Tokyo Court orders bankruptcy trustee to begin Mt. Gox liquidation
Tokyo District Court ordered liquidation to begin at failed bitcoin exchange Mt. Gox, the company said on Thursday, after the bankruptcy administrator said on April 16 that it would be difficult to rehabilitate the firm. Mt. Gox, once the largest bitcoin exchange in the world, filed for bankruptcy protection on February 28, saying that 750,000 of its customers' bitcoins had been taken from the exchange due to a security flaw in its code, as well as 100,000 belonging to the exchange. A document uploaded onto its website and signed by bankruptcy administrator, attorney Nobuaki Kobayashi, said that he would conduct an investigation regarding the liability of the representative director of the company, Mark Karpeles, regarding the missing assets. A group of investors under the umbrella of a company called Sunlot made a last-ditch attempt in mid-April to prevent the liquidation of the exchange, bidding to take over Mt. Gox in order to retrieve the cryptocurrency and cash belonging to its 127,000 creditors.
Thu, 24 Apr 2014 05:16:05 -0400
Apple expands buybacks by $30 billion, OKs 7-for-1 stock split
By Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, far outpacing the roughly 38 million that Wall Street had predicted. But whether Apple can again produce a revolutionary new product remains the central question in investors' and Silicon Valley executives' minds.
Wed, 23 Apr 2014 20:59:23 -0400
Apple resets the clock as investors await next big thing
By Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc just bought itself some much-needed time. On Wednesday, the company surprised Wall Street with news that it sold more iPhones in the March quarter than even the most bullish analysts had expected. To top it all off, Apple unveiled a 7-for-1 stock split that should go down well with individuals who want a piece of a household name but could not afford to fork over $500 a share. The litany of positive numbers sent Apple's long-stagnant shares up 8 percent.
Wed, 23 Apr 2014 20:48:01 -0400
U.S. judge denies Apple's move to hold off e-book antitrust trial
A U.S. federal judge denied a bid by Apple Inc on Wednesday to hold off a trial in a case brought by state attorneys general accusing the company of conspiring with five major publishers to fix e-book prices. U.S. District Judge Denise Cote in a brief order said the July 14 trial had already been postponed once and should go forward, paving the way for more than two dozen states to pursue hundreds of millions of dollars in damages. Following a non-jury trial last year, Cote found that Apple from 2009 to 2010 conspired with the publishers to raise e-book prices and impede competitors such as Amazon.com Inc. The trial to assign damages was supposed to be held in May but it was pushed back two months to allow adequate time for class notification, Cote's order said. Apple later on Wednesday asked a federal appeals court to intervene and halt the trial.
Wed, 23 Apr 2014 21:25:14 -0400
Facebook first-quarter revenue grows 72 percent on rising mobile ads
By Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Street's financial targets. Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday. Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebook's overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter, above the $2.36 billion expected by analysts polled by Thomson Reuters I/B/E/S. "They've got the right products for what advertisers are looking for and that's manifesting itself in the results you're seeing," said JMP Securities analyst Ronald Josey.
Wed, 23 Apr 2014 22:07:16 -0400
Indonesia smartphone sales could fall 50 pct under tax plan -association
By Fathiya Dahrul and Randy Fabi JAKARTA (Reuters) - The Indonesian representatives of Apple Inc, Samsung Electronics Co Ltd and other members of a local industry group said smartphone sales could fall by as much as 50 percent if the government imposes a tax on luxury models. The government is considering a 20 percent tax for smartphones retailing at or above 5 million rupiah ($430), which would make Indonesia the most expensive country in Asia to buy an Apple iPhone 5s. The tax would be part of efforts to protect domestic brands such as Evercoss Mobile Phone and MITO Mobile, and slow a surge in imports that has caused a deficit in the country's current account. The tax would likely be voted on after a new government takes office in October, officials said, and would follow similar action in the auto industry where this month the tax for some luxury cars rose to 125 percent from 75 percent.
Thu, 24 Apr 2014 03:41:35 -0400
Ericsson to split Network unit in two
Ericsson, the world's top mobile telecom equipment maker, said on Thursday it would split its key Network unit in two as communications technology relies more on software and the Internet. Ericsson said it would create one separate business unit for mobile telecom equipment, called Radio, and one business unit called Cloud and IP. Networks chief Johan Wibergh would remain head of both units, Ericsson said. In a statement, Ericsson Chief Executive Hans Vestberg noted that whereas Ericsson had a clear number one position in mobile telecom equipment, such as radio base stations, it was still a challenger in cloud and IP (Internet Protocol) based communications.
Thu, 24 Apr 2014 05:47:52 -0400
Tokyo court starts Mt. Gox bankruptcy proceedings
TOKYO (AP) Bankruptcy proceedings have begun for Mt. Gox, a move that was widely expected after the Tokyo District Court decided earlier this month that the bitcoin exchange would not be able to resurrect itself.
Thu, 24 Apr 2014 05:33:55 -0400
France is plotting to take Uber's car-tracking tech and hand it over to taxis
While taxi services like Uber may be flat-out unwelcome in Belgium, neighboring France is still trying to figure out how to manage them. Under pressure from traditional cab drivers in the country, a new law was introduced that required the likes of Uber, LeCab and SnapCar to wait 15 minutes before picking people up, giving normal cabs a better shot at landing the business. It didn't survive very long, not that it did much to calm some old-school cabbies anyway.
Thu, 24 Apr 2014 05:10:00 -0400
Amazon Kindle or a young lady's illustrated primer?
While codenames are far from uncommon in the technology industry, some of them are cleverer than others.Over at Medium, Robin Sloan, author of Mr. Penumbra's 24-Hour Bookstore, writes about the surprising connection between Amazon's iconic ebook reader and Neal Stephenson's award-winning postcyberpunk novelThe Diamond Age. More enchantingly, Sloan brings attention to how a URL in Amazon's e-commerce site has immortalized that link between the two.
Thu, 24 Apr 2014 05:03:14 -0400
Copyright (c) 2014 Yahoo! Inc. All rights reserved