Mainstream News

U.S. boss held captive by angry Chinese employees, released

"Chinese factory workers on Thursday released their U.S. boss, held captive for a week, after a compensation dispute was resolved. Chip Starnes, president of Specialty Medical Supplies, in the Beijing suburb of Huairou, was allowed to leave the factory and was resting in a hotel, the company official said. The workers had demanded severance packages identical to those offered to 30 employees who were recently laid off, even though the firm planned no further layoffs. The workers’ demands followed rumors that the entire plant was being closed after the company’s plastic injection molding division began a move to India to lower production costs." Continue reading →

Continue ReadingU.S. boss held captive by angry Chinese employees, released

A million engineers in India struggling to get placed in an extremely challenging market

"Somewhere between a fifth to a third of the million students graduating out of India's engineering colleges run the risk of being unemployed. Others will take jobs well below their technical qualifications in a market where there are few jobs for India's overflowing technical talent pool. India trains around 1.5 million engineers, which is more than the US and China combined. However, two key industries hiring these engineers -- information technology and manufacturing -- are actually hiring fewer people than before. Frustrated engineers are taking jobs for which they are overqualified and, therefore, underpaid. A few exceptions have even turned to crime." Continue reading →

Continue ReadingA million engineers in India struggling to get placed in an extremely challenging market

Bitcoin Black Market Competition Heats Up, With Pro Marketing And Millions At Stake

"Watch the cheery video ad for the latest dark-web drug marketplace today, and you’d be forgiven for thinking it was selling a service as mainstream as online dating or car insurance. Atlantis, which launched in March, is poised to take on the Silk Road, which remains by far the biggest drug sales site, with close to 60,000 unique visitors a day by one researcher’s rough measure and $22 million annual sales according to a study last year. Both run on the anonymity service Tor to hide the location of their servers and the identities of any visitors to their sites, and both accept Bitcoin to avoid having their transactions tracked through bank records." Continue reading →

Continue ReadingBitcoin Black Market Competition Heats Up, With Pro Marketing And Millions At Stake

More Small Businesses Embrace Bitcoin

"Having the latest technology can help a small company stand out against the competition. And that is perhaps the biggest reason Bitcoin, a nascent system using virtual currency to make payments online, has drawn a strong following among small-business owners. It is unclear if business transactions were part of the original vision for Bitcoin, which was started in 2009 and isn't backed by a central bank. BitPay Inc., an Atlanta firm that processes Bitcoin payments, says it has signed up more than 8,000 merchants world-wide—all small companies—since it formed in May 2011." Continue reading →

Continue ReadingMore Small Businesses Embrace Bitcoin

Russia: U.S. demands to hand over Edward Snowden are ‘ravings and rubbish’

"President Vladimir Putin confirmed on Tuesday a former U.S. spy agency contractor sought by the United States was in the transit area of a Moscow airport but ruled out handing him over to Washington, dismissing U.S. criticisms as 'ravings and rubbish'. In his first public comments since the fugitive flew in on Sunday, he appeared to make light of the affair around Edward Snowden, whose flight from U.S. authorities is becoming an increasing embarrassment for President Barack Obama." Continue reading →

Continue ReadingRussia: U.S. demands to hand over Edward Snowden are ‘ravings and rubbish’

British inventor of the World Wide Web scolds ‘insidious’ Western governments over spying

"The British inventor of the World Wide Web accused Western governments of hypocrisy in spying on the Internet while lecturing repressive leaders across the world for doing exactly the same. Tim Berners-Lee, a London-born computer scientist who invented the Web in 1989 as the Berlin Wall crumbled, said the West was involved in 'insidious' online spying that could change the way normal people use their computers. Berners-Lee said the revelations about U.S. and British spying could alter the way people use the internet, especially for younger generations who can use it in intimate ways. He also questioned whether the governments could safeguard sensitive data once collected." Continue reading →

Continue ReadingBritish inventor of the World Wide Web scolds ‘insidious’ Western governments over spying

Oklahoma tornado victims denied permits to rebuild their homes

"Rhonda Northcutt said she is unable to get a building permit from the city because of where her home was located before it was destroyed. Northcutt and her neighbor Jennifer Wisooker live in a neighborhood near May and SW 149th street. Their homes were destroyed by the May 20th tornado. According to the city, there are homes in the neighborhood that are located in an area designated as a flood way. The city said it is unable to give permits to build new homes in these types of areas because of FEMA requirements. Even though their homes were there before the storm, Wisooker and Northcutt might not be able to re-build." Continue reading →

Continue ReadingOklahoma tornado victims denied permits to rebuild their homes

Supreme Court rules in favor of Florida property owner over denied development permit

"The Supreme Court said a Florida property owner may be owed compensation from a government agency that refused to award him a development permit for his land. The legal issue was whether the agency’s action constituted a 'taking' subject to compensation, under the so-called takings clause of the Fifth Amendment, in a more than 18-year battle by Koontz and his late father over their nearly 15-acre parcel of land. After Florida designated much of the parcel as protected wetlands, Koontz proposed to develop about a quarter of it and dedicate the rest for conservation, only to have local officials insist that he pay money to protect wetlands elsewhere." Continue reading →

Continue ReadingSupreme Court rules in favor of Florida property owner over denied development permit

Government considers using search engines as source of cheap info on citizens’ lives

"It takes a lot to make the prospect of filling in a 52-page census form appealing. But the suggestion that Google’s vast stores of data could soon help replace it probably does the trick. Internet search engines could be used as a source of cheap information on citizens’ lives, interests and movements, a government paper has suggested. It could spell the end of the national census, which was first conducted in 1801 and has been carried out every ten years since, apart from during the Second World War. It aims to cover every home in the country but the last census – the 52-page giant in 2011 – missed out three-and-a-half million people." Continue reading →

Continue ReadingGovernment considers using search engines as source of cheap info on citizens’ lives

EMC raises $5.5bn via corporate bonds to fund share buybacks

"The sharp shift in Treasury yield rates over the past few weeks means time is of the essence for those companies looking to undertake a capital return program and fund it with bonds. The rate rise increases the cost of funding and limits the ability to take advantage of an arbitrage between the current lower cost of issuing debt versus paying dividends on shares they could otherwise buy back with the fund raising. 'There is the obvious arbitrage there,' said one head of debt capital markets at a Wall Street bank. 'Why pay a dividend in the 3% to 5% range, when you can issue bonds at 2% or less and buy back those shares?'" Continue reading →

Continue ReadingEMC raises $5.5bn via corporate bonds to fund share buybacks