Technology Report: Wireless carriers scale down scope of mobile payment system

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	05/4/2011
Good afternoon Bit Sony said that its video game network was breached at the same time it was defending itself against a major denial of service attack by the well-known Internet vigilante group Anonymous. The group attacked the two credit card companies with "denial of service" attacks in December that overwhelmed their servers for blocking payments to WikiLeaks. The company also said it waited two days after discovering data was stolen from its PlayStation game network before contacting law enforcement and didn't meet with FBI officials until five days later. The theft prompted the Justice Department to open an investigation, officials said on Wednesday. Intel took the wraps off next-generation technology that crams more transistors onto microchips, hoping it will help the chipmaker catch up in a red-hot tablet and smartphone market. Intel expects to start production of its first PC and server chips using new technology -- code named Ivy Bridge -- by the end of 2011 and said that it would also make new processors for mobile devices. Shares of Renren, China's largest social networking company, surged more than 50 percent in its initial public offering on the New York Stock Exchange in the latest sign investors are eager to snap up stock in social media companies. China announced a new State Internet Information Office to unify the squabbling agencies that oversee the Chinese Internet, which Beijing views as both a potential gold mine and a political threat. Google's Android platform rose to a dominant position in the smartphone market in the first quarter, research firm Canalys said, increasing its lead over struggling Nokia. While Google's software platform increased its market share to 35 percent from less than 10 percent just a year earlier, Nokia's Symbian saw its market share dropping to 26 percent from 45 percent. Canalys said the market for more advanced cellphones grew 83 percent from a year ago in the January-to-March quarter to 101 million phones. LATEST NEWS Wireless carriers scale down scope of mobile payment system May 04, 2011 09:35 AM ET (Reuters) - The biggest U.S. wireless carriers, AT&T Inc, Verizon Wireless and T-Mobile USA, are not setting up a separate network for payments on transactions done by phones, the Wall Street Journal said. | Full Article U.S. chases elusive currency-detection technology May 04, 2011 02:08 PM ET ST. LOUIS, May 4 (Thomson Reuters Accelus) - To combat money laundering and contain the drug war raging along the U.S.-Mexico border, U.S. authorities are seeking technology to detect the hoards of cash that smugglers try to spirit abroad. | Full Article Electronic Arts' quarterly profit rises May 04, 2011 04:27 PM ET NEW YORK (Reuters) - Electronic Arts, the video game publisher known for its "FIFA" and "Madden: NFL" franchises, said quarterly profit and revenue rose as it sold more copies of its games. | Full Article Unusual trade in Apple shares canceled: exchange May 04, 2011 12:54 PM ET NEW YORK (Reuters) - A single trade in Apple Inc shares far below where the stock had previously been priced on Wednesday has been canceled, according to a trader at the exchange where it was generated. | Full Article Steelers' Mendenhall criticized for Tweets about bin Laden May 04, 2011 09:18 AM ET PITTSBURGH (Reuters) - Pittsburgh Steelers halfback Rashard Mendenhall remained a target of sharp criticism by Twitter users on Tuesday after he posted a message questioning whether news that al Qaeda leader Osama bin Laden was killed should be cheered. | Full Article BUSINESS NEWS Selloff hits three days as economic worries mount May 04, 2011 04:43 PM ET NEW YORK (Reuters) - Weak economic figures heightened stock investors' anxiety over the extended rally, knocking U.S. shares lower for a third day on Wednesday. | Full Article News Corp profit down on weaker movie slate May 04, 2011 04:14 PM ET NEW YORK (Reuters) - News Corp posted a lower quarterly profit on a weaker box office performance than a year ago, which was partly offset by strong performance at its cable television business. | Full Article Data signals weakness in recovery in April May 04, 2011 01:27 PM ET NEW YORK (Reuters) - Signs of weakness in the U.S. economic recovery mounted as reports on Wednesday showed a sharp slowdown in the vast services sector and less hiring by private companies in April. | Full Article Glencore $11 billion IPO to make billionaires of bosses May 04, 2011 02:13 PM ET LONDON/HONG KONG (Reuters) - Glencore Chief Executive Ivan Glasenberg could be worth $10 billion after the commodities trader makes its debut later this month in a record public offering valuing the commodities group at some $60 billion. | Full Article Fed's Williams: U.S. not facing runaway inflation May 04, 2011 04:26 PM ET LOS ANGELES (Reuters) - The United States is not heading into a sustained bout of high inflation, a top Federal Reserve Bank official said on Wednesday, despite a recent surge in energy and food prices that is sparking fears of 1970s-style price rises. | Full Article U.S. TOP NEWS Obama decides not to release bin Laden photos Bin Laden death boosts Obama, fears of attack: polls ICC prosecutor seeks 3 arrest warrants on Libya Treasury suggests $2 trillion debt cap raise: sources Buffett Foundation gives $4 million for sorghum in Africa RELATED VIDEO Electric car battery boasts range of 450 km per charge Expanding McLaren eyes GT success Floating cities may be habitats of the future A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. 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