Top Euro MP quits in piracy row

by Source of Article on January 28, 2012

Acta protesters in PolandMr Arif’s resignation follows protests in several locations across Poland

Negotiations over a controversial anti-piracy agreement have been described as a “masquerade” by a key Euro MP.

Kader Arif, the European Parliament’s rapporteur for the Anti-Counterfeiting Trade Agreement (Acta), resigned over the issue on Friday.

He said he had witnessed “never-before-seen manoeuvres” by officials preparing the treaty.

On Thursday, 22 EU member states including the UK signed the agreement.

The treaty still needs to be ratified by the European Parliament before it can be enacted. A debate is scheduled to take place in June.

Mr Arif criticised the efforts to push forward with the measures ahead of those discussions taking place.

“I condemn the whole process which led to the signature of this agreement: no consultation of the civil society, lack of transparency since the beginning of negotiations, repeated delays of the signature of the text without any explanation given, reject of Parliament’s recommendations as given in several resolutions of our assembly.”

Mr Arif’s decision to stand down follows protests by campaigners in Poland. Thousands of demonstrators took to the streets after the agreement was signed.

Crowds of mostly young people held banners with slogans such as “no to censorship” and “a free internet”.

Earlier in the week, hackers attacked several Polish government websites, including that of Prime Minister Donald Tusk.

The country’s Foreign Minister Radek Sikorski defended the plans, telling local television: “We believe that theft on a massive scale of intellectual property is not a good thing.”

‘Legitimate demands’

Campaigners’ concerns have been buoyed by Mr Arif’s strongly-worded statement released on Friday.

“This agreement can have major consequences on citizens’ lives,” he wrote.

“However, everything is made to prevent the European Parliament from having its say in this matter. I want to send a strong signal and alert the public opinion about this unacceptable situation. I will not take part in this masquerade.”

The treaty has caused controversy since an early discussion paper was published by Wikileaks in 2008 – two years after negotiations first began. The details were subsequently confirmed in 2010.


Poland protests

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People took to the streets across Poland to protest against Acta

If ratified, it proposes to improve “the enforcement of intellectual property rights” in participating countries.

It suggests setting international standards over how copyright infringements are dealt with, with preventative measures including possible imprisonment and fines.

The UK’s Intellectual Property Office has backed the measures, describing piracy as a “major global issue”.

“Yesterday’s signing of Acta is important for the UK as it will set an international standard for tackling large-scale infringements of IPR, through the creation of common enforcement standards and more effective international cooperation. Importantly, it aims to improve the enforcement of existing IPR laws, not create new ones,” it said.

‘Dangerous’

Darrell Issa, a US senator and vocal critic of the stalled Stop Online Piracy Act (Sopa), voiced his concerns about Acta at the World Economics Forum in Davos.

“As a member of Congress, it’s more dangerous than Sopa,” he said.

“It’s not coming to me for a vote. It purports that it does not change existing laws. But once implemented, it creates a whole new enforcement system and will virtually tie the hands of Congress to undo it.”

In addition to internet-based measures, the agreement also seeks to curb trade of counterfeited physical goods.

Past drafts of the treaty suggested that internet service providers would have to give up data about users accused of copyright infringement and might have to cut them off – although this segment of the agreement has since been removed.

Outside of the EU, the treaty has also been signed by the US, Australia, Canada, Japan, Morocco, New Zealand, Singapore and South Korea.

In response to Mr Arif’s resignation, a spokesman for the European Commission told the BBC: “Mr Arif and other members of the European Parliament’s [Committee on International Trade] have had access to successive versions of the Acta text. The full text has been fully public since April 2010. It was made available in the first place because the European Commission convinced the other countries to publish this text.

“There have been four stakeholder conferences since 2008, and at least three speeches in the European Parliament on Acta. And now there will be a full debate. This is exactly what the normal process is.

“But most importantly Acta does not change any EU laws, it simply levels the playing field so that other countries match our standards. There is no threat to internet freedom or privacy. Everything you can do legally today in the EU, you would be legally able to do if Acta is ratified.”

Article source: http://www.bbc.co.uk/go/rss/int/news/-/news/technology-16757142

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European Banks Rally: What Eurozone Crisis?

by Source of Article on January 28, 2012

European banking stocks rose with higher volume trading than US bank stocks, begging the question, what Eurozone crisis?

High trading volumes indicate many payers are weighing in their opinion on the stock’s value. So if European banks are trading up on high volume it’s a good indicator that multiple investors have faith in a recovery. But what evidence has spurred this optimistic trading?

Confidence

“Sovereign risk, within certain bounds, is largely about confidence and is why some countries can fund themselves with debt loads three times greater than others that can’t,” explains Ritholtz.

Spain and France sold their bonds at lower yields despite France’s downgrade, reports Bloomberg. But Manish Singh, London-based head of investment at Crossbridge Capital, is cautious: “The debate on the Greek debt deal with private investors is damping the optimism. Unless the deal is in the bag, I don’t think the market will rally on successful auctions alone.”

 

Business Section: Investing Ideas

Looking for a list of European banks? Here is the complete list of European banks trading on U.S. markets.

Is this the beginning of a relief rally for these stocks? What do you think?

 

1. UBS AG (UBSEarningsAnalystsFinancials): Provides wealth management, asset management, and investment banking products and services to private, corporate, and institutional clients worldwide.

 

2. Credit Suisse Group (CSEarningsAnalystsFinancials): Operates as a financial services company.

 

 

3. Lloyds Banking Group plc (LYGEarningsAnalystsFinancials): Provides various banking and financial services to personal and corporate customers primarily in the United Kingdom.

 

 

4. Deutsche Bank AG (DBEarningsAnalystsFinancials): Provides investment, financial, and related products and services.

 

 

5. Barclays PLC (BCSEarningsAnalystsFinancials): Provides various financial products and services in Europe, the United States, Africa, and Asia.

 

 

 

6. Royal Bank of Scotland Group plc (RBSEarningsAnalystsFinancials): The Royal Bank of Scotland Group plc, through its subsidiaries, offers banking and financial services to personal, commercial, corporate, and institutional customers in the United Kingdom, the United States, and internationally.

 

7. Banco Santander, S.A. (STDEarningsAnalystsFinancials): Provides a range of banking and financial products.

 

 

 

8. Banco Bilbao Vizcaya Argentaria, S.A. (BBVAEarningsAnalystsFinancials): Engages in the retail banking, asset management, private banking, and wholesale banking businesses in Spain and internationally.

 

9. The Governor and Company of The Bank of Ireland (IREEarningsAnalystsFinancials): Provides banking and other financial services to small and medium-sized commercial and industrial companies in Ireland and internationally.

 

10. National Bank of Greece SA (NBGEarningsAnalystsFinancials): Provides diversified financial services primarily in Greece.

 

 


(Written by Rebecca Lipman. List compiled by Eben Esterhuizen, CFA. Data sourced from Finviz.)

 

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Article source: http://articlefeeds.nasdaq.com/~r/nasdaq/categories/~3/pB9hpIh_kko/european-banks-rally-what-eurozone-crisis.aspx

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Bon-Ton Appoints New CEO

by Source of Article on January 28, 2012

Bon-Ton Stores Inc.

(
BONT

), a department store chain, recently announced the appointment of
Brendan L. Hoffman as its new CEO and president, effective February
7. Hoffman is also set to join the company’s board of
directors.

Hoffman replaces Bud Bergen who announced in November last year
that he will retire once the company finds a new leader. With
Hoffman holding the office of the company’s president and CEO,
Burgen will become the chairman of the

Bon-Ton’s board. Once Bergren takes on the role of the chairman,
Executive Chairman Tim Grumbacher will step down from his position
but will remain as a board member.

Hoffman, 43, previously served as the president and CEO of Lord
Taylor’s LLC. Prior to that, Hoffman served for six years as
the president and CEO of Neiman Marcus Direct, a subsidiary of The
Neiman Marcus Group Inc. He played a key role in the growth of
neimanmarcus.com and bergdorfgoodman.com. He also served as the
vice president of Neiman Marcus’s Last Call Clearance Division and
as a divisional merchandise manager of Bergdorf Goodman Inc.

We remain optimistic regarding the appointment of Hoffman as the
CEO of Bon
-

Ton’s and expect the company to benefit from his rich experience in
the retail industry.  The company is continuously witnessing
sluggish same-store sales and we expect comps to turnaround under
his leadership. Following the news of the appointment of the new
CEO, the company’s share price climbed 53 cents to close at $3.76
on Tuesday.

In the recently concluded third quarter of 2011, the company
reported disappointing results. The company reported a loss of
$1.21 per share much wider than the Zacks Consensus Estimate of
break-even results and the year-ago quarter loss of 36 cents. The
lower-than-expected results were due to sluggish traffic, which led
to a 5.9% drop in  same-store sales.

The negative comp trend also carried in the next two month as
well. Bon-Ton experienced a dip of 4.9% and 0.7% in comps for the
month of November and December, respectively. Subsequently, the
company trimmed its outlook for the fourth quarter of 2011.

For the upcoming fourth quarter of 2011, the company slashed its
EBITDA forecast to $170 million – $175 million from the previous
range of $190 million – $210 million and earnings per share
guidance to a loss of $1.30 per share to $1.00 per share from the
earlier projection of a loss of 65 cents to a gain of 25 cents. It
also expects cash in the range of $5 million to $10 million, down
from its previous estimate of $25 million to $40 million.

Bon-Ton, headquartered in York, Pennsylvania and Milwaukee,
Wisconsin, is slated to release its fourth quarter results on March
6, 2012. The Zacks Consensus Estimates for the fourth quarter of
2011 and fiscal 2011 are pegged at $3.51 and ($1.20),
respectively.

We reiterate our long-term Neutral recommendation on
Bon-Ton.

 

BON-TON STORES (
BONT

): Free Stock Analysis Report

 

To read this article on Zacks.com click here.

 

Zacks Investment
Research

Article source: http://articlefeeds.nasdaq.com/~r/nasdaq/categories/~3/5202iDoysgM/bonton-appoints-new-ceo-analyst-blog.aspx

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Facebook clickjacking legal row

by Source of Article on January 28, 2012

Facebook screenshotSome analysts have linked Facebook’s spam crackdown to an imminent stock flotation

Facebook is suing a marketing firm, accusing it of “spreading spam through misleading and deceptive tactics”.

Adscend Media is alleged to have carried out “clickjacking”.

The practice involves placing posts on the social network which include code that causes the links to appear on the users’ homepages as a “liked” item without their permission. The links are designed to take users to other sites.

Adscend Media said it “vehemently denied” the “false claims”.

Accusations

Facebook likened its security efforts to an “arms race” and said that it was committed to pursuing “bad actors”.

“Facebook’s security professionals have made tremendous strides against this particular form of attack and we are intent on eradicating it completely,” said Craig Clark, the firm’s lead litigation counsel.

“We will continue to use all tools at our disposal to ensure that scammers do not profit from misusing Facebook’s services.”

Washington State also filed a related lawsuit. Its lawyers said that they believed that this was the first time any state had gone to court to combat spam on the social network.

“We don’t ‘like’ schemes that illegally trick Facebook users into giving up personal information or paying for unwanted subscription services through spam,” said the state’s attorney general, Rob McKenna.

Mr McKenna’s office said that Adscend Media had earned as much $1.2m (£766,000) a month from the practice.

Strong denial

However, the accused firm released a statement on Friday evening which said: “At no time did we engage in the activity alleged in the complaints.

“Adscend Media strictly complies with its legal obligations under federal and state law. We are undertaking an investigation to determine whether any of Adscend Media’s affiliates engaged in the activity alleged by the Attorney General’s office and Facebook.

“If they did, we are fully certain that the activity was conducted without the company’s knowledge.”

The firm’s lawyer went on to accuse the Washington State authorities of being “irresponsible”.

“We find it deeply troubling that the Attorney General’s office made a public spectacle of these serious allegations without first questioning the company as part of its investigatory process and, even more inexplicably, without notifying the company that the complaint was being filed,” said Mark Rosenberg.

He added that Adscend Media was now prepared to pursue a defamation action against those “responsible for tarnishing the reputation of the company”.

Invisible buttons

Facebook has posted an article about the case in which it explained that it believed the “scam” had worked by exploiting a vulnerability in people’s internet browsers that allowed its ‘Like’ button to be hidden.

“Once the ‘Like’ button is made invisible, scammers can overlay pictures and other content, to trick the user to click on the invisible ‘Like’ button,” it said.

“First, Facebook users are encouraged to click the ‘Like’ button on the scammers’ Facebook Pages, which then alerts their friends to the existence of the page. Then they are told that they cannot access the content unless they complete an online survey or advertising offer.”

It said one case had involved a link promising to show a man who had taken a picture of his face every day over eight years.

Facebook said that the content often had not existed, and users had been directed to third-party sites. It alleged that “the scammers receive money for each misdirected user”.

Stock sale

Facebook said that less than 4% of the content shared on its site was currently spam.

The internet security firm, Sophos, acknowledged that the network was trying to combat the problem, but suggested further steps should be taken.

“Facebook tried to introduce anti-clickjacking technology to fight the problem, but it was never entirely satisfactory,” said the Sophos’s senior technology consultant Graham Cluley.

“What would have been good would have been if Facebook had introduced a ‘confirmation’ dialog every time a user ‘likes’ a page on a third-party website. That way, the clickjackers would have been able to trick you into clicking like but you would still have had to confirm that you really wanted to share the message with your online friends.

“In the run-up to IPO [initial public offering], we’re sure to see Facebook doing more to present itself as company that is fighting security threats like this.”

This is the second time this month that Facebook has accused a group of illegal activity on its site. Last week it named several Russia-based suspects who it said were responsible for a malware attack known as the “Koobface worm”.

Multiple reports suggest that the network may float its stock within the next four months. Bloomberg says the firm may sell a minority stake for $10bn, valuing the firm at 10 times the price.

Article source: http://www.bbc.co.uk/go/rss/int/news/-/news/technology-16755434

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Tech Giants: Are Blue Chip Tech Stocks The Best Way To Go?

by Source of Article on January 28, 2012

If you’re an investor who thinks “slow and steady” has a place in your portfolio, then you probably enjoy Blue Chip stocks.

As the tech market is regaining traction in the hearts and minds of investors, you may also be wondering which tech stocks offer the slow growth and reliability indicative of a Blue Chip.

Jeff Macke writes (via Yahoo! Finance) that he understands tech stocks haven’t been trading at their best lately, and fourth quarter earnings haven’t exactly been promising. But for some of the bigger blue chip names in the industry he holds out hope for 2012.

Why? Because according to David Garrity of GVA Research, “relatively low variability in performance is going to be the theme that pays for investors in technology this year.”

Specifically, Macke and Garrity discuss future prospects for the old but reliable tech companies Intel (INTC) and Microsoft (MSFT). “While they do have an attractive dividend yield now, the odds are better than 50/50 that they’ll be able to raise that dividend over the course of the year,” Garrity predicts.

Blue chips are partially identified by their ability to operate profitably in bull and bear markets. And although they are not known for fast growth, Macke says “if you don’t find yield and growth a financially sexy combination you probably shouldn’t be running your own portfolio.”

Business Section: Investing Ideas

So we’re wondering, which blue chip tech companies are worth a closer look?

For ideas, we collected data on profit projections, and identified a list of the largest tech stocks that have seen an increase in their profit outlook for the next fiscal year.

In addition, all of these stock prices have failed to adjust to the rise in earnings estimates, signaling that a potential mis-pricing may have occurred.

Is the market underestimating these tech giants that have seen a rise in their profit outlooks?

List sorted by market cap.

 

1. China Telecom Corp. Ltd. (CHAEarningsAnalystsFinancials): Provides wireline and mobile telecommunications services in the People’s Republic of China. Market cap at $43.1B. The EPS estimate for the company’s current year increased from 3.3 to 3.31 over the last 30 days, an increase of 0.3%. This increase came during a time when the stock price changed by -9.83% (from 57.26 to 51.63 over the last 30 days).

 

2. Red Hat, Inc. (RHTEarningsAnalystsFinancials): Provides open source software solutions to enterprises worldwide. Market cap at $9.06B. The EPS estimate for the company’s current year increased from 1.05 to 1.07 over the last 30 days, an increase of 1.9%. This increase came during a time when the stock price changed by -3.24% (from 46.05 to 44.56 over the last 30 days).

 

3. Seagate Technology PLC (STXEarningsAnalystsFinancials): Designs, manufactures, markets, and sells hard disk drives for the enterprise, client compute, and client non-compute market applications in the United States and internationally. Market cap at $8.33B. The EPS estimate for the company’s current year increased from 3.1 to 4.87 over the last 30 days, an increase of 57.1%. This increase came during a time when the stock price changed by 30.19% (from 15.07 to 19.62 over the last 30 days).

 

4. Western Digital Corp. (WDCEarningsAnalystsFinancials): Engages in the design, development, manufacture, and sale of hard drives worldwide. Market cap at $7.94B. The EPS estimate for the company’s current year increased from 3.26 to 4.12 over the last 30 days, an increase of 26.38%. This increase came during a time when the stock price changed by 9.33% (from 30.64 to 33.5 over the last 30 days).

 

5. NetEase.com, Inc. (NTESEarningsAnalystsFinancials): Engages in the development of applications, services, and other technologies for the Internet in China. Market cap at $5.97B. The EPS estimate for the company’s current year increased from 3.78 to 3.8 over the last 30 days, an increase of 0.53%. This increase came during a time when the stock price changed by -1.47% (from 45.68 to 45.01 over the last 30 days).

 

6. Tibco Software, Inc. (TIBXEarningsAnalystsFinancials): Provides middleware and infrastructure software worldwide. Market cap at $4.13B. The EPS estimate for the company’s current year increased from 1.11 to 1.15 over the last 30 days, an increase of 3.6%. This increase came during a time when the stock price changed by 2.92% (from 22.98 to 23.65 over the last 30 days).

 

7. Open Text Corp. (OTEXEarningsAnalystsFinancials): Develops, markets, sells, licenses, and supports enterprise content management (ECM) solutions primarily in North America and Europe. Market cap at $2.9B. The EPS estimate for the company’s current year increased from 4.6 to 4.69 over the last 30 days, an increase of 1.96%. This increase came during a time when the stock price changed by -3.59% (from 50.71 to 48.89 over the last 30 days).

 

 

(Written by Rebecca Lipman. List compiled by Eben Esterhuizen, CFA. EPS data sourced from Yahoo! Finance.)

 

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Article source: http://articlefeeds.nasdaq.com/~r/nasdaq/categories/~3/oNtDZ6FD5oo/tech-giants-are-blue-chip-tech-stocks-the-best-way-to-go.aspx

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