainly from the world's biggest market, China. The Chinese solar panel maker
had said last year that it would set up plants in North America, among other regions, to avoid
U.S. trade duties. When the company reports results on Thursday, investors will want details
about the plan and related expenses and how the company will be affected by slowing growth in
Japan.
Mexican inflation data will show if a sharp drop in the peso is stoking higher consumer prices,
which could back bets that Mexican policymakers could raise interest rates before the U.S.
Federal Reserve. Industrial output data for January on Friday will show if factory output picked
up after a slump late last year, while a drop in oil output is also expected to have dampened
activity at the start of 2015.
MONDAY MARCH 9
Apple is expected to unveil its smartwatch. The smartwatch will spearhead Apple's initial foray
into the burgeoning field of wearable devices. The company is expected to detail how the device
will work and how it will be different from other smartwatches in the market, such as Samsung's
Galaxy Gear. The largest U.S. company by market value is expected to imprint its
easy-functionality on the smartwatch.
McDonald's Corp reports its last month of same-restaurant sales under the tenure of former CEO
Don Thompson. Investors will be looking for signals that Chief Executive Steve Easterbrook has
new plans for reviving sales.
Apparel retailer Urban Outfitters Inc reports fourth-quarter results. The company released
preliminary results in February, reporting a rise in comparable sales for the first time this
fiscal year. It has been overhauling stores and merchandise at its flagship Urban Outfitters
stores to fight a slump in sales, while continuing to offer fewer discounts at its full-price
Anthropologie and Free People divisions. Apart from the quarterly profit, investors will look
for initial forecast for 2015.
Federal Reserve Bank of Cleveland President Loretta Mester speaks on the economic outlook and
monetary policy before the National Association for Business Economics annual Economic Policy
Conference in Washington. (1425/1825) Separately, Federal Reserve Bank of Dallas President
Richard Fisher speaks on "Reflections on 10 Years at the Fed" before the Founding Director's
Lecture Series at Rice University's Baker Institute for Public Policy in Houston. (1930/2330
Congressional Budget Office releases updated baseline budget estimates and new cost estimates of
insurance coverage provisions of the Affordable Care Act. New baseline will reflect stronger job
growth over the past four months since data was locked for its previous forecast. This may bring
forecast deficits down, helping to grease the path for lawmakers to ease sequester spending
constraints. The event was postponed from Friday, March 6 due to weather conditions.
Canadian Mortgage and Housing Corp releases report on housing starts for February. The
seasonally adjusted annualized rate of housing starts is expected to have declined to 175,000
units from 187,300 units last month, according to analysts. (0815/1315)
Intuit contacted by U.S. DOJ about jump in fraudulent tax filings -AP
Intuit Inc says it has been contacted by the U.S. Department of Justice and other government agencies about a recent increase in fraudulent income tax filings, according to a report by the Associated Press on Friday.
Intuit makes the popular TurboTax software.
Intuit makes the popular TurboTax software.
Microsoft sues Kyocera over cell phones, seeks U.S. injunction
Microsoft Corp sued Kyocera Corp for patent infringement on Friday, alleging the Japanese company's Duraforce, Hydro and Brigadier cell phone lines violate seven Microsoft patents.
Microsoft asked a Seattle federal judge to impose a U.S. sales injunction against Kyocera's infringing products, according to the lawsuit.
A Kyocera representative could not immediately be reached for comment.
"We respect Kyocera but we believe they need to license the patented technology they are using. We're hopeful this case can be resolved amicably," said Microsoft deputy general counsel David Howard in a statement.
Kyocera's phones run on the Android operating system, developed by Google Inc. Microsoft has secured patent licensing deals with numerous Android handset manufacturers in recent years, including Samsung Electronics Co Ltd, LG Electronics Inc and HTC Corp.
In its lawsuit, Microsoft accuses Kyocera of using patented technology including location services and text messaging.
The case in U.S. District Court, Western District of Washington is Microsoft Technology Licensing LLC vs. Kyocera and Kyocera Communications Inc., 15-346.
Microsoft asked a Seattle federal judge to impose a U.S. sales injunction against Kyocera's infringing products, according to the lawsuit.
A Kyocera representative could not immediately be reached for comment.
"We respect Kyocera but we believe they need to license the patented technology they are using. We're hopeful this case can be resolved amicably," said Microsoft deputy general counsel David Howard in a statement.
Kyocera's phones run on the Android operating system, developed by Google Inc. Microsoft has secured patent licensing deals with numerous Android handset manufacturers in recent years, including Samsung Electronics Co Ltd, LG Electronics Inc and HTC Corp.
In its lawsuit, Microsoft accuses Kyocera of using patented technology including location services and text messaging.
The case in U.S. District Court, Western District of Washington is Microsoft Technology Licensing LLC vs. Kyocera and Kyocera Communications Inc., 15-346.
Mark Zuckerberg reveals his one rule for hiring at Facebook
'It's a pretty good test and it has served me well,' Facebook founder tells audience at Mobile World Congress in Barcelona
As the founder of one of the most successful companies on the planet, when Mark Zuckerberg gives job advice it’s a good idea to listen.
Speaking at the Mobile World Congress in Barcelona this week, the 30-year-old Facebook CEO revealed what he looks for in a prospective employee. And the answer is simple.
“I will only hire someone to work directly for me if I would work for that person,” Mr Zuckerberg told the audience.
“It's a pretty good test and I think this rule has served me well.”
Mr Zuckerberg, who has a net worth of around $35 billion, said that he and his team look for people whose values align with Facebook's own.
“Facebook is not a company for everyone in the world,” he told those gathered at the world's biggest wireless phone fair during a Q&A.
One of those people who clearly passed the test is Sheryl Sandberg, the company’s chief operating officer, whom Mr Zuckerberg hand-picked for the role.
When asked by an audience member what it is like to work with Mrs Sandberg, Mr Zuckerberg said he considered her a mentor and someone who has been instrumental in building Facebook into a business and "healthy organisation.”
Facebook’s staff is relatively small compared to other tech giants in Silicon Valley, such as Google, which has almost 55,000 employees. Mr Zuckerberg said that was crucial part of the social media company’s success.
"The most important thing is to keep your team as small as possible," he went on. "[Facebook] serves more than a billion people around the world but our team has fewer than 10,000 people.
"It's only possible because of modern technology. Big companies get bloated."
“I started Facebook when I was 19. You hear a lot when you’re young that you don’t have experience to do things, that there are people that have more experience than you, and you should defer to them, let them run your company. This misses each person's unique perspect," he said.
He was asked if the world’s biggest social network had ambitions outside of social media and the Internet, but said Facebook is “pretty focused.”
Facebook’s goal of connecting people globally is “pretty broad,” he said.
This includes enabling people to share their own photos and videos and message each other as well as giving businesses a platform.
Facebook is also trying to get more people in developing countries online through its Internet.org push and developing its virtual-reality technology.
As the founder of one of the most successful companies on the planet, when Mark Zuckerberg gives job advice it’s a good idea to listen.
Speaking at the Mobile World Congress in Barcelona this week, the 30-year-old Facebook CEO revealed what he looks for in a prospective employee. And the answer is simple.
“I will only hire someone to work directly for me if I would work for that person,” Mr Zuckerberg told the audience.
“It's a pretty good test and I think this rule has served me well.”
Mr Zuckerberg, who has a net worth of around $35 billion, said that he and his team look for people whose values align with Facebook's own.
“Facebook is not a company for everyone in the world,” he told those gathered at the world's biggest wireless phone fair during a Q&A.
One of those people who clearly passed the test is Sheryl Sandberg, the company’s chief operating officer, whom Mr Zuckerberg hand-picked for the role.
When asked by an audience member what it is like to work with Mrs Sandberg, Mr Zuckerberg said he considered her a mentor and someone who has been instrumental in building Facebook into a business and "healthy organisation.”
Facebook’s staff is relatively small compared to other tech giants in Silicon Valley, such as Google, which has almost 55,000 employees. Mr Zuckerberg said that was crucial part of the social media company’s success.
"The most important thing is to keep your team as small as possible," he went on. "[Facebook] serves more than a billion people around the world but our team has fewer than 10,000 people.
"It's only possible because of modern technology. Big companies get bloated."
“I started Facebook when I was 19. You hear a lot when you’re young that you don’t have experience to do things, that there are people that have more experience than you, and you should defer to them, let them run your company. This misses each person's unique perspect," he said.
He was asked if the world’s biggest social network had ambitions outside of social media and the Internet, but said Facebook is “pretty focused.”
Facebook’s goal of connecting people globally is “pretty broad,” he said.
This includes enabling people to share their own photos and videos and message each other as well as giving businesses a platform.
Facebook is also trying to get more people in developing countries online through its Internet.org push and developing its virtual-reality technology.
Apple Watch: the questions we want answered
What we still don't know about the Apple Watch and the key unanswered questions
When Apple chief executive Tim Cook announced the long-awaited Apple Watch in San Francisco last September, he ended years of speculation over when the Californian tech giant would finally move into wearables. But the grand unveiling also posed some key questions which remain unanswered.
We know the Watch will be available in three versions - the standard Apple Watch, Watch Sport and the luxury Watch Edition, in two sizes (38mm and 44mm) and with an option of interchangable straps. Apple opened up its WatchKit developers' software last November, allowing third party developers to submit their apps to Apple for approval and hopefully eventual use on the finished platform. So what are the burning questions we're hoping next Monday will answer?
1. How long will the battery last?
Cook has said several times since the launch event that the Watch's battery will last an entire day, leaving the wearer to charge it nightly as they would a smartphone. But, Cook told the Telegraph, it will charge more quickly than an iPhone, and will use an "incredible" magnetic charger designed by Jony Ive. Recently announced rival the Pebble Time Steel claims to boast a battery life of up to 10 days, meaning battery life will be a key point on contention upon decided which smartwatch to invest in.
2. How much will it cost in the UK?
We know the devices will retail in the US from $349 (£230), we don't know which of the three models will be the entry-level device. Given that the luxury Edition is made from a choice of 18-carat rose or yellow gold, the price could theoretically run into thousands of pounds, putting it on par with some of the iMacs.
3. When will it go on sale?
Cook first confirmed the Watch was scheduled to go on sale in April during a call with analysts around the company's record-breaking financial results in late January. A specific date has yet to be revealed, but it is likely to be between two and three weeks after the March 9 event, making it probable early April. Previously, Apple had set the vague retail date of 'early 2015'.
4. Where can I buy one?
It's unlikely the Apple Watch will be sold through external mobile network outlets in the same way the iPhones are. Rumours site 9to5Mac claims to have obtained a retail sales pitch for how the Watch should be sold by Apple Store staff, including asking the questions “What interests you the most about Apple Watch?” and “How do you see yourself using it?” Under the direction of senior vice president of retail Angela Ahrendts, it's possible the Watch may be stocked by high-end timepiece and jewellery chains in the vein of Tiffany's.
5. How will Apple Pay work on it?
The company's mobile payments system Apple Pay was discussed during the same event as the Watch, but was geared primarily towards use on iPhones in the US. It works through an inbuilt near-field communication (NFC) chip in conjunction with the iPhone 5s, 6 and 6 Plus' fingerprint sensor to authenticate a purchase. While the Apple Watch has an NFC chip, it doesn't have a fingerprint sensor.
Apple are reported to be recruiting a Pay team based in London, suggesting work is in process to bring the service to the UK. It's possible the Watch could employ a form of code system to verify identity.
6. Which apps will it run?
We already know about the apps mentioned during the launch; namely Activity and Workout - both fitness apps designed to three separate aspects of movement: calories burned, brisk activity and how often you stand up during the day, alongside setting targets and pacing during workout sessions. Read a summary of the apps we'd like to see at launch here.
7. Why should I buy one?
“We’re still waiting to be told why we really need a smartwatch, and that applies to Apple as much as its challengers," CCS Insight analyst Ben Wood has said. "If the Apple Watch fails, it’ll set the smartwatch industry back years.” Wood's not wrong - smartwatches lack the immediate function of a phone, and while models such as Pebble's have proved enormously popular (selling more than a million units within two years), the product is yet to 'break' the mainstream as such. Whether next Monday will change all that remains to be seen.
Pentagon to focus more on hack-proofing weapons
Cyber attacks on U.S. weapons programs and manufacturers are a "pervasive" problem that requires greater attention, the top U.S. arms buyer said Thursday, saying that he would add cybersecurity to the Pentagon's guidelines for buying weapons.
"It's about the security of our weapons systems themselves and everything that touches them. It's a pervasive problem and I think we have to pay a lot more attention to it," Defense Undersecretary Frank Kendall told Reuters after a speech to the American Society of Naval Engineers in Washington.
Kendall said he planned to add cybersecurity to the next phase of his "better buying power" initiative, and was also working on a special section on cybersecurity requirements to be added to the Pentagon's guidelines for buying weapons.
President Barack Obama's fiscal 2016 budget proposal requested $14 billion for cybersecurity efforts to better protect federal and private networks from hacking threats, including $5.5 billion for the Pentagon alone.
The Defense Department's chief weapons tester told Congress in January that nearly every U.S. weapons program showed "significant vulnerabilities" to cyber attacks, including misconfigured, unpatched and outdated software.
Kendall echoed those concerns on Thursday and said he was trying to raise awareness about what he described as a "big problem" that affected the Pentagon and all layers of industry, including the larger supply chain involved in weapons systems.
Increased funding and focus on cybersecurity could result in more work for Lockheed Martin Corp, General Dynamics Corp and other firms that already play a big role in cybersecurity, encryption and analysis for government agencies.
Kendall said some measures had already been adopted to defend U.S. weapons systems and the companies that build them against escalating cyber attacks, but more work was needed.
In January, when Kendall released the latest version of the Pentagon's acquisition guidelines, called Department of Defense Instruction 5000.02, he said he had started work on a new section to deal with designing for and managing cybersecurity.
National Security Agency Director Admiral Mike Rogers told a House Armed Services Committee subcommittee on Wednesday that the Pentagon needed a new approach that allowed rapid, recurring updates to cyber protections for weapons, rather than locking in designs five to 10 years before they were fielded.
Kendall told the conference that the latest version of his Better Buying Power initiative would be released later this month. It too will include a section on cybersecurity, he said.
"It's about the security of our weapons systems themselves and everything that touches them. It's a pervasive problem and I think we have to pay a lot more attention to it," Defense Undersecretary Frank Kendall told Reuters after a speech to the American Society of Naval Engineers in Washington.
Kendall said he planned to add cybersecurity to the next phase of his "better buying power" initiative, and was also working on a special section on cybersecurity requirements to be added to the Pentagon's guidelines for buying weapons.
President Barack Obama's fiscal 2016 budget proposal requested $14 billion for cybersecurity efforts to better protect federal and private networks from hacking threats, including $5.5 billion for the Pentagon alone.
The Defense Department's chief weapons tester told Congress in January that nearly every U.S. weapons program showed "significant vulnerabilities" to cyber attacks, including misconfigured, unpatched and outdated software.
Kendall echoed those concerns on Thursday and said he was trying to raise awareness about what he described as a "big problem" that affected the Pentagon and all layers of industry, including the larger supply chain involved in weapons systems.
Increased funding and focus on cybersecurity could result in more work for Lockheed Martin Corp, General Dynamics Corp and other firms that already play a big role in cybersecurity, encryption and analysis for government agencies.
Kendall said some measures had already been adopted to defend U.S. weapons systems and the companies that build them against escalating cyber attacks, but more work was needed.
In January, when Kendall released the latest version of the Pentagon's acquisition guidelines, called Department of Defense Instruction 5000.02, he said he had started work on a new section to deal with designing for and managing cybersecurity.
National Security Agency Director Admiral Mike Rogers told a House Armed Services Committee subcommittee on Wednesday that the Pentagon needed a new approach that allowed rapid, recurring updates to cyber protections for weapons, rather than locking in designs five to 10 years before they were fielded.
Kendall told the conference that the latest version of his Better Buying Power initiative would be released later this month. It too will include a section on cybersecurity, he said.
UK Firm Develops Search Engine For Dark Web
Digital Shadows claims its search engine is the most comprehensive to date - but why develop it in the first place?
The dark net and the deep web are sometimes called the parts of the internet that you cannot Google. But a British cyber security firm has developed its own search engine for both, as well as for IRC (basically, chatrooms).
Alistair Paterson, CEO of Digital Shadows, demos the tech in the corner room of his company’s 42nd-floor office in Canary Wharf. “Basically, it’s a Google for Tor,” he explains.
There are similar efforts. DARPA, the experimental labs of the US Department of Defence, is developing something called Memex and there is Flashpoint, which focuses on extremism on the dark web. There is also Grams, which indexes dark web marketplaces.
But Mr Paterson says his search engine is the most comprehensive to date. He types in 'money laundering' and it instantly returns 2,603 results, displayed just like a Google page except each page also gets a thumbnail screenshot alongside.
One result is a page called "Money Laundering and You-an Introduction", and you can see comments left in the chat forum ("When tumbling BTC, use Helix"). Mr Paterson enters another term, "AK-47", and gets 2,533 results.
Mr Paterson says the search engine "sucks in pages in real time and analyses them. We have some analysts direction. It’s helpful we have two Russian speakers as well. So the system is running all the time, but it’s directed by humans."
Why search the dark web? Digital Shadows is not trying to run down drug or arms dealers and unmask them. Instead, it is protecting companies.
In one instance, the system automatically found a bank employee who was offering customers’ log in details for online banking for £50 a pop. Digital Shadows took that information to the bank, which tracked down the employee.
A company’s digital footprint now extends far further than its servers. It includes employees' social media accounts, contractors’ websites, internet-connected devices like cars, and so on.
Digital Shadows tries to monitor all of these. The dark web is just another source.
That sort of proactive approach to cyber security is becoming more common.
The old mentality in cyber security was not too far away from hiding behind the walls of a castle, repairing the original breach.
The new generation of cyber security companies actively manage threats, whether inside the network, like the Mike Lynch-backed start up Darktrace, or looking out from the walls like Digital Shadows.
The dark net and the deep web are sometimes called the parts of the internet that you cannot Google. But a British cyber security firm has developed its own search engine for both, as well as for IRC (basically, chatrooms).
Alistair Paterson, CEO of Digital Shadows, demos the tech in the corner room of his company’s 42nd-floor office in Canary Wharf. “Basically, it’s a Google for Tor,” he explains.
There are similar efforts. DARPA, the experimental labs of the US Department of Defence, is developing something called Memex and there is Flashpoint, which focuses on extremism on the dark web. There is also Grams, which indexes dark web marketplaces.
But Mr Paterson says his search engine is the most comprehensive to date. He types in 'money laundering' and it instantly returns 2,603 results, displayed just like a Google page except each page also gets a thumbnail screenshot alongside.
One result is a page called "Money Laundering and You-an Introduction", and you can see comments left in the chat forum ("When tumbling BTC, use Helix"). Mr Paterson enters another term, "AK-47", and gets 2,533 results.
Mr Paterson says the search engine "sucks in pages in real time and analyses them. We have some analysts direction. It’s helpful we have two Russian speakers as well. So the system is running all the time, but it’s directed by humans."
Why search the dark web? Digital Shadows is not trying to run down drug or arms dealers and unmask them. Instead, it is protecting companies.
In one instance, the system automatically found a bank employee who was offering customers’ log in details for online banking for £50 a pop. Digital Shadows took that information to the bank, which tracked down the employee.
A company’s digital footprint now extends far further than its servers. It includes employees' social media accounts, contractors’ websites, internet-connected devices like cars, and so on.
Digital Shadows tries to monitor all of these. The dark web is just another source.
That sort of proactive approach to cyber security is becoming more common.
The old mentality in cyber security was not too far away from hiding behind the walls of a castle, repairing the original breach.
The new generation of cyber security companies actively manage threats, whether inside the network, like the Mike Lynch-backed start up Darktrace, or looking out from the walls like Digital Shadows.
Peugeot's blue-chip index comeback spurs recovery
PSA Peugeot Citroen will return to France's benchmark CAC-40 index, stock market operator Euronext said on Thursday, delivering a likely boost to the French carmaker as it emerges from a prolonged European sales slump and bailout.
Peugeot will replace Gemalto, which had already been identified as a possible exit candidate before reports last month that millions of its mobile phone SIM cards had been hacked by U.S. and British intelligence.
CAC-40 re-entry could boost Peugeot's shares - up 49 percent so far this year - by triggering automatic buying on behalf of exchange-traded and tracker funds.
It may also further increase liquidity and put the carmaker firmly back on the radar for foreign investors - as well signalling to customers, staff and competitors that the company's turnaround strategy is gaining traction.
"Returning to the CAC-40 will increase our international exposure, which is an important part of the plan," Peugeot spokesman Bertrand Blaise said.
Spiralling losses led Peugeot to a 3 billion euro ($3.31 billion) bailout last year, in which the French government and Chinese state-controlled carmaker Dongfeng took matching 14 percent stakes in the Paris-based company.
New Chief Executive Carlos Tavares, appointed during the bailout negotiations, has since begun cutting inventory, production costs and the group's model lineup in pursuit of a 2 percent operating margin by 2018.
Gemalto's CAC-40 exit and Peugeot's return, after a two-and-a-half-year absence, will take effect on March 23, Euronext said. Index membership decisions reflect the size of a company's free-floating market capitalisation and trading volumes.
Peugeot shares closed 2.9 percent higher in Paris ahead of the announcement, with Gemalto down 2.6 percent. ($1 = 0.9069 euros)
Peugeot will replace Gemalto, which had already been identified as a possible exit candidate before reports last month that millions of its mobile phone SIM cards had been hacked by U.S. and British intelligence.
CAC-40 re-entry could boost Peugeot's shares - up 49 percent so far this year - by triggering automatic buying on behalf of exchange-traded and tracker funds.
It may also further increase liquidity and put the carmaker firmly back on the radar for foreign investors - as well signalling to customers, staff and competitors that the company's turnaround strategy is gaining traction.
"Returning to the CAC-40 will increase our international exposure, which is an important part of the plan," Peugeot spokesman Bertrand Blaise said.
Spiralling losses led Peugeot to a 3 billion euro ($3.31 billion) bailout last year, in which the French government and Chinese state-controlled carmaker Dongfeng took matching 14 percent stakes in the Paris-based company.
New Chief Executive Carlos Tavares, appointed during the bailout negotiations, has since begun cutting inventory, production costs and the group's model lineup in pursuit of a 2 percent operating margin by 2018.
Gemalto's CAC-40 exit and Peugeot's return, after a two-and-a-half-year absence, will take effect on March 23, Euronext said. Index membership decisions reflect the size of a company's free-floating market capitalisation and trading volumes.
Peugeot shares closed 2.9 percent higher in Paris ahead of the announcement, with Gemalto down 2.6 percent. ($1 = 0.9069 euros)
For the 'unbanked', mobile money still has some way to go
Globally, an estimated 2.5 billion people don't have a bank account, but many own a cellphone, fuelling a race to turn these phones into bank books for the 'unbanked' to store cash, manage their accounts, make purchases and send and receive money - part of so-called 'financial inclusion'.
In a report this week, the GSMA, the association of mobile phone companies, said mobile money "has been growing at a dizzying rate." The Boston Consulting Group said last month mobile money transfers in sub-Saharan Africa alone could generate fees of up to $1.5 billion by 2019.
However, consultants and others working at banks, government agencies and even the phone companies note that, while many people have mobile money accounts - usually with the phone companies - few are actively used. While money flows through these networks, nearly two thirds of the volume comes from users merely topping up prepaid mobile accounts in transactions averaging less than a dollar.
"If you take out air-time, you have a true view of mobile money, and it's not a good story, more than a decade on," says South Africa-based Johan de Lange, who works with banks and phone companies.
And, when people do make remittances, those receiving the money tend to cash it in, taking the money out of the system and limiting the potential for mobile money to become a medium of exchange - a mobile wallet for buying things or to provide banking services over mobile networks.
A GSMA spokesperson said air-time top-ups were decreasing as a proportion of overall transactions, and domestic money transfers via mobile were cheaper or safer than other options, and so were "a key piece of the financial inclusion story."
POLICE PAY
Use of mobile money, indeed, is spreading and there are success stories, but these are few relative to the number of projects, and consultants and others question just how successful they are.
In Afghanistan, for example, much has been made of a service to send police salaries direct to their cellphones via a code they present to an agent or bank for cash. This has reduced corruption, where police pay was often halved as it made its way through the bureaucratic chain.
But the service last year reached less than 1 percent of the police force, and cost the Law and Order Trust Fund For Afghanistan more than $10 per transaction - much of which goes to Roshan, the phone company which runs the service with Vodafone. The fund said last year it was exploring cheaper options.
The poster child for telco-driven mobile money services is M-Pesa, set up by Vodafone and run by Kenya's Safaricom Ltd . Mobile money accounts for more than a fifth of its 145 billion shillings ($1.59 billion) annual revenue.
Daniel Maison, a consultant in Kenya, uses M-Pesa to buy petrol, pay restaurant bills or shop at the supermarket. "It's a part of our lives. We wonder what we did without it. I don't need to physically have cash. The beauty is you can even have a savings account on your mobile phone," he told Reuters.
But some note the M-Pesa service owed much of its take-off to the electoral violence in 2007-08 that displaced many Kenyans and made it hard for others to travel. Sending money by phone was the next best thing. Consultants also say the company's figures hide the fact that mobile money transactions involve sending notifications via short service message (SMS), a cost the operator effectively subsidises.
"If everyone had to pay for these messages, I wonder how many (telco) 'rock stars' there would be," said Malcolm Vernon, a London-based mobile money consultant who works in Africa, Asia and Europe.
TAKING WING
This is not to say that mobile money has no future in emerging markets.
After six years, Wing in Cambodia made a modest profit last year with fewer than 50,000 active accounts, many of them held by farmers and shopkeepers paying their suppliers remotely.
Anthony Perkins, CEO of Wing, once part of Australia and New Zealand Banking Group, says the secret is to think more like a bank than a phone company, such as nurturing a network of agents who can receive and dispense cash. Some of these 'human ATMs' can earn eight times the average national income.
"Running an agent network is really no different than running a branch network," Perkins said.
He and others say that while phone companies, with their reach and flexibility, are good tools for rolling out networks, they aren't necessarily the best to move mobile money beyond simple transactions into becoming a nationwide, or international, digital money system.
The telcos' main priorities, they point out, aren't so much the social goals of financial inclusion, but to reduce churn - keeping customers from jumping to a rival firm - and to maximise the amount users spend on their network.
"I don't understand why it's being left to telcos to bring this financial inclusion to the masses," said Perkins. "Even in a small country like Cambodia you can make money out of this."
In a report this week, the GSMA, the association of mobile phone companies, said mobile money "has been growing at a dizzying rate." The Boston Consulting Group said last month mobile money transfers in sub-Saharan Africa alone could generate fees of up to $1.5 billion by 2019.
However, consultants and others working at banks, government agencies and even the phone companies note that, while many people have mobile money accounts - usually with the phone companies - few are actively used. While money flows through these networks, nearly two thirds of the volume comes from users merely topping up prepaid mobile accounts in transactions averaging less than a dollar.
"If you take out air-time, you have a true view of mobile money, and it's not a good story, more than a decade on," says South Africa-based Johan de Lange, who works with banks and phone companies.
And, when people do make remittances, those receiving the money tend to cash it in, taking the money out of the system and limiting the potential for mobile money to become a medium of exchange - a mobile wallet for buying things or to provide banking services over mobile networks.
A GSMA spokesperson said air-time top-ups were decreasing as a proportion of overall transactions, and domestic money transfers via mobile were cheaper or safer than other options, and so were "a key piece of the financial inclusion story."
POLICE PAY
Use of mobile money, indeed, is spreading and there are success stories, but these are few relative to the number of projects, and consultants and others question just how successful they are.
In Afghanistan, for example, much has been made of a service to send police salaries direct to their cellphones via a code they present to an agent or bank for cash. This has reduced corruption, where police pay was often halved as it made its way through the bureaucratic chain.
But the service last year reached less than 1 percent of the police force, and cost the Law and Order Trust Fund For Afghanistan more than $10 per transaction - much of which goes to Roshan, the phone company which runs the service with Vodafone. The fund said last year it was exploring cheaper options.
The poster child for telco-driven mobile money services is M-Pesa, set up by Vodafone and run by Kenya's Safaricom Ltd . Mobile money accounts for more than a fifth of its 145 billion shillings ($1.59 billion) annual revenue.
Daniel Maison, a consultant in Kenya, uses M-Pesa to buy petrol, pay restaurant bills or shop at the supermarket. "It's a part of our lives. We wonder what we did without it. I don't need to physically have cash. The beauty is you can even have a savings account on your mobile phone," he told Reuters.
But some note the M-Pesa service owed much of its take-off to the electoral violence in 2007-08 that displaced many Kenyans and made it hard for others to travel. Sending money by phone was the next best thing. Consultants also say the company's figures hide the fact that mobile money transactions involve sending notifications via short service message (SMS), a cost the operator effectively subsidises.
"If everyone had to pay for these messages, I wonder how many (telco) 'rock stars' there would be," said Malcolm Vernon, a London-based mobile money consultant who works in Africa, Asia and Europe.
TAKING WING
This is not to say that mobile money has no future in emerging markets.
After six years, Wing in Cambodia made a modest profit last year with fewer than 50,000 active accounts, many of them held by farmers and shopkeepers paying their suppliers remotely.
Anthony Perkins, CEO of Wing, once part of Australia and New Zealand Banking Group, says the secret is to think more like a bank than a phone company, such as nurturing a network of agents who can receive and dispense cash. Some of these 'human ATMs' can earn eight times the average national income.
"Running an agent network is really no different than running a branch network," Perkins said.
He and others say that while phone companies, with their reach and flexibility, are good tools for rolling out networks, they aren't necessarily the best to move mobile money beyond simple transactions into becoming a nationwide, or international, digital money system.
The telcos' main priorities, they point out, aren't so much the social goals of financial inclusion, but to reduce churn - keeping customers from jumping to a rival firm - and to maximise the amount users spend on their network.
"I don't understand why it's being left to telcos to bring this financial inclusion to the masses," said Perkins. "Even in a small country like Cambodia you can make money out of this."
Gates Foundation makes its biggest-ever equity investment in German biotech
The Bill & Melinda Gates Foundation said it would invest $52 million in CureVac, a German biotechnology company that develops vaccines and immunotherapies, marking the foundation's biggest-ever equity investment.
Privately held CureVac uses its proprietary mRNA technology, which allows for rapid low-cost production of drugs and vaccines, to teach the human body to produce proteins capable of fighting a wide range of diseases.
The investment will support development of CureVac's technology and the construction of a production facility. CureVac and the foundation will also collaborate to develop vaccines to fight infectious disease.
"This collaboration will ensure that one of medicine's most promising new technologies is applied to the challenge of reaching all people with the affordable, life-saving vaccines they need," said Sue Desmond-Hellmann, CEO of the Bill & Melinda Gates Foundation.
The foundation will also fund multiple projects developing vaccines for viral, bacterial and parasitic infectious diseases that disproportionately affect people in the world's poorest countries, apart from the equity investment.
As part of the deal, any Gates Foundation-funded products will be made available by CureVac at affordable prices in poor countries.
Bill Gates, the billionaire co-founder of Microsoft Corp , and wife Melinda set up the Gates Foundation to fight disease and poverty around the world.
Established in 2000, the foundation distributed $3.6 billion in grants in 2013, in particular for global health and development, and had $42.3 billion in assets as of late 2014.
Privately held CureVac uses its proprietary mRNA technology, which allows for rapid low-cost production of drugs and vaccines, to teach the human body to produce proteins capable of fighting a wide range of diseases.
The investment will support development of CureVac's technology and the construction of a production facility. CureVac and the foundation will also collaborate to develop vaccines to fight infectious disease.
"This collaboration will ensure that one of medicine's most promising new technologies is applied to the challenge of reaching all people with the affordable, life-saving vaccines they need," said Sue Desmond-Hellmann, CEO of the Bill & Melinda Gates Foundation.
The foundation will also fund multiple projects developing vaccines for viral, bacterial and parasitic infectious diseases that disproportionately affect people in the world's poorest countries, apart from the equity investment.
As part of the deal, any Gates Foundation-funded products will be made available by CureVac at affordable prices in poor countries.
Bill Gates, the billionaire co-founder of Microsoft Corp , and wife Melinda set up the Gates Foundation to fight disease and poverty around the world.
Established in 2000, the foundation distributed $3.6 billion in grants in 2013, in particular for global health and development, and had $42.3 billion in assets as of late 2014.
Oprah Winfrey prevails in 'Own Your Power' lawsuit
Oprah Winfrey has prevailed in a trademark lawsuit challenging her use of the phrase "Own Your Power" in her namesake magazine, on TV, on websites and in social media accounts.
U.S. District Judge Paul Crotty in Manhattan ruled on Thursday that Winfrey, her company Harpo Productions Inc and her publisher Hearst Corp demonstrated that the phrase "lacks the requisite distinctiveness" to deserve trademark protection.
Crotty also said Simone Kelly-Brown, a motivational speaker and business coach who said she trademarked the phrase in 2008, and her company Own Your Power Communications Inc did not show that Winfrey's use of the phrase would likely confuse consumers.
"Though they may aspire to do so, plaintiffs present no evidence indicating a likelihood of creating a global media presence capable of attracting an audience of millions," Crotty wrote.
Patricia Lawrence-Kolaras, a lawyer for Kelly-Brown, did not immediately respond to requests for comment.
Jonathan Donnellan, Hearst's deputy general counsel, said the defendants are pleased with the decision.
Crotty previously dismissed the lawsuit in March 2012, only to have a federal appeals court revive it 14 months later because the defendants did not show that their use of "Own Your Power" constituted fair use.
In Thursday's decision, Crotty said the defendants made that showing by having used the phrase in good faith, in conjunction with other words and images associated with Winfrey, and to convey an "overall message of self-empowerment."
Winfrey, 61, is one of the most popular talk-show hosts in history. She runs the cable network OWN, which she created in a joint venture with Discovery Communications Inc.
Forbes magazine on Thursday estimated Winfrey's net worth at $3 billion.
U.S. District Judge Paul Crotty in Manhattan ruled on Thursday that Winfrey, her company Harpo Productions Inc and her publisher Hearst Corp demonstrated that the phrase "lacks the requisite distinctiveness" to deserve trademark protection.
Crotty also said Simone Kelly-Brown, a motivational speaker and business coach who said she trademarked the phrase in 2008, and her company Own Your Power Communications Inc did not show that Winfrey's use of the phrase would likely confuse consumers.
"Though they may aspire to do so, plaintiffs present no evidence indicating a likelihood of creating a global media presence capable of attracting an audience of millions," Crotty wrote.
Patricia Lawrence-Kolaras, a lawyer for Kelly-Brown, did not immediately respond to requests for comment.
Jonathan Donnellan, Hearst's deputy general counsel, said the defendants are pleased with the decision.
Crotty previously dismissed the lawsuit in March 2012, only to have a federal appeals court revive it 14 months later because the defendants did not show that their use of "Own Your Power" constituted fair use.
In Thursday's decision, Crotty said the defendants made that showing by having used the phrase in good faith, in conjunction with other words and images associated with Winfrey, and to convey an "overall message of self-empowerment."
Winfrey, 61, is one of the most popular talk-show hosts in history. She runs the cable network OWN, which she created in a joint venture with Discovery Communications Inc.
Forbes magazine on Thursday estimated Winfrey's net worth at $3 billion.
U.S. says inaction on online piracy risks public safety
The U.S. trade office on Thursday urged a crackdown on website name registrars who fail to take action against sellers of illegal goods such as counterfeit medicines and warned that turning a blind eye puts public safety at risk.
The U.S. Trade Representative also said it is keeping an eye on China's Alibaba Group Holding Ltd's consumer shopping website for sales of fake and pirated goods, but refrained from reinstating the site on its piracy blacklist.
Representatives of Alibaba, the world's largest e-commerce company, had no immediate comment.
USTR named a domain name registrar, a company which manages the registration of internet names, for the first time in its annual "notorious markets" list as an example of concern about some registrars not taking action to block or suspend sites selling illegal goods.
The registrar, Canada's Tucows Inc, said it took down dozen of sites every day but unlike some competitors, it considered all complaints carefully to ensure they were justified.
"We want to make sure that our registrants are protected and respected as well as making sure there are not bad actors on our system, and that requires striking a balance on a daily basis," said Graeme Bunton, Tucows manager of public policy.
USTR cited an Interpol report which found some drugs sold online were adulterated with rat poison and said the public faced "substantial risk" in finding safe online pharmacies.
"Registrars can play a critical public safety role in the Internet ecosystem. Ignoring that role, or acting affirmatively to facilitate public harm, is of great concern," USTR said.
It urged trading partners and ICANN, a California-based organization which oversees the introduction of new internet addresses, to "investigate and address this very serious problem."
USTR named 25 online marketplaces and 19 physical markets in the report. It decided against reinstating Alibaba's consumer-to-consumer shopping website Taobao.com, which was removed in 2012, and said it would continue to monitor the site.
Alibaba says it spent more than 1 billion yuan ($160.7 million) combating fake goods and improving customer protection from the beginning of 2013 to the end of November.
But a Chinese regulator said in January many products sold on Alibaba sites infringed trademarks, were substandard or fake.
Alibaba said in a submission for the review that it would introduce a new system in early 2015 to fast track requests to remove counterfeit items.
The U.S. Trade Representative also said it is keeping an eye on China's Alibaba Group Holding Ltd's consumer shopping website for sales of fake and pirated goods, but refrained from reinstating the site on its piracy blacklist.
Representatives of Alibaba, the world's largest e-commerce company, had no immediate comment.
USTR named a domain name registrar, a company which manages the registration of internet names, for the first time in its annual "notorious markets" list as an example of concern about some registrars not taking action to block or suspend sites selling illegal goods.
The registrar, Canada's Tucows Inc, said it took down dozen of sites every day but unlike some competitors, it considered all complaints carefully to ensure they were justified.
"We want to make sure that our registrants are protected and respected as well as making sure there are not bad actors on our system, and that requires striking a balance on a daily basis," said Graeme Bunton, Tucows manager of public policy.
USTR cited an Interpol report which found some drugs sold online were adulterated with rat poison and said the public faced "substantial risk" in finding safe online pharmacies.
"Registrars can play a critical public safety role in the Internet ecosystem. Ignoring that role, or acting affirmatively to facilitate public harm, is of great concern," USTR said.
It urged trading partners and ICANN, a California-based organization which oversees the introduction of new internet addresses, to "investigate and address this very serious problem."
USTR named 25 online marketplaces and 19 physical markets in the report. It decided against reinstating Alibaba's consumer-to-consumer shopping website Taobao.com, which was removed in 2012, and said it would continue to monitor the site.
Alibaba says it spent more than 1 billion yuan ($160.7 million) combating fake goods and improving customer protection from the beginning of 2013 to the end of November.
But a Chinese regulator said in January many products sold on Alibaba sites infringed trademarks, were substandard or fake.
Alibaba said in a submission for the review that it would introduce a new system in early 2015 to fast track requests to remove counterfeit items.
Thursday, 5 March 2015
Apple Pay stung in transactions using data stolen from retailers -WSJ
Apple Inc's mobile payment system Apple Pay has been hit by a wave of fraudulent transactions using stolen credit-card data from a spate of breaches at retailers, the Wall Street Journal reported, citing people familiar with the matter.
The transactions stemmed from breaches at retail giants including Home Depot Inc and Target Corp, the Journal reported on Thursday.
The majority of unauthorized purchases have been for big-ticket items bought with smartphones at Apple's own stores, the Journal said.
Apple could not be reached immediately for comment.
The transactions stemmed from breaches at retail giants including Home Depot Inc and Target Corp, the Journal reported on Thursday.
The majority of unauthorized purchases have been for big-ticket items bought with smartphones at Apple's own stores, the Journal said.
Apple could not be reached immediately for comment.
U.S. says inaction on online piracy risks public safety
The U.S. trade office on Thursday called for a crackdown on website name registrars who fail to take action against sellers of illegal goods such as counterfeit medicines and warned that turning a blind eye puts public safety at risk.
The U.S. Trade Representative also said it is keeping an eye on China's Alibaba Group Holding Ltd's consumer shopping website for sales of fake and pirated goods, but refrained from reinstating the site on its piracy blacklist.
USTR named a domain name registrar, a company which manages the registration of internet names, for the first time in its annual "notorious markets" list as an example of concern about some registrars not taking action to block or suspend sites selling illegal goods.
The registrar, Canada's Tucows Inc, said it took down dozen of sites every day but unlike some competitors, it considered all complaints carefully to ensure they were justified.
"We want to make sure that our registrants are protected and respected as well as making sure there are not bad actors on our system, and that requires striking a balance on a daily basis," said Graeme Bunton, Tucows manager of public policy.
USTR cited an Interpol report which found some drugs sold online were adulterated with rat poison and said the public faced "substantial risk" in finding safe online pharmacies.
"Registrars can play a critical public safety role in the Internet ecosystem. Ignoring that role, or acting affirmatively to facilitate public harm, is of great concern," USTR said.
It urged trading partners and ICANN, a California-based organization which oversees the introduction of new internet addresses, to "investigate and address this very serious problem."
USTR named 25 online marketplaces and 19 physical markets in the report. It decided against reinstating Alibaba's consumer-to-consumer shopping website Taobao.com, which was removed in 2012, and said it would continue to monitor the site.
An Alibaba spokeswoman said the company was dedicated to the fight against counterfeits. "We work closely with our government partners, brands and industry associations to tackle this issue at its source," she said.
Alibaba says it spent more than 1 billion yuan ($160.7 million) combating fake goods and improving customer protection from the beginning of 2013 to the end of November.
But a Chinese regulator said in January many products sold on Alibaba sites infringed trademarks, were substandard or fake.
The U.S. Trade Representative also said it is keeping an eye on China's Alibaba Group Holding Ltd's consumer shopping website for sales of fake and pirated goods, but refrained from reinstating the site on its piracy blacklist.
USTR named a domain name registrar, a company which manages the registration of internet names, for the first time in its annual "notorious markets" list as an example of concern about some registrars not taking action to block or suspend sites selling illegal goods.
The registrar, Canada's Tucows Inc, said it took down dozen of sites every day but unlike some competitors, it considered all complaints carefully to ensure they were justified.
"We want to make sure that our registrants are protected and respected as well as making sure there are not bad actors on our system, and that requires striking a balance on a daily basis," said Graeme Bunton, Tucows manager of public policy.
USTR cited an Interpol report which found some drugs sold online were adulterated with rat poison and said the public faced "substantial risk" in finding safe online pharmacies.
"Registrars can play a critical public safety role in the Internet ecosystem. Ignoring that role, or acting affirmatively to facilitate public harm, is of great concern," USTR said.
It urged trading partners and ICANN, a California-based organization which oversees the introduction of new internet addresses, to "investigate and address this very serious problem."
USTR named 25 online marketplaces and 19 physical markets in the report. It decided against reinstating Alibaba's consumer-to-consumer shopping website Taobao.com, which was removed in 2012, and said it would continue to monitor the site.
An Alibaba spokeswoman said the company was dedicated to the fight against counterfeits. "We work closely with our government partners, brands and industry associations to tackle this issue at its source," she said.
Alibaba says it spent more than 1 billion yuan ($160.7 million) combating fake goods and improving customer protection from the beginning of 2013 to the end of November.
But a Chinese regulator said in January many products sold on Alibaba sites infringed trademarks, were substandard or fake.
Weather-battered US consumers skip mall, order in and head south
U.S. consumers battered by the wretched winter weather still afflicting much of the eastern half of the country have responded by ordering in rather than eating out, flying more frequently to Florida and cutting out trips to the mall, according to a Reuters review of company data.
Cities ranging from Chicago to Bangor, Maine, set all time records for the lowest February temperatures. Boston got more than 100 inches of snow, crippling mass transit and prompting the system's head to quit. Lexington, Kentucky, is covered in more than 20 inches of snow, the result of the biggest snowstorm since 1943. In Miami, it was 83 under sunny skies on Thursday.
Still, it's not all misery, all the time. While the relentless weather has dented traffic and sales for restaurants and mall retailers and frustrated delivery firms like United Parcel Service Inc and FedEx Corp, it's increased sales of snow shovels and rock salt from local hardware stores as well as Home Depot Inc and Lowe's Cos .
"Cold is like gold," said Matthew Maloney, the chief executive of online meal delivery service GrubHub Inc , based in Chicago and New York and affiliated with about 30,000 restaurants. In the afternoon before winter storm Juno hit the Northeast at the end of January, GrubHub's orders rose 45 percent, with cheese pizza and hot chocolate orders more than doubling, according to company data provided to Reuters.
If and when the weather gets nicer, the home improvement stores will look forward to customers looking to fix damaged lawns, gardens and siding. Carmakers, who posted disappointing February sales, could rebound if consumers opt to replace less reliable or damaged vehicles. Clothing stores may languish further if temperatures don't rise soon enough to persuade shoppers it's time to buy spring apparel.
"If people look outside and see walls of snow, they're not going to buy a t-shirt," said Simeon Siegel, an analyst at Nomura.
February shopper traffic in the U.S. fell 12.5 percent compared with same month last year, and sales overall fell 10.4 percent, according to RetailNext, a research firm.
The decline could have been worse if more of the storms occurred on the weekends because that's when shoppers restock groceries and visit the malls, analysts said.
At Amazon.com, the top sellers on Thursday included humidifiers, snow melt products and a $19.99 device called the Paw Plunger, used to clean Fido's paws, the company said.
Some restaurants will make up for lost sales through deliveries, but not everyone offers those services, and employees working from home because of the weather won't eat out either, said Chris G. Christopher, a global economist at IHS Consumer Markets in Boston.
"People are also skipping dates and family dining at restaurants," he said.
Some Americans sought warmer surroundings. While online travel bookings rose 3 percent in January compared with last year, reservations for travel to the U.S. southeast, including Florida, soared 24 percent, according to internal data provided by the U.S. Travel Association. Did we mention, it's 83 in Miami?
Cities ranging from Chicago to Bangor, Maine, set all time records for the lowest February temperatures. Boston got more than 100 inches of snow, crippling mass transit and prompting the system's head to quit. Lexington, Kentucky, is covered in more than 20 inches of snow, the result of the biggest snowstorm since 1943. In Miami, it was 83 under sunny skies on Thursday.
Still, it's not all misery, all the time. While the relentless weather has dented traffic and sales for restaurants and mall retailers and frustrated delivery firms like United Parcel Service Inc and FedEx Corp, it's increased sales of snow shovels and rock salt from local hardware stores as well as Home Depot Inc and Lowe's Cos .
"Cold is like gold," said Matthew Maloney, the chief executive of online meal delivery service GrubHub Inc , based in Chicago and New York and affiliated with about 30,000 restaurants. In the afternoon before winter storm Juno hit the Northeast at the end of January, GrubHub's orders rose 45 percent, with cheese pizza and hot chocolate orders more than doubling, according to company data provided to Reuters.
If and when the weather gets nicer, the home improvement stores will look forward to customers looking to fix damaged lawns, gardens and siding. Carmakers, who posted disappointing February sales, could rebound if consumers opt to replace less reliable or damaged vehicles. Clothing stores may languish further if temperatures don't rise soon enough to persuade shoppers it's time to buy spring apparel.
"If people look outside and see walls of snow, they're not going to buy a t-shirt," said Simeon Siegel, an analyst at Nomura.
February shopper traffic in the U.S. fell 12.5 percent compared with same month last year, and sales overall fell 10.4 percent, according to RetailNext, a research firm.
The decline could have been worse if more of the storms occurred on the weekends because that's when shoppers restock groceries and visit the malls, analysts said.
At Amazon.com, the top sellers on Thursday included humidifiers, snow melt products and a $19.99 device called the Paw Plunger, used to clean Fido's paws, the company said.
Some restaurants will make up for lost sales through deliveries, but not everyone offers those services, and employees working from home because of the weather won't eat out either, said Chris G. Christopher, a global economist at IHS Consumer Markets in Boston.
"People are also skipping dates and family dining at restaurants," he said.
Some Americans sought warmer surroundings. While online travel bookings rose 3 percent in January compared with last year, reservations for travel to the U.S. southeast, including Florida, soared 24 percent, according to internal data provided by the U.S. Travel Association. Did we mention, it's 83 in Miami?
Japan Display says to build new LCD plant
Japan Display Inc said on Friday that it would build a new generation-6 liquid crystal display (LCD) manufacturing plant in Japan, as it targets future growth in demand for them.
The total cost of the plant in Ishikawa, central Japan, is estimated at 170 billion yen ($1.4 billion), Japan Display said in a statement.
Japan Display said it aims to start operations at the plant in 2016 and expects the move to increase its LCD capacity by 20 percent.
Last month, a person familiar with the situation told Reuters that Japan Display was considering building a plant to supply smartphone screens for Apple Inc and was negotiating with the U.S. company for investment in the project. ($1 = 120.0300 yen)
The total cost of the plant in Ishikawa, central Japan, is estimated at 170 billion yen ($1.4 billion), Japan Display said in a statement.
Japan Display said it aims to start operations at the plant in 2016 and expects the move to increase its LCD capacity by 20 percent.
Last month, a person familiar with the situation told Reuters that Japan Display was considering building a plant to supply smartphone screens for Apple Inc and was negotiating with the U.S. company for investment in the project. ($1 = 120.0300 yen)
Apple lets companies fine-tune apps before watch debut -Bloomberg
Apple Inc has allowed some companies to test their apps on its yet-to-be-launched Apple Watch and adjust the tools to the watch's design, Bloomberg reported.
Facebook Inc, United Continental Holdings Inc , BMW AG and others have spent weeks at Apple's headquarters, working with the smartwatch to test and fine-tune apps that will debut alongside the device, Bloomberg reported, citing people familiar with the process.
The watch, which will let consumers check their email, pay for goods at retail stores and monitor personal health information, will be Apple's first major product launch since the iPad in 2010.
The company has scheduled a special event in San Fransisco on March 9 where it is expected to showcase Apple Watch, which will be launched in April.
Apple uses extreme measures to keep its work secret - Internet access is blocked inside the rooms and no outside materials can be brought in, Bloomberg reported, citing a person who attended the tests.
Apple spokeswoman Trudy Muller and Facebook spokeswoman Johanna Peace declined to comment. Reuters could not immediately reach United Continental and BMW for comment outside regular business hours.
German carmaker BMW said on Thursday its talks with Apple did not involve developing or building a car, denying a German magazine report.
Facebook Inc, United Continental Holdings Inc , BMW AG and others have spent weeks at Apple's headquarters, working with the smartwatch to test and fine-tune apps that will debut alongside the device, Bloomberg reported, citing people familiar with the process.
The watch, which will let consumers check their email, pay for goods at retail stores and monitor personal health information, will be Apple's first major product launch since the iPad in 2010.
The company has scheduled a special event in San Fransisco on March 9 where it is expected to showcase Apple Watch, which will be launched in April.
Apple uses extreme measures to keep its work secret - Internet access is blocked inside the rooms and no outside materials can be brought in, Bloomberg reported, citing a person who attended the tests.
Apple spokeswoman Trudy Muller and Facebook spokeswoman Johanna Peace declined to comment. Reuters could not immediately reach United Continental and BMW for comment outside regular business hours.
German carmaker BMW said on Thursday its talks with Apple did not involve developing or building a car, denying a German magazine report.
Samsung Electronics says in talks with Indian state govts on new factory
South Korean technology giant Samsung Electronics Co Ltd said on Friday that it was in talks with Indian state administrations about building a third manufacturing plant in the country.
"While we are in talks with the state governments, nothing has been decided," Samsung said in a statement. It didn't say how much it might invest, nor what products any new plant might make.
The Economic Times, an Indian business newspaper, reported earlier on Friday that Samsung was considering building a new plant to make smartphones and other electronic goods. The paper, citing an unnamed source, said Samsung may invest between $500 million and $1 billion in the new plant.
"While we are in talks with the state governments, nothing has been decided," Samsung said in a statement. It didn't say how much it might invest, nor what products any new plant might make.
The Economic Times, an Indian business newspaper, reported earlier on Friday that Samsung was considering building a new plant to make smartphones and other electronic goods. The paper, citing an unnamed source, said Samsung may invest between $500 million and $1 billion in the new plant.
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