BUSINESS September 1, 2011 | 6:19 PM
The United States government filed suit Wednesday to block the proposed AT&T buyout of T-Mobile USA, calling the takeover anti-competitive.
The US Justice Department said that the second-biggest telecom company in the US acquiring the fourth-biggest would likely result in higher prices for consumers.Read more »
BUSINESS September 1, 2011 | 4:32 PM
In a joint agreement, Exxon and Rosneft are investing $3.2 billion for oil and gas extraction in the Russian Arctic and the Black Sea. Total resources for the Arctic agreement are estimated to be 110 billion barrels, over four times Exxon's global oil reserves.
The agreement represents the most meaningful US-Russian company deal since US President Obama's move toward stronger ties.Read more »
BUSINESS September 1, 2011 | 2:28 PM
US solar-panel manufacturer Solyndra has wound up operations, leaving more than 1,000 jobless and putting a dent in the US State budget as over $527 million in government loans go unpaid.
Under President Obama’s administration the company was intended to serve as an exemplary case in creating employment in the clean technology sector.Read more »
BUSINESS September 1, 2011 | 10:10 AM
Software company Oracle is under criminal investigation by the Federal Bureau of Investigation (FBI), the US Securities and Exchange Commission (SEC) and the Department of Justice to discern whether or not the company may have broken federal laws against bribery in business dealings in Africa.
As part of the investigation, officials are examining whether Oracle representatives may have made unlawful payments to obtain applications software and database sales. The investigation is ongoing and is believed to have begun at least a year ago. The software sales under scrutiny took place in Western and Central Africa.Read more »
BUSINESS September 1, 2011 | 9:17 AM
After an American newspaper reported several oil patches rising to the surface of the Gulf of Mexico, the Coast Guard and oil giant BP have returned to the site of last year’s Deepwater Horizon disaster to investigate if petroleum might have been spilled, again.
Atlanta-based Mobile Press-Register reports that “hundreds of small, circular patches of oily sheen dotted the surface within a mile of the wellhead.” The publication also posted photographs of the oil, roughly 50 yards wide and a quarter of a mile long, in the water.Read more »
WORLD August 31, 2011 | 5:46 PM
Though it is difficult to gauge damage caused by Hurricane Irene at this stage, insurance providers may end up shelling out as much as $6 billion in damages, reports industry publication Insurance Journal.
The anticipated damages at the storm’s onset were set to be far higher, with an original estimate of $10 billion, quotes Insurance Journal. The lower-than-expected damages coupled with promises of government aid helped the insurance market rebound.Read more »
BUSINESS August 31, 2011 | 5:17 PM
Facebook has once again tweaked its privacy settings, this time introducing a range of changes that are designed to allow users greater control over how they share their personal information on the world's number one social networking site.
Most of the changes are aimed at making Facebook privacy settings easier to understand and above all more visible. They include such features as Inline Controls, which place the options allowing users to decide who sees each post right next to the post itself; and Profile Tag Review and Content Tag Review options, which give users the possibility to, respectively, approve any content in which they are tagged by others before it appears in their own profile, and approve any tags left by others on the content they publish.Read more »
BUSINESS August 31, 2011 | 11:39 AM
Forecasts predicted by the Energy Information Administration (EIA) regarding gas reserves on Marcellus Shale, a rock formation in the northeastern region of the US, have been cut by as much as 80%.
EIA slashed its original estimates, which were based on 410 trillion cubic feet of exploitable natural gas, to fall in line with a report by the United States Geological Survey (USGS). The USGS document specified that there are just less than 84 trillion cubic feet of exploitable natural gas left undiscovered along with almost 3.5 billion barrels of natural gas liquid that could be recovered.Read more »
BUSINESS August 30, 2011 | 8:46 AM
Last week, it finally happened: Steve Jobs announced his resignation from Apple. Jobs gave no explicit reason for stepping down as CEO of the Cupertino-based firm, but he has been fighting cancer since 2003, and received a liver transplant in 2009.
Jobs, who is to stay on at Apple as Chairman, wrote in his resignation letter to the board: “I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come."Read more »
BUSINESS August 29, 2011 | 5:19 PM
IBM has unveiled a new generation of microprocessor that is designed to emulate the human brain. The “neurosynaptic computing chips” use advanced algorithms to reproduce the brain’s abilities for cognition, perception, emotion and sensation, mimicking activity between neurons and synapses with silicon circuitry.
Researchers say that this technology could lead to cognitive computer systems that are able to create new programs through their own experiences, making connections between events and drawing conclusions based on the outcomes – otherwise known as learning.Read more »
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