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Business, Financial & Legal Posts - Page 113

Bitcoin exchange Mt.Gox suspends trading admits massive fluctuations in price

The most popular Bitcoin exchange, Mt. Gox, has suspended all trading for the next 12 hours amidst massive fluctuations in Bitcoin value. Yesterday we saw Bitcoin's reach a record value of $260, which was quickly followed by a massive crash, that resulted in the virtual currency loosing half of its value in minutes.

 

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When the market reopened this morning, prices quickly recovered to about $190, which was soon followed by another big drop back down to $120. With speculation most likely driving the roller coaster ride, Mt. Gox decided to close trading for 12 hours in hopes that things would settle down.

 

In a statement, Mt. Gox said:

 

"Market Cooldown for 12 hours

 

Orders will not be accepted for the moment as we need to upgrade our database to accommodate the trading volume. However, you may still cancel your pending and open orders. Trading will resume at 11.00 am JST. Our apologies for the inconvenience caused and thank you for your patience while we work to resolve this issue."

"Always-on" tweeter, Adam Orth, is no longer working for Microsoft - Internet pitchforks work, it seems

We heard Microsoft's Adam Orth talking about the always-on debacle that is sure to light up Internet messageboards and social networks across the world in the coming months and years, but it looks like the Microsoft creative director is no longer working with Microsoft.

 

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A close source of Orth has told Kotaku that he resigned from the company, and wasn't fired. Microsoft were asked to confirm the news, with a spokesperson for the company responding with "we do not comment on private personnel matters". Microsoft did apologize because of Orth's comments, hours after his rant on Twitter.

 

One would gather that all of the publicity he received from the Internet has caused the former MS creative director to resign from his position. I'm sure he'll talk about it soon enough.

Bitcoin market price crashing, price dropped $100 in mere hours

If you're a Bitcoin owner, today is certainly not a good day. The value of Bitcoins has declined extremely rapidly, dropping $100 in value in just a few hours. Earlier this week, Bitcoin prices were as high as $260. As of the time of writing, Bitcoins were at $149 after having dropped as low as $105.

 

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Some believe the cause of this crash was an inevitable "downward correction" due to the price rising too quickly. Others have suggested that the Bitcoin exchange, Mt. Gox, is suffering from a DDoS, resulting in significant lag time and a destabilization of the market. It'll be interesting to see if the price rebounds quickly or if it takes a slow, but steady, increase.

ReportTT: Apple ditches Samsung for upcoming A7 processors

We've had several different reports since October of last year that Apple is planning on using TSMC for production of its next processor, thought to be the A7 line of processors. Apple has plenty of reason to avoid using Samsung for its microprocessor producing needs. Probably the main reason, Samsung is one of Apple's chief rivals.

 

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The reports continue to stack up. This time it comes courtesy of the Korea Times who spoke with an executive as one of Samsung's local partners in Korea. According to the executive, Apple is "sharing confidential data" about its A7 processors with TSMC. They add that TSMC has started "ordering its contractors to supply equipment to produce Apple's next processors using a finer 20-nanometer level processing technology."

 

Of course, this doesn't mean that TSMC is the final choice. It does, however, appear to be a top contender. We'll let you know as soon as we have something concrete.

First Samsung Galaxy S4 commercials posted to YouTube, shy away from Apple bashing, promote features

Samsung has posted up the first advertisements for its upcoming Galaxy S4 device. In the videos, embedded below, Samsung stays away from bashing Apple and Apple followers. Instead, Samsung does what most companies should: focus on the new features present in the device.

 

 

The first video, seen above, shows off Samsung's new S Translator.

Continue reading 'First Samsung Galaxy S4 commercials posted to YouTube, shy away from Apple bashing, promote features' (full post)

Foxconn sees sales drop 19% in wake of declining iPhone demand

Reuters is reporting that Hon Hai Precision Technology otherwise known as Foxconn to us westerners, saw a 19% drop in sales during the first quarter of 2013. Analysts are attributing the vanishing sales to a decline in demand for the Apple iPhone.

 

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Foxconn sales dipped to $26.96 billion in the first quarter, which is down from nearly $33 billion in Q4 of 2012, and $33.3 billion in the same quarter the previous year. KGI Securities analyst Ming-chi Kuo says that this decline is not surprising as first quarter reports always look worse than Q4 reports that have holiday sales included.

 

Kuo went on to say that the real telling figure is that Foxconn's year to year revenue is in the decline and that "shows that Hon Hai's revenue depends too much on Apple, and iPhone orders corrected more than expected." Apple shareholders do not appear to seem to be very concerned with this news as their stock remained flat after the Foxconn report was released.

Samsung Display HQ searched by South Korean police over stolen LG OLED technology

It looks like the problems between LG and Samsung and OLED technology isn't being handled with poise and rationality, with Bloomberg reporting that the Seoul Metropolitan Police investigators have entered the Samsung Display HQ in Asan, looking for evidence of LG partners leaking secrets in their OLED technology.

 

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A Samsung spokesperson has denied any involvement, with an LG spokesperson saying that the police made the allegation themselves. Samsung and LG will continue this battle, with it hopefully ending on a nice note.

Three LulzSec members plead guilty to hacking US, UK websites

Three LulzSec hackers have pleaded guilty for cyberattacks against various UK- and US-based websites, reports The Guardian. The three UK-based hackers - Ryan Ackroyd, 26; Jake Davis, 20; and Mustafa Al-Bassam, 18 - admitted to hacking Sony, News International and the UK's National Health Service.

 

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The LulzSec hackers are set to receive their sentences on May 14, with another LulzSec hacker, Ryan Cleary, who pleaded guilty to hacking into websites for the Pentagon, the CIA, the NHS, News International, PBS, Sony, Nintendo, and the 20th Century Film studio joining them on the day.

Crowdfunding market surges in 2012, saw $2.7 billion in funding last year

There have been various crowd funded websites talked about over the last year or so, with Kickstarter being the most popular of all. Growth in 2012 has been stellar, with sites like Kickstarter and Indiegogo becoming massive sources of financing and independent business.

 

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There have been a total of $2.66 billion in projects backed, which is a huge 81% increase over 2011's crowdfunding of $1.47 billion. Most of the money came from the United States, of which US-based consumers invested $1.6 billion in various projects, which is a 105% increase over 2011.

iPhone 5 has helped Apple beat Q2 estimates

Apple may be lying on the street, bleeding from their various wounds to their stock prices, but this hasn't stopped iPhone's from selling like iHotcakes. According to Canaccord Genuity analyst, Mike Walkley, Apple have sold more iPhone's than expected during the March quarter.

 

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Walkley has now adjusted his full-year EPS estimates to $43.86 from $43.59, and sees Apple selling 37 million iPhone's in the March quarter, up from his previous estimate of 34.5 million.ii

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