WORLD November 15, 2011 | 2:33 PM
The FBI has dismantled an internet fraud ring that illegally earned at least $14 billion from an online advertising scam that impacted millions of hijacked computers around the world, including some at NASA.
Six Estonian nationals have been arrested in Estonia and charged with five counts of wire and computer intrusion crimes relating to the fraud, which took place from 2007 to October 2011. A seventh suspect, a Russian national, is still at large.Read more »
BUSINESS November 15, 2011 | 12:04 PM
A bill allowing states to collect online sales tax is to be passed in 2012. The bill was introduced by several US Senators - including Michael Enzi, Lamar Alexander, and Illinois Democratic Senator Richard Durban - who hope to open the matter in a Senate committee hearing before the end of the year.
If passed, the bill, known as the Marketplace Fairness Act, would allow state governments to collect billions of dollars worth of tax revenue. To collect sales taxes from goods bought online, US states would need to sign a legal agreement to make tax codes conform across multiple states. States that do not sign the multi-state agreement could still oblige online sellers to collect sales tax.Read more »
BUSINESS November 15, 2011 | 11:21 AM
The Obama administration is to focus its oil and gas development efforts on the Gulf of Mexico from 2012, while delaying Arctic drilling to await reaction plans in case of spills.
The five-year plan, to run from 2012, provides for 15 possible lease sales over its duration, with 12 in the Gulf of Mexico and 3 off the Alaskan coast. Lease sales in the Beaufort and Chukchi seas, above Alaska, are forecast toward the later stages of the plan until spill response has been fine-tuned.Read more »
BUSINESS November 15, 2011 | 11:00 AM
The recent release of Amazon’s Kindle Fire could be about to shake up the tablet market in a big way. Amazon has now increased orders for its new device to 5 million units by the end of the year, according to Taiwanese publication DigiTimes. The company raised its initial order from 3.5 million to 4 million during the third quarter, and has had to do so again in the face of even greater than expected demand.
If it sells all 5 million units, Amazon would have an 8% share of the 2011 tablet market, based on recent Gartner estimates. These are impressive figures for a device that only begins shipping today, and have taken even Amazon itself by surprise.Read more »
ECONOMY November 14, 2011 | 3:54 PM
Despite a volatile global economy, Canada is looking to China to boost its forestry and oil sectors as both an investor and customer.
Currently, Joe Oliver, Canada’s Federal Natural Resources Minister, is at the tail-end of a trip to China proposing Chinese investment in the growing oil sands in Alberta as well as consumption of crude oil circulating through Enbridge’s future Northern Gateway Pipeline. This pipeline would transport crude oil to Kitimat, B.C., via Edmonton, and then to Asia by tanker.Read more »
BUSINESS November 14, 2011 | 1:56 PM
A six-month delay in the launch of Airbus’s A350XWB jet is leaving parent company EADS NV foot a $273-million bill in the third quarter of 2011. The new due date for the aircraft’s launch will be early in 2014.
The A350 is expected to cut fuel costs by 25% thanks to superior aerodynamics and lightweight carbon composite materials. The final phase of assembly of the aircraft is forecast in the first few months of 2012.Read more »
BUSINESS November 14, 2011 | 11:35 AM
US District Judge Richard J. Leon ruled the Federal Drug Administration cannot use graphic warning labels on cigarette packages. The court will protect the status quo until the constitutionality of the graphic labels can be evaluated because tobacco companies have proven the new labels would cause them to "suffer irreparable harm."
The 36 different graphic labels included images of a pair of diseased lungs, a mouth with cancerous lesions and a child surrounded by smoke, and were scheduled to be included on cigarette packages starting next year.Read more »
FINANCE November 14, 2011 | 10:18 AM
The Internal Revenue Service in the US is formally requesting information from Credit Suisse and other Swiss banks on American customers suspected of tax evasion. The IRS suspects over the course of the past few years that billions of dollars in tax money have not been paid because it was transferred to Swiss bank accounts.
In a written statement, Credit Suisse said: "In connection with the IRS Treaty Request, the SFTA [Swiss Federal Tax Administration] has issued an order directing Credit Suisse AG to submit responsive account information to the SFTA."Read more »
BUSINESS November 9, 2011 | 5:29 PM
Although Hollywood’s Red Carpet brings to mind visuals of cinema starlets donning the latest designer attire, a newcomer to the movie scene was recently introduced – namely Fujio Mitarai, Canon Inc.’s CEO, as he unveiled the new Canon C300 high res video camera.
For the last 40 years, Canon’s presence in Hollywood has been non-existent. Established in 1937, Canon has long been touted as a leader in professional still cameras. However, at a price tag of $20,000 Canon intends to join the ranks of such heavy hitting digital cinematography camera vendors as Sony, RED and Arri.Read more »
BUSINESS November 9, 2011 | 3:58 PM
Venture and growth equity company Accel Partners is to invest $100 million into a big data initiative that will be used for startups throughout different countries where Accel is present, such as the US, India, China and the UK.
Accel’s previous enterprise software experience includes its investment in firms such as QlikTech and Cloudera.Read more »
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