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Networking

Russian-Controlled Telecom Hijacks Traffic For Mastercard, Visa, And 22 Other Services (arstechnica.com) 51

An anonymous reader quotes the security editor at Ars Technica: On Wednesday, large chunks of network traffic belonging to MasterCard, Visa, and more than two dozen other financial services companies were briefly routed through a Russian government-controlled telecom under unexplained circumstances that renew lingering questions about the trust and reliability of some of the most sensitive Internet communications.

Anomalies in the border gateway protocol -- which routes large-scale amounts of traffic among Internet backbones, ISPs, and other large networks -- are common and usually the result of human error. While it's possible Wednesday's five- to seven-minute hijack of 36 large network blocks may also have been inadvertent, the high concentration of technology and financial services companies affected made the incident "curious" to engineers at network monitoring service BGPmon. What's more, the way some of the affected networks were redirected indicated their underlying prefixes had been manually inserted into BGP tables, most likely by someone at Rostelecom, the Russian government-controlled telecom that improperly announced ownership of the blocks.

Businesses

Startups Struggle For Survival As Investors Turn 'Picky' (gerbsmanpartners.com) 70

An anonymous reader quotes The Wall Street Journal: Eighteen months ago, Beepi Inc. was rapidly expanding its online used-car business to 16 U.S. cities where people could buy cut-rate vehicles adorned with giant shiny bows. Beepi doesn't exist anymore. After burning through more than $120 million in capital, the startup failed to raise more cash and shut down in February. Its roughly 270 employees cleared out of the cavernous Mountain View, California headquarters, leaving behind the ping-pong table and putting green.

Beepi's rapid demise offers a glimpse into the changing fortunes of Silicon Valley startups, many of which have struggled to adjust since a two-year investment frenzy came to an end. In 2014 and 2015, mutual funds, hedge funds and other investors pumped billions into companies that they now see as overvalued, and unlikely to pull off an initial public offering. As venture capitalists became more discerning, investment in U.S. tech startups plummeted by 30% in dollar terms last year from a year earlier.

The article also points out that "much of the money still being invested is pouring into the upper echelon of highly valued start-ups like Airbnb and WeWork or younger ones with clear paths to profit," leaving "scores" of previously well-funded startups now struggling to survive.
The Almighty Buck

Italian Police Say Amazon Has Evaded $142 Million of Taxes (reuters.com) 82

An anonymous reader quotes a report from Reuters: Milan tax police have told Amazon they believe the world's largest online retailer has evaded around 130 million euros ($142 million) of taxes in Italy, a source close to the matter said on Friday. The allegedly unpaid taxes refer to the period between 2011 and 2015, when Amazon made revenues of around 2.5 billion euros in Italy, the source said. The tax police's findings have been handed to Milan prosecutors, the source added. Amazon issued a statement denying it had evaded any taxes, and said its profits in Italy, on which taxes are paid, had been low due to its considerable investments in the country.
Network

The Internet-of-Things is Maturing (axios.com) 33

An anonymous reader shares a report: The "Internet of Things" (IoT) category is starting to mature in terms of startup investments, according to a new report from Silicon Valley venture capital firm Wing. Like any other trendy area of tech, IoT is in the midst of its own hype cycle, so it's important to get a more detailed picture of how the money is flowing.
Businesses

Qualcomm Says Apple To Stop Paying Royalties (reuters.com) 57

Apple has decided to withhold royalty payments to its contract manufacturers that are owed to Qualcomm, until a legal dispute between the companies is resolved, the chipmaker said on Friday. From a report: Qualcomm, the largest maker of chips used in smartphones, said it will not receive royalties from Apple's contract manufacturers for sales made during the quarter ended March 31. San Diego, California-based Qualcomm also slashed its profit and revenue forecasts for the current quarter, to account for the lost royalty revenue.
The Almighty Buck

Slashdot Asks: Should an Employee Be Fired For Working On Personal Side Projects During Office Hours? (quora.com) 386

An anonymous reader writes: I found this article that talks about whether an engineer should be fired if s/he is working on a side project. Several people who have commented in the thread say that the employer should first talk to the person and understand why they are working on personal projects during the office hours. One reason, as many suggested, could be that the employee might not have been fairly compensated despite being exceptionally good at the job. In which case, the problem resides somewhere in the management who has failed to live up to the expectations. What do you folks think? Let's not just focus on engineers, per se. It could be an IT guy (who might have a lot of free time in hand), or a programmer.
Businesses

BitTorrent is Shutting Down Its Live TV Streaming Service (variety.com) 17

Janko Roettgers, reporting for Variety: San Francisco-based BitTorrent Inc. is set to shut down its P2P-powered live TV streaming service BitTorrent Live in the coming weeks, Variety has learned. Most of the 10-person team behind the live streaming service is expected to leave the company by the end of this week. The closure of Live comes after BitTorrent unsuccessfully tried to raise money to spin out the service into a separate company. It's also just the latest twist in a long corporate drama. Last year, two outside investors took control of BitTorrent, spent millions of dollars on an expensive expansion into the media space and promptly got themselves fired. BitTorrent has since rehired its former COO Rogelio Choy as its new CEO, and is now looking to focus on its core products. As part of that realignment, the company was looking to turn Live into a separate, venture-funded entity, but raising money for it proved challenging.
NASA

NASA Delays First Flight of New SLS Rocket Until 2019 (arstechnica.com) 106

schwit1 writes: Despite spending almost $19 billion and more than thirteen years of development, NASA today admitted that it will have to delay the first test flight of the SLS rocket from late 2018 to sometime in 2019. "We agree with the GAO that maintaining a November 2018 launch readiness date is not in the best interest of the program, and we are in the process of establishing a new target in 2019," wrote William Gerstenmaier, chief of NASA's human spaceflight program. "Caution should be used in referencing the report on the specific technical issues, but the overall conclusions are valid." The competition between the big government SLS/Orion program and private commercial space is downright embarrassing to the government. While SLS continues to be delayed, even after more than a decade of work and billions of wasted dollars, SpaceX is gearing up for the first flight of Falcon Heavy this year. And they will be doing it despite the fact that Congress took money from the commercial private space effort, delaying its progress, in order to throw more money at SLS/Orion.
Businesses

Kill Net Neutrality and You'll Kill Us, Say 800 US Startups (google.com) 295

A group of more than 800 startups has sent a letter to the FCC chairman Ajit Pai saying they are "deeply concerned" about his decision to kill net neutrality -- reversing the Title II classification of internet service providers. The group, which includes Y Combinator, Etsy, Foursquare, GitHub, Imgur, Nextdoor, and Warby Parker, added that the decision could end up shutting their businesses. They add, via an article on The Verge: "The success of America's startup ecosystem depends on more than improved broadband speeds. We also depend on an open Internet -- including enforceable net neutrality rules that ensure big cable companies can't discriminate against people like us. We're deeply concerned with your intention to undo the existing legal framework. Without net neutrality, the incumbents who provide access to the Internet would be able to pick winners or losers in the market. They could impede traffic from our services in order to favor their own services or established competitors. Or they could impose new tolls on us, inhibiting consumer choice. [...] Our companies should be able to compete with incumbents on the quality of our products and services, not our capacity to pay tolls to Internet access providers."
Bitcoin

Backdoor Could Allow Company To Shut Down 70% of All Bitcoin Mining Operations (bleepingcomputer.com) 101

An anonymous reader writes: "An anonymous security researcher has published details on a vulnerability named "Antbleed," which the author claims is a remote backdoor affecting Bitcoin mining equipment sold by Bitmain, the largest vendor of crypto-currency mining hardware on the market," reports Bleeping Computer. The backdoor code works by reporting mining equipment details to Bitmain servers, who can reply by instructing the customer's equipment to shut down. Supposedly introduced as a crude DRM to control illegal equipment, the company forgot to tell anyone about it, and even ignored a user who reported it last fall. One of the Bitcoin Core developers claims that if such command would ever be sent, it could potentially brick the customer's device for good. Bitmain is today's most popular seller of Bitcoin mining hardware, and its products account for 70% of the entire Bitcoin mining market. If someone hijack's the domain where this backdoor reports, he could be in the position to shut down Bitcoin mining operations all over the world, which are nothing more than the computations that verify Bitcoin transactions, effectively shutting down the entire Bitcoin ecosystem. Fortunately, there's a way to mitigate the backdoor's actions using local hosts files.
Businesses

Should Banks Let Ancient Programming Language COBOL Die? (thenextweb.com) 371

COBOL is a programming language invented by Hopper from 1959 to 1961, and while it is several decades old, it's still largely used by the financial sector, major corporations and part of the federal government. Mar Masson Maack from The Next Web interviews Daniel Doderlein, CEO of Auka, who explains why banks don't have to actively kill COBOL and how they can modernize and "minimize the new platforms' connections to the old systems so that COBOL can be switched out in a safe and cheap manner." From the report: According to [Doderlein], COBOL-based systems still function properly but they're faced with a more human problem: "This extremely critical part of the economic infrastructure of the planet is run on a very old piece of technology -- which in itself is fine -- if it weren't for the fact that the people servicing that technology are a dying race." And Doderlein literally means dying. Despite the fact that three trillion dollars run through COBOL systems every single day they are mostly maintained by retired programming veterans. There are almost no new COBOL programmers available so as retirees start passing away, then so does the maintenance for software written in the ancient programming language. Doderlein says that banks have three options when it comes to deciding how to deal with this emerging crisis. First off, they can simply ignore the problem and hope for the best. Software written in COBOL is still good for some functions, but ignoring the problem won't fix how impractical it is for making new consumer-centric products. Option number two is replacing everything, creating completely new core banking platforms written in more recent programming languages. The downside is that it can cost hundreds of millions and it's highly risky changing the entire system all at once. The third option, however, is the cheapest and probably easiest. Instead of trying to completely revamp the entire system, Doderlein suggests that banks take a closer look at the current consumer problems. Basically, Doderlein suggests making light-weight add-ons in more current programming languages that only rely on COBOL for the core feature of the old systems.
The Almighty Buck

Apple Is In Talks To Launch Its Own Venmo (recode.net) 48

An anonymous reader quotes a report from Recode: The company has recently held discussions with payments industry partners about introducing its own Venmo competitor, according to multiple sources familiar with the talks. The service would allow iPhone owners to send money digitally to other iPhone owners, these people said. One source familiar with the plans told Recode they expect the company to announce the new service later this year. Another cautioned that an announcement and launch date may not yet be set. The new Apple product would compete with offerings from big U.S. banks as well as PayPal, its millennial-popular subsidiary Venmo, as well as Square Cash in the increasingly competitive world of digital money-transfers. Apple has also recently held discussions with Visa about creating its own pre-paid cards that would run on the Visa debit network and which would be tied to the new peer-to-peer service, sources told Recode. People would be able to use the Apple cards to spend money sent to them through the new service, without having to wait for it to clear to their bank account.
Security

Facebook and Google Were Victims of $100M Payment Scam 50

Employees of Facebook and Google were the victims of an elaborate $100 million phishing attack, according to a new report on Fortune, which further adds that the employees were tricked into sending money to overseas bank accounts. From the report: In 2013, a 40-something Lithuanian named Evaldas Rimasauskas allegedly hatched an elaborate scheme to defraud U.S. tech companies. According to the Justice Department, he forged email addresses, invoices, and corporate stamps in order to impersonate a large Asian-based manufacturer with whom the tech firms regularly did business. The point was to trick companies into paying for computer supplies. The scheme worked. Over a two-year span, the corporate imposter convinced accounting departments at the two tech companies to make transfers worth tens of millions of dollars. By the time the firms figured out what was going on, Rimasauskas had coaxed out over $100 million in payments, which he promptly stashed in bank accounts across Eastern Europe. Fortune adds that the investigation raises questions about why the companies have so far kept silence and whether -- as a former head of the Securities and Exchange Commission observes -- it triggers an obligation to tell investors about what happened.
Businesses

What Happens To Summer TV Binges If Hollywood Writers Strike (bloomberg.com) 198

An anonymous reader shares a report: There also should be plenty of new video fare if Hollywood's writers and studios can't agree on a new contract by Monday. The beautiful thing about a contract is everyone knows when it ends. In this case, the Alliance of Motion Picture and Television Producers, which represents some 350 production companies, and the Writers Guild of America, which comprises 12,000 professionals in two chapters, have had three years to prepare for a standoff. In these situations, show makers typically rush to complete a pile of scripts before the deadline. Jerry Nickelsburg, an economist at the University of California at Los Angeles, calls this stockpiling "the inventory effect." This is precisely what happened the last time writers walked off the job, from November 2007 to February 2008. If the writers do, in fact, go through with the strike they approved on Monday, jokes and soaps will be the first things to take a hit. Late-night talk shows and soap operas are to entertainment writers what delis are to hungry New Yorkers -- a daily frenzy of high-volume production. If the sandwich makers don't show up, everybody gets hungry quickly.
Businesses

Apple Wants To Turn Its Music App Into a One-Stop Shop For Pop Culture (bloomberg.com) 54

Jimmy Iovine, one of the heads of Apple Music, has long expressed desires to make Apple Music "an entire pop cultural experience." The company, he has previously said, will do so partly by including original video content into its music app. Now, in an interview with Bloomberg, he added that the company plans to include original shows and videos with high-profile partners such as director J.J. Abrams and rapper R. Kelly. Iovine adds, from the interview: A music service needs to be more than a bunch of songs and a few playlists. I'm trying to help Apple Music be an overall movement in popular culture, everything from unsigned bands to video. We have a lot of plans. We have the freedom, because it's Apple, to make one show, three shows, see what works, see what doesn't work until it feels good. The article also sheds light on Iovine's personality: Iovine fidgets when he talks. As his mind wanders, he takes his jacket off, then puts it back on. He frequently clutches his legs, contorting himself into a ball. He's a font of ideas with industry contacts to help execute every one of them. He turned to Pharrell Williams and Gwen Stefani for help picking the model for Beats headphones. Some ideas get Iovine into trouble. He's taken meetings with artists and made arrangements to release music without telling anyone in advance, frustrating colleagues. He's persuaded artists to release music exclusively with Apple, frustrating record labels.
Businesses

Microsoft Co-founder Pledges $30 Million To House Seattle's Homeless (cnn.com) 174

Paul Allen, a founder of Microsoft has pledged $30 million to house Seattle's homeless. From a report: Seattle Mayor Ed Murray said Wednesday the city was partnering with Paul G. Allen's family foundation to build a facility to house homeless families with children. Allen's foundation will provide $30 million toward the development of the facility, while the city of Seattle has pledged $5 million for its maintenance and operation. It will be owned and operated by Mercy Housing Northwest, a nonprofit housing organization. Seattle is in King County, which has 1,684 families that are homeless, according to the mayor's announcement. More than 3,000 homeless children were enrolled in Seattle's public schools during the 2015-2016 year, it said.
The Almighty Buck

Computer Program Prevents 116-Year-Old Woman From Getting Pension (theguardian.com) 213

Bruce66423 quotes a report from The Guardian: Born at the turn of the past century, Maria Felix is old enough to remember the Mexican Revolution -- but too old to get the bank card needed to collect her monthly 1,200 pesos ($63) welfare payment. Felix turns 117 in July, according to her birth certificate, which local authorities recognize as authentic. She went three months without state support for poor elderly Mexicans after she was turned away from a branch of Citibanamex in the city of Guadalajara for being too old, said Miguel Castro, development secretary for the state of Jalisco. Welfare beneficiaries now need individual bank accounts because of new transparency rules, Castro said. "They told me the limit was 110 years," Felix said with a smile in the plant-filled courtyard of her small house in Guadalajara. In an emailed statement, Citibanamex, a unit of Citigroup Inc, said Felix's age exceeded the "calibration limits" of its system and it was working to get her the bank card as soon as possible. It said it was adjusting its systems to avoid a repeat of the situation.
NASA

NASA Inspector Says Agency Wasted $80 Million On An Inferior Spacesuit (arstechnica.com) 76

An anonymous reader quotes a report from Ars Technica: When NASA began developing a rocket and spacecraft to return humans to the Moon a decade ago as part of the Constellation Program, the space agency started to think about the kinds of spacesuits astronauts would need in deep space and on the lunar surface. After this consideration, NASA awarded a $148 million contract to Oceaneering International, Inc. in 2009 to develop and produce such a spacesuit. However, President Obama canceled the Constellation program just a year later, in early 2010. Later that year, senior officials at the Johnson Space Center recommended canceling the Constellation spacesuit contract because the agency had its own engineers working on a new spacesuit and, well, NASA no longer had a clear need for deep-space spacesuits. However, the Houston officials were overruled by agency leaders at NASA's headquarters in Washington, DC. A new report released Wednesday by NASA Inspector General Paul Martin sharply criticizes this decision. "The continuation of this contract did not serve the best interests of the agency's spacesuit technology development efforts," the report states. In fact, the report found that NASA essentially squandered $80.6 million on the Oceaneering contract before it was finally ended last year.
Security

Hacking Group Is Charging German Companies $275 For 'DDoS Tests' (bleepingcomputer.com) 29

An anonymous reader writes: "A group calling itself XMR Squad has spent all last week launching DDoS attacks against German businesses and then contacting the same companies to inform them they had to pay $275 for 'testing their DDoS protection systems,' reports Bleeping Computer. Attacks were reported against DHL, Hermes, AldiTalk, Freenet, Snipes.com, the State Bureau of Investigation Lower Saxony, and the website of the state of North Rhine-Westphalia. The attack against DHL Germany was particularly effective as it shut down the company's business customer portal and all APIs, prompting eBay Germany to issue an alert regarding possible issues with packages sent via DHL. While the group advertised on Twitter that their location was in Russia, a German reporter who spoke with the group via telephone said "the caller had a slight accent, but spoke perfect German." Following the attention they got in Germany after the attacks, the group had its website and Twitter account taken down. Many mocked the group for failing to extract any payments from their targets. DDoS extortionists have been particularly active in Germany, among any other countries. Previously, groups named Stealth Ravens and Kadyrovtsy have also extorted German companies, using the same tactics perfected by groups like DD4BC and Armada Collective.
The Almighty Buck

Most Millennials Have an Unrealistic View of Their Retirement Prospects, Analysts Say (hsbc.com) 544

From a blog post on research firm HSBC: HSBC calls for millennials to wake up to living and working longer, as research finds only 1 in 10 expects to work past 65. Most millennials have an unrealistic view of their retirement prospects according to a new report from HSBC. The latest report in The Future of Retirement series, Shifting sands, finds that on average millennials expect to retire younger than other working age generations. Millennials expect to retire at 59, two years younger than the working age average of 61. The survey of over 18,000 people in 16 countries finds that only 10 percent of millennials expect to continue working after 65 -- even as their generation faces unprecedented financial pressures and state retirement ages continue to rise around the world. This is despite 59 percent of millennials agreeing they will live much longer and will need to support themselves for longer than previous generations.

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