Posts Tagged ‘Protection

12
Aug
10

Fed Effort to Aid Recovery Fails to Calm Investors

NEWS
Fed Effort to Aid Recovery Fails to Calm Investors

Thursday, August 12, 2010

More worried about the recovery, the U.S. Federal Reserve has taken a small step to bolster the U.S. economy.

Wrapping up a one-day meeting, the Fed said it will use money from its investments in mortgage securities to buy government debt on a small scale. That could help nudge down long-term rates on mortgages and corporate debt, but wouldn’t have a dramatic impact on stimulating economic growth, economists say.

Perhaps more importantly, the largely symbolic action sends a signal that the Fed sees the recovery weakening and that it stands ready to take more aggressive action, if needed, to keep it on track.

Delivering a more downbeat assessment, the Fed now believes economic growth will be ‘more modest’ than it had anticipated at its late June meeting.

The Fed, citing ‘subdued’ inflation, said it would keep its target for a key interest rate at zero to 0.25 percent for an ‘extended period’.
Investors reacted positively to the statement. Stocks that were down sharply before the announcement made up some lost ground. The Dow Jones industrial average, down about 100 points just before the Fed decision, was down about 40 a short time later. However, the market was likely to fluctuate, as it usually does while investors pore over the Fed’s statement.

Treasury prices rose slightly as investors were pleased by the Fed’s plan to buy government debt, which would reduce the amount of Treasury securities in the market. The yield on the Treasury’s 10-year note, which moves in the opposite direction from its price, fell to 2.77 percent from 2.82 percent just before the announcement.

Economists doubt the Fed can turn around the economy on its own. Some believe additional help from Congress is needed. Others are sceptical that easier credit or even more government aid will persuade Americans to shop more and hire more. Yet others think some jobs – like in construction – will never return to pre-recession levels, as the economy makes a structural shift.
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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.”
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• Source(s): The White House
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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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11
Jun
10

AT&T hacked, iPad 3G owners email addresses harvested

NEWS
AT&T hacked, iPad 3G owners email addresses harvested

Friday, June 11, 2010

••• Hackers have obtained the email addresses of more than 114,000 owners of Apple iPads.

Valleywag, a property of Gawker Media, said on Wednesday the hackers turned over the email list and it contained the email addresses of a number of high-profile iPad users including U.S. business leaders, politicians and military officials.

Valleywag published the names of some on the list but not their full email addresses.

They included New York Times Co chief executive Janet Robinson, New York Mayor Michael Bloomberg and White House chief of staff Rahm Emanuel.

The iPad owners whose email addresses were compromised were subscribers to AT&T’s 3G plan which provides connectivity to the touchscreen tablet computer from Apple.

In a statement, AT&T acknowledged there had been a data breach and issued an apology to customers who had been affected.

‘AT&T was informed by a business customer on Monday of the potential exposure of their iPad ICC IDS,’ AT&T said.

‘This issue was escalated to the highest levels of the company and was corrected by Tuesday; and we have essentially turned off the feature that provided the email addresses.’

Valleywag said the AT&T breach revealed the email addresses of iPad owners in companies such as Goldman Sachs, JP Morgan, Citigroup and Morgan Stanley and staffers in the Pentagon, Senate, House of Representatives, Department of Justice, NASA and Department of Homeland Security.
» Related: F.B.I. to investigate AT&T iPad data breach
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11
Jun
10

F.B.I. to investigate AT&T iPad data breach

NEWS
F.B.I. to investigate AT&T iPad data breach

Friday, June 11, 2010

••• The F.B.I. is investigating a security breach of AT&T’s website that allowed hackers to obtain the email addresses of iPad owners.

‘The F.B.I. is aware of these possible computer intrusions and has opened an investigation to address this potential cyberthreat,’ said Lindsay Godwin, an FBI spokeswoman.

AT&T acknowledged on Wednesday there had been a data breach at the U.S. telecom giant that allowed hackers to obtain the email addresses of owners of the 3G model of the iPad.

AT&T’s 3G plan provides the mobile connectivity for the touchscreen tablet computer from Apple.

According to Silicon Valley website Valleywag, a shadowy hacking group called Goatse Security hacked into the AT&T website and obtained the email addresses of over 114,000 iPad owners including those of business leaders, politicians and military officials.

Valleywag published the names of some on the list but not their full email addresses.

They included New York Times Co. chief executive Janet Robinson, New York Mayor Michael Bloomberg and White House chief of staff Rahm Emanuel.

Earlier Thursday, retired rear admiral Jamie Barnett, chief of the Federal Communications Commission’s public safety and homeland security bureau, expressed concern about the incident.

‘I am concerned about the report of a security breach to AT&T’s network that exposed the personal data of more than a hundred thousand iPad users,’ Barnett said in a statement.

‘This breach underscores the need for robust cyber security,’ he said. ‘The F.C.C. will continue to work with all stakeholders to prevent future security breaches that violate consumer privacy and undermine trust in America’s communications infrastructure.’

AT&T apologised for the disclosure and said it has ‘turned off the feature that provided the email addresses.’

Valleywag owner Gawker Media also runs the popular technology blog Gizmodo, which obtained a secret prototype of an Apple iPhone in April after it was lost in a California bar and published details and pictures of the device.
» Related: AT&T hacked, iPad 3G owners email addresses harvested
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27
May
10

Facebook CEO Mark Zuckerberg announces new privacy tools

NEWS
Facebook CEO Mark Zuckerberg announces new privacy tools
Your privacy is important to us!

Thursday, May 27, 2010

Facebook on Wednesday overhauled its privacy controls to fend off mounting criticism that it is betraying the trust that has made it the world’s biggest online social-networking service.

‘It’s been a pretty intense few weeks for us, listening to all the feedback coming in from all the changes we’ve made,’ Facebook’s 26-year-old founder Mark Zuckerberg said as he unveiled simplified privacy controls.

‘Our teams internally have been cranking for the last couple of weeks.’

Facebook unveiled a redesigned privacy settings page to provide a single control for content and ‘significantly reduce’ the amount of information that is always visible to everyone.

Facebook also said it is giving users more control over how outside applications or websites access information at the service.

‘This is a pretty big overhaul to the system we already have,’ Zuckerberg said while outlining the changes during a press briefing at the social network’s headquarters in the California city of Palo Alto.

‘Now we are making it so there is less information that has to be public. People want a simple way to control the way information is shared with third parties, so that is what we are doing.’

The revamped privacy controls will roll out in the coming days, according to Zuckerberg.

Facebook last month sparked criticism from U.S. privacy and consumer groups, U.S. lawmakers and the European Union by adding the ability for partner websites to incorporate data regarding members of the social-networking service.

Zuckerberg was adamant that Facebook does not give advertisers access to members’ personal information.
• Source(s): Facebook Inc.
Facebook Blog
Privacy Settings
Mark Zuckerberg on ‘Making Control Simple’

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