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Facebook shares plumb new depths, valuation questioned
29 May 2012 at 5:25pm
SAN FRANCISCO (Reuters) - Facebook Inc shares slid below $29 to a new low on Tuesday as nervous investors fled the company's shares, concerned about the social network's long-term business prospects and an initial offering price that proved too rich. Shares of the No. 1 social network fell 10 percent to an all-time low of $28.65, before closing at $28.84, or down 9.6 percent. Since its market debut at $38 on May 18, the eight-year-old company has shed approximately $25 billion in value - roughly equivalent to the market capitalization of Morgan Stanley, the lead underwriter of Facebook's IPO. ...
Eagle Scout to challenge anti-gay policy
29 May 2012 at 3:35pm
ORLANDO, Florida (Reuters) - An Eagle Scout whose defense of gay civil unions went viral in 2011 on YouTube plans to challenge the anti-gay policy of the Boy Scouts of America at its annual conference in Orlando on Wednesday. Zach Wahls, 20, of Iowa City, Iowa, told Reuters he will present the Boy Scouts leadership with a petition signed by more than 280,000 people calling for the organization to end discrimination against gay youth and leaders. Deron Smith, public relations director for the BSA, said on Tuesday that the conference and Wahls' presentation will be closed to the press and ...
Facebook faces extended U.S. review of Instagram deal
29 May 2012 at 3:03pm
WASHINGTON (Reuters) - Facebook has received notice that U.S. antitrust regulators will give its proposed purchase of the popular photo-sharing app maker Instagram a lengthy investigation, an industry source told Reuters on Tuesday. Facebook has received a "second request" from the Federal Trade Commission, essentially a request for relatively large amounts of data that the regulators will sift through to ensure that the deal complies with antitrust law. A prolonged review adds another headache to the No. ...
Facebook options volume explodes as stock hits new low
29 May 2012 at 2:37pm
(Reuters) - A sharp decline in Facebook Inc shares has many investors scrambling for options to hedge the risk of further near-term weakness in the company's struggling stock. Volume on Facebook options soared on their first trading day on Tuesday as the underlying stock plunged below $29 a share for the first time, down more than 24 percent from its initial public offering price of $38. The busiest options contract on the stock was June $30 strike puts, with more than 23,700 contracts on the tape at an average price of $1.71 per contract, according to Trade Alert. ...
UN agency plans major warning on Flame virus risk
29 May 2012 at 2:21pm
BOSTON (Reuters) - A United Nations agency charged with helping member nations secure their national infrastructures plans to issue a sharp warning about the risk of the Flame computer virus that was recently discovered in Iran and other parts of the Middle East. "This is the most serious (cyber) warning we have ever put out," said Marco Obiso, cyber security coordinator for the U.N.'s Geneva-based International Telecommunications Union. ...
Facebook option volume explodes as stock hits new low
29 May 2012 at 11:27am
(Reuters) - A sharp decline in Facebook Inc shares has investors scrambling for options to hedge against further weakness in the company's struggling stock. Volume on Facebook options soared on their first trading day on Tuesday as the underlying stock plunged below $29 a share for the first time, down more than 23 percent from its initial public offering price of $38. The busiest options contract on Facebook was June $30 strike puts, with more than 18,241 contracts on the tape at an average price of $1.45 per contract, according to Trade Alert. ...
EU to take hard line on German resistance to data storage
29 May 2012 at 10:40am
BRUSSELS (Reuters) - The EU executive is planning to refer Germany to the European Union's highest court over its failure to introduce a law obliging phone and internet companies to store records for at least six months, a document seen by Reuters on Tuesday showed. The case, which is expected to be brought on Thursday to the European Court of Justice, follows a European Commission directive in 2006, aiming to help authorities track down suspected perpetrators of "serious crime". ...
French court backs Google in TV piracy case
29 May 2012 at 9:59am
PARIS (Reuters) - A French court ruled that Google is not responsible for filtering content on YouTube, dealing a blow to French broadcaster TF1 which sought damages for copyrighted sports and movies which ended up on the video-sharing website. TF1 claimed 141 million euros in damages but was ordered to pay 80,000 euros of Google's legal fees. The decision mirrors an earlier case in France in 2011 in which video-sharing website Dailymotion was classified as a 'platform' for content and not an 'editor' of content. ...
EU to sue Netherlands, Portugal, 3 others on telecom rules
29 May 2012 at 9:21am
BRUSSELS (Reuters) - EU telecoms regulators will take five member states to court - including the Netherlands and Portugal - for not implementing new telecoms rules aimed at protecting users' privacy online, a European Commission official said on Tuesday. The other countries are Belgium, Poland and Slovenia, the official said, declining to be identified because of the sensitivity of the matter. The Commission is due to announce its decision to take legal action on Thursday. ...
Russia's VKontakte delays IPO after Facebook debacle
29 May 2012 at 4:57am
MOSCOW (Reuters) - Russian social network VKontakte says it won't risk going ahead with its planned initial public offering fearing a repeat of the botched Facebook float which left U.S. regulators red-faced and investors around the world fuming. Chief Executive Pavel Durov, who had secured the backing of 40 percent shareholder internet group Mail.Ru Group over how to take the company forward, said on Tuesday it would postpone the IPO indefinitely. "The IPO of FB (Facebook) destroyed the faith of many private investors in social networks," Durov said on the social network site Twitter. ...
China's main microblog restricts user posts
29 May 2012 at 2:19am
China's best-known microblogging site has introduced new terms and conditions punishing those who post comments deemed offensive, as it comes under government pressure to clamp down on bloggers.
Google+ trends: Steve Jobs Atari memo, Sina enforces restrictive code of conduct
29 May 2012 at 2:11am
A memo written by Apple co-founder Steve Jobs while he was still working at Atari will be sold by auction house Sotheby?s.
Twitter index: forgotten dances and rappers
29 May 2012 at 2:02am
Twitterers are reminiscing about famous rappers who have faded from under the spotlight in recent years.
Powerful "Flame" cyber weapon found in Iran
28 May 2012 at 3:17pm
BOSTON (Reuters) - Security experts said on Monday a highly sophisticated computer virus is infecting computers in Iran and other Middle East countries and may have been deployed at least five years ago to engage in state-sponsored cyber espionage. Evidence suggest that the virus, dubbed Flame, may have been built on behalf of the same nation or nations that commissioned the Stuxnet worm that attacked Iran's nuclear program in 2010, according to Kaspersky Lab, the Russian cyber security software maker that took credit for discovering the infections. ...
Factbox: Five facts about "Flame"
28 May 2012 at 12:56pm
(Reuters) - Researchers may have gleaned new information about the extent to which nations are engaged in cyber warfare with the discovery of a virus known as Flame. Kaspersky Lab, which on Monday claimed credit for uncovering Flame, believes the virus may be the work of the same nation or nations that built the Stuxnet worm that attacked Iran's nuclear program in 2010. Here are five key facts about Flame, according to researchers with Kaspersky Lab: Complexity: It is one of the most sophisticated pieces of malicious software ever discovered. It has about 20 times as much code than Stuxnet. ...
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