| Business News |
Ford posts $8.7 billion loss on truck slump
(Reuters)
 Reuters - Ford Motor Co posted a $8.7
billion quarterly loss on Thursday as it wrote down the value
of truck and SUV operations and cautioned that it did not
expect to see a U.S. economic turnaround until 2010.
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Dow Chemical second-quarter profit hurt by costs
(Reuters)
 Reuters - Dow Chemical Co posted
second-quarter earnings that fell short of market expectations
as its price increases did not completely offset a sharp spike
in energy and raw material costs.
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Nokia patent deal with Qualcomm boosts both stocks
(Reuters)
 Reuters - Nokia (NOK1V.HE), the world's top
cellphone maker, has ended three years of legal battles with
wireless chip developer Qualcomm and signed a patent
agreement that boosted both companies' shares.
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Wall Street extends drops after housing data
(Reuters)
 Reuters - Stock extended losses on Thursday
following a report that showed a steeper-than-expected drop in
existing-home sales in June, heightening concern about the
impact of the housing slump on economic growth.
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FCC has pact to approve Sirius-XM deal: source
(Reuters)
 Reuters - A majority of members of the Federal
Communications Commission have reached an agreement to
conditionally approve Sirius Satellite Radio Inc's
purchase of XM Satellite Radio Holdings Inc , a source
familiar with the agency review said on Thursday.
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New layoff filings jump as companies retrench
(AP)
 AP - The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy and fallout from a collapsed housing market.
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| Hacker kept on NDS payroll after accused of piracy - 07, May 2008 |
By Tori Richards
SANTA ANA, California (Reuters) - A high-ranking News Corp official testified on Tuesday that he kept two hackers on the payroll for years after one of them was accused of infiltrating the security system of rival satellite television company DISH Network Corp.
Abraham Peled, a member of News Corp's executive management committee headed by Rupert Murdoch and CEO of affiliate NDS Group, said he continued to employ Christopher Tarnovsky after he was told by another former hacker that Tarnovsky posted information on the Internet to let users unscramble DISH's network and receive free service.
"We made it clear that these people were turning over to the good side and are expected to fight piracy instead of engage in it and we trusted Mr. Tarnovsky and instructed him not to do so," Peled said at a corporate spying trial in federal court in Santa Ana, California.
"Obviously, there's a theoretical risk (in hiring hackers)," he added.
The espionage case was brought by EchoStar Communications, which later split into two companies, DISH and EchoStar Corp, with DISH being the primary plaintiff. DISH claims it lost $900 million in revenue and system-repair costs.
NDS, which provides security technology to News Corp's global satellite network, including DirecTV, has denied sanctioning piracy and said it was merely aiming to make its own system more secure.
Tarnovsky was paid by News Corp publishing house Harper Collins and made $128,000 in 2000. At the end of the year, he received a $5,000 bonus "because he must have made a very good technical contribution," Peled testified.
An earlier trial exhibit showed that the DISH code appeared on the Internet the same month Tarnovsky received his bonus.
(c) 2008 Reuters
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NEW YORK/SAN FRANCISCO (Reuters) - Yahoo Inc and
Microsoft Corp traded new accusations on Monday over
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of Yahoo heated up ahead of an August 1 showdown.
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LONDON (Reuters) - Prices charged by cybercriminals selling hacked bank and credit card details have fallen sharply as the volume of data on offer has soared, forcing them to look elsewhere to boost profit margins, a new report says.
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