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Programmer admits to data theft

Written By Unknown on 20 September 2012 | 11.28

Chunlai Yang, a former programmer for CME Group, the largest US futures exchange operator, has admitted to stealing trade secrets from the firm.

He pleaded guilty to downloading CME's computer codes to help boost trading speeds and volumes at a Chinese exchange.

The US government said the potential loss from the theft was between $50m-$100m (£30m-£60m).

Mr Yang, a Chinese national who has US citizenship, faces 10 years in jail.

"Trade secret theft is a serious economic crime that affects the interests of corporations, as well as our national interest, in protecting intellectual property," said Gary Shapiro, acting United States Attorney for the Northern District of Illinois.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/business-19658058#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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Electric car money 'only for few'

Government spending of £11m to encourage people to drive electric cars has benefited only a "handful of motorists", MPs have said.

They also warned the scheme was being used to subsidise second cars for more affluent households.

In a report, the Transport Select Committee questioned whether this represented a good use of public money.

The government offers grants of up to £5,000 towards the cost of plug-in cars in a bid to reduce carbon emissions.

And a network of more than 1,600 public charging points has been set up across the country to encourage drivers to switch.

Chair of the cross-party committee, Louise Ellman MP said: "The government must do more to show that its plug-in vehicle strategy is a good use of public money.

'Far more work'

"Carbon emissions from transport must be reduced if the UK is to meet its climate change targets, but public money must be targeted on effective policies.

"So far, Department for Transport expenditure on plug-in cars - some £11m - has benefited just a handful of motorists.

"We were warned of the risk that the government is subsidising second cars for affluent households; currently plug-in cars are mostly being purchased as second cars for town driving."

The committee said it was unclear whether the government scheme, which was part of the coalition agreement, actually encouraged demand for plug-in cars.

The government had said it expects there to be tens of thousands of these cars on Britain's roads by 2015, with the number reaching six figures by 2020.

But the committee found that following the introduction of the grants in January 2011 only 1,052 eligible cars had been registered - up from 111 in 2010.

Ms Ellman said: "Ministers should not sit back and hope that the Government's policy on plug-in cars will reduce transport carbon emissions.

"Far more work is required to ensure that this programme is a good use of public funds."

In future, the government should set targets for the number of electric cars they expect to see on the roads and establish a national registry of vehicle charge points, the committee said.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/uk-politics-19656590#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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Japan exports fall on EU slowdown

Japanese exports fell for the third consecutive month in August, hurt by a slowdown in demand from the European Union (EU) and China.

Shipments fell 5.8% from a year earlier, with exports to the EU sliding by 22.9% and to China by 9.9%.

Exports to the EU have dipped for 11 straight months amid the debt crisis.

There are now fears that Japan's trade with China, its biggest trading partner, may be hurt by the continuing territorial dispute between them.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/business-19658001#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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UK cities get fast broadband cash

The government has announced how it will share the money promised to 10 UK cities to allow them to create superfast broadband networks.

London gets the largest share of the £114m pot with £25m, followed by Leeds and Bradford, which will divide £14.4m.

The money will be used to build city-wide networks, offering homes and businesses speeds of up to 100Mbps (megabits per second).

The government wants to make the UK the fastest place in Europe by 2015.

A further £50m is to be awarded to ten smaller cities.

Continue reading the main story
  • London - £25m
  • Leeds and Bradford - £14.4m
  • Belfast - £13.7m
  • Manchester - £12m
  • Bristol - £11.3m
  • Cardiff - £11m
  • Edinburgh - £10.7m
  • Birmingham - £10m
  • Newcastle - £6m
Digital leaders

New culture secretary Maria Miller promised last week to cut the red tape associated with broadband rollouts.

She hopes that the city networks can be built soon.

"These 10 cities have produced ambitious and comprehensive plans, which will turn them into digital leaders, and give their local economies a real boost," she said.

The new investment will help put these cities at the centre of the digital stage, competing for jobs and investment with the best in the world," she added.

Alongside the government money, each city is expected to invest some of its own funds in the broadband projects.

The 10 cities' plans are expected to bring superfast broadband access (offering speeds between 80 and 100 megabits per second) to around an extra 230,000 residential and 55,000 business premises as well as high speed wireless to even more.

All the networks are due to be completed by 2015.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/technology-19651311#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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Pensions system roll-out revealed

Some 600,000 people are expected to be enrolled into a workplace pension by the end of the year under a new system that automatically diverts funds from their pay packet.

The automatic enrolment scheme begins on 1 October and will mark one of the biggest changes to the pension system in the UK.

It will start with the largest firms.

Employers and staff will pay contributions into pension savings unless the worker opts out.

Workers aged over 22, earning more than £8,105 and not already signed up to a workplace pension scheme will be automatically enrolled into a pension scheme.

However, this system will be phased in gradually, with workers in the smallest firms not seeing a change for a few years.

The Department of Work and Pensions (DWP) has outlined more details on the number of people expected to be signed up during the initial waves.

It estimates that 380,000 workers will be signed up in October, a total of 420,000 will be enrolled by the end of November, and 600,000 will be in place by the end of the year.

The aim is for more people to save for their retirement, rather than relying solely on the state pension.

Under automatic enrolment, employers will eventually contribute 3% of earnings to a worker's pension pot, the employee will have 4% of their earnings diverted, and there will be 1% tax relief.

However, these contributions will also be phased in gradually, starting at about 1% of earnings paid in by the employer and employee.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/business-19649747#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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Lufthansa in new low cost move

Lufthansa says it will merge many of its European and domestic routes under a new low cost brand as it seeks to boost profits.

The company's flights within Germany and Europe, excluding those from the Frankfurt and Munich hubs, will be merged with its existing low-cost brand Germanwings from next year.

The new service is expecting some 18 million passengers in its first year.

Lufthansa carries more than 100 million passengers a year.

Lufthansa is currently undergoing a 1.5bn euro ($1.9bn; £1.2bn) cost-cutting programme to offset rising fuel costs and tackle competition from low-cost and Gulf carriers.

No name

The airline said there had been no decision on the name of the new service, which will based in Cologne, as yet.

One of the German airline's main rivals, Air France-KLM is also planning to make major changes to its European network, with plans to develop a low-cost unit called Transavia.

Lufthansa's decision to reorganise its short-haul routes under the new brand follows a series of strikes by Lufthansa workers over pay and conditions.

Union representatives and the company agreed two weeks ago to begin a formal mediation procedure this week which put an end to the walk outs.

Lufthansa said it was too early to say how much the industrial action had cost it in lost revenue from the 1,800 flights that were cancelled.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/business-19656960#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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Bill Gates tops Forbes rich list

Technology titan Bill Gates has been listed by Forbes magazine as the wealthiest American for the 19th year in a row, with a fortune of $66bn (£41bn), up $7bn from last year.

There was no change in the order of the top five richest from a year earlier.

The total wealth of the US super-rich grew 13% to $1.7tn, with the top 400 worth an average $400m more in 2012.

The group's assets are worth as much as one eighth of the US economy, and grew much faster than the economy at large.

According to the Forbes 400 list of the richest people in America, the average net worth of a person on the list was $4.2bn.

In second place with a fortune of $46bn was investment guru Warren Buffett, who is chairman and chief executive of the insurance conglomerate Berkshire Hathaway.

He was followed by Larry Ellison, head of software maker Oracle Corp, worth $41bn.

David and Charles Koch of the energy and chemical business group Koch Industries were tied in fourth place with $31bn.

The majority of those on Forbes' list became richer in 2012. Two hundred and forty-one members of the group saw their wealth increase, while just 66 saw it shrink.

Casino magnate Sheldon Adelson and financier George Soros dropped from the ranks of the top 10 into 12th place compared with a year ago.

But the biggest drop was seen by Facebook founder and chief executive, Mark Zuckerberg, who fell from 14th to 36th place in the wake of a disappointing stock market listing of his company.

He lost nearly half his fortune, which is now worth an estimated $9.4bn.

Four members of one family - the heirs to the Walmart fortune - are in the top 10.

Here is the Forbes list:

  1. Bill Gates, co-founder and chairman of Microsoft, $66bn
  2. Warren Buffett, chairman and chief executive of Berkshire Hathaway, $46bn
  3. Larry Ellison, co-founder and chief executive of Oracle, $41bn
  4. Charles Koch, chairman and chief executive of Koch Industries, $31bn
  5. David Koch, co-owner and executive vice-president of Koch Industries, $31bn
  6. Christy Walton & family, heiress to Walmart fortune, $27.9bn
  7. Jim Walton, heir to Walmart fortune and chairman of Arvest Bank, $26.8bn
  8. Alice Walton, heiress to Walmart fortune, $26.3bn
  9. S Robson Walton, heir to Walmart fortune, $26.1 billion
  10. Michael Bloomberg, founder and principal owner of Bloomberg LP, $25bn.

20 Sep, 2012


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EADS boss warning over BAE deal

The chief executive of EADS has said its proposed tie-up with BAE Systems represents a "perfect fit" but that there is "serious work" ahead to convince investors of its value.

Tom Enders' thoughts were given in a letter to 136,000 EADS employees, including 17,000 in the UK.

Politicians are also looking closely at the planned merger, which would create the world's largest defence company.

On Monday, France's finance minister said the idea needed close scrutiny.

Pierre Moscovici said the tie-up raised a lot of questions over strategic interests and "industrial effects".

In his letter, Mr Enders said that "governance and national security interests are currently the focus of our work".

"We are currently in constructive and advanced discussions with all relevant governments and are trying to accommodate their concerns and national security interests..."

Struggle

But Mr Enders acknowledged there may be a struggle ahead to get support for the deal: "No doubt, we have some serious work to do - and that goes particularly for our investor relations teams - to convince shareholders and investors that we are on track to build a stronger growth platform."

He said the discussions with BAE Systems were "not the result of top management gone haywire".

The announcement of the deal sparked a rise in BAE's share price but a fall in EADS's.

Mr Enders said this was simply because investors had been "taken by surprise".

The letter said the proposal would enable the firm to reach its goals seven years earlier than planned.

One of these is to increase its global markets.

But he implied there were unlikely to be job losses as a result of a successful tie-up.

In terms of the impact on staff and sites he said the two companies were "largely complimentary and have very little overlap".

But he said that in the defence industry, internationalisation "is a must", something that combining with BAE Systems - which he called the world's most international defence company - would provide.

He finished by saying that while there had been some critical reactions to the deal "word will soon go around, that this deal makes good business sense".

Under the code of the UK's Takeover Panel, the deadline to finalise the details of the deal is 17:00 BST on 10 October.

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/business-19655084#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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HTC unveils Windows Phone mobiles

Written By Unknown on 19 September 2012 | 23.47

HTC has unveiled two Windows Phone 8 handsets at an event in New York.

The firm has said that it intends to promote the 8X, which features a 4.3" (10.9cm) display, as its flagship device alongside the Android-powered One X.

The firm is also offering a smaller 8S model with a 4" (10.2cm) screen.

HTC's share price has fallen more than 50% since February after the firm experienced weak sales of earlier models despite positive reviews.

Analysts have said the firm had a weak advertising campaign which was compounded by the fact that its South Korean rival, Samsung, had a much bigger marketing budget.

Nokia and Samsung have already shown off alternative Windows Phone devices which will launch after Microsoft releases the operating system.

Operator support

HTC said the 8X would launch in 50 countries in early November across 126 mobile operators, while the 8S would be available in 52 countries with more than 146 operators.

Such detail was notably lacking at Nokia's recent Lumia 920 launch, where it did not confirm the date or number of countries the smartphone would be sold in.

HTC made much of the devices' design at the US event saying they had "a remarkably unique profile" thanks to the way their edges tapered, becoming thinner at the bottom, to make them feel thin in their users' hands.

It said its top-end model featured an 8 megapixel camera on its rear supported by a dedicated chip for "faster focus speed and clearer, sharper shots". The 2.1MP front camera - used for video chats - has also been designed to provide a wide-angle view.

The firm also hopes to distinguish both models by including Beats Audio sound equipment which it said offered "deeper bass and crisp vocals". The handset maker owns a 25% stake in the company.

The 8X has an NFC (near field communication) chip for touchless payments, but the 8S does not.

Tough competition

The bet on Microsoft's technology carries risks - the firm's phone systems only accounted for 3.1% of global smartphone shipments in the April to June months, according to research firm NPD.

But one of the company's analysts said HTC had an opportunity to grow that number.

"The reception from operators is quite good," said Francisco Jeronimo, European mobile devices research manager, told the BBC.

"The market wants another alternative to Android as vendors don't want to face the kind of problems that have arisen out of the lawsuits between Apple and Android device manufacturers - products being withdrawn or delayed.

"But HTC has to compete against Nokia and Samsung which also have Windows Phone 8 products.

"Nokia offers extra services on top such as its transport and augmented reality City Lens facility, while Samsung has a bigger marketing budget."

Another analyst praised HTC for the industrial design and materials used to build its new devices, saying they would prove eye-catching on store shelves, but was not convinced that would be enough to improve its fortunes.

"HTC has had problems standing out in the Android market, and it could be even more difficult on Windows Phone 8 as Microsoft controls more of the experience on the platform," said Gartner's research director, Roberta Cozza.

"HTC needs to add further value to the ecosystem similar to what Nokia has done with its imaging and navigation resources.

"Unless that happens I don't suspect things will change a lot for the firm."

HTC's press conference is the last of the big smartphone launches that had been scheduled ahead of the Christmas shopping season.

19 Sep, 2012


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Source: http://www.bbc.co.uk/news/technology-19650606#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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William Hill in Sportingbet talks

UK bookmaker William Hill has confirmed it is in talks over a possible joint offer for gambling firm Sportingbet.

William Hill, which has 2,300 High Street betting shops, is attempting to reach a deal to buy Sportingbet with the European gaming company GVC.

Shares in the target company rose 17% as market rumours about the deal circulated.

Sportingbet is based in Guernsey and has more than 2.5 million registered customers in 200 countries.

William Hill and GVC have until 16 October to announce a firm offer.

They are likely to split Sportingbet's operations between them, with William Hill taking the Australian and other locally licensed Sportingbet businesses.

Sportingbet makes 90% of its profits in Australia and has about a third of the country's online gambling market.

William Hill said in a statement: "William Hill and GVC note the recent share price movement of Sportingbet and confirm that they are in the preliminary stages of considering a possible joint offer for Sportingbet.

"William Hill and GVC have committed to work exclusively with each other in this regard."

20 Sep, 2012


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Source: http://www.bbc.co.uk/news/business-19652989#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
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