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Business, Financial & Legal Posts - Page 60

Stolen Target credit cards hitting black market

Major retailer Target is under fire after 40 million customers have been affected by a credit and debit card security threat, as some account information has hit the open market.

 

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An unnamed bank had its security team purchase back stolen account information of its customers from an online forum, with account information available on sometimes sophisticated online trading places. It seems that credit cards were the main focus of the breach, with Target claiming there hasn't been impact to debit card PIN numbers.

 

This is a frustrating situation for Target, banks, and consumers - banks are hesitant to issue new cards, due to the high price ($3-$5 per card, on average), while customers are worried about their financial security.

Mark Zuckerberg is selling $2.3 billion worth of Facebook stock

Mark Zuckerberg is selling $2.3 billion worth of shares in the social network he founded, and is the CEO of. He isn't just selling the shares for cash, he's selling them to pay massive tax bills on options that he is exercising.

 

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The sale is part of a 70 million share offering, with Zuckerberg selling 41.3 million of those shares. Marc Andreessen, a Facebook investor, is selling 1.6 million. According to a press release from the social network, Facebook "intends to use the net proceeds of the offering for working capital and other general corporate purposes."

Cyanogen secures $23 million in funding, this is just the beginning

Cyanogen Inc. secured $7 million in Series A funding a few months ago, but Series B funding has come and gone, with $23 million being secured. The Series B funding was led by Andreessen Horowitz, the same company that is working closely with Oculus VR and its latest Series B funding round.

 

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One of the interesting points to take away from this is that Cyanogen Inc. is planning to launch a mass consumer brand or service late next year, or early 2015. We should hear more about the hardware side of things in the coming weeks and months, with the first CyanogenMod-powered smartphone, the CyanogenMod Edition of the Oppo N1 available.

EA slapped with class action lawsuit over Battlefield 4

We all know that Battlefield 4 is a jumbled mess right now across pretty much every platform its on, so it comes as no surprise that Robbins Geller Rudman & Dowd LLP has filed a class action lawsuit against EA.

 

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The law firm claims that EA issued "materially false and misleading statements" regarding the quality, and playability of Battlefield 4. The lawsuit highlights the PS4 version of the first-person shooter, claiming that "players of Electronic Arts' games were being subjected to multiple glitches and significant crashes when attempting to play Electronic Arts' titles on PS4."

 

The bigger problem is that this is the second lawsuit the firm has slapped EA with, with the first an investigation to find out if EA misled investors regarding Battlefield 4's projected impact on company revenue. This is still an on-going case, something we'll be keeping an eye on.

Apple forced to provide 2-year warranty in Australia

If there's one thing that is great about living in Australia - other than our crappy Internet - its our consumer laws. The Australian Competition and Consumer Commission (ACCC) is taking up warranty issues with Apple, something that the iPhone maker has gotten away with for years.

 

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Claims have pegged Apple with misleading consumers in respect to the details of faulty product replacement, refund and repair, the ACCC has hit Apple with a court order, which demands changes be made in Australia. The ACCC claims that Apple employees have been enforcing its own internal policies, which is a 14-day return and 12-month manufacturer warranty, versus those put in place by Australian law.

 

Apple will now offer a 24-month warranty in Australia, as well as beef up its repair and return policy. For those based in Australia, and consumers of Apple goods, this is a good win for consumers!

Don't expect Microsoft CEO news until 2014

Microsoft is currently narrowing down its short list of potential CEOs to take over after a tumultuous tenure of current CEO Steve Ballmer. There are only a handful of potential candidates that have the skillset and experience to lead the Redmond, Washington-based company, which has more than 100,000 employees worldwide.

 

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Ford CEO Alan Mulally was rumored to be a potential replacement, but Ford confirmed its CEO will lead the company through 2014. Meanwhile, Qualcomm COO Steve Mollenkopf was also a potential candidate, but Qualcomm announced Mollenkopf will be promoted to CEO as on March 4, 2014. Microsoft is reportedly looking for a replacement both internally and externally, and it's difficult to try and predict who will step in and lead one of the most powerful computer companies in the world.

 

In late August, Microsoft announced Ballmer would step down as acting CEO, which immediately put the rumor mill into overdrive. Over its 38-year history, Microsoft has only had two CEOs, founder Bill Gates and Ballmer, and the next CEO will have a very interesting task ahead - Microsoft is still a software giant, but has had trouble trying to break into the mobile market, and is adjusting to a cloud-based market.

Microsoft's Surface 2, Surface Pro 2 tablets are 'extremely popular'

The Microsoft Surface 2 and Surface Pro 2 tablet models are selling out and have been difficult to find this Christmas shopping season. The devices are selling out at the official Microsoft Store and Walmart.com, while a quick look at Amazon.com shows a small supply of the surprisingly popular tablets.

 

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It's plausible Microsoft released smaller shipments to retailers - or the devices are truly becoming popular - but we won't know until early 2014, when analysts are able to estimate sales numbers. Microsoft and the retailers aren't confirming shipment figures, so analyst groups will be left to estimate how the Microsoft tablets did against rival tablets.

 

Microsoft has found it difficult to compete with the extremely popular Apple iPad and Android-based tablets, but the Windows 8-powered devices are best suited to make a major impact in the enterprise. Meanwhile, analysts believe the Surface 2 tablets will continue to fight for market share in 2014, as Microsoft continues a massive marketing and advertising campaign.

Coby Electronics 32-inch HDTVs recalled after fire risk

Coby Electronics 32-inch flat screen HDTVs with the model number "TFTV3229" are being recalled due to potential fire risk, according to media reports.

 

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The Consumer Product Safety Commission (CPSC) confirmed there have been at least six reports of TVs overheating, emitting smoke, or igniting in small fires. No reported injuries related to the faulty TVs.The TVs were sold starting in August 2011 until November 2013 at Best Buy, Fry's Electronics, H.H. Gregg, Toys 'R' Us, ABC Warehouse, P.C. Richard and Son, Sears/Kmart, and Nebraska Furniture Mart.

 

Coby was a Chinese-based high-definition TV manufacturer that is known for selling low-cost, entry-level HDTVs that are drastically cheaper than rival models from Samsung, Sony, LG, Sharp, and other competing companies. Unfortunately, Coby USA is no longer in operation, so the retailers are handling the recall.

 

Visit the CPSC website to see if your Coby TV is currently being recalled.

Google, or Skynet? Google acquires robot maker Boston Dynamics

Is Google feeling festive, or is the Mountain View-based giant feeling a little T-101ish? Well, Google has acquired robotics engineering company Boston Dynamics, which is best known for its quadrupeds, and super-impressive robots.

 

 

We've already seen BigDog, a motorized robot that is capable of walking through ice and snow, the Cheetah - which is capable of running at 29 miles per hour, and a convincing humanoid known as Arnold Schwarzenegger PETMAN. We don't know the business side of the deal, or the exact amount of money it took to acquire the robot maker.

 

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We do know that a $10.8 million contract that the US Defense Advanced Research Projects Agency (DARPA) had with Boston Dynamics would still be honored after it has been acquired by Google. Something else I find fishy, is that a year ago the Director of DARPA left the defense agency, moving to... Google. Now Google acquires a high-end robotics maker? Yeah... Skynet is getting closer, folks.

VIA files suit against Asustek over alleged misuse of trade secrets

Today VIA announced that it has filed suit against a subsidiary of Asustek as well as four of its employees over allegations of misappropriations of trade secrets. The civil lawsuit has been filed in the Taipei District Court with VIA seeking damages equating to $138 million US.

 

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The lawsuit states that misappropriation of VIA intellectual property related to USB technology occurred and names Asmedia Technology, Asustek, Asmedia Chairman Jerry Shen, Asmedia President Lin Chewei, and other Asmedia employees as those responsible for the misappropriation.

 

"As a long-time leader in IC design and technology innovation, VIA strongly believes in the importance of protecting intellectual property rights," commented Wenchi Chen, CEO of VIA Technologies, Inc. "In addition to protecting interests of VIA and our shareholders, the aim of this suit is to ensure our industry operates in a healthy market environment that fosters innovation and promotes fair competition."

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