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Business News
Markets await Bernanke as central bankers gather (Reuters)

Chairman of the Federal Reserve Ben Bernanke testifies before the U.S. House Financial Services Committee on Capitol Hill in Washington July 16, 2008. (Larry Downing/Reuters)Reuters - Federal Reserve Chairman Ben Bernanke tackles financial stability in a key speech on Friday but economists doubt he will provide solid clues about future policy action to calm the credit crunch.


Fannie and Freddie debt gains, deep share dive abates (Reuters)

A home that has been foreclosed and repossessed by the bank up for sale in Burbank, California, July 20, 2008. (Fred Prouser/Reuters)Reuters - Investors' growing belief in the likelihood of a federal bailout of home-funding giants Fannie Mae and Freddie Mac triggered a rally in the debt prices of the two companies on Thursday while a steep fall in their shares prices abated.


Oil up 5 percent on global tensions, soft dollar (Reuters)

An oil tanker nears the Trans-Alaska Pipeline Marine Terminal in Valdez, Alaska, August, 9 2008. (Lucas Jackson/Reuters)Reuters - Oil prices rose nearly 5 percent on Thursday, the biggest percentage gain in more than two months, driven by rising tensions between the United States and energy behemoth Russia.


Three big banks settle with NY state over ARS (Reuters)
Reuters - New York Attorney General Andrew Cuomo on Thursday said Merrill Lynch & Co Inc , Deutsche Bank (DBKGn.DE) and Goldman Sachs have agreed to settlements regarding their auction rate security sales practices.
FINRA probes 40 firms on auction rate securities: source (Reuters)
Reuters - Financial industry enforcement agents will review the auction-rate debt operations of about 40 firms industrywide starting next week, sources familiar with the investigation said on Thursday.
Trends & Innovations - Wednesday (Investor's Business Daily)
Investor's Business Daily - The proportion of working-age Americans facing medical debt rose to 72 mil or 41% last year, up from 58 mil or 34% in '05, according to a new survey by the nonprofit Commonwealth Fund. About half of those facing health debt have up to $2,000 in bills, while 12% have more than $4,000 in debt and another 12% have more than $8,000. The survey also found most of those with medical debt said they had exhausted their savings, with some also tapping into credit cards, home equity or cutting back on food or heat to cover health care costs.
German "fakebook" site incurs wrath of Facebook - 24, Jul 2008

FRANKFURT (Reuters) - Ehssan Dariani, founder of German social network studiVZ, never made any secret of his admiration for Facebook, which is now suing studiVZ for copying its ideas and look.



By Nicola Leske
FRANKFURT (Reuters) - Ehssan Dariani, founder of German social network studiVZ, never made any secret of his admiration for Facebook, which is now suing studiVZ for copying its ideas and look.
When he and two of his friends launched studiVZ (www.studivz.net) in October 2005, it was modeled after the U.S. network that began as a way for college students to keep in touch and became an online phenomenon.
In fact, studiVZ is so close to the original, the German network for students has been dubbed "fakebook".
Dariani is reported originally to have wanted to create a men's cosmetics line. But that endeavor failed to take off and he found inspiration instead in U.S. social networks Facebook and MySpace.
He managed to persuade two friends to launch studiVZ. The founders of online T-shirt shop Spreadshirt provided initial funding of 5,000 euros ($7,960) and within months studiVZ turned into Europe's largest student social networking site.
Facebook filed a complaint last Friday accusing studiVZ of copying the look, feel, features and services of Facebook, ultimately seeking to put an end to the German site.
The name studiVZ is an abbreviation of "Studienverzeichnis", which means "students' directory" in German, and the site -- while it visually resembles Facebook, only in red instead of blue -- is more practical than playful in its features.
It has since branched out into SchuelerVZ for school pupils and MeinVZ for graduates and non-students. 





(c) 2008 Reuters
TAGS: Online Report text item, Canada
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Software News
Microsoft enlists Seinfeld for ad campaign: source (Reuters)

Jerry Seinfeld poses at the premiere of 'Bee Movie' in London December 6, 2007. (Anthony Harvey/Reuters)Reuters - Comedian Jerry Seinfeld will star in a $300 million marketing campaign for Microsoft Corp aimed at burnishing the image of its computer operating system, a person familiar with the effort said on Thursday.


Photosynth Stitches Photos Into a 3-D Web Canvas (NewsFactor)
NewsFactor - Microsoft's name has never been synonymous with photography, visual imaging or innovative online applications. But its release Wednesday of Photosynth -- a hybrid software/service that allows users to create 3-D environments by stitching multiple photographs together -- suggests the company has more than a few cards up its sleeve.
Apple tries to de-bug iPhone (USATODAY.com)
USATODAY.com - Apple acknowledged that a software update for the iPhone partly fixes the connection snags that have caused a global firestorm for the new iPhone 3G.
Salesforce.com stock drops on cautious outlook (AP)
AP - Salesforce.com Inc. kept its financial guidance within the range of analyst estimates Wednesday, disappointing investors who expected a more bullish forecast from one of the Internet's most popular software services.
Microsoft Eases Server-Virtualization Restrictions (NewsFactor)
NewsFactor - Microsoft has elected to jettison certain licensing restrictions that previously discouraged its customers from moving the software giant's server applications within a server farm at will.
Google Invites Security Researchers To Debug Android (NewsFactor)

A prototype of the Google Android mobile by Qualcomm is on display at the Mobile World Congress (formerly 3GSM World Congress) in Barcelona, February 11, 2008. (Albert Gea/Reuters)NewsFactor - In a move that could help it avoid an iPhone 3G-like software drama, Google wants bug hunters to test its Android mobile platform. On Monday, the Android Security Team posted a message to introduce itself to the security research and vulnerability communities.