Technology Report: Twitter founders return to roots, relaunch Obvious

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	06/28/2011
Good afternoon Bit Everyone seems to be gabbing about the "cloud" these days. Whether it's Apple's much-hyped iCloud service or the Amazon Cloud, the now-popular euphemism for web-based software services has become one of the tech world's biggest buzz words. Microsoft joined in on the action today by unveiling a revamped web-based version of its popular Office suite of business software. But Microsoft's main target here is not Apple or Amazon, but Google, which has stolen some of the software maker's corporate customers in recent years with cheap, web-only alternatives. With Office 365, customers will be able to access familiar applications such as Outlook email, Excel spreadsheets and SharePoint collaboration tools beyond the desktop on a variety of different devices wherever there is an Internet connection. Microsoft CEO Steve Ballmer touted the service's online format and built-in conferencing tools as especially good for small and medium-sized businesses looking to save money. Microsoft has offered online versions of some of Outlook and some other applications to corporate clients for years, but increased competition seems to have spurred Microsoft's latest push into the cloud. Google is praised for doing many things right, but social networking is not widely regarded as one of them. Co-founder and CEO Larry Page, who took over the helm from now-Executive Chairman Eric Schmidt in April, has made it clear that he hopes to change that. The Web giant trotted out its latest and most extensive foray into social networking with Google+, a new social service that aims to compete with Facebook by bundling together all of its its online properties into one platform. Google+ is an attempt to move past former flops such as Google Wave and Google Buzz. The site, which is now available for testing to a select group of Google users, has already elicited comparisons to Facebook in that it lets people share and comment on photos and links and update their status. So, what sets it apart from Facebook? "For us, privacy isn't buried six panels deep," Google VP of Product Management Bradley Horowitz told Reuters, without specifically referring to Facebook. In other social tech news, online gaming company Zynga is planning on raising up to $2 billion in an initial public offering and could file paperwork to get the process underway as soon as Wednesday, a source familiar with the situation told Reuters on Tuesday. Zynga, which is behind popular Facebook games such as FarmVille and Mafia Wars, would be the latest in a string of social media companies to go public in recent months as equity markets have rebounded. News Corp is near a deal to sell its floundering social media site Myspace in the next two days, a source told Reuters. Online ad company Specific Media and private equity firm Golden Gate Capital are said to have emerged as the front-runners in the auction process. The deal could see News Corp offload the company for less than $100 million in a mix of stock and cash and more than 50 percent of Myspace's 500-person workforce is expected to be laid off because of the sale. LATEST NEWS Twitter founders return to roots, relaunch Obvious June 28, 2011 05:42 PM ET ASPEN, Co (Reuters) - Twitter co-founders Biz Stone and Evan Williams plan to revive Obvious, the company they conceived years ago as a technology project incubator that eventually spawned Twitter. | Full Article Zynga IPO could raise $2 billion, file Wed: source June 28, 2011 05:20 PM ET NEW YORK (Reuters) - Online social game company Zynga plans to raise $1.5 billion to $2 billion in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation said on Tuesday. | Full Article Microsoft rolls out Office in the cloud June 28, 2011 04:14 PM ET SEATTLE (Reuters) - Microsoft Corp made its biggest move into the mobile, Internet-accessible world of "cloud" computing on Tuesday, taking the wraps off a revamped online version of its hugely profitable Office software suite. | Full Article News Corp close to selling Myspace: source June 28, 2011 02:28 PM ET NEW YORK (Reuters) - News Corp is expected to sell the troubled social media site Myspace in the next two days, according to a source familiar with the situation. | Full Article Wall St up again on Greece, but investors skittish June 28, 2011 04:34 PM ET NEW YORK (Reuters) - U.S. stocks rose for a second day on Tuesday on optimism that a solution to Greece's debt crisis was near, although low volume indicated underlying nervousness in the market. | Full Article BUSINESS NEWS Lagarde wins IMF top job, presses Greece on crisis June 28, 2011 05:47 PM ET WASHINGTON (Reuters) - French Finance Minister Christine Lagarde on Tuesday clinched the top job at the IMF, keeping the international lender in the hands of a European at a time of growing concern over a possible Greek debt default. | Full Article Madoff judge: Feeder fund investors cannot recover June 28, 2011 05:10 PM ET NEW YORK (Reuters) - Investors in "feeder funds" who lost money in Bernard Madoff's Ponzi scheme do not qualify as customers of the now-imprisoned swindler, a federal bankruptcy judge ruled on Tuesday. | Full Article Analysis: Big business scores key Supreme Court term wins June 28, 2011 03:29 PM ET WASHINGTON (Reuters) - Giant retailer Wal-Mart Inc, telecommunications company AT&T Inc and coal power companies came out the big winners in the U.S. Supreme Court's just-ended term that rejected large lawsuits against them. | Full Article Decline in home prices ebbs, consumers gloomy June 28, 2011 03:47 PM ET NEW YORK (Reuters) - The plunge in U.S. home prices showed signs of leveling off in April, but worries about unemployment pushed consumer confidence to a seven-month low in June. | Full Article Greek protests turn violent as EU warns of default June 28, 2011 01:35 PM ET ATHENS/BRUSSELS (Reuters) - Anti-austerity protests turned violent in Athens on Tuesday as the European Union warned Greek lawmakers the country faces immediate default unless they back an unpopular economic plan this week. | Full Article U.S. TOP NEWS Obama defends record in campaign-style Iowa stop Suicide bombers attack landmark hotel in Afghan capital Tax standoff blocks progress in debt talks Dodgers win court approval for $60 million bankruptcy loan Woman sprays police with breast milk RELATED VIDEO Global data doubles every 2 years: study British teenaged hacker out on bail New wave of wireless technology A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. 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