angry tapir writes "Although software-driven high-frequency trading has got a pretty bad rap (being blamed for the so-called 'Flash Crash' in 2012 for example) Australia's chief financial regulator ASIC says that, in Australia at least, it's not cause for concern. After an in-depth study of HFT in Australian markets, ASIC decided to hold off on previously considered regulatory changes (such as implementing a 'pause' for some small trades)."
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chicksdaddy writes "Beware you barons of BitCoin – you World of Warcraft one-percenters: the long arm of the Internal Revenue Service may soon be reaching into your treasure hoard to extract Uncle Sam's fair share of your virtual wealth. A new Government Accountability Office (GAO) report on virtual economies finds that many types of transactions in virtual economies – including Bitcoin mining and virtual transactions that result in real-world profit – are likely taxable under current U.S. law, but that the IRS does a poor job of tracking such business activity and informing buyers and sellers of their duty to pay taxes on virtual earnings. The report, 'Virtual Economies and Currencies: Additional IRS Guidance Could Reduce Tax Compliance Risks' found that the growing use of virtual currencies like BitCoin and virtual game currencies warrants the U.S.'s tax collection agency to mitigate the risks. Those include efforts to educate taxpayers and the publication of basic tax reporting requirements for transactions using virtual currencies, The Security Ledger reports."
CowboyRobot writes "There was a time when people wanted the fastest networks so that they could trade at lightning speeds. They deployed the smartest formulas at trading venues where no one could know who was asking for that big block of stocks on the other end of the deal. It was a wild time and people made a lot of money along with some very unwise decisions. Wall Street seems to be acting out the lyrics to a Don Henley song. The party's over, the hangover is raging and no one really knows what happened the night before. The number of shares traded via high-frequency trading are down and politicians want to roll out a tax to serve as a speed bump. Iowa Senator Tom Harkin and Oregon Representative Peter DeFazio want a .03 percent tax on nearly every trade in nearly every market in the U.S. Some are wondering if microsecond dealings are poised to fade away. As the founder of HFT firm Tower Research Capital Mark Gorton puts it, 'The easy money's gone. We're doing more things better than ever before and making less money doing it.'"
Bob the Super Hamste writes "The St. Paul Pioneer press is reporting that Comcast is planning on expanding its network of public WiFi hot spots in the Twin Cities area by using home internet connections and user's WiFi routers. Customers will be upgraded to new wireless routers that will have 2 wireless networks, one for the home users and one for the general public. Subscribers to Comcast's Xfinity service and customers that participate in the public WiFi program will be allowed free access to the public WiFi offered by this service. Non Comcast customers get 2 free sessions a month each lasting 1 hour with additional sessions costing money. The article mentions that a similar service already exists and is provided by the Spain-based company Fon."
First time accepted submitter Rebecka Schumann writes "Ontario couple Ken Campbell and Nicole Sauve said a recent fence installation led them to discover what is being labeled a historical find. Sauve, who said the duo originally believed the skeleton to be from bones of an animal, called the Ontario Provincial Police to investigate; Forensic Anthropologist Michael Spence confirmed the bones were that of an aboriginal woman who died at age 24 between the late 1500s to the early 1600s. In spite of reporting their find and Spence's evaluation, Suave and Campbell were told they were required to hire an archeologist to assess their property at their own expense under Ontario's Funeral, Burial and Cremation Services Act. The act, which requires evaluation for all properties found to house human remains, has the Canadian couple stuck with a big bill."
McGruber writes "In June of 2012, we discussed news that Larry Ellison, co-founder and chief executive of Oracle, purchased the Hawaiian island Lanai for $300 million. Ellison now owns nearly everything on the island, including many of the candy-colored plantation-style homes and apartments, one of the two grocery stores, the two Four Seasons hotels and golf courses, the community center and pool, water company, movie theater, half the roads and some 88,000 acres of land. (2% of the island is owned by the government or by longtime Lanai families.) Now Ellison is attempting to win over the island's small, but wary, local population, one whose economic future is heavily dependent on his decisions. He and his team have met with experts in desalination and solar energy to change the way water and electricity are generated, collected, stored and delivered on the island. They are refurbishing residential housing intended for workers (Mr. Ellison's Lanai Resorts owns and manages 400 of the more than 1,500 housing units on the island). They've tackled infrastructure, such as lengthening airport runways and paving county roads. And to improve access to Lanai, Mr. Ellison bought Island Air earlier this year and is closing a deal to buy another airline."
An anonymous reader writes "Computerworld has an interview with an Australian startup called LIFX, producing WiFi-connected LED light bulbs. Each light bulb is a small computer running the Thingsquare distribution of the open source Contiki operating system that creates a low-power wireless mesh network between the light bulbs and connects them to the WiFi network. The wireless mesh network lets the light bulbs be controlled with a smartphone app. Through a Kickstarter project, the company has already raised a significant amount of money: over one million USD. "
jones_supa writes "Apogee Software/3D Realms alleges that Gearbox has refused to pay more than $2 million owed to 3D Realms from royalties and advances Gearbox received from publishers for Duke Nukem Forever. In a lawsuit filed June 7 in Texas district court, 3D Realms insists that its agreement with Gearbox permits it to conduct an audit of Gearbox's royalty statements, which the studio has not allowed. 'Gearbox is simply stonewalling here in an improper attempt to conceal information from 3D Realms that it is absolutely entitled to receive,' the suit alleges. The company also alleges that Gearbox has refused to pay the agreed-upon portion of revenue Gearbox received after Duke Nukem Forever was released. 3D Realms has asked for a jury trial. This suit is apparently the end result of a friendly deal gone wrong."
c0lo writes "Kim Dotcom alleges, in an 20 min interview with the Australian public television, that Megaupload was offered up by the New Zealand's PM 'on a silver platter' as part of negotiations with Warner Brothers executives for shooting The Hobbit in New Zealand. He promises that he'll substantiate the claims in court. He also says that the extradition case the U.S. government is weak and the reason behind the latest delay in extradition hearing (postponed from August this year to March next year) is an attempt to bleed Dotcom dry of his money. Also interesting, Dotcom says that the latest debacle of the massive scale online online surveillance by U.S. spy agencies has triggered an 'explosion' of interest in mega.co.nz, the 'cloud storage' site with user generated encryption."
itwbennett writes "You can make a decent living as a software developer, and if you were lucky enough to get hired at a pre-IPO tech phenom, you can even get rich at it. But set your sights above the average and below Scrooge McDuck and you won't find many developers in that salary range. In fact, the number of developers earning $200,000 and above is under 10%, writes blogger Phil Johnson who looked at salary data from Glassdoor, Salary.com and the Bureau of Labor Statistics. How does your salary rate? What's your advice for earning the big bucks?"
sciencehabit writes "Despite a slow economy, business in genomics has boomed and has directly and indirectly boosted the U.S. economy by $965 billion since 1988, according to a new study (pdf). In 2012 alone, genomics-related research and development, along with relevant industry activities, contributed $31 billion to the U.S. gross national product and helped support 152,000 jobs, the biomedical funding advocacy group United for Medical Research announced today in Washington, D.C. Based on total U.S. spending, the country gets $65 back for every $1 it spends on the field."
An anonymous reader writes "Student interns are typically relegated to menial tasks like fetching coffee and taking out the trash, the idea being that they get paid in experience instead of money. On Tuesday, Manhattan Federal District Court Judge William H. Pauley disagreed, ruling in favor of two interns who sued Fox Searchlight Pictures to be paid for their work on the 2010 film Black Swan. The interns did chores that otherwise would have been performed by paid employees. Pauley ruled, in accordance with criteria laid out by the U.S. Department of Labor, that unpaid internships should be educational in nature and specifically structured to the benefit of the intern, and reasoned that if interns are going to do grunt work like regular employees, then they should be paid like regular employees." The article seems to imply that this might be the beginning of the end for the rampant abuse of unpaid internships: "Judge Pauley rejected the argument made by many companies to adopt a 'primary benefit test' to determine whether an intern should be paid, specifically whether 'the internship’s benefits to the intern outweigh the benefits to the engaging entity.' Judge Pauley wrote that such a test would be too subjective and unpredictable."
An anonymous reader sends this quote from Bloomberg: "A Chinese national was sentenced to 12 years in a U.S. prison for selling more than $100 million worth of software pirated from American companies, including Agilent Technologies Inc., from his home in China. Li and his wife, of Chengdu, China, were accused of running a website called 'Crack 99' that sold copies of software for which 'access-control mechanisms had been circumvented, the U.S. said in an unsealed 46-count indictment. The pair was charged with distributing more than 500 copyrighted works to more than 300 buyers in the U.S. and overseas from April 2008 to June 2011. The retail value of the products was more than $100 million, the government said. Li is the first Chinese citizen to be 'apprehended and prosecuted in the U.S. for cybercrimes he engaged in entirely from China,' prosecutors said in court filings."
An anonymous reader writes "The Greek government shut down broadcasting of all TV and radio channels operated by the state-owned broadcaster ERT at midnight local time, with police ejecting journalists and other employees occupying the building. The above link is a prominent Greek economics professor's (and Valve's in-house economist) analysis of the political motivations for the move."
judgecorp writes "The Demo VC funding event has hit Europe (Moscow, specifically), and it is very clear that start-ups in Europe have to compete hard for any venture capital. In its 20 year history in Silicon Valley, Demo is famous for highlighting subsequent success stories such as Netscape, Skype and Salesforce.com. Demo Europe began with a venture capitalist waxing lyrical on how the shortage of funds means he gets plenty of choice where to put his money. Promising tech start-ups have a series of hoops to jump through including brief pitches. The most promising candidates so far include a Russian social VoIP network and a shared whiteboard."
An anonymous reader writes "Google and Israeli start-up Waze have agreed in principle on a deal in which the search engine giant will buy the road traffic information sharing application for $1.3 billion. Waze, which claims more than 40 million users, describes itself as an app bringing together 'the world's largest community of drivers who work together to fight traffic, and save time and gas money on their daily commute.' There have been previous reports that first Apple and then Facebook wanted to acquire the Israeli start-up."
Lasrick writes "Lee Drutman is a political scientist with the Sunlight Foundation who does terrific work. In this article, he attempts to trace campaign donations made by one of the Koch Brothers and discovers just how difficult it is to do: 'The case of Charles G. Koch is a nice lesson in just how hard it is to determine who is breaking and who is abiding by campaign finance limits. It's hard to make accurate tallies of individual aggregate campaign contributions when the Federal Elections Commission doesn't require donors to have a unique ID, and when campaigns don't always reliably report donor names. Given this, it is unclear how the FEC would even enforce its own aggregate limit rules. The FEC's spokesperson told me that while the FEC welcomes complaints, it does not typically take enforcement initiative."'
another random user writes "Apple has applied for a patent on a combined virtual currency and digital wallet technology that would allow you to store money in the cloud, make payments with your iPhone, and maybe communicate with point-of-sale terminals via NFC. The patent application, published [Thursday] by the U.S. Patent and Trademark Organization, details how iPhone users could walk into a store, pay for goods with their phone, and walk out with their merchandise. Though Apple is late to the virtual wallet game, that doesn't seem to stop them trying to patent the process. There does not appear to be anything in the patent application which describes something that can't already be done."
theodp writes "It was the best of movies; it was the worst of movies. GeekWire reports that The Internship — the new comedy starring Vince Vaughn and Owen Wilson as two 40-something guys who get internships at Google — is getting high praise from Googlers but low marks from movie critics. Google CEO Larry Page called the movie 'a lot of fun' in his Google+ post, while fellow Google exec Vic Gundotra gushed, 'I laughed a lot while watching this movie!' After screening a sneak preview with Google companions, Wired's Steven Levy wrote, 'From Google's point of view, the movie could not possibly be better.' USA Today's take, on the other hand, is that 'Google has never looked lamer thanks to The Internship.' And the NY Daily News calls the movie 'an unfunny valentine to Google.' But perhaps the unkindest cut of all comes from the NY Post, who suggests that 'maybe The Internship was secretly funded by Bing.' Ouch." Update: 06/07 20:02 GMT by T : Peter Wayner saw the movie (a "harmless bit of summer fluff"), and his full-length take below takes on some of the tech-company misconceptions that the film-makers gleefully adopted as script material.
benrothke writes "Phil Lapsley calls his book 'the untold story of the teenagers and outlaws who hacked Ma Bell.' The story is an old one, going back to the early 1960's. Lapsley was able to track down many of the original phone phreaks and get their story. Many of them, even though the years have passed, asked Lapsley not to use their real names." Read below for the rest of Ben's review.