Businesses

Apple Gives Employees $2,500 Bonuses After New Tax Law (bloomberg.com) 21

Apple told employees that it's issuing a bonus of $2,500 of restricted stock units, following the introduction of the new U.S. tax law. "The iPhone maker will begin issuing grants to most employees worldwide in the coming months," reports Bloomberg. Apple also announced today that it would bring back most of its cash from overseas and spend $30 billion in the U.S. over the next five years. From the report: Apple confirmed the bonuses in response to a Bloomberg inquiry Wednesday. The Cupertino, California-based company joins a growing list of American businesses that have celebrated the introduction of corporate-friendly tax law with one-time bonuses for staff. AT&T, Comcast, JetBlue, and Wal-Mart also said they were giving bonuses.
Crime

Facebook Is a 'Living, Breathing Crime Scene,' Says Former Tech Insider (nbcnews.com) 39

An anonymous reader quotes a report from NBC News: With more than 2 billion users, Facebook's reach now rivals that of Christianity and exceeds that of Islam. However, the network's laser focus on profits and user growth has come at the expense of its users, according to one former Facebook manager who is now speaking out against the social platform. "One of the things that I saw consistently as part of my job was the company just continuously prioritized user growth and making money over protecting users," the ex-manager, Sandy Parakilas, who worked at Facebook for 16 months, starting in 2011, told NBC News. During his tenure at Facebook, Parakilas led third-party advertising, privacy and policy compliance on Facebook's app platform. "Facebook is a living, breathing crime scene for what happened in the 2016 election -- and only they have full access to what happened," said Tristan Harris, a former design ethicist at Google. His work centers on how technology can ethically steer the thoughts and actions of the masses on social media and he's been called "the closest thing Silicon Valley has to a conscience" by The Atlantic magazine.

In response to the comments, Facebook issued a statement saying it is a "vastly different company" from when it was founded. "We are taking many steps to protect and improve people's experience on the platform," the statement said. "In the past year, we've worked to destroy the business model for false news and reduce its spread, stop bad actors from meddling in elections, and bring a new level of transparency to advertising. Last week, we started prioritizing meaningful posts from friends and family in News Feed to help bring people closer together. We have more work to do and we're heads down on getting it done."

Google

Project Fi Creates Its Own Version of An Unlimited Plan (theverge.com) 22

Google's Project Fi mobile virtual network operator (MVNO) has launched a new feature called Bill Protection that will cap your $10 per GB data bill at $60 a month, while still allowing you to use as much data as you want, essentially creating its own version of an unlimited data plan. The Verge reports: Prior to today, Project Fi users were charged $10 per GB no matter how much data they used, which could become quite costly for heavy users. Bill Protection should help alleviate those worries for most users. Google says those who use up to 15GB of data in a month won't experience any throttling, but if they cross that threshold -- Google says less than 1 percent of its users pass that mark -- they will "experience slower data" with speeds going down to 256kbps. If you don't want to be throttled when you pass 15GB in a month, Google says you can pay the usual $10 per GB to opt out of the slower speeds. It also noted that Bill Protection for Project Fi users on group plans will kick in at different usage levels, depending on the size of your group.
Youtube

YouTube Toughens Advert Payment Rules (bbc.com) 94

YouTube is introducing tougher requirements for video publishers who want to make money from its platform. From a report: In addition, it has said staff will manually review all clips before they are added to a premium service that pairs big brand advertisers with popular content. The moves follow a series of advertiser boycotts and a controversial vlog that featured an apparent suicide victim. One expert said that the Google-owned service had been slow to react. "Google presents the impression of acting reactively rather than proactively," said Mark Mulligan, from the consultancy Midia Research.

[...] The first part of the new strategy involves a stricter requirement that publishers must fulfil before they can make money from their uploads. Clips will no longer have adverts attached unless the publisher meets two criteria -- that they have: at least 1,000 subscribers; and more than 4,000 hours of their content viewed by others within the past 12 months.

Businesses

Apple Says It Will 'Contribute' $350 Billion in the US Economy Over the Next 5 Years (cnbc.com) 120

Apple said on Wednesday it will invest $350 billion in the U.S. economy over the next five years, touting the creation of 20,000 new jobs and a new campus thanks, in part, to the prospect of tax reform. From a report: The company said it expects tax repatriation payments of about $38 billion, indicating that it will bring a portion of its $250 billion overseas cash back to the U.S. As of November, the company had $268.9 billion in cash, both domestically and overseas. The job creation will focus on direct employment, but also suppliers and its app business, which it had already planned to grow substantially. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible," chief executive Tim Cook said in a statement.
Businesses

Turning Soybeans Into Diesel Fuel Is Costing Us Billions (npr.org) 200

This year, trucks and other heavy-duty motors in America will burn some 3 billion gallons of diesel fuel that was made from soybean oil. They're doing it, though, not because it's cheaper or better, but because they're required to, by law. From a report: The law is the Renewable Fuel Standard, or RFS. For some, especially Midwestern farmers, it's the key to creating clean energy from American soil and sun. For others -- like many economists -- it's a wasteful misuse of resources. And the most wasteful part of the RFS, according to some, is biodiesel. It's different from ethanol, a fuel that's made from corn and mixed into gasoline, also as required by the RFS. In fact, gasoline companies probably would use ethanol even if there were no law requiring it, because ethanol is a useful fuel additive -- at least up to a point. That's not true of biodiesel. "This is an easy one, economically. Biodiesel is very expensive, relative to petroleum diesel," says Scott Irwin, an economist at the University of Illinois, who follows biofuel markets closely. He calculates that the extra cost for biodiesel comes to about $1.80 per gallon right now, meaning that the biofuel law is costing Americans about $5.4 billion a year.
Bitcoin

Bitcoin Watchers Running Out of Explanations Blame Slump on Moon (bloomberg.com) 130

If regulatory concerns aren't enough to explain Bitcoin's 50 percent slump from its record high reached last month, how about blaming it on the moon? An anonymous reader writes: The Lunar New Year, which marks the first day of the year in the Chinese calendar, is being cited by some as contributing to Bitcoin's slump as Asian traders cash out their cryptocurrencies to travel and buy gifts for the holiday that starts Feb. 16 this year. The festivity is celebrated not just in China, but in other Asian countries including Singapore, Indonesia, Malaysia, Korea and Thailand. "The January drop is a recurring theme in cryptocurrencies as people celebrating the Chinese New Year, aka Lunar New Year, exchange their crypto for fiat currency," said Alexander Wallin, chief executive officer of trading social network SprinkleBit in New York. "The timing is about four to six weeks before the lunar year, when most people make their travel arrangements and start buying presents."
Businesses

'No One Wants Your Used Clothes Anymore' (bloomberg.com) 258

An anonymous reader shares a report: For decades, the donation bin has offered consumers in rich countries a guilt-free way to unload their old clothing. In a virtuous and profitable cycle, a global network of traders would collect these garments, grade them, and transport them around the world to be recycled, worn again, or turned into rags and stuffing. Now that cycle is breaking down. Fashion trends are accelerating, new clothes are becoming as cheap as used ones, and poor countries are turning their backs on the secondhand trade. Without significant changes in the way that clothes are made and marketed, this could add up to an environmental disaster in the making. [...] The tide of secondhand clothes keeps growing even as the markets to reuse them are disappearing. From an environmental standpoint, that's a big problem. Already, the textile industry accounts for more greenhouse-gas emissions than all international flights and maritime shipping combined; as recycling markets break down, its contribution could soar. The good news is that nobody has a bigger incentive to address this problem than the industry itself.
Businesses

Within Next Five Years Your Pizzas Will Probably Be Delivered by Autonomous Cars, Domino's Pizza CEO Says (thestreet.com) 191

In an interview with The Street, Domino's Pizza outgoing CEO Patrick Doyle said in three to five years at the earliest he expects driverless cars and voice orders to shift the way the world orders pizza. From the report: "We have been investing in natural voice for ordering for a few years. We rolled that out in our own apps before Amazon launched Alexa and Alphabet launched Google Home...[and] we are making investments...to understand how consumers will want to interact with autonomous vehicles and pizza delivery," Doyle said.
The Almighty Buck

Bitcoin Plunges Below $12,000 To Six-Week Low Over Crackdown Fears (cnbc.com) 166

Bitcoin plunged to a six-week low Tuesday after comments from South Korea's finance minister renewed worries about a crackdown in one of the largest markets for digital currency trading. In a radio program interview, South Korean Finance Minister Kim Dong-yeon said that "the shutdown of virtual currency exchanges is still one of the options" the government has. CNBC reports: Bitcoin dropped more than 17 percent to a low of $11,182.71 on Tuesday, falling below $12,000 for the first time since December 5, according to CoinDesk. CoinDesk's bitcoin price index tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex. As of 12:13 p.m. ET, bitcoin was trading more than 13 percent lower at $11,759.73 a coin, according to CoinDesk. Trading in South Korean won accounted for about 4 percent of bitcoin trading volume, according to CryptoCompare. U.S. dollar-bitcoin trading had the largest share at 40 percent, the website showed. Other major digital currencies including ethereum and ripple also fell significantly. According to CoinMarketCap data, ethereum was trading at $1,051.83, down more than 20 percent in the last 24 hours, before lifting slightly to $1,117.72. Ripple fell almost 27 percent to $1.33 a token before recovering slightly to $1.36.
Businesses

The Human Cost of the Apple Supply Chain Machine (bloomberg.com) 164

Apple is still struggling to improve working conditions at its supply chain factories. China Labor Watch and Bloomberg reported on Tuesday that Catcher, a key supplier for iPhone and MacBook casings, makes workers endure harsh safety conditions and unfair work terms in a factory in Suqian. According to observers and discussions with workers, the machines are not only loud, but spray fluid and metallic particles that frequently hit workers' faces only some of which have access to safety goggles and gloves. From the report: Hundreds throng a workshop where the main door only opens about 12 inches. Off duty, they return to debris-strewn dorms bereft of showers or hot water. Many go without washing for days at a time, workers told Bloomberg. "My hands turned bloodless white after a day of work," said one of the workers, who makes a little over 4,000 yuan a month (just over $2 an hour) in her first job outside her home province of Henan. She turned to Catcher because her husband's home-decorating business was struggling. "I only tell good things to my family and keep the sufferings like this for myself." "I asked for the earplugs many times but they didn't have any. The loud noise of 'zah-zah' made my head ache and dizzy," one of those employees told Bloomberg.
AT&T

US Lawmakers Urge AT&T To Cut Commercial Ties With Huawei and Oppose China Mobile Citing National Security Concerns (reuters.com) 60

U.S. lawmakers are urging AT&T, the No. 2 wireless carrier, to cut commercial ties to Chinese phone maker Huawei Technologies and oppose plans by telecom operator China Mobile to enter the U.S. market because of national security concerns, two congressional aides told Reuters. From the report: The warning comes after the administration of U.S. President Donald Trump took a harder line on policies initiated by his predecessor Barack Obama on issues ranging from Beijing's role in restraining North Korea to Chinese efforts to acquire U.S. strategic industries. Earlier this month, AT&T was forced to scrap a plan to offer its customers Huawei handsets after some members of Congress lobbied against the idea with federal regulators, sources told Reuters. The U.S. government has also blocked a string of Chinese acquisitions over national security concerns, including Ant Financial's proposed purchase of U.S. money transfer company MoneyGram International.
Businesses

Now Hiring For a Fascinating New Kind of Job That Only a Human Can Do: Babysit a Robot (wired.com) 71

From a report: Book a night at LAX's Residence Inn and you may be fortunate enough to meet an employee named Wally. His gig is relatively pedestrian -- bring you room service, navigate around the hotel's clientele in the lobby and halls -- but Wally's life is far more difficult than it seems. If you put a tray out in front of your door, for instance, he can't get to you. If a cart is blocking the hall, he can't push it out of the way. But fortunately for Wally, whenever he gets into a spot of trouble, he can call out for help. See, Wally is a robot -- specifically, a Relay robot from a company called Savioke. And when the machine finds itself in a particularly tricky situation, it relies on human agents in a call center way across the country in Pennsylvania to bail it out. [...]

The first companies to unleash robots into service sectors have been quietly opening call centers stocked with humans who monitor the machines and help them get out of jams. "It's something that's just starting to emerge, and it's not just robots," says David Poole, CEO and co-founder of Symphony Ventures, which consults companies on automation. "I think there is going to be a huge industry, probably mostly offshore, in the monitoring of devices in general, whether they're health devices that individuals wear or monitoring pacemakers or whatever it might be."

The Almighty Buck

OnePlus Customers Report Credit Card Fraud After Buying From the Company's Website (androidpolice.com) 60

If you purchased a OnePlus smartphone recently from the official OnePlus website, you might want to check your transactions to make sure there aren't any you don't recognize. "A poll was posted on the OnePlus forum on Thursday asking users if they had noticed fraudulent charges on their credit cards since purchasing items on the OnePlus site," reports Android Police. "More than 70 respondents confirmed that they had been affected, with the majority saying they had bought from the site within the past 2 months." From the report: A number of FAQs and answers follow, in which OnePlus confirms that only customers who made credit card payments are affected, not those who used PayPal. Apparently, card info isn't stored on the site but is instead sent directly to a "PCI-DSS-compliant payment processing partner" over an encrypted connection. [...] OnePlus goes on to say that intercepting information should be extremely difficult as the site is HTTPS encrypted, but that it is nevertheless carrying out a complete audit. In the meantime, affected customers are advised to contact their credit card companies immediately to get the payments canceled/reversed (called a chargeback). OnePlus will continue to investigate alongside its third-party service providers, and promises to update with its findings as soon as possible.

According to infosec firm Fidus, there is actually a brief window in which data could be intercepted. Between entering your card details into the form and hitting 'submit,' the details are apparently hosted on-site, which could give attackers all the time they need to steal those precious digits and head off on a spending spree. Fidus also notes that the company doesn't appear to be PCI-compliant, but that directly contradicts OnePlus' own statement. We'll have to wait until more details emerge before we pass judgment.
Here's OnePlus' official statement on the matter: "At OnePlus, we take information privacy extremely seriously. Over the weekend, members of the OnePlus community reported cases of unknown credit card transactions occurring on their credit cards post purchase from oneplus.net. We immediately began to investigate as a matter of urgency, and will keep you updated. This FAQ document will be updated to address questions raised."
The Almighty Buck

City-Owned Internet Services Offer Cheaper and More Transparent Pricing, Says Harvard Study (arstechnica.com) 113

An anonymous reader quotes a report from Ars Technica: Municipal broadband networks generally offer cheaper entry-level prices than private Internet providers, and the city-run networks also make it easier for customers to find out the real price of service, a new study from Harvard University researchers found. Researchers collected advertised prices for entry-level broadband plans -- those meeting the federal standard of at least 25Mbps download and 3Mbps upload speeds -- offered by 40 community-owned ISPs and compared them to advertised prices from private competitors. The report by researchers at the Berkman Klein Center for Internet & Society at Harvard doesn't provide a complete picture of municipal vs. private pricing. But that's largely because data about private ISPs' prices is often more difficult to get than information about municipal network pricing, the report says. In cases where the researchers were able to compare municipal prices to private ISP prices, the city-run networks almost always offered lower prices. This may help explain why the broadband industry has repeatedly fought against the expansion of municipal broadband networks.
Businesses

Airbus A380, Once the Future of Aviation, May Cease Production (nytimes.com) 289

The days may be numbered for the world's largest passenger aircraft. An anonymous reader shares a report: Airbus, the European aerospace group that makes the A380 superjumbo, said on Monday that it would have to end production of the plane if its only major customer, Emirates, did not order more (Editor's note: the link may be paywalled; alternative source). The admission by John Leahy, the company's chief operating officer, was the latest indication that Airbus miscalculated more than two decades ago when it bet that clogged runways would create demand for larger planes that could deliver more people with fewer landing slots. Instead, airlines bypassed the major hubs and ordered midsize planes that could fly directly between regional airports.

[...] When Airbus started delivering the A380 a decade ago, after spending $25 billion to develop it, the company based near Toulouse, France, saw the plane as the solution to airport congestion and to increased demand for air travel. Only so many planes can land at an airport in any given day, so Airbus reasoned that planes carrying more people would allow airports to absorb more passengers. The A380 can carry more than 500 passengers while also offering amenities like showers, first-class suites and a bar.

The Almighty Buck

Canadian Charged With Running LeakedSource.com, Selling Stolen Info (reuters.com) 27

A Canadian man accused of operating the LeakedSource.com website, a major repository of stolen online credentials, has been arrested and charged with trafficking in billions of stolen personal identity records, the Royal Canadian Mounted Police (RCMP) said on Monday. From a report: The site, which was shut down in early 2017, had collected details from a string of major breaches and made them accessible and searchable for a fee. The man, 27-year-old Jordan Evan Bloom, is due to appear in a Toronto court on Monday to hear charges that as administrator of the site he collected some C$247,000 from the sale of stolen records and associated passwords.
Bitcoin

Researchers Find That One Person Likely Drove Bitcoin From $150 to $1,000 (techcrunch.com) 117

An anonymous reader shares a report: Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled "Price Manipulation in the Bitcoin Ecosystem" and appearing in the recent issue of the Journal of Monetary Economics the paper describes to what degree the Bitcoin ecosystem is controlled by bad actors. To many it's been obvious that the Bitcoin markets are, at the very least, being manipulated by one or two big players. "This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired," the researchers wrote.

"During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months." The team found that many instances of price manipulation happened simply because the market was very thin for various cryptocurrencies including early Bitcoin.

Businesses

Ford is Throwing $11 Billion at Its Electric Car Problem (theverge.com) 172

Ford said on Monday it will boost its investment in electric vehicles to $11 billion in the next five years, more than doubling a previous commitment. Company's chairman Bill Ford said the car maker would have 40 hybrid and fully electric vehicles in its range by the same period. It comes as countries around the world put more pressure on car makers to rein in carbon emissions. From a report: It was a dramatic escalation in Ford's crosstown rivalry with General Motors, which has seen its stock prices rise thanks to its commitments to both electrification and autonomy. GM has said it plans to roll out at least 20 new electric cars by 2023, a goal that puts it in a position to bring battery-powered driving to the mainstream. Last week, it unveiled a concept autonomous car without steering wheel or pedals. Meanwhile, the Blue Oval has had a challenging 2017. It remains strongly profitable, but its sale are stagnant, its costs have increased faster than expected, and its margins have failed to meet targets.
Bitcoin

Cryptocurrency Traders in South Korea Face Fines For Virtual Accounts (yonhapnews.co.kr) 74

An anonymous reader shares a report: Cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones, financial authorities said Sunday. The move comes as South Korea is scrambling to rein in the virtual currency frenzy in Asia's fourth-largest economy, including preparations for a bill to ban cryptocurrency exchanges at home. According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those who refuse to accede to real-name identification will face fines.

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