 | Good afternoon Bit |  |  | Can slower Internet speeds convince consumers to stop pirating copyrighted material online? That's the assumption behind a new anti-piracy effort launched this week by a coalition of Internet service providers and groups representing movie studios and record labels.
Under the new initiative, AT&T, Cablevision, Comcast, Time Warner Cable and Verizon have agreed to send customers email or pop-up alerts if it is suspected that their account is being used to download or share copyrighted material illegally. Should suspected illegal activity persist, providers might temporarily slow Internet speeds or redirect their browser to a specific Web page until the customer contacts the company. Time's Techland blog calls the effort "fairly reasonable" but points out that "it's only a matter of time before someone is falsely accused of copyright infringement and throttled accordingly." Users accused can seek an independent review of whether they acted illegally.
A major hedge fund dumped its stake in Yahoo after an ownership dispute earlier this year cut the value of the Internet giant's China holdings. Back in May, Yahoo revealed that Alibaba Group, its Chinese unit, had transferred ownership of its valuable online payments business Alipay to a company owned by Jack Ma, Alipay's CEO. "This isn't what we signed up for," Greenlight Capital's head David Einhorn wrote in a letter to investors. "We exited with a modest loss."
Seems Google wants to play nice when it comes to social networking. Chairman Eric Schmidt told journalists at the Allen & Co. media retreat in Sun Valley, Idaho that he is leaving the door open to more co-operation with social networking giants Facebook and Twitter as his company rolls out its own alternative, Google+. Trumpeting the new network's early success, Schmidt said he would "love to have deeper integration with Twitter and Facebook." In separate news, Google Chairman Eric Schmidt will testify at a September hearing before the Senate Judiciary Committee's Antitrust Subcommittee.
Apple promised a fix to a security flaw in its mobile operating software that could open iPhone, iPad and iPod Touch users up to attacks by hackers. The security hole was deemed serious enough that it would allow someone to steal data off the device, a German security firm warned this week. Apple said its fix will be rolled out in an upcoming software update. | | | LATEST NEWS | | Google chairman to testify at Senate hearing | | July 08, 2011 03:49 PM ET | | WASHINGTON (Reuters) - Google Inc Chairman Eric Schmidt will testify at a September hearing before the Senate Judiciary Committee's Antitrust Subcommittee, Senator Mike Lee said on Friday. | Full Article | | Einhorn dumps Yahoo stake after Alipay dispute | | July 08, 2011 03:26 PM ET | | SAN FRANCISCO (Reuters) - Greenlight Capital chief David Einhorn unloaded his stake in Yahoo Inc just months after building a sizable position, swallowing a "modest loss" after an ownership dispute tarnished the Internet company's prized Chinese assets. | Full Article | | Exclusive: WikiLeaks loses Icelandic financial lifeline | | July 08, 2011 05:18 PM ET | | NEW YORK (Reuters) - WikiLeaks founder Julian Assange has lost a financial lifeline. Since December, bans by the world's major credit card networks, it has been difficult for supporters of the controversial whistleblower to send him donations. But this week, WikiLeaks gained a brief respite with the unwitting help of an Icelandic bank. | Full Article | | Space shuttle leaves Earth on final flight | | July 08, 2011 04:31 PM ET | | CAPE CANAVERAL, Florida (Reuters) - Space shuttle Atlantis rocketed off its seaside launch pad on Friday, rising atop a tower of smoke and flames as it left Earth on the final flight of the U.S. space shuttle program. | Full Article | | | BUSINESS NEWS
| | Jobs growth stalls, setting back recovery hopes | | July 08, 2011 03:44 PM ET | | WASHINGTON (Reuters) - U.S. jobs growth ground to a near halt in June as employers hired the fewest workers in nine months, frustrating hopes the economy would bounce back quickly from a slowdown in the first half of the year. | Full Article | | As ex-aide arrested, pressured Cameron vows media reform | | July 08, 2011 04:48 PM ET | | LONDON (Reuters) - Police arrested David Cameron's former spokesman on Friday over the scandal that has shut down Rupert Murdoch's News of the World, forcing the prime minister to defend his judgment while promising new controls on the British press. | Full Article | | LivingSocial picks BofA, JPMorgan, Deutsche for IPO | | July 08, 2011 05:03 PM ET | | NEW YORK (Reuters) - LivingSocial has picked Bank of America Merrill Lynch, JPMorgan and Deutsche Bank to lead-underwrite an IPO that could value the daily deals site at $10 billion to $15 billion, two sources with knowledge of the matter said. | Full Article | | State and local governments bleeding jobs | | July 08, 2011 04:27 PM ET | | WASHINGTON (Reuters) - U.S. state and local governments cut thousands of jobs in June, pushing their payrolls down to the lowest in five years, according to Labor Department data released on Friday, and analysts do not expect the losses to end any time soon. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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