Wednesday, October 31, 2012

black iPad mini appears to be sold out

Image representing Apple as depicted in CrunchBase
Image via CrunchBase

First, the white edition of Apple’s much-hyped, much-debated iPad Mini tablet sold out during the preorder period, and now it appears the black version of the iPad Mini has also sold out, with shipment dates for both models now pushed two weeks back from the initial Nov. 2 shipment dates. Apple’s white products typically generate higher demand, but the sell-out of both editions suggests that despite a higher-than-expected $329 starting price, consumers really want to get their hands on an iPad Mini.
Some critics scoffed at the starting point, which is at least $100 more than the start price for much of the rest of the 7-inch tablet market. Rivals like Google’s Nexus 7 tablet ($199) and Amazon’s Kindle Fire ($159), while perhaps lacking the design finesse and build quality of the iPad Mini, have tapped into a market where low prices seem to be as much a factor as a smaller form. However, a recent IHS report said the iPad Mini could help the 7-inch tablet market double in size in 2012 and 2013, if Apple could provide enough iPad Mini tablets to meet market demand.
It is an open question as to whether or not Apple will be able to keep up with demand for the iPad Mini. Preceding the launch, unconfirmed reports suggested Apple could experience supply-chain issues regarding the display component. As recently as Oct. 24—the day after the iPad Mini was unveiled--an NPD DisplaySearch report by Senior Analyst Richard Shim said that although Apple is expanding its partner base for the iPad Mini, issues with the display panel would limit initial shipments. A higher-than-average price point for the iPad Mini could also prevent Apple from reaching the widest audience possible, but with its foot now firmly planted in the 7-inch tablet space, and the full-size iPad still commanding nearly 70 percent of the worldwide tablet market, Apple’s position is undoubtedly robust.
A note from Canaccord Genuity analyst Michael Walkley estimated that in 2013, Apple would sell 101.6 million tablets, compared with Samsung, which is expected to sell 8.4 million tablets, and Amazon, which is forecast to sell 10.7 million tablets.

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Tuesday, October 30, 2012

CNBC Exec’s 2 Toddlers Murdered Following $43 Trillion Bankster Lawsuit Report Airing

One day after CNBC aired a report of lawsuit, in which banksters and U.S. racketeering partners are being accused of laundering over $43 trillion, CNBC’s senior vice president Kevin Krim’s children were stabbed to death.
CNN reports,
Lucia Krim, 6 years old, who was killed Thursday night with her 2-year-old brother Leo, right, in photos posted on their mother’s LiveJournal blog.

(Marina) Krim had left the two children with the nanny, known as “Josie,” to take her third child, 3-year-old Nessie, to a swim lesson at a nearby YMCA, Kelly said. She had expected to meet the nanny at a dance class for the 6-year-old around 5:30 p.m.
When the nanny and children didn’t show up, Krim went up to the apartment, where she found the lights were off, police said. Krim then returned to the lobby and asked a doorman whether he had seen her two other children leave with the nanny; he had not.
“There comes a time when she goes looking for her children and enters the bathroom and finds her 6-year-old daughter and son stabbed to death in the tub,” Kelly said.
That’s when neighbors heard a scream.
Mrs. Krim had found the nanny, Yoselyn Ortega, 50, on the floor of the bathroom with self-inflicted wounds. She had slit her wrists and began to stab herself repeatedly with a knife in the neck. Something seems amiss here to me as slitting one’s wrists is one thing, but then to add stabbing one’s self in the neck and all of this within 24 hours of a report which could expose major corruption, according to the Intel Hub’s J. G. Vibes, in the highest offices of government and the financial sector.
Screenshots were taken of the CNBC article to verify the story of the lawsuit as reported by CNBC in case it was removed. These can be viewed here. Interestingly enough the article was pulled.
It did contain this information though as seen in the screenshots:

Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former “communications director” for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the “Banksters” themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patriot Act, the Policy of Embargo Against Iran and Countries Hostile to the Foreign Policy of the United States, and the Racketeer Influenced and Corrupt Organizations Act (commonly known as the RICO statute) and other State and Federal laws.
The complaint – which has now been fully served on thousands of the “Banksters and their Co-Conspirators” – makes it irrefutable that the epicenter of this laundering and racketeering enterprise has been and continues to be Wall Street and continues to involve the very “Banksters” located there who have repeatedly asked in the past to be “bailed out” and to be “bailed out” in the future.
Susan Posel of Occupy Corporatism points out:
In January of this year, Krim was employed by JPMorgan Chase as a strategy consultant for only 3 months. This happened just prior to his employment with CNBC.
According to court documents regarding the lawsuit, the purpose for seeking legal remedy is:
1. The deceptive coercive methods employed by mega-banks to facilitate injured parties’ participation in loans and mortgages
2. The fraudulent and illegal use of MERS
3. Breach of plaintiff’s statutory rights
4. Purposeful violation of consumer and homeowner protect statues
5. Processing money from unknown sources in contravention of the Patriot Act of 2001
6. Foreclosing upon and accepting monies for assets that do not exist
The lawsuit states that there was a “a systemic fraud on thousands of investors” concerning the mortgage-backed securities first purvey by Bear Stearns, who was later acquired by JPMorgan Chase as part of the US governmental bailout of the banks after the 2008 crash. These securities were sold, according to the lawsuit, willfully and with intent by the seller to defraud and deceive investors. Because the securities were a combination of home mortgages, credit card debt and student loans which were bundled together and sold on the global markets after given a fake triple A rating.
Some of the mega-banks named in the lawsuit are:
• JPMorgan Chase
• Wells Fargo
• Wachovia
• Citigroup
• US Bancorp
• Ally Financial
• GM Acceptance Corporation
• One West (owned by George Soros)
• Deutsche Bank
• PNC Bank
• Bank of America
• Bear Stearns
Many foreign and overseas banks were named in the suit in conjunction with the mega-banks – pointing to the fact that financial institutions like JPMorgan Chase, Deutsche Bank, and others were using offshore banks to hide their monies acquired by the mortgage-backed securities scam. In essence, these financial institutions took monies from mortgage-holders, funneled it to offshore bank accounts and then after securitizing the loans, took the actual property from the individuals.
She also says that Ortega had begun seeing a psychologist just prior to the murders. She had no criminal history or psychiatric issues. The Wall Street Journal reported, “Friends and acquaintances described Ms. Ortega as a devout Catholic who rarely complained but had recently shown signs of stress, in part through weight loss.”
Ortega has not been charged in the murders as of yet. It all seems highly suspicious in light of the CNBC report.

Read more:

debt collectors will have federal regulators

For the first time, debt collectors have a federal regulator. Starting on Jan. 2, the Consumer Financial Protection Bureau will supervise companies that collect at least $10 million a year in consumer debts. In the past, debt collectors faced some supervision at the state level and consumers could complain to the Federal Trade Commission. But there was no federal agency actively policing the beat.
The CFPB says its examiners will try to ensure that debt collectors provide proper disclosure and accurate information, that they have good complaint- and dispute-resolution processes, and that they “communicate civilly and honestly” with consumers. The authority will cover the three main types of debt collectors: companies that buy up debts for pennies on the dollar and then get to keep whatever they collect for themselves; companies that get a fee to collect debts on behalf of other companies; and lawyers who pursue debt collection through litigation.
This new regulation is part of the authority the Dodd-Frank financial reform bill gave the CFPB to identify and oversee companies that aren’t banks but are still “large participants” in consumer finance. In its first use of that power, last month the CFPB began supervising credit-reporting bureaus for the first time. Other areas it may soon begin to oversee include auto financing, installment loans, and remittances, according to the agency.
The bureau announced plans to regulate debt collectors in July and asked for comments on how to identify which companies should be policed. The industry has advocated a $250 million threshold—that only companies collecting at least that much annually should be regulated—arguing that much of the money collected is passed on to corporate clients and doesn’t represent company revenue. On Wednesday, Oct. 24, the industry trade group criticized the final $10 million cut-off. It believes the burdens of adhering to the new regulation will be too heavy for smaller businesses, hindering their ability to collect debts.

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Monday, October 29, 2012

RBC subpoenaed

English: The Montreal head office of the Royal...
English: The Montreal head office of the Royal Bank of Canada is the Place Ville-Marie's largest tenant (Photo credit: Wikipedia)
Royal Bank of Canada has joined the growing list of major global banks under pressure from American prosecutors in a probe into alleged manipulation of one of the world’s key interest rates.
RBC was one of nine banks more recently served a subpoena by state prosecutors from New York and Connecticut related to their possible role in rigging Libor, or the London Interbank Offered Rate.
New York Attorney-General Eric Schneiderman and Connecticut Attorney-General George Jepsen are investigating the banks to determine whether any conspired to manipulate the benchmark rate that is used to set more than $300-trillion of securities and loans. Over the course of the summer subpoenas that request communication with bank executives were sent out.
Other banks under the microscope are Bank of America, Bank of Tokyo Mitsubishi UFJ, Credit Suisse, Lloyds Banking Group, Rabobank, Société Générale, Norinchukin Bank and West LB, according to a Financial Times report. It is likely that these subpoenas were served over the summer, reports said.
This comes after earlier investigation efforts in June when Barclays Bank PLC was scrutinized by both British and US officials for manipulating the Libor (and Euribor) rate from 2005 to 2009. Barclays agreed to pay $453-million (U.S.) in fines in order to settle the brewing scandal. But the allegations outraged the markets and set in motion a bigger investigation to determine which other parties might have been submitting false information though the Libor process.
The prosecutors began by scrutinizing six other banks in addition to Barclays (Deutsche Bank, Citigroup, JPMorgan Chase, Royal Bank of Scotland, Barclays, HSBC and UBS), to total 16 firms now under investigation.
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Sunday, October 28, 2012

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Saturday, October 27, 2012

AngloGold Ashanti said it will sack 12,000

AngloGold Ashanti said it will sack 12,000 South African wildcat strikers who ignored a deadline to return to work on Wednesday, the latest company to resort to mass firings after weeks of crippling labor unrest.
Several mining firms have told strikers to return to work or lose their jobs in a last-ditch move to resolve the widening strikes that have poisoned labor relations and marred the image of Africa's top economy.
AngloGold, the world's third-largest bullion producer, had given strikers until noon (1000 GMT) on Wednesday to return. About 12,000 employees at its West Wits operation failed to return, spokesman Alan Fine said.
"The deadline has now passed and that means the process of issuing dismissals would begin now," he told Reuters.
About 24,000 AngloGold employees at the West Wits and Vaal River complexes - the majority of its workforce - had gone on strike. Fine said that workers at the Vaal River complex were back at work.
A total of about 100,000 workers have downed tools for better pay in South Africa since August, a wave of strikes that has sparked two credit downgrades for the country as a whole.
Coal miner South African Coal Mining Holdings said earlier on Wednesday that some of its operations had been interrupted due to a new union-led strike over wages.
AngloGold rival Harmony Gold has also given wildcat strikers an ultimatum to return to work on Thursday.
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Friday, October 26, 2012

Nigeria loses billions in oil and gas

English: Nuhu Ribadu (Nigerian Politician in D...
English: Nuhu Ribadu (Nigerian Politician in December 2010 (Photo credit: Wikipedia)
Nigeria lost out on tens of billions of dollars in oil and gas revenues over the last decade from cut price deals struck between multinational oil companies and government officials, a confidential report seen by Reuters says.
A team headed by the former head of the anti-corruption agency Nuhu Ribadu produced the 146-page study on an oil ministry request. It covers the year 2002 to the present.
Nigeria is Africa's largest crude oil exporter, shipping more than 2 million barrels per day (bpd), and is also home to the world's ninth biggest gas reserves and one of its largest Liquefied Natural Gas (LNG) export terminals.
The report provides new details on Nigeria's long history of corruption in the oil sector, which has enriched its elite and provided the oil majors with hefty profits while two thirds of people live in poverty.
Oil Minister Diezani Alison-Madueke told Reuters on Tuesday she had received the report last month but that it was a draft and the government was still supposed to give input. The one seen by Reuters was labeled "Final Report."
The report concluded that oil majors Shell, Total and Eni made bumper profits from cut-price gas, while Nigerian oil ministers handed out licenses at their own discretion. This, while not illegal, did not follow best practice of using open bids. Hundreds of millions of dollars in signature bonuses on those deals were also missing, it said.
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Thursday, October 25, 2012

Nuclear plant closing due to natural gas

English: The Kewaunee Nuclear Generating Stati...
English: The Kewaunee Nuclear Generating Station from Wisconsin Highway 42. (Photo credit: Wikipedia)
Dominion Resources Inc plans to shut its Kewaunee plant in Wisconsin next year, the first U.S. nuclear plant to fall victim to the steep drop in power prices as rising natural gas production makes some plants uncompetitive.
After claiming hundreds of coal-fired plants, the boom in U.S. shale gas output is now starting to grind down the nuclear industry, with smaller older plants like the 566-megawatt (MW) Kewaunee plant first to be affected.
The surge in U.S. shale gas has upended the domestic power market, and this year combined with flagging demand due to the struggling economy to send prices to near 10-year lows. For the nuclear industry, it means the Dominion plant -- which had been up for sale since April 2011 -- will be the first U.S. reactor to shut since the late 1990s.
The closing, which did not catch many in the industry by surprise, highlights the struggle of the U.S. "nuclear renaissance."
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Wednesday, October 24, 2012

PayPal partnering with MoneyGram

PayPal announced Monday that it is partnering with MoneyGram, a money transfer company, to give PayPal users the option to deposit and withdraw funds from their accounts from many of MoneyGram’s 284,000 global locations.
The goal of the partnership, according to PayPal, is to provide consumers and retailers with a quick way to turn “cash to commerce.” Starting in early 2013, anyone with an e-mail or phone number will be able to transfer and receive cash at a MoneyGram location. Consumers can deposit cash into their account and use it to make a payment, effectively taking the place of a prepaid card, while retailers can use the service to quickly gain access to cash from their transactions if necessary.
“This latest initiative with MoneyGram is another example of how we’re enabling our digital wallet to work across multiple platforms and devices, online and offline, in order to offer consumers more control, flexibility and functionality when interacting with their money,” Dan Schatt, PayPal’s head of financial innovations, wrote on the company blog.
For PayPal, the partnership is part of an ongoing effort to expand its footprint offline. Earlier this year, PayPal inked a deal with Discover so that retailers can accept PayPal payments in stores (also starting in early 2013).

Tuesday, October 23, 2012


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Monday, October 22, 2012

Sobeys confirms some recalled salmon had sea lice

Sobeys confirms some recalled salmon had sea lice

Group sues California over fracking

Environmental groups sued the state of California on Tuesday in an effort to stop hydraulic fracturing as regulators attempt to devise new rules for the controversial oil and gas extraction practice.
The lawsuit accuses the regulator, the California Department of Conservation, Division of Oil, Gas, and Geothermal Resources, with failing to evaluate the risks, even though fracking was used for 600 wells in the state last year.
Fracking, or pumping chemical-laced water and sand into a well to open cracks that release oil and gas, has generated a fierce debate in the United States, leading to bans in one state and several municipalities. Yet the industry insists the practice is safe so long as wells are properly built.
A non-profit environmental law firm, Earthjustice, filed the lawsuit in Alameda County Superior Court on behalf of the Center for Biological Diversity, Earthworks, Environmental Working Group and the Sierra Club.

Sunday, October 21, 2012

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Saturday, October 20, 2012

cloud adoption ahead of schedule

Image representing Dropbox as depicted in Crun...
Image via CrunchBase
Consumer adoption of cloud storage services is exceeding expectations, according to an Oct. 15 report from IHS iSuppli. By the end of June, the research firm found personal subscriptions to such services to have exceeded 375 million users—a figure that put the market already 75 percent of the way toward IHS' full-year estimate of 500 million users.
Because of the relative newness of cloud technologies, no adoption figures exist for 2011, according to IHS, though best guesses are around 150 million. IHS expects subscriptions to climb to 625 million by 2013 and then to double over the next four years, reaching 1.3 billion subscribers by 2017.
“The cloud is a game-changer in an age of near-ubiquitous mobile broadband, offering benefits to consumers and cloud service providers alike,” Jagdish Rebello, director for consumer and communications at IHS, said in an Oct. 15 statement.
"For consumers, cloud services are intended to manage and store user-generated data or purchased content, such as music, ebooks, pictures or videos," Rebello continued. "The content can then be seamlessly accessed and synced across devices like smartphones, media tablets and PCs. Meanwhile, technology companies are looking at the cloud as a way to generate revenue.”
Indeed, Apple, Microsoft, Google, Amazon and others are heavily investing in cloud infrastructure and services, which they offer to consumers, IHS notes, at the same cost or lower costs than those of pure-play providers such as Dropbox, Mozy, Carbonite and SugarSync. To compete, the latter have developed "freemium" models in which they give away a few gigabytes of free storage, pulling in users who likely go on to pay for more.
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Friday, October 19, 2012

TD Bank data missing

A TD Bank spokeswoman says about 1,000 Canadians with U.S. accounts could be affected after some data tapes containing personal information were misplaced.
Maria Saros Leung says letters will be sent to those customers by next Friday.
But she says in an email that the bank is not classifying the incident as a breach since there's no evidence of criminal activity.
TD Bank has confirmed that unencrypted backup data tapes were misplaced during transport in March and said it has started notifying about 260,000 customers from Maine to Florida.
The U.S.-based bank says in a statement it has no evidence the data on the tapes is being used for any inappropriate purpose and is calling it an "isolated incident."
It says an internal investigation has been launched and the incident reported to law enforcement.
The missing tapes contained personal information including account information and Social Security numbers, TD spokeswoman Rebecca Acevedo told The Associated Press on Friday.
She said the company was not aware of any misuse of customer information but it has not ruled out the possibility and is monitoring the situation.

Thursday, October 18, 2012

investors bailing on stock market all year

Home of Henry W. Poor (of Standard & Poor's, 1903
Home of Henry W. Poor (of Standard & Poor's, 1903 (Photo credit: Wikipedia)
Investors have been bailing out of the stock market all year, but the exodus picked up considerable speed last week.
U.S. stock mutual funds bled nearly $10.6 billion during the week ended Oct. 3, the most since the week in August 2011 when Standard and Poor's downgraded the U.S. credit rating following the debt ceiling brawl in Washington, according to data from the Investment Company Institute.
That brings the total 2012 outflow from U.S. mutual funds to more than $100 billion. By comparison, those funds lost around $57 billion during the first nine months of 2010, and $80 billion during the first nine months of 2011.
As investors were pulling money out, the S&P 500 still managed to rise a modest 1.2%. The tepid gains came amid mounting evidence of a growth slowdown in China and questions about whether Spain will request a bailout.
"Investors have recently adopted a "wait-and-flee" attitude toward equities" as they seek more clarity on issues in Spain and brace for third-quarter corporate earnings, the November elections and resolution to the U.S. fiscal cliff, said Sam Stovall, chief equity strategist at S&P Capital IQ.
While retreating from the stock market, investors continued to embrace the safety of bonds, which showed the highest demand in almost three years. Bond funds raked in $10.9 billion during last week, up from an average of about $6 billion a week this year, and the most since the week ended Oct. 21, 2009. So far this year, bond funds have attracted over $270 billion.
Meanwhile, the ICI data showed that hybrid funds, which invest in both stocks and bonds, also saw an increase of $2.2 billion.
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Wednesday, October 17, 2012

flaws in national databank

CMHC logo
CMHC logo (Photo credit: Wikipedia)
Flaws in a national databank that helps determine the value of houses across Canada have helped fuel inflation in home prices, putting mortgage lenders and borrowers at greater risk, key players in the housing sector have warned.
Documents obtained by The Globe and Mail detailing confidential statements from banks, appraisers and mortgage insurers show rising worry over the use of a database operated by the Canada Mortgage and Housing Corporation (CMHC). The documents suggest the data are flawed and help push home prices up.
Emili is an automated system that uses figures such as recent sales of nearby homes to gauge values, without sending an actual appraiser to the address. However, the potential margin of error in calculations may pose significant problems. For home buyers, or homeowners with home-equity lines of credit, an inaccurate valuation by the database could allow them to overpay or borrow much too heavily for the home, industry members argue.
For banks, it could mean the collateral they have against the mortgage is not worth as much as believed.
CMHC logo (Photo credit: Wikipedia)

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Whistleblower forced investigation of TransCanada pipeline

Whistleblower forced investigation of TransCanada pipeline

Tuesday, October 16, 2012

PC shipments down

 Shipments of personal computers are on pace to fall this year for the first time since the dot-com bust of 2001, according to a new forecast from IHS iSuppli.
That would be a stunning turn of events for a industry that at the beginning of the year seemed poised for a surge. Intel (INTC, Fortune 500) hyped its new Ultrabook laptop design as the catalyst the moribund PC market needed and predicted that ultrabooks would represent 40% of all laptop sales by the end of the year. MIcrosoft's (MSFT, Fortune 500) upcoming Windows 8 fueled hope among industry players that PC tablets would take off in a big way.
But 2012 didn't go as planned.
Ultrabook sales have disappointed. IHS iSuppli slashed its forecast for the thin laptops in half last week, and NPD DisplaySearch recently forecast that Ultrabooks will make up just a quarter of the total mobile PC market by 2015 -- far short of Intel's forecast.
Windows 8, which goes on sale Oct. 26, may spark some holiday buying, but perhaps not as much as PC makers had wanted. Forrester Research predicts that just 1 million Windows 8 tablets will be sold this year. Apple (AAPL, Fortune 500), by contrast, sold more than 15 million iPads during last year's holiday season, the last three months of 2011.

Monday, October 15, 2012

US Government sues Wells Fargo

Wells Fargo Advisors
Wells Fargo Advisors (Photo credit: Wikipedia)
The U.S. government sued Wells Fargo over claims that the bank made reckless home mortgage loans for a decade.
In a lawsuit filed Tuesday in Manhattan's Southern District of New York, the government accused Wells Fargo (BWF) of "reckless underwriting" and fraudulently approving thousands of home loans that caused large-scale losses for the government.
The Federal Housing Administration paid out millions of dollars in insurance claims on defaulted loans that were falsely certified by Wells Fargo, according to the complaint.
U.S. Attorney Preet Bharara said Wells Fargo's "intentional concealment" of bad loan information on some 6,320 risky loans caused the federal government to pay out $190 million on claims for defaulted home mortgages. The loans were made between 2002 and 2010.
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Sunday, October 14, 2012

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Saturday, October 13, 2012

GM hiring software developers

Now hiring in Detroit: Scads of software developers and programmers.
General Motors is moving past layoffs and the Motor City's rusty, low-tech image. It's setting out on its own to develop software and invent the most advanced gizmos for your car.
The nation's biggest automaker plans to hire up to 10,000 computer professionals in the next three-to-five years as it tries to lead the auto industry with cutting-edge technology.
It's a bold and expensive move, counter to the industry's history of buying software and other electronic applications from outside companies. Experts say it's also the start of a trend as manufacturers realize that software is among the few things that will set them apart from competitors.
"The companies that build the software themselves in general are going to have an advantage," says David Kirkpatrick, author of a book about Facebook and CEO of Techonomy Media Inc., a New York firm that specializes in setting up technology conferences. "If you outsource the development of software in particular to others, you can risk ... your own ability to compete in the future."
General Motors Co. isn't alone in trying to move more technology development under its roof. But the plans of its biggest competitor, Ford Motor Co., aren't nearly as ambitious.
GM's aims to bring 90 percent of its computer technology work into the company by recruiting workers to four new information technology centers around the nation. Ford recently joined GM, BMW AG and Renault-Nissan in opening a technology office in California's Silicon Valley, although it's staffed by only about 15 people.
GM's first "Information Technology Innovation Center" was announced last month in Austin, Texas, with plans to hire 500 programmers and software experts. And Monday the carmaker unveiled plans to hire 1,500 more at a second computer center in Warren, Mich., on the campus of its big tech center. GM already has product designers, engineers and other technical experts at the site, including the team that created the Chevrolet Volt electric car.

Friday, October 12, 2012

cyber attacks traced to China

American companies should avoid doing business with China's two leading technology firms because they pose a national security threat to the United States, the House Intelligence Committee is warning in a report.
The panel says U.S. regulators should block mergers and acquisitions in this country by Huawei Technologies Ltd. and ZTE Corp, among the world's leading suppliers of telecommunications gear and mobile phones.
Reflecting U.S. concern over cyber-attacks traced to China, the report also recommends that U.S. government computer systems not include any components from the two firms because that could pose an espionage risk.
"China has the means, opportunity, and motive to use telecommunications companies for malicious purposes," the report says.
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Thursday, October 11, 2012

Foxconn denies strike

Foxconn, the Taiwanese made-to-order electronics giant that assembles Apple Inc's products, denied reports that a plant in China was crippled by a strike, saying on Saturday that its production is on schedule at an important time for Apple.
The report of a strike issued by China Labor Watch, a New York-based advocacy group, came weeks after Apple kicked off its largest-ever global rollout for the new iPhone 5 smartphone. Apple is already struggling with tight availability of the phones in stores, analysts say.
The labor group said 3,000 to 4,000 workers went on strike at Foxconn's Zhengzhou complex in central China on Friday, angered by over-exacting quality controls as well as demands they work through the week-long National Day holiday, which began on Monday.

Wednesday, October 10, 2012

Japans nuclear reactors

English: Internationally recognized symbol. De...
English: Internationally recognized symbol. Deutsch: Gefahrensymbol für Radioaktivität. Image:Radioactive.svg (Photo credit: Wikipedia)
Economics Minister Seiji Maehara said on Friday nuclear reactors can be restarted if a new regulator deems them safe, throwing into confusion how the dozens of units idle since the Fukushima disaster could be used in future energy plans.
Maehara, whose ministry had led debate in the cabinet on energy policy, said a new law empowered the regulator to endorse bringing reactors back on line. He said the idle reactors could be a key source of power generation for now, a notion certain to anger Japan's growing ranks of opponents of nuclear power.
"If safety is approved, such reactors would be considered as an important power source," Maehara, who also oversees national strategy, told a news conference.
"We should rely on nuclear as an energy option for the time being."
But procedures for going ahead with restarts remain unclear.
The new nuclear watchdog, the Nuclear Regulation Authority (NRA), said this week it does not hold ultimate responsibility to authorize reactor restarts and is concerned solely with safety.
All 50 working commercial reactors in Japan were taken off line for safety checks following the earthquake and tsunami that triggered meltdowns at the Fukushima Daiichi plant in the worst nuclear accident in a quarter of a century.
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Phoenix Brochure by R.G.Richardson – Books on Google Play

Phoenix Brochure by R.G.Richardson – Books on Google Play