Betaworks' News.Me Team Is Rebuilding An All-New Digg, Launching August 1
The team at News.me, a mobile news app from NYC tech incubator Betaworks, says we'll see a completely rebuilt version of Digg on August 1, built out in just six weeks by their team of 10. We already knew Betaworks was going to put the News.me team to work on Digg when it announced it had acquired the social news site two weeks ago. Betaworks said it would adopt a startup like approach to its rebuild efforts, with faster development cycles. What we didn't expect was to see the team attempt to resurrect the Digg brand. For all the glory Digg claimed in the early Web 2.0 days, the brand has become so muddied that we wonder whether keeping the brand is a smart move. Then again, even winning over a fraction of the old army of fiercly loyal Diggers would be a powerful get for the next version of the site.
Facebook Buys Popular iOS, Mac Developers Acrylic
Facebook has continued its post-IPO spending spree with a purchase of popular Mac and iOS developer house Acrylic--the firm behind news aggregator Pulp and Wallet, a secure database. Both of these popular titles don't form part of the Facebook deal, but it's been noted they will receive no further development--leaving "hundreds of thousands" of users (in the company's own words), eventually, with apps that are far behind the times. Acrylic's team notes that working with Facebook represents the chance to make a "big impact in many people's lives."
After A Two-Year Delay, Kayak's IPO Soars On Its First Day Of Trading
After shaky market conditions that held up Kayak's IPO for two years, the online travel company--which debuted on the NASDAQ today at an initial price of $26 a share--hit a soaring $35 high before closing at $33.48. The good news has been a long time coming for Kayak, which first filed its intent to IPO in November 2010, when it was looking to raise $50 million. But, bit by bit, factors kept Kayak pushing the date back further and further. For one, Google closed its $700 million acquisition of travel software company ITA last April. Then Facebook's botched IPO left investors questioning the stability of Silicon Valley companies at large. But today's closing price left Kayak at a healthy $91 million raised. "Our team intends to stay focused on creating the best place to plan and book travel," the company said in a statement. "We will continue to strive to innovate and improve our technology in order to provide travelers with comprehensive, accurate and intuitive travel tools that they can access from whatever device they choose."
Good News For Gmail: Google Captures Sparrow
Gmail's notoriously limited iOS app is about to get some help from the creators of a popular alternative email app called Sparrow. Sparrow's developers, who also developed a similar email client for Mac, announced on Friday that their company has been acquired by Google.
Sparrow has a more intuitive interface than gmail's app, allowing users to complete tasks by swiping an email message or to refresh their messages by pulling down. By reducing the number of taps it takes to respond to and archive emails, the app has become known as a good tool for powering through mass amounts of email.
Gmail's app, meanwhile, has been criticized for not supporting multiple accounts, something that Sparrow has been praised for.
Though the Sparrow team will now be working on new projects with gmail, CEO Dom Leca wrote that Sparrow will remain available with support for users.
The acquisition, though good news for gmail users, is not necessarily good news for diehard Sparrow fans. An iPad app the startup teased earlier this year is now unlikely to materialize, as are any new features for its paid apps.
iTunes In The Cloud Expands To Over 35 Countries For Movies
Apple has included several more countries in the list of nations that can use its iTunes in the Cloud for movie downloads internationally, MacRumours has noticed. In total, Apple users in 154 countries have access to iTunes in the Cloud, and all of those can use the apps and Books upload and access featurea across devices. In comparison, now including the new additions, iTunes users in 38 countries can now use it for movies. (Also, 57 of 154 countries are approved to use iTunes for music, 55 have access to music video uploads, and 5 have access to TV shows.) Amazon's competing cloud service for media, Cloud Drive, is available in 27 countries.
Google Announces Steady Q2 Results
Google has posted its Q2 numbers (incidentally, via a link on its brand new Google Investor Relations Google+ page), listing revenues of $8.36 billion, 35 percent up from last year,roughly matching investors' expectations of the company. Google's international revenues added up to $5.96 billion representing 54% of its total revenues, a consistent figure since 2010. This quarter, Google's numbers included performance by fully acquired Motorola Mobility, which posted revenues of $1.25 billion and an operating loss of $233 million.
Mayer To Earn $100 Million (And Maybe Much More) From Yahoo Move
New CEO of Yahoo Marissa Mayer may be in line for around $100 million in total compensation for her move from Google. She's due for $1 million in basic salary and up to $2 million in bonuses, but an SEC filing notes that Mayer will also get around $12 million in restricted stock vesting over three years, a $30 million retention award, and an additional $30 million in stock vesting over five years, half of which is performance-related. With a few other perks--including compensation for lost income from her previous employer Google--the figure totals to around $100 million over five years. In comparison Tim Cook, new CEO of Apple, was Silicon Valley's highest paid boss in 2011 with around $378 million in total awards--Cook, however, absented himself from a potential $75 million dividend payoff earlier this year.
The team at News.me, a mobile news app from NYC tech incubator Betaworks, says we'll see a completely rebuilt version of Digg on August 1, built out in just six weeks by their team of 10. We already knew Betaworks was going to put the News.me team to work on Digg when it announced it had acquired the social news site two weeks ago. Betaworks said it would adopt a startup like approach to its rebuild efforts, with faster development cycles. What we didn't expect was to see the team attempt to resurrect the Digg brand. For all the glory Digg claimed in the early Web 2.0 days, the brand has become so muddied that we wonder whether keeping the brand is a smart move. Then again, even winning over a fraction of the old army of fiercly loyal Diggers would be a powerful get for the next version of the site.
Facebook Buys Popular iOS, Mac Developers Acrylic
Facebook has continued its post-IPO spending spree with a purchase of popular Mac and iOS developer house Acrylic--the firm behind news aggregator Pulp and Wallet, a secure database. Both of these popular titles don't form part of the Facebook deal, but it's been noted they will receive no further development--leaving "hundreds of thousands" of users (in the company's own words), eventually, with apps that are far behind the times. Acrylic's team notes that working with Facebook represents the chance to make a "big impact in many people's lives."
After A Two-Year Delay, Kayak's IPO Soars On Its First Day Of Trading
After shaky market conditions that held up Kayak's IPO for two years, the online travel company--which debuted on the NASDAQ today at an initial price of $26 a share--hit a soaring $35 high before closing at $33.48. The good news has been a long time coming for Kayak, which first filed its intent to IPO in November 2010, when it was looking to raise $50 million. But, bit by bit, factors kept Kayak pushing the date back further and further. For one, Google closed its $700 million acquisition of travel software company ITA last April. Then Facebook's botched IPO left investors questioning the stability of Silicon Valley companies at large. But today's closing price left Kayak at a healthy $91 million raised. "Our team intends to stay focused on creating the best place to plan and book travel," the company said in a statement. "We will continue to strive to innovate and improve our technology in order to provide travelers with comprehensive, accurate and intuitive travel tools that they can access from whatever device they choose."
Good News For Gmail: Google Captures Sparrow
Gmail's notoriously limited iOS app is about to get some help from the creators of a popular alternative email app called Sparrow. Sparrow's developers, who also developed a similar email client for Mac, announced on Friday that their company has been acquired by Google.
Sparrow has a more intuitive interface than gmail's app, allowing users to complete tasks by swiping an email message or to refresh their messages by pulling down. By reducing the number of taps it takes to respond to and archive emails, the app has become known as a good tool for powering through mass amounts of email.
Gmail's app, meanwhile, has been criticized for not supporting multiple accounts, something that Sparrow has been praised for.
Though the Sparrow team will now be working on new projects with gmail, CEO Dom Leca wrote that Sparrow will remain available with support for users.
The acquisition, though good news for gmail users, is not necessarily good news for diehard Sparrow fans. An iPad app the startup teased earlier this year is now unlikely to materialize, as are any new features for its paid apps.
iTunes In The Cloud Expands To Over 35 Countries For Movies
Apple has included several more countries in the list of nations that can use its iTunes in the Cloud for movie downloads internationally, MacRumours has noticed. In total, Apple users in 154 countries have access to iTunes in the Cloud, and all of those can use the apps and Books upload and access featurea across devices. In comparison, now including the new additions, iTunes users in 38 countries can now use it for movies. (Also, 57 of 154 countries are approved to use iTunes for music, 55 have access to music video uploads, and 5 have access to TV shows.) Amazon's competing cloud service for media, Cloud Drive, is available in 27 countries.
Google Announces Steady Q2 Results
Google has posted its Q2 numbers (incidentally, via a link on its brand new Google Investor Relations Google+ page), listing revenues of $8.36 billion, 35 percent up from last year,roughly matching investors' expectations of the company. Google's international revenues added up to $5.96 billion representing 54% of its total revenues, a consistent figure since 2010. This quarter, Google's numbers included performance by fully acquired Motorola Mobility, which posted revenues of $1.25 billion and an operating loss of $233 million.
Mayer To Earn $100 Million (And Maybe Much More) From Yahoo Move
New CEO of Yahoo Marissa Mayer may be in line for around $100 million in total compensation for her move from Google. She's due for $1 million in basic salary and up to $2 million in bonuses, but an SEC filing notes that Mayer will also get around $12 million in restricted stock vesting over three years, a $30 million retention award, and an additional $30 million in stock vesting over five years, half of which is performance-related. With a few other perks--including compensation for lost income from her previous employer Google--the figure totals to around $100 million over five years. In comparison Tim Cook, new CEO of Apple, was Silicon Valley's highest paid boss in 2011 with around $378 million in total awards--Cook, however, absented himself from a potential $75 million dividend payoff earlier this year.
If rumours are to be believed, Aishwarya Rai Bachchan will soon be seen in a Hollywood film co-starring Billy Zane of Titanic fame.
Our source says, "Ash has been approached by director Daniel Silva for his upcoming film that also stars Billy Zane, TV actress Sarah Khan and singer Lucky Ali." Sarah Khan confirms our story and says, "I have signed the film. I have been told the makers have approached Ash. We will start shooting in Los Angeles from September 13. It's a thriller film and I am playing Billy's wife."
Aishwarya however did not respond to our request for confirmation. The new mom, who had taken a sabbatical from Bollywood after becoming pregnant with her first child, is said to be working hard to look fit for this project.
Our source says, "Ash has been approached by director Daniel Silva for his upcoming film that also stars Billy Zane, TV actress Sarah Khan and singer Lucky Ali." Sarah Khan confirms our story and says, "I have signed the film. I have been told the makers have approached Ash. We will start shooting in Los Angeles from September 13. It's a thriller film and I am playing Billy's wife."
Aishwarya however did not respond to our request for confirmation. The new mom, who had taken a sabbatical from Bollywood after becoming pregnant with her first child, is said to be working hard to look fit for this project.
Pornographic depiction of Hindu Goddess Kali in online game called SMITE, led to protest
Catholics, Jews and Buddhists have come out in the support of those Hindus who are upset with this. Well-known Roman Catholic leader in Nevada, USA, Father Charles T Durante, prominent Jewish leader in western USA Rabbi ElizaBeth W Beyer and distinguished Buddhist leader from Nevada, USA, Reverend Jikai' Phil Bryan have issued separate statements criticising Hi-Rez's game. Reverend Bryan has reportedly said: "Shame on the game-makers for denigrating these Supreme Beings".
The Hindu Jagruti Manch on its website says: "This game has portrayed Hindu Goddess Kali Mata in very bad manner, with appearance as a combat porn-star. Kali Mata is highly revered Hindu Goddess and more than one billion Hindus worship her. Also it is grave of insult of Hindu Deities as Deities are not objects to be used for online games."
While the game videos where the characters are pretty tiny, it has found no evidence of the Goddess being portrayed as a pornstar. Yes, she is barely clad like Hollywood femme fatales which is possibly not a reverential portrayal of a goddess worshipped by a billion people.
Hi-Rez COO Todd Harris's words have been pretty high-strung. "In fact, given Hinduism's concept of a single truth with multiple physical manifestations, one could validly interpret ALL the gods within Smite to be Hindu. And all gods outside of Smite as well. Ponder that for a minute. Anyway, going forward Smite will include even more deities, not fewer," he has been quoted as saying.
Rajan Zed, President of Universal Society of Hinduism, said he's urging Hi-Rez to reconsider their portrayal of these gods and that they should have them removed from the game, especially Kali. He has called the portrayal "pornographic style".
"Video game makers should be more sensitive while handling faith-related subjects and no faith, larger or smaller, should be trampled. As these games left lasting impact on the minds of highly impressionable children, teens and other young people; such inappropriate depictions would create more misunderstandings about Hinduism, which was already a highly misunderstood religion in the West," Zed's official press statement reads.
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Batman-Style Vigilantes Create A Defense League For The Internet
Kitty cats--in all of their sweater-wearing, obese, gluttonous glory--are symbols of the unbridaled, viral web. So a cartoon feline is a fitting symbol for the band of digilantes behind the just-launched Internet Defense League. Members so far include Mozilla, Reddit, and Imgur. The League was created by Fight For The Future, the organization that created blackout tools for websites during the SOPA/PIPA online protests last year. Anyone with a piece of the web to call their own--from a blog to a YouTube channel to a Twitter stream--can sign up to join the League. In return, they'll receive a bit of code for a "bat signal"-like alert they can post on their own websites to raise conjoined awareness anytime legislation pops up that the League or Fight For The Future (and probably Google) believes will threaten freedom--or at least free stuff--on the Internet. And, just in time for the midnight premiere of The Dark Knight Rises, the League is currently crowdfunding money to shine giant "cat-signal" floodlights in cities around the world, bringing its online message to real-world streets.
Researchers Stamp Out World's #3 Botnet
A group of security researchers have shut down a giant botnet called Grum that was responsible for generating 17.4 percent of the spam on the planet at the rate of 18 billion spam messages per day. "I am glad to announce that, after three days of effort, the Grum botnet has finally been knocked down," Atif Mushtaq, a researcher at the FireEye security firm,wrote in a blog post. "All the known command and control (CnC) servers are dead, leaving their zombies orphaned."
The first early victories in this battle came on Tuesday when two Dutch servers were shut down. This was followed by the falling of a server in Panama--another big win. The botnet herders recouped though, Mushtaq explains, and fired up six new servers in Ukraine, adding to the one holdout in Russia. Collaborating with Spamhaus and CERT-GIB and a third anonymous researcher, the Ukrainian and Russian servers were brought down yesterday.
Google Ordered To Block "Megaupload," "Rapidshare," "Torrent" Terms In France
Via The Register: The French supreme court has upheld music industry group SNEP's request to get Google to censor certain search terms associated with piracy. The court has ordered the search engine to remove words "Megaupload" "rapidshare" and "torrent" from the autocomplete and instant search suggestions. While the wouldn't hold Google responsible for downloads that people found using the search engine, the court insisted that Google ought to make things a little more difficult by blocking certain key terms.
Verizon Q2 Results Record $28.5 Billion In Revenue
Verizon has posted its Q2 results, showing operating revenues of $28.6 billion, up 3.7 % for the same period last year. Verizon said it added 888,000 postpaid plan customers, and, 50% of Verizon's total postpaid customers now use smartphones. Verizon's data revenues added up to $6.9 billion--up 18.5 % from last year--and the company's service revenues reached $15.8 billion. Things could change around for the next quarter as the company suspends its 3G unlimited plans, and introduces its Share Everything shared data plans (which began on June 28).
Mobile Browsers Overtake Desktop Surfers As China's Internet Population Hits 538 Million
China and India's growing connected population has social networks and ecommerce firms world-over vying for a toehold in those online markets. A new report from the China Internet Network Information Center breaks down some of those booming numbers for the first half of this year in China, revealing an 11% growth in the Internet-connected population since last year. As of June, the country has 538 million people connected to the Internet, which is 40% of the population. Interestingly, a big chunk of that traffic is coming from mobile phones--CNNIC reports that 388 million mobile users now have access to the Internet. That number has overtaken the number of desktop users--380 million--for the first time (though, as Jon Russell at TheNextWeb points out, that number would be more telling if it represented PC users as a whole, counting desktop and laptop users).
Nokia Reports Billion Dollar Loss In Quarterly Finances
Nokia's finances for the second quarter of 2012 have just been reported: On €7.5 billion in sales (approx $9.2 billion), a figure that represents a slip of €500 million on the previous quarter, the company managed to convert the money into a quarterly loss of €826 million--around $1.02 billion. While Nokia managed to increase overall handset sales both quarter-on-quarter and year-on-year to 73 million units, it's clear that the firm isn't selling enough high-margin handsets to overcome its own operating costs...despite the fact it reported second quarter sales of its flagship Lumia Windows-powered smartphones were up to 4 million phones. Nokia also reported that the third quarter is expected to be challenging for its Smart Devices division due to "product transitions."
Court Decides Apple Must Apologize To Samsung In UK
One battle in the back-and-forth war over intellectual property rights between Apple and Samsung has just gone Samsung's way, with a decision in Britain's High Court that Apple must run a national ad campaign saying that Samsung didn't copy Apple's tablet designs, and leave a note on its UK website to the same effect. The judge ruled against a Samsung request that the apology be on all Apple's EU websites presumably because that's far outside the mandate of the court, and because other nation's courts have already decided that in some senses the opposite situation is true and Samsung actually did copy Apple's iPad design.
Kitty cats--in all of their sweater-wearing, obese, gluttonous glory--are symbols of the unbridaled, viral web. So a cartoon feline is a fitting symbol for the band of digilantes behind the just-launched Internet Defense League. Members so far include Mozilla, Reddit, and Imgur. The League was created by Fight For The Future, the organization that created blackout tools for websites during the SOPA/PIPA online protests last year. Anyone with a piece of the web to call their own--from a blog to a YouTube channel to a Twitter stream--can sign up to join the League. In return, they'll receive a bit of code for a "bat signal"-like alert they can post on their own websites to raise conjoined awareness anytime legislation pops up that the League or Fight For The Future (and probably Google) believes will threaten freedom--or at least free stuff--on the Internet. And, just in time for the midnight premiere of The Dark Knight Rises, the League is currently crowdfunding money to shine giant "cat-signal" floodlights in cities around the world, bringing its online message to real-world streets.
Researchers Stamp Out World's #3 Botnet
A group of security researchers have shut down a giant botnet called Grum that was responsible for generating 17.4 percent of the spam on the planet at the rate of 18 billion spam messages per day. "I am glad to announce that, after three days of effort, the Grum botnet has finally been knocked down," Atif Mushtaq, a researcher at the FireEye security firm,wrote in a blog post. "All the known command and control (CnC) servers are dead, leaving their zombies orphaned."
The first early victories in this battle came on Tuesday when two Dutch servers were shut down. This was followed by the falling of a server in Panama--another big win. The botnet herders recouped though, Mushtaq explains, and fired up six new servers in Ukraine, adding to the one holdout in Russia. Collaborating with Spamhaus and CERT-GIB and a third anonymous researcher, the Ukrainian and Russian servers were brought down yesterday.
Google Ordered To Block "Megaupload," "Rapidshare," "Torrent" Terms In France
Via The Register: The French supreme court has upheld music industry group SNEP's request to get Google to censor certain search terms associated with piracy. The court has ordered the search engine to remove words "Megaupload" "rapidshare" and "torrent" from the autocomplete and instant search suggestions. While the wouldn't hold Google responsible for downloads that people found using the search engine, the court insisted that Google ought to make things a little more difficult by blocking certain key terms.
Verizon Q2 Results Record $28.5 Billion In Revenue
Verizon has posted its Q2 results, showing operating revenues of $28.6 billion, up 3.7 % for the same period last year. Verizon said it added 888,000 postpaid plan customers, and, 50% of Verizon's total postpaid customers now use smartphones. Verizon's data revenues added up to $6.9 billion--up 18.5 % from last year--and the company's service revenues reached $15.8 billion. Things could change around for the next quarter as the company suspends its 3G unlimited plans, and introduces its Share Everything shared data plans (which began on June 28).
Mobile Browsers Overtake Desktop Surfers As China's Internet Population Hits 538 Million
China and India's growing connected population has social networks and ecommerce firms world-over vying for a toehold in those online markets. A new report from the China Internet Network Information Center breaks down some of those booming numbers for the first half of this year in China, revealing an 11% growth in the Internet-connected population since last year. As of June, the country has 538 million people connected to the Internet, which is 40% of the population. Interestingly, a big chunk of that traffic is coming from mobile phones--CNNIC reports that 388 million mobile users now have access to the Internet. That number has overtaken the number of desktop users--380 million--for the first time (though, as Jon Russell at TheNextWeb points out, that number would be more telling if it represented PC users as a whole, counting desktop and laptop users).
Nokia Reports Billion Dollar Loss In Quarterly Finances
Nokia's finances for the second quarter of 2012 have just been reported: On €7.5 billion in sales (approx $9.2 billion), a figure that represents a slip of €500 million on the previous quarter, the company managed to convert the money into a quarterly loss of €826 million--around $1.02 billion. While Nokia managed to increase overall handset sales both quarter-on-quarter and year-on-year to 73 million units, it's clear that the firm isn't selling enough high-margin handsets to overcome its own operating costs...despite the fact it reported second quarter sales of its flagship Lumia Windows-powered smartphones were up to 4 million phones. Nokia also reported that the third quarter is expected to be challenging for its Smart Devices division due to "product transitions."
Court Decides Apple Must Apologize To Samsung In UK
One battle in the back-and-forth war over intellectual property rights between Apple and Samsung has just gone Samsung's way, with a decision in Britain's High Court that Apple must run a national ad campaign saying that Samsung didn't copy Apple's tablet designs, and leave a note on its UK website to the same effect. The judge ruled against a Samsung request that the apology be on all Apple's EU websites presumably because that's far outside the mandate of the court, and because other nation's courts have already decided that in some senses the opposite situation is true and Samsung actually did copy Apple's iPad design.
Top Stories
U.S. leading indicators, housing, jobs data all point down
The U.S. index of leading economic indicators was down 0.3% in June, pointing to slow growth and taking back most of the gain reported the previous month. Meanwhile, sales of existing homes were down 5.4% for the month, while weekly jobless claims climbed an unexpectedly sharp 34,000 in the week ended July 14.
Economists see slow growth globally in 2013
A Reuters poll of international economists projects continuing problems in Europe slowing growth globally well into next year. In Asia, the economists predict a sluggish rebound for the region's major economies
Spanish bailout wins German approval; Spain's borrowing costs rise
German lawmakers approved a crucial eurozone bailout of Spanish banks after the Merkel government assured them of strict oversight of the rescue. The aid would provide as much as 100 billion euros to help recapitalize Spanish banks. Meanwhile, Spain's borrowing costs continued to climb as interest on long-term bonds moved beyond the 7% threshold.
IMF urges quick action in U.K. to avoid long-term economic damage
More urgent measures are required from the U.K. government and the Bank of England if the nation's economy is to avoid permanent damage from the current downturn, the International Monetary Fund advised. Persistent weakness in the economy was confirmed by retail-sales figures for June, which were up 0.1% from May, much less than expected.
Lending from top Chinese banks is off to fast start in July
Lending by China's four leading banks in the first half of July was about double the pace for the month-earlier period, according to the Shanghai Securities News. The four banks -- Industrial & Commercial Bank of China, the Agricultural Bank of China, China Construction Bank and Bank of China -- often account for as much as half of all new loans.
Libor may be scrapped when central bankers meet
The London interbank offered rate may be discarded when central bankers meet in September. The recent manipulation scandal has raised fundamental questions about the rate, making it "very clear that radical reforms of the Libor system are needed," said the Bank of England's governor, Mervyn King.
U.S. drought pushes corn, soybean prices to records
Corn futures prices breached $8 a bushel for the first time Thursday, and soybeans also were at record levels as drought continued to grip U.S. cropland.
Profit drops sharply at Morgan Stanley
Partly due to pressure from a recent ratings downgrade by Moody's and a loss of market share, Morgan Stanley posted a sharp 54% drop in profit for the second quarter. The results may raise questions about the bank's recent strategy to focus on client business rather than proprietary trading.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Strong outlooks for the tech shares of IBM, eBay and Qualcomm shifted investors' focus away from weak economic data and boosted the U.S. market Thursday, with the S&P 500 ending the day 0.27% higher. In Europe, strong earnings reports also helped buoy markets. Here is a list of continuously updated global stock indices.
A quarterly survey found a gloomier outlook among Australian businesses as business conditions also were rated lower. The National Australia Bank index, which assesses expectations for the coming three months, was down 1 point to minus-2, below the level just before the financial crisis struck. Conditions fell more sharply, to a minus-1 from a plus-3.
Banks, rating agencies aren't optimistic for 2nd half in South Korea
Parting from upbeat South Korean government forecasts for the second half, credit rating agencies and investment banks see subdued growth in the months ahead. Global markets are one obvious reason, but so are rising levels of household and public debt. "The rate of Korea's indebtedness to its disposable income has been rising," noted one S&P official, adding that a "worsening labor market condition means rising household debts."
New forecast pegs Taiwan's 2012 growth below 2%
Taiwan's economic growth is unlikely to reach 2% this year, according to Academia Sinica's Institute of Economics. The institute's new forecast of 1.94% growth is the lowest yet but follows a series of recent downgrades by other institutions.
Hong Kong jobless rate holds at 3.2% in latest quarter
Hong Kong's unemployment rate held at 3.2% for the three months ended in June, the Census and Statistics Department reported. Economists had expected a higher reading and warned that the rate could still rise due to the global slowdown.
Capital Markets & Financial Products
China further opens defense industry to private investors
Private investors on the Chinese mainland will soon have more opportunities to invest in the country's defense industry under new guidelines from the government's defense industry supervisor and the military. The new rules are designed to allow equal treatment for private investors and state-owned military enterprises in a number of areas, including licensing and taxation.
Seoul sees first-half jump in foreign direct investment
South Korea's capital saw a 56.6% surge in foreign direct investment to nearly $3 billion in the first half. Fueling the inflow were the manufacturing sector and investment from Japan as well as the rest of Asia, which nearly doubled to $1.73 billion.
Taiwan is advised to help lenders by allowing covered bonds
Taiwan should join others in the Asia-Pacific region in introducing laws for the sale of covered bonds to aid lenders in raising funds as riskier assets fall into disfavor, Standard & Poor's advises. Australia and New Zealand lead in offering the instruments, which are backed by mortgage loans or other bank assets.
Malaysia works to win a surge in tech business
With China's labor market stretched and floods and tsunamis reminding companies of the dangers of concentrating too much production in one area, Malaysia and Penang are seeing a boom in high-tech manufacturing. But the government has also taken steps to make doing business easier. "We had fallen off the radar screen, so we went back to the drawing board," said Penang's leader, Chief Minister Lim Guan Eng.
China needs to prepare for change in financial system
Though China may rightly conclude that the hapless West has little to teach it about finance, the country is rapidly outgrowing the system it has.
Industry & Regulatory Update
Indonesia cracks down on dumping of foreign goods
Indonesia wants to speed up its reaction to low-price imports dumped on its markets. Late last year, the government created a special agency to handle dumping complaints. Now it is asking businesses to report the practice as soon as they suspect dumping instead of waiting until they actually suffer losses in the marketplace.
Ethics & Standards
Indian staff is under scrutiny in investigation of HSBC
Reviewers in India are among those facing scrutiny over HSBC's failure to fully comply with measures intended to prevent money-laundering and terror financing. India's Finance Ministry is assisting the central bank in examining the Indian personnel's role and the quality of their work. A U.S. Senate investigation found that HSBC's Anti-Money Laundering Compliance Department, which included employees in India, was understaffed.
South Korean banks may face heavy fines in CD rate fixing
Fines totaling $87.8 million might be in store for South Korea's leading banks suspected of colluding to fix interest rates for certificates of deposit. Separately, sources said one brokerage accused in the scandal has admitted its role.
U.S. leading indicators, housing, jobs data all point down
The U.S. index of leading economic indicators was down 0.3% in June, pointing to slow growth and taking back most of the gain reported the previous month. Meanwhile, sales of existing homes were down 5.4% for the month, while weekly jobless claims climbed an unexpectedly sharp 34,000 in the week ended July 14.
Economists see slow growth globally in 2013
A Reuters poll of international economists projects continuing problems in Europe slowing growth globally well into next year. In Asia, the economists predict a sluggish rebound for the region's major economies
Spanish bailout wins German approval; Spain's borrowing costs rise
German lawmakers approved a crucial eurozone bailout of Spanish banks after the Merkel government assured them of strict oversight of the rescue. The aid would provide as much as 100 billion euros to help recapitalize Spanish banks. Meanwhile, Spain's borrowing costs continued to climb as interest on long-term bonds moved beyond the 7% threshold.
IMF urges quick action in U.K. to avoid long-term economic damage
More urgent measures are required from the U.K. government and the Bank of England if the nation's economy is to avoid permanent damage from the current downturn, the International Monetary Fund advised. Persistent weakness in the economy was confirmed by retail-sales figures for June, which were up 0.1% from May, much less than expected.
Lending from top Chinese banks is off to fast start in July
Lending by China's four leading banks in the first half of July was about double the pace for the month-earlier period, according to the Shanghai Securities News. The four banks -- Industrial & Commercial Bank of China, the Agricultural Bank of China, China Construction Bank and Bank of China -- often account for as much as half of all new loans.
Libor may be scrapped when central bankers meet
The London interbank offered rate may be discarded when central bankers meet in September. The recent manipulation scandal has raised fundamental questions about the rate, making it "very clear that radical reforms of the Libor system are needed," said the Bank of England's governor, Mervyn King.
U.S. drought pushes corn, soybean prices to records
Corn futures prices breached $8 a bushel for the first time Thursday, and soybeans also were at record levels as drought continued to grip U.S. cropland.
Profit drops sharply at Morgan Stanley
Partly due to pressure from a recent ratings downgrade by Moody's and a loss of market share, Morgan Stanley posted a sharp 54% drop in profit for the second quarter. The results may raise questions about the bank's recent strategy to focus on client business rather than proprietary trading.
Market Activities
INTERNATIONAL MARKETS OVERVIEW
Strong outlooks for the tech shares of IBM, eBay and Qualcomm shifted investors' focus away from weak economic data and boosted the U.S. market Thursday, with the S&P 500 ending the day 0.27% higher. In Europe, strong earnings reports also helped buoy markets. Here is a list of continuously updated global stock indices.
Economic Trends & Outlook
Business outlook, conditions turn down in Australia
Business outlook, conditions turn down in Australia
A quarterly survey found a gloomier outlook among Australian businesses as business conditions also were rated lower. The National Australia Bank index, which assesses expectations for the coming three months, was down 1 point to minus-2, below the level just before the financial crisis struck. Conditions fell more sharply, to a minus-1 from a plus-3.
Banks, rating agencies aren't optimistic for 2nd half in South Korea
Parting from upbeat South Korean government forecasts for the second half, credit rating agencies and investment banks see subdued growth in the months ahead. Global markets are one obvious reason, but so are rising levels of household and public debt. "The rate of Korea's indebtedness to its disposable income has been rising," noted one S&P official, adding that a "worsening labor market condition means rising household debts."
New forecast pegs Taiwan's 2012 growth below 2%
Taiwan's economic growth is unlikely to reach 2% this year, according to Academia Sinica's Institute of Economics. The institute's new forecast of 1.94% growth is the lowest yet but follows a series of recent downgrades by other institutions.
Hong Kong jobless rate holds at 3.2% in latest quarter
Hong Kong's unemployment rate held at 3.2% for the three months ended in June, the Census and Statistics Department reported. Economists had expected a higher reading and warned that the rate could still rise due to the global slowdown.
Capital Markets & Financial Products
China further opens defense industry to private investors
Private investors on the Chinese mainland will soon have more opportunities to invest in the country's defense industry under new guidelines from the government's defense industry supervisor and the military. The new rules are designed to allow equal treatment for private investors and state-owned military enterprises in a number of areas, including licensing and taxation.
Seoul sees first-half jump in foreign direct investment
South Korea's capital saw a 56.6% surge in foreign direct investment to nearly $3 billion in the first half. Fueling the inflow were the manufacturing sector and investment from Japan as well as the rest of Asia, which nearly doubled to $1.73 billion.
Taiwan is advised to help lenders by allowing covered bonds
Taiwan should join others in the Asia-Pacific region in introducing laws for the sale of covered bonds to aid lenders in raising funds as riskier assets fall into disfavor, Standard & Poor's advises. Australia and New Zealand lead in offering the instruments, which are backed by mortgage loans or other bank assets.
Malaysia works to win a surge in tech business
With China's labor market stretched and floods and tsunamis reminding companies of the dangers of concentrating too much production in one area, Malaysia and Penang are seeing a boom in high-tech manufacturing. But the government has also taken steps to make doing business easier. "We had fallen off the radar screen, so we went back to the drawing board," said Penang's leader, Chief Minister Lim Guan Eng.
China needs to prepare for change in financial system
Though China may rightly conclude that the hapless West has little to teach it about finance, the country is rapidly outgrowing the system it has.
Industry & Regulatory Update
Indonesia cracks down on dumping of foreign goods
Indonesia wants to speed up its reaction to low-price imports dumped on its markets. Late last year, the government created a special agency to handle dumping complaints. Now it is asking businesses to report the practice as soon as they suspect dumping instead of waiting until they actually suffer losses in the marketplace.
Ethics & Standards
Indian staff is under scrutiny in investigation of HSBC
Reviewers in India are among those facing scrutiny over HSBC's failure to fully comply with measures intended to prevent money-laundering and terror financing. India's Finance Ministry is assisting the central bank in examining the Indian personnel's role and the quality of their work. A U.S. Senate investigation found that HSBC's Anti-Money Laundering Compliance Department, which included employees in India, was understaffed.
South Korean banks may face heavy fines in CD rate fixing
Fines totaling $87.8 million might be in store for South Korea's leading banks suspected of colluding to fix interest rates for certificates of deposit. Separately, sources said one brokerage accused in the scandal has admitted its role.
The fast, creative way to share your pictures & videos
The Instagram for video movement just got a little more interesting with social 60-second video sharing platform Ptch.
Ptch picks up where your static photo feeds on Instagram, Tumblr, Twitter, Viddy, Facebook, and Google+ leave off.
Dreamworks, the animation studio behind Ice Age, is backing the iOS app, which launches today and lets users create, edit, and share 60-second mini-movies from their own photos and video clips. Then comes the movie magic. Ptch helps users add title cards, offers soundtrack help with one of more than 80 preloaded songs, and even integrates comments from your social networks. Like other outfits that do Instagram-like treatments for video, Ptch lets mini-movie makers wrap their creations in one of eight styles. You can share new creations on Ptch, as well as on your desired social channels.
Then things get interesting.
Pitch lets you reshape your friends' Ptches--Ptch calls it "living media." For example, if you and a friend both attended the same concert but took videos and photos of different scenes, your friend could create a Ptch that you could then edit as you please--perhaps by adding your own concert photos, or changing the song--before sharing it again.
Ptch attempts to simplify the video editing process to the point where creating a mashup shouldn't take much longer than the 60 seconds you spend watching it.
Leonard oversees 15 full-time employees. A third of them are former DreamWorks staffers--the company is the venture's sole backer--who took paycuts (in exchange for stock) to come over to Ptch. The rest come from outside of the film industry and includes former MySpace and Yahoo executives, as well as serial entrepreneurs.
Ptch will launch as a free app for now, with premium add-ons to come in the future. Those add-ons will include more songs and new styles that developers and users alike will be able to sell in an open marketplace, not unlike Tumblr's theme garden, except premium styles will only cost around 20 cents each. Leonard says he expects the vast majority of people will use Ptch for free, but he hopes to follow the Zynga model where even getting a small percentage of users to pay for premium content translates into meaningful profits, just thanks to the sheer scale of users.
In the long term, Ptch eventually wants to integrate users' music libraries to make the experience more personal, as well as license short flim clips that people will be able to purchase--again, "for pennies," Leonard says--to include in their Ptches. The idea is these short, instantly recognizable clips would be novelties for users and provide new revenue streams for the license-holding studios who aren't making any money from such clips.
But Ptch's biggest selling point--DreamWorks' know-how, clout, and resources--is also a potential sore spot. DreamWorks has played the role of tech incubator for several years, but not always successfully. In 1999, CEO Jeffrey Katzenberg and other moguls including Steven Spielberg and Ron Howard announced a new site called Pop.com, one of Hollywood's earlier forays into online video. Pop.com would showcase short-form web content created by famous flimmakers--in essence, it should have been the dot-com era's version of today's YouTube channels. The venture, largely shunned by Hollywood's Internet skeptics, failed to launch, but not before blowing through $8 million in funding. Pop.com's fate--along with those of other similarly-minded app attempts that have failed, such as Color, the much-hyped photo-sharing app--serve as cautionary tales for Ptch and Leonard.
Which means Ptch has to prove it's delivering a high-quality product that demonstrating staying power in the crowded-to-bursting social content arena to convince DreamWorks, as well as new backers in the future. Currently, Ptch doesn't vastly improve on existing services like Viddy. Ptch won't start to get really interesting until it pulls in truly standout features, such as those short famous film clips or integration with your personal music library.
The Instagram for video movement just got a little more interesting with social 60-second video sharing platform Ptch.
Ptch picks up where your static photo feeds on Instagram, Tumblr, Twitter, Viddy, Facebook, and Google+ leave off.
Dreamworks, the animation studio behind Ice Age, is backing the iOS app, which launches today and lets users create, edit, and share 60-second mini-movies from their own photos and video clips. Then comes the movie magic. Ptch helps users add title cards, offers soundtrack help with one of more than 80 preloaded songs, and even integrates comments from your social networks. Like other outfits that do Instagram-like treatments for video, Ptch lets mini-movie makers wrap their creations in one of eight styles. You can share new creations on Ptch, as well as on your desired social channels.
Then things get interesting.
Pitch lets you reshape your friends' Ptches--Ptch calls it "living media." For example, if you and a friend both attended the same concert but took videos and photos of different scenes, your friend could create a Ptch that you could then edit as you please--perhaps by adding your own concert photos, or changing the song--before sharing it again.
Ptch attempts to simplify the video editing process to the point where creating a mashup shouldn't take much longer than the 60 seconds you spend watching it.
Leonard oversees 15 full-time employees. A third of them are former DreamWorks staffers--the company is the venture's sole backer--who took paycuts (in exchange for stock) to come over to Ptch. The rest come from outside of the film industry and includes former MySpace and Yahoo executives, as well as serial entrepreneurs.
Ptch will launch as a free app for now, with premium add-ons to come in the future. Those add-ons will include more songs and new styles that developers and users alike will be able to sell in an open marketplace, not unlike Tumblr's theme garden, except premium styles will only cost around 20 cents each. Leonard says he expects the vast majority of people will use Ptch for free, but he hopes to follow the Zynga model where even getting a small percentage of users to pay for premium content translates into meaningful profits, just thanks to the sheer scale of users.
In the long term, Ptch eventually wants to integrate users' music libraries to make the experience more personal, as well as license short flim clips that people will be able to purchase--again, "for pennies," Leonard says--to include in their Ptches. The idea is these short, instantly recognizable clips would be novelties for users and provide new revenue streams for the license-holding studios who aren't making any money from such clips.
But Ptch's biggest selling point--DreamWorks' know-how, clout, and resources--is also a potential sore spot. DreamWorks has played the role of tech incubator for several years, but not always successfully. In 1999, CEO Jeffrey Katzenberg and other moguls including Steven Spielberg and Ron Howard announced a new site called Pop.com, one of Hollywood's earlier forays into online video. Pop.com would showcase short-form web content created by famous flimmakers--in essence, it should have been the dot-com era's version of today's YouTube channels. The venture, largely shunned by Hollywood's Internet skeptics, failed to launch, but not before blowing through $8 million in funding. Pop.com's fate--along with those of other similarly-minded app attempts that have failed, such as Color, the much-hyped photo-sharing app--serve as cautionary tales for Ptch and Leonard.
Which means Ptch has to prove it's delivering a high-quality product that demonstrating staying power in the crowded-to-bursting social content arena to convince DreamWorks, as well as new backers in the future. Currently, Ptch doesn't vastly improve on existing services like Viddy. Ptch won't start to get really interesting until it pulls in truly standout features, such as those short famous film clips or integration with your personal music library.
A detailed article on QE, types of QE. It also talks about the benefits of QE and the disadvantages. Can get a bit technical in few places, overall would be a good read.
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1 of 1 File(s)
Check our top pick recommendation, trade alerts, volumes shockers, top gainers, biotech stocks picks, penny stock picks, Hot stocks, trading tips, How to trade, BUY, ENTRY, EXIT, SELL, TARGET
July 2012
Supernus Pharmaceuticals Inc
MELA Sciences, Inc
Catalyst Pharmaceutical Partners, Inc
Somaxon Pharmaceuticals, Inc.
July 2012
Supernus Pharmaceuticals Inc
MELA Sciences, Inc
Catalyst Pharmaceutical Partners, Inc
Somaxon Pharmaceuticals, Inc.
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• Drinking Alcohol, Even in Moderation, "a Dementia Risk," Veterans Health Research Institute Study More...
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