Posts Tagged ‘Consumer



21
Jul
10

Obama signs historic finance reform bill

NEWS
Obama signs historic finance reform bill
Historic financial overhaul signed to law by Obama

Wednesday, July 21, 2010

President Barack Obama on Wednesday signed into law the most sweeping reform of the U.S. finance industry since the 1930s, promising U.S. taxpayers would no longer get the bill for Wall Street excess.

The legislation, which some Republicans have pledged to repeal, introduces new consumer protections, checks the power of big banks and cracks down on deceptive practices by credit card firms.

“Because of this law, the American people will never again be asked to foot the bill for Wall Street’s mistakes. There will be no more tax-funded bailouts,” Obama promised.

Seeking to restore public confidence in his economic leadership as unemployment flirts with double digits, Obama said the bill would repair the fractures and abuses of which the financial meltdown was born.

“It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington,” said Obama, before adding the legacy-boosting law to his huge health care reform passed earlier this year.

“These reforms represent the strongest consumer financial protections in history,” Obama said, before signing the new law, passed by Congress last week.

“These protections will be enforced by a new consumer watchdog with just one job: looking out for people – not big banks, not lenders, not investment houses.”

The financial reform bill finally squeezed through Congress with just a handful of Republican votes, as the opposition party continued with its policy of trying to block Obama’s ambitious reform program at all costs.

Republican leaders on Wednesday condemned the new law, saying it would crimp growth, and handcuff the might of America’s financial titans.

Republican National Committee chairman Michael Steele accused Obama of trying to convince “sceptical Americans that he is doing everything he can to lower unemployment.”

“President Obama has signed into law a 2300 page behemoth that will saddle the business community with innumerable unintended consequences, tighter credit, and countless job-killing regulations,” Steele said.

Obama, facing record low approval ratings in some polls, hopes the financial reforms will eventually become popular, but much of the bill, like the health care bill, is so complicated that it will not come into force for months.

For instance, it will be up to a year before a new Consumer Financial Protection Bureau is set up to protect American consumers from hidden fees and deceptive lending practices when they get a new mortgage or credit card.

It could be 18 months before new regulations emerge to stop banks from engaging in impermissible proprietary trading and investment in hedge funds – under the Volcker rule, named after former Federal Reserve chief Paul Volcker.

In a bid to highlight the help the bill will grant to the middle classes, Obama was joined at the signing ceremony by several Americans who suffered unfair treatment at the hands of credit card firms and banks.

The legislation closes loopholes in regulations and requires greater transparency and accountability for hedge funds, mortgage brokers and payday lenders, as well as arcane financial instruments called derivatives.

The measure has drawn praise but also skepticism from economists and analysts.

The bill “addresses a number of key weaknesses in the U.S. financial regulatory structure that led to the financial meltdown in 2008 and early 2009,” said Brian Bethune at IHS Global Insight.

But Diane Swonk at Mesirow Financial warned that much of the impact is not known.

“We will have more regulators overseeing – but not necessarily averting – risk, and with a bill so large and undefined, we are likely to get more, in terms of unintended than intended consequences, going forward,” she said.

The law is likely to generate heated debate ahead of congressional elections in November as Republicans call for its reversal.

House Republican leader John Boehner said recently the law “ought to be repealed” and replaced with “common-sense things that we should do to plug the holes in the regulatory system.”
• Latest News & Headlines » Home «
• Source(s): The White House
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17
Jul
10

Apple in panic at iPhone 4 ‘antenna-gate’?

NEWS
Apple in panic at iPhone 4 ‘antenna-gate’?
Apple offers free iPhone 4 cases to appease users

Saturday, July 17, 2010

••• Apple Inc will give free protective cases to buyers of its latest iPhone to alleviate the so-called death grip problem.

Apple chief executive Steve Jobs announced the giveaway on Friday during a news conference at its headquarters, even as the company denied the iPhone 4 has an antenna problem that needs fixing. The more than 3 million people who have bought the iPhone 4 and new buyers through September 30 will all be eligible.

People who purchased the $29 ‘Bumper’ cases will be refunded.

Jobs began the event by saying, ‘We’re not perfect,’ but was quick to point out no mobile phone is perfect. He played a video showing competing smartphones, including a BlackBerry from Research in Motion, losing signal strength when held in certain ways.

Phones usually have an antenna inside the body. In designing the iPhone 4, Apple took a gamble on a new design, using parts of the phone’s outer casing as the antenna. That saved space inside the tightly packed body, but means covering a spot on the lower left edge of the case blocks wireless signal.
Consumer Reports magazine said covering the spot with a case or even a piece of duct tape alleviates the problem. It refused to give the iPhone 4 its ‘recommended’ stamp of approval for this reason, and it had called on Apple on Monday to compensate buyers.

On Friday, in the company’s first remarks following the magazine’s report, Jobs said Apple was ‘stunned and upset and embarrassed’.

Jobs said the iPhone 4’s antenna issue isn’t widespread. He said just over five out of every thousand users have complained to Apple’s warranty service, and less than 2 percent have returned the device.

‘We’re not feeling right now that we have a giant problem we need to fix,’ Jobs said. ‘This has been blown so out of proportion that it’s incredible. I know it’s fun to have a story, but it’s less fun when you’re on the other end of it.’

Analysts have criticised Apple’s first responses to reports of reception problems as dismissive.

Jobs apologised to buyers who had less than perfect experiences. ‘We’re going to do whatever it takes to make them happy and if we can’t make them happy we’re going to give them a full refund and say we’re really sorry we inconvenienced you, and we’re going to do better next time.’

The refund applies even for those who have long-term contracts with AT&T Inc., the iPhone’s exclusive US wireless carrier.

Jobs, a cancer survivor, also addressed a question about his health on Friday.

‘I’m doing fine. I was even better earlier in the week (when) I was having a vacation in Hawaii, but I decided this was important enough to come back for,’ he said. ‘I’m doing great.’
• Latest News & Headlines » Home «
• Source(s): Apple Inc.
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12
Jul
10

Facebook Installs Panic Button For Children

NEWS
Facebook Installs Panic Button For Children

Monday, July 12, 2010

••• Young Facebook users will be able to report suspicious online behavior with the launch of a new ‘panic button’ targeting sex offenders.

Children can use the button to report abuse to the Child Exploitation and Online Protection Centre (CEOP) and Facebook.

The application will automatically appear on the homepage of every user aged between 13 and 18.

The launch follows months of negotiation between Facebook and CEOP, the government law enforcement agency tasked with tracking down online sex offenders.

CEOP called for the panic button to be installed in November but Facebook has resisted the idea.

Bebo became the first network to add the button, followed by MySpace while Facebook maintained that its own reporting systems were adequate.

However pressure mounted on Facebook following the rape and murder of Ashleigh Hall, 17.

Ashleigh was killed by a 33-year-old convicted sex offender, posing as a teenage boy, whom she met on Facebook.

Forty-four police chiefs in England, Wales and Scotland, signed a letter backing CEOP’s call for a panic button on every Facebook page.

Users will be able to bookmark the Click CEOP service or add it as an application to find information about online safety.

Jim Gamble, chief executive of the CEOP Centre said: ‘Our dialogue with Facebook about adopting the Click CEOP button is well documented – today however is a good day for child protection.

‘We know from speaking to offenders that a visible deterrent could protect young people online.’

Facebook’s Joanna Shields added: ‘There is no single silver bullet to making the internet safer but by joining forces with CEOP we have developed a comprehensive solution which marries our expertise in technology with CEOP’s expertise in online safety.’

James Brokenshire, U.K. Minister for Crime Prevention said: ‘It’s a sad fact that we are now seeing more cases where sex offenders are using social networking sites to conceal their identities in order to contact children.’
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08
Jul
10

Toyota Recalling 138,874 Lexus Vehicles

NEWS
Toyota Recalling 138,874 Lexus Vehicles

Thursday, July 8, 2010

••• Toyota Motor Corp on Tuesday filed a recall of 138,874 luxury Lexus vehicles sold in the United States to fix faulty engines in the latest quality problem to afflict the world’s No. 1 automaker. The move follows a recall of over 90,000 Lexus and other vehicles in Japan over the same problem, which was filed with the Japanese transport ministry on Monday.

The Japanese automaker said flaws in valve springs, a crucial engine component, could make the vehicle stall while in motion. Toyota confirmed in a statement it plans to file paperwork with the government on the recall next week.

The recall affects certain GS, IS and LS vehicles from the 2006-2008 model years powered by 4.6 and 5.0 liter V8 engines and 3.5 liter V6 engines. No accidents or injuries have been reported. Vehicles from the 2009 and 2010 model years are not affected.

Toyota had announced in Japan that it would recall 270,000 Lexus vehicles around the world to address the engine stalling problems. The global recall affects seven luxury Lexus sedan models as well as the popular Crown sedan, sold primarily in Japan. Of the 270,000 recalled cars, some 180,000 were sold overseas, including the United States, and 90,000 in Japan.

The company has received about 200 complaints in Japan but no accidents were reported there or abroad, said Toyota spokesman Hideaki Homma. Some drivers told Toyota that engines made a strange noise.

The automaker was already scrambling to repair its reputation after 8.5 million vehicles were recalled beginning in October because of problems with sticking accelerator pedals and other issues. Toyota was slapped with a record $16.4 million fine in the United States for acting too slowly to recall vehicles with defects.

Japan’s major daily Asahi said Friday the latest recall of 270,000 vehicles could cost Toyota around $227 million. Toyota could not confirm the report, which gave no sources.

Subject to the recall in the United States, filed with the Department of Transportation, are 2006-2008 Lexus models, including the top-of-the-line LS460 sedan, IS350, GS460, GS450h and the LS600hL models. Toyota plans to recall 270,000 vehicles worldwide due to the defective engine valve springs.

Toyota said owners will be notified of the recall by mail and dealers will repair the engine’s valve springs at no charge. The company said owners can continue to drive their vehicles. If they notice vibration, unusual engine sounds or rough idling, they should bring the car to a dealer for service.

Lexus general manager Mark Templin told dealers in an e-mail that “we understand the frustration and embarrassment these recalls cause and appreciate your reassuring Lexus owners that there is nothing more important to us than their safety, satisfaction with our products and confidence in you and the brand.”

Toyota dealers have repaired millions of vehicles following the massive global recalls, but the automaker still faces more than 200 lawsuits tied to accidents, the lower resale value of Toyota vehicles, and the drop in the company’s stock.

Toyota said last week it will recall 17,000 Lexus luxury hybrids after testing showed that fuel can spill during a rear-end crash.

U.S. regulators were working with scientists from NASA to investigate what caused some of Toyota’s vehicles to suddenly accelerate. That review is expected to be completed by late August.

Officials were also investigating whether Toyota waited nearly a year in 2005 to recall trucks and SUVs in the U.S. with defective steering rods, a case that could lead to additional fines.

Customers who have any questions or concerns should contact their local Lexus dealer or Lexus Customer Satisfaction at 1-800-25LEXUS or 1-800-255-3987 or at www.lexus.com/recall.
• Customers who have any further questions are asked to visit www.lexus.ca or contact Lexus Canada at 1-800-265-3987.
• Latest News & Headlines » Home «
• Source(s): Toyota Motor Corporation
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07
Jul
10

Mozilla stokes Firefox 4 with first beta build

NEWS
Mozilla stokes Firefox 4 with first beta build

Wednesday, July 7, 2010

••• Mozilla released its web explorer Firefox 4‘s beta version Wednesday, PC World reported.

Firefox explorer, considered to be the largest rival of Microsoft Windows’ Internet Explorer, has upgraded to its newest version with multiple technologies in line with future Internet developing trend.

The beta version imitated Google chrome and a few other browsers by putting the tabs on top and providing webpage crash protection features.

Mozilla provides its Firefox users with versions used in operation system including Microsoft Windows, Apple’s Mac and the Linux OS.

The newly released beta version of Firefox is expected to widely compete with IE as the most popular Internet browser in the scientific arena.
• Latest News & Headlines » Home «
• Source(s): Mozilla Corporation
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26
Jun
10

Apple iPhone 4 release plagued by signal issue: Quick Fix for iPhone 4 Antenna Problem

NEWS
Apple iPhone 4 release plagued by signal issue: Quick Fix for iPhone 4 Antenna Problem

Saturday, June 26, 2010

••• There is anger among new iPhone 4 owners after it emerged that the device loses signal when held in the user’s left hand.

Apple’s latest phone only went on sale on Thursday but already the company has been inundated with complaints from users who have found themselves unable to make calls.

One disgruntled customer emailed the company and received a response from the chief executive himself, Steve Jobs.

But Mr Jobs was not too sympathetic with his advice, he wrote: ‘Just avoid holding it in that way.’

The problem appears to occur when the phone is held in the left palm which then covers part of the stainless steel band that contains some of the antennae.

The loss of signal has been a hot topic on Twitter with many people tweeting on the issue.

‘Pretty amazing the way the signal degrades on the iPhone 4 when held in your left hand,’ wrote @StevenMatthews1.

‘So it sounds like the iphone 4 is rubbish for left handers with signal dropping. Will have to learn to be right-handed,’ @Lollipop26 said.

And @MattJWilliams39 has decided against investing in the phone altogether: ‘Style over substance – iPhone 4 has sensitive areas that when held cause signal strength to drop. Cancel my order…’

In a statement Apple said: ‘Gripping any mobile phone will result in some attenuation of its antenna performance, with certain places being worse than others depending on the placement of the antennas.’

The American company now sells ‘bumpers’ that protect the stainless steel parts of the phone and stops the user’s skin from touching the sensitive antennae.

However, the good news is the problem is not affecting everyone and the majority of people who queued for hours to get their hands on the latest model are satisfied customers.

Ben Paton, 23, was first to buy the iPhone 4 from the flagship store on Regent Street on Thursday after queuing for 16 hours.

But a man who flew in from Dubai and had queued for double that amount of time thought he would be first through the store’s doors.

Alex Lee, 27, headed the 500-strong queue for 32 hours but had his hopes dashed when the store allowed internet pre-order customers ahead of him.

He said he will write to Steve Jobs to complain.

Here is The Video on how to do a Quick fix on your IPhone Antenna Reception Problem:

• Latest News & Headlines » Home «
• Source(s): Apple Inc. & Twitter
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