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| Star Silicon Valley analyst felled by Facebook IPO fallout Friday, Oct 26, 2012 08:45 PM PDT  SAN FRANCISCO (Reuters) - The firing of Citigroup stock analyst Mark Mahaney on Friday in the regulatory fallout from Facebook Inc's initial public offering was greeted with shock and dismay in Silicon Valley, where Mahaney was a well-known and well-liked figure. "Pretty shocked," was the reaction of Jacob Funds Chief Executive Ryan Jacob, who described Mahaney as one of the most respected financial analysts covering the Internet industry. "I'd put him at the top. If not at the top, then near the top," said Jacob. "He really knew what to look for. ... Full Story | Top |
| Taxpayer data exposed in cyber attack on South Carolina agency Friday, Oct 26, 2012 06:23 PM PDT CHARLESTON, South Carolina (Reuters) - As many as 3.6 million Social Security numbers and 387,000 credit and debit card numbers used by state taxpayers could have been exposed to a hacker in recent cyber attacks on the state Department of Revenue's computers, officials said on Friday. The vast majority of the credit card numbers used by South Carolina taxpayers were encrypted, but about 16,000 were not, meaning the data was fully exposed, state police said. None of the Social Security numbers were encrypted, said State Law Enforcement Division spokesman Thom Berry. ... Full Story | Top |
| Citi fined $2 million over Facebook IPO, fires two analysts Friday, Oct 26, 2012 03:29 PM PDT  BOSTON/SAN FRANCISCO (Reuters) - Citigroup fired its top Internet analyst, Mark Mahaney, and paid a $2 million fine to a Massachusetts regulator to settle charges that the bank improperly disclosed research on Facebook IPO and information on other tech companies. It was the first formal charge involving an underwriter's disclosure of sensitive financial information ahead of the social media company's $16 billion initial public offering in May. ... Full Story | Top |
| Tech CEOs trade barbs, warm up for holiday tablet wars Friday, Oct 26, 2012 03:09 PM PDT  SAN FRANCISCO (Reuters) - The biggest names in consumer technology, stung by a string of disappointing quarterly results this month, are suiting up for what's shaping to be the fiercest holiday battle in years. Investors and consumers have already largely written off flaccid quarterly numbers from tech behemoths like Microsoft, Apple, Google and Amazon. What counts is the next 60 days, when the biggest names in technology do battle at a near-unprecedented scale and pace. ... Full Story | Top |
| Gadgets add complexity to brutal bank layoffs Friday, Oct 26, 2012 01:48 PM PDT  LONDON (Reuters) - In the high-tech, gadget-addicted world of investment banking, layoffs are becoming more complex and brutal as firms try to stop sensitive data leaving with employees. Sackings are usually swift, with bankers escorted out, a few belongings thrown into boxes and Blackberries and phones disabled the minute they get their marching orders. But weeks of trawling through old emails and planning software lockdowns now precede and follow the job cuts that are happening in thousands, adding a new layer of indignity to the process. ... Full Story | Top |
| New York man who sued Facebook faces criminal charges Friday, Oct 26, 2012 01:43 PM PDT  (Reuters) - A New York man was arrested Friday on charges he forged documents in a multibillion-dollar scheme to defraud Facebook Inc and its chief executive, Mark Zuckerberg, through a lawsuit claiming a huge ownership stake in the Internet company. Paul Ceglia, 39, a one-time wood pellet salesman from Wellsville, New York, was charged with mail and wire fraud over what federal prosecutors and the U.S. Postal Inspection Service said was fabricated evidence to support his claim to a large stake in Facebook through a 2003 deal with Zuckerberg. ... Full Story | Top |
| Clearwire to use Huawei equipment in network upgrade Friday, Oct 26, 2012 01:34 PM PDT  NEW YORK (Reuters) - Wireless service provider Clearwire Corp said on Friday it will use equipment from China's Huawei in a high-speed network upgrade it starts in 2013, with the blessing of the U.S. government. Clearwire said it reviewed its plans "with the technical arms of multiple federal agencies" and that it has "great respect for the U.S. government and their oversight role over the nation's infrastructure." The decision follows a U.S. congressional report earlier this month that said Huawei network equipment should be kept out of the U.S. ... Full Story | Top |
| Samsung posts $7.4 billion profit, handsets mask weak chips Friday, Oct 26, 2012 01:28 PM PDT  SEOUL (Reuters) - South Korean technology powerhouse Samsung Electronics Co posted a fourth straight record quarterly profit - of $7.4 billion - with strong sales of its Galaxy range of phones masking sharply lower sales of memory chips. The record run, though, is likely to end in December, with profit growth slowing even more next year as TV markets stagnate and growth in high-end smartphones eases from the recent breakneck speed. Profit is expected to grow 16 percent next year, down from a forecast 73 percent this year, according to Thomson Reuters I/B/E/S. ... Full Story | Top |
| Exclusive: Massachusetts' regulator eyes other firms on research Friday, Oct 26, 2012 11:31 AM PDT BOSTON (Reuters) - Massachusetts' top securities regulator said on Friday that his office is looking into whether top Wall Street investment banks in addition to Citigroup have leaked research in violation of state law on how to share this kind of information. "We are looking at all of them, Morgan Stanley, Goldman Sachs, JPMorgan," regulator William Galvin said in a telephone interview about the probe. "It is a very active investigation," Galvin said, declining to give more information about what kind of charges may be made. ... Full Story | Top |
| Vodafone UK spoiler campaign targets EE 4G launch Friday, Oct 26, 2012 08:10 AM PDT  LONDON (Reuters) - Vodafone wrapped ads around British national newspapers on Friday touting the quality of its network ahead of rival EE's launch of next-generation 4G services next week. The campaign, in The Daily Telegraph, The Independent and The Guardian nationals and in the Metro and City AM freesheets, cost more than 4.5 million pounds, according to a source close to the company. It will be supported by outdoor advertising. ... Full Story | Top |
| Brazil hit by new blackout, infrastructure in spotlight Friday, Oct 26, 2012 07:33 AM PDT BRASILIA (Reuters) - A massive blackout left as many as 53 million Brazilians in the dark late Thursday and early Friday, the latest in a string of energy shortages that have raised questions about whether Brazil's infrastructure is keeping pace with economic growth. Officials said a fire in a substation in the Amazon knocked out the whole electricity grid of northeastern Brazil in the region's worst blackout since 2001. The outage lasted up to four hours in some places. ... Full Story | Top |
| China ministry probes Qihoo browser over blogger complaints Friday, Oct 26, 2012 04:26 AM PDT  SHANGHAI (Reuters) - Chinese authorities are investigating the country's top anti-virus software firm Qihoo 360 Technology after a prominent blogger criticized its web browser, alleging improper practices such as mining of user data, Qihoo said in a posting on its official microblog account. The company, which has taken on Chinese search engine leader Baidu Inc in that country's browser market, also said in the posting on Thursday that it would bring a lawsuit against Baidu, accusing it of conducting a smear campaign through the blogger, a charge that Baidu denies. ... Full Story | Top |
| German publisher Burda bids for social network Xing Friday, Oct 26, 2012 04:21 AM PDT  FRANKFURT (Reuters) - German publisher Burda has bid to take over professional social network Xing AG as it further reduces its dependence on traditional printed media. Privately held Burda said it had raised its stake in Xing to 38.89 percent, exceeding a legal threshold, which triggered the mandatory offer. Burda is offering 44 euros per share for the remaining stake, valuing Xing at 240 million euros ($311.03 million), a 20 percent premium to Thursday's closing price. ... Full Story | Top |
| Ericsson seeks more cost cuts as slowdown bites Friday, Oct 26, 2012 04:16 AM PDT  STOCKHOLM (Reuters) - Telecoms equipment maker Ericsson reported a 42 percent drop in core profit and promised more cost cuts to protect itself from tough competition and slowing orders. Telecom gear makers are under stress from price pressures and slower spending by the operators that are their clients, factors that Ericsson - the world's number one mobile network equipment maker - said would continue in the short term. Its shares were down 4.4 percent at 57.85 crowns at 0927 GMT (0527 EDT) against a 0.8 percent decline in the STOXX Europe 600 Technology Index. ... Full Story | Top |
| Apple's weak margin outlook surprises analysts Friday, Oct 26, 2012 04:15 AM PDT  (Reuters) - At least three brokerages cut their price targets on Apple Inc by up to $50 a share after the iPhone maker surprised analysts by forecasting lower gross margins for the current quarter. Apple shares edged lower 0.1 percent to $608.85 in premarket trading. For the December quarter, Apple forecast revenue of $52 billion, below estimates of $55 billion, according to Thomson Reuters I/B/E/S. It expects margins of 36 percent, far lower than analysts' expectations of 43 percent. ... Full Story | Top |
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