By Brian Prince
A new variant of the Russian Trojan Gozi is circulating on the Web, this time armed with a keylogging function and the ability to scramble itself so it is difficult to detect by anti-virus software.
The Trojan is believed to have been spreading since April 17. Like the original, which was discovered earlier in 2007, the new version of Gozi steals data from encrypted SSL (Secure Sockets Layer) streams.
The latest variant was uncovered May 7 by Don Jackson, a security researcher at SecureWorks in Atlanta. Jackson also found one data cache from the Gozi variant that contained 2,000 new victims and several thousand account records, including bank and credit card account numbers, Social Security numbers, and other personal information.
SecureWorks researchers suspect that other servers with stolen Gozi data exist, Jackson said.
"If you were infected before mid-May, then it will act like a rootkit and hide itself on your PC and will make itself undetectable by most anti-virus software," he said
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Wednesday, May 30, 2007
Nissan: Cell Phones Can Disable Your Car Keys
By Reuters
DETROIT (Reuters) - Nissan North America has a warning for customers: placing your electronic key too close to your cellphone could leave you stranded.
The automaker is asking customers driving new models of two of its flagship sedans to keep their car keys and cellphones at least an inch apart to avoid disabling the "intelligent keys."
Cellphones kept near Nissan's I-Keys—wireless devices designed to allow drivers to enter and start their cars at the push of a button—can erase the electronic code on the keys, rendering them unable to unlock or start the cars.
The problem has occurred on the 2007 Nissan Altima and Infiniti G35 sedans—two of their top-selling models, the company said on Thursday.
"We discovered that if the I-Key touches a cellphone, outgoing or incoming calls have the potential to alter the electronic code inside the I-Key," Nissan spokesman Kyle Bazemore said.
"The car won't start and the I-Key cannot be reprogrammed," he added.
The problem has occurred in a "very small percentage" of cars sold, Bazemore said. He also said a new version of the I-Key would be available in the fall.
Bazemore said current owners have been notified of the potential glitch via mail and can get new keys from dealers if they encounter the problem.
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DETROIT (Reuters) - Nissan North America has a warning for customers: placing your electronic key too close to your cellphone could leave you stranded.
The automaker is asking customers driving new models of two of its flagship sedans to keep their car keys and cellphones at least an inch apart to avoid disabling the "intelligent keys."
Cellphones kept near Nissan's I-Keys—wireless devices designed to allow drivers to enter and start their cars at the push of a button—can erase the electronic code on the keys, rendering them unable to unlock or start the cars.
The problem has occurred on the 2007 Nissan Altima and Infiniti G35 sedans—two of their top-selling models, the company said on Thursday.
"We discovered that if the I-Key touches a cellphone, outgoing or incoming calls have the potential to alter the electronic code inside the I-Key," Nissan spokesman Kyle Bazemore said.
"The car won't start and the I-Key cannot be reprogrammed," he added.
The problem has occurred in a "very small percentage" of cars sold, Bazemore said. He also said a new version of the I-Key would be available in the fall.
Bazemore said current owners have been notified of the potential glitch via mail and can get new keys from dealers if they encounter the problem.
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
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Canon, Toshiba to Delay SED TVs Again
By Reuters
TOKYO, May 25 (Reuters) - Canon Inc. and Toshiba Corp. have decided to postpone the launch of SED TVs from their latest target of late 2007, the Japanese companies said on Friday, raising doubt over the commercial viability of the new flat televisions.
Canon cited a prolonged patent lawsuit with Nano-Proprietary Inc. as a reason for the delay. It is also delaying the launch to develop the technology to cut production costs, a step necessary to compete with LCD and plasma TVs, the company said.
Toshiba, which plans to procure SED panels from Canon, is postponing the TV launch as Canon is unable to start supplying the panels on time.
The new launch timing has yet to be decided, they said.
Despite the delay, however, both companies said they have no intentions of abandoning plans to offer SED TVs.
"We still plan to offer SED TVs as soon as we secure panel supplies," a Toshiba spokeswoman said.
SED (surface-conduction electron-emitter display) TVs are said to have brighter images and consume less energy than existing LCD and plasma models.
But analysts are concerned that SED TV suppliers, which do not even have large-scale production facilities at the moment, are likely to face an uphill battle in bringing down prices fast enough in the flat TV market, known for multi-billion dollar investments and steep price declines.
($1=121.06 Yen)
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TOKYO, May 25 (Reuters) - Canon Inc. and Toshiba Corp. have decided to postpone the launch of SED TVs from their latest target of late 2007, the Japanese companies said on Friday, raising doubt over the commercial viability of the new flat televisions.
Canon cited a prolonged patent lawsuit with Nano-Proprietary Inc. as a reason for the delay. It is also delaying the launch to develop the technology to cut production costs, a step necessary to compete with LCD and plasma TVs, the company said.
Toshiba, which plans to procure SED panels from Canon, is postponing the TV launch as Canon is unable to start supplying the panels on time.
The new launch timing has yet to be decided, they said.
Despite the delay, however, both companies said they have no intentions of abandoning plans to offer SED TVs.
"We still plan to offer SED TVs as soon as we secure panel supplies," a Toshiba spokeswoman said.
SED (surface-conduction electron-emitter display) TVs are said to have brighter images and consume less energy than existing LCD and plasma models.
But analysts are concerned that SED TV suppliers, which do not even have large-scale production facilities at the moment, are likely to face an uphill battle in bringing down prices fast enough in the flat TV market, known for multi-billion dollar investments and steep price declines.
($1=121.06 Yen)
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
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Philadelphia Wireless Internet Project Advances
By Jon Hurdle, Reuters
PHILADELPHIA (Reuters)—Philadelphia has finished testing its wireless Internet project, setting the stage for America's biggest citywide Wi-Fi network that will also offer access to low-income households, officials said on Thursday
The city government this week approved results from a 15-square-mile test zone where people can access the Internet for $21.95 a month or $9.95 if they qualify for low-income assistance.
Access is free in parks and other outdoor spaces, and for people participating in community programs such as employment training or housing assistance.
By the end of this year, Philadelphia will have wireless Internet access throughout its 135 square miles in a project being watched by many cities throughout the world, said Greg Goldman, chief executive of Wireless Philadelphia, a nonprofit organization set up by the city to implement the plan.
Although other cities have wireless "hotspots," no other U.S. city as large as Philadelphia has total Wi-Fi coverage, Goldman said.
"This is a major step toward achieving our vision of the entire city connected," Goldman said. "Low-income families can begin using the powers of the Internet to improve their educational, employment and life opportunities."
Wireless Philadelphia aims to provide Internet access for the more than 300,000 households—about half of the city—that cannot currently get on the Web, and so are unable to perform basic economic activities such as applying for jobs whose employers only accept online applications, Goldman said.
Philadelphia, with a quarter of its 1.5 million people officially below the federal poverty line, is one of the poorest U.S. cities.
For 2,000 of the neediest customers, Wireless Philadelphia plans to provide free refurbished laptops, a one-year Wi-Fi account, and educational and technical support in a program that will cost $3 million once funds are raised, Goldman said.
The network is being funded, built and managed by Earthlink, an Atlanta-based Internet provider, which plans to invest $13.5 million to complete the project. The company will pay revenue-sharing fees to Wireless Philadelphia to support its "digital inclusion" project for low-income users.
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PHILADELPHIA (Reuters)—Philadelphia has finished testing its wireless Internet project, setting the stage for America's biggest citywide Wi-Fi network that will also offer access to low-income households, officials said on Thursday
The city government this week approved results from a 15-square-mile test zone where people can access the Internet for $21.95 a month or $9.95 if they qualify for low-income assistance.
Access is free in parks and other outdoor spaces, and for people participating in community programs such as employment training or housing assistance.
By the end of this year, Philadelphia will have wireless Internet access throughout its 135 square miles in a project being watched by many cities throughout the world, said Greg Goldman, chief executive of Wireless Philadelphia, a nonprofit organization set up by the city to implement the plan.
Although other cities have wireless "hotspots," no other U.S. city as large as Philadelphia has total Wi-Fi coverage, Goldman said.
"This is a major step toward achieving our vision of the entire city connected," Goldman said. "Low-income families can begin using the powers of the Internet to improve their educational, employment and life opportunities."
Wireless Philadelphia aims to provide Internet access for the more than 300,000 households—about half of the city—that cannot currently get on the Web, and so are unable to perform basic economic activities such as applying for jobs whose employers only accept online applications, Goldman said.
Philadelphia, with a quarter of its 1.5 million people officially below the federal poverty line, is one of the poorest U.S. cities.
For 2,000 of the neediest customers, Wireless Philadelphia plans to provide free refurbished laptops, a one-year Wi-Fi account, and educational and technical support in a program that will cost $3 million once funds are raised, Goldman said.
The network is being funded, built and managed by Earthlink, an Atlanta-based Internet provider, which plans to invest $13.5 million to complete the project. The company will pay revenue-sharing fees to Wireless Philadelphia to support its "digital inclusion" project for low-income users.
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
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Wirecard Explains How Virtual Banking Will Work
By Chloe Albanesius
The virtual banking world now has the backing of an actual bank. German bank Wirecard is among the four investors that recently purchased banking licenses issued by the virtual community of Entropia Universe.
Virtual reality enthusiasts paid a total of $400,000 earlier this month to acquire the licenses, which will allow their owners to lend cash to the community's participants for the virtual purchase of anything from game-fighting weapons to real estate. They will have the exclusive rights to these banking licenses for two years, after which Entropia will consider issuing additional licenses.
The Wirecard stake was purchased for $59,060 in conjunction with Entropia avatar Janus JD D'Arcwire. Other purchasers include Jon "NeverDie" Jacobs, an Entropia nightclub owner and one of the world's most well known players, who paid $90,000; avatar Yuri iNTellect, representing Russian Internet payment provider MONETA.ru, by Efremov, who paid $99,900; Second Life celeb Anshe Chung, who paid 60,000; and an anonymous entrepreneur using the avatar name "Jolana Kitty Brice," who paid $95,000.
Purchasers also had to pony up an additional $100,000 in seed money to acquire the licenses.
The move is another step toward making virtual reality more than just a game. Members may be hunting for monsters and mythical swords, but they're doing it with real money that can now be backed by funds from a real bank. Gamers like Jacobs and Chung survive on the proceeds of their virtual activities and grow their businesses within the confines of the virtual community.
Wirecard declined to provide details on how much of that $59,060 it actually paid. Its interest in the virtual community stems from the increasingly popularity of virtual reality.
"The growth of virtual economies … results in significant business opportunity for banks offering services specifically targeted to the needs of such customers," said Jan Marsalek, vice president of software and development at Wirecard, via an email interview.
"Only real life banks are able to offer a unique set of new and exciting but also trustworthy and secure services to the users of virtual worlds," Marsalek said. "The future growth and reputation of virtual worlds significantly depends on the sustainability of the services provided to their users and we believe that real life banks, such as Wirecard Bank, can add substantial value to the overall game play experience."
The deal with Entropia is not Wirecard's first foray into virtual reality. The bank already operates a virtual bank branch within the Second Life, operated by members of Wirecard's customer service team out of Leipzig, Germany, according to Marsalek.
Given that Wirecard is an actual bank, it has the opportunity to provide more services than those virtual banks operated by Entropia avatars. At this point, if an Entropia member wishes to do business with one of the other banking avatars, they must hand over some of their virtual acquisitions as collateral in order to receive funds instead of receiving money outright, according to Entropia officials.
Wirecard's offerings will be designed around the bank's Internet payment service, Marsalek said. The bank will begin with a single line of business, but officials are exploring additional opportunities within Entropia.
"Wirecard Bank is able to offer … far more sustainable services … due to the fact that it's a real life bank," Marsalek said.
But real life banks are also subject to real life banking regulations. "Depending on the origin of the customer, some services or products may be restricted to certain geographic areas," Marsalek said. "The legal implications of a failed business relationship vary as well as … the service or product affected."
Marsalek downplayed concerns about the anonymity of its Entropia customers. "Even the best-known and most trusted avatar will have to reveal the real-life person behind it when it comes to certain types of services," he said.
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The virtual banking world now has the backing of an actual bank. German bank Wirecard is among the four investors that recently purchased banking licenses issued by the virtual community of Entropia Universe.
Virtual reality enthusiasts paid a total of $400,000 earlier this month to acquire the licenses, which will allow their owners to lend cash to the community's participants for the virtual purchase of anything from game-fighting weapons to real estate. They will have the exclusive rights to these banking licenses for two years, after which Entropia will consider issuing additional licenses.
The Wirecard stake was purchased for $59,060 in conjunction with Entropia avatar Janus JD D'Arcwire. Other purchasers include Jon "NeverDie" Jacobs, an Entropia nightclub owner and one of the world's most well known players, who paid $90,000; avatar Yuri iNTellect, representing Russian Internet payment provider MONETA.ru, by Efremov, who paid $99,900; Second Life celeb Anshe Chung, who paid 60,000; and an anonymous entrepreneur using the avatar name "Jolana Kitty Brice," who paid $95,000.
Purchasers also had to pony up an additional $100,000 in seed money to acquire the licenses.
The move is another step toward making virtual reality more than just a game. Members may be hunting for monsters and mythical swords, but they're doing it with real money that can now be backed by funds from a real bank. Gamers like Jacobs and Chung survive on the proceeds of their virtual activities and grow their businesses within the confines of the virtual community.
Wirecard declined to provide details on how much of that $59,060 it actually paid. Its interest in the virtual community stems from the increasingly popularity of virtual reality.
"The growth of virtual economies … results in significant business opportunity for banks offering services specifically targeted to the needs of such customers," said Jan Marsalek, vice president of software and development at Wirecard, via an email interview.
"Only real life banks are able to offer a unique set of new and exciting but also trustworthy and secure services to the users of virtual worlds," Marsalek said. "The future growth and reputation of virtual worlds significantly depends on the sustainability of the services provided to their users and we believe that real life banks, such as Wirecard Bank, can add substantial value to the overall game play experience."
The deal with Entropia is not Wirecard's first foray into virtual reality. The bank already operates a virtual bank branch within the Second Life, operated by members of Wirecard's customer service team out of Leipzig, Germany, according to Marsalek.
Given that Wirecard is an actual bank, it has the opportunity to provide more services than those virtual banks operated by Entropia avatars. At this point, if an Entropia member wishes to do business with one of the other banking avatars, they must hand over some of their virtual acquisitions as collateral in order to receive funds instead of receiving money outright, according to Entropia officials.
Wirecard's offerings will be designed around the bank's Internet payment service, Marsalek said. The bank will begin with a single line of business, but officials are exploring additional opportunities within Entropia.
"Wirecard Bank is able to offer … far more sustainable services … due to the fact that it's a real life bank," Marsalek said.
But real life banks are also subject to real life banking regulations. "Depending on the origin of the customer, some services or products may be restricted to certain geographic areas," Marsalek said. "The legal implications of a failed business relationship vary as well as … the service or product affected."
Marsalek downplayed concerns about the anonymity of its Entropia customers. "Even the best-known and most trusted avatar will have to reveal the real-life person behind it when it comes to certain types of services," he said.
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Google Warned on Potential Privacy Violations
PARIS (Reuters) - Google Inc, the world's top Internet search engine, could be violating European privacy laws by keeping data on people's searches for as long as two years, EU data protection advisory groups warned the company
A letter to Google from a group of national advisory bodies that counsels the European Union on privacy policy expressed concern the company was keeping information on users' searches for too long, a spokeswoman for Google in Paris said on Friday.
"The concern is about keeping information about people's search for a definite period of time ranging from 18 to 24 months," the spokeswoman said. "They (the Article 29 working party) believe it is too long."
With every search, Google gathers information about a customer's tastes, interests and beliefs which could potentially be used by third parties ranging from religious groups to advertisers.
The spokeswoman added that Google, at its own initiative, had decided earlier this year to limit to up to two years the period during which it kept users' data. She said the company had not set any limit previously.
Google said it was preparing its reply to the letter before the working party's next meeting in June.
"We are committed to engaging in a constructive dialogue with privacy stakeholders, including the Article 29 working party, on how to improve privacy practices for the benefit of Google users and for everyone on the Internet," Peter Fleischer, Google's privacy counsel, said in an e-mailed statement.
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A letter to Google from a group of national advisory bodies that counsels the European Union on privacy policy expressed concern the company was keeping information on users' searches for too long, a spokeswoman for Google in Paris said on Friday.
"The concern is about keeping information about people's search for a definite period of time ranging from 18 to 24 months," the spokeswoman said. "They (the Article 29 working party) believe it is too long."
With every search, Google gathers information about a customer's tastes, interests and beliefs which could potentially be used by third parties ranging from religious groups to advertisers.
The spokeswoman added that Google, at its own initiative, had decided earlier this year to limit to up to two years the period during which it kept users' data. She said the company had not set any limit previously.
Google said it was preparing its reply to the letter before the working party's next meeting in June.
"We are committed to engaging in a constructive dialogue with privacy stakeholders, including the Article 29 working party, on how to improve privacy practices for the benefit of Google users and for everyone on the Internet," Peter Fleischer, Google's privacy counsel, said in an e-mailed statement.
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
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YouTube's 'Lonelygirl15' To Get U.K. Spinoff
By Reuters
LONDON (Reuters) - The creators of the online phenomenon "Lonelygirl15" have joined forces with social networking site Bebo to create a British spin-off story that will use brands to help define the characters.
The organizers say the project will give advertisers the chance to pitch their products such as clothing or mobile phones at a younger audience who have moved in recent years from traditional media to the Internet.
The star of the show, to be called Kate Modern, will post a series of videos and have a profile on the Bebo site, allowing members to interact with her and fellow fictional characters.
The series follows "Lonelygirl15", the video diary of an American teenager called Bree which drew a huge following even after the revelation that Bree was in fact an actress and the diaries scripted by writers.
President of Bebo International, Joanna Shields, told Reuters Television that the project would allow a small number of brands regular access to a potentially huge following.
"If we do (the advertising) tastefully and well and people see that it is successful then it could be an opportunity for advertisers and brands to connect with this demographic," she said.
"Each time I connect with that character, the advertiser has a chance to send me a message."
Lonelygirl15 has received more than 50 million hits on the Internet and has occasionally incorporated advertising.
In the British version, Kate Modern will be a 19-year-old art student living in central London and the story will be set around the hip Carnaby Street.
The series will initially start on Bebo at the beginning of July before moving to YouTube and other networking sites.
Miles Beckett who helped create Lonelygirl15 said the original creation had worked because of the storyline.
"It combined the best elements of traditional story telling along with the technological innovations of the Web," he told Reuters.
"So we had great characters, a great plot and then we added all the social networking features ... with people being able to message the characters, interact with them and really take part in the story."
The team said they did not think it would be an issue that "Kate Modern" was not a real person as "people watch television everyday".
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LONDON (Reuters) - The creators of the online phenomenon "Lonelygirl15" have joined forces with social networking site Bebo to create a British spin-off story that will use brands to help define the characters.
The organizers say the project will give advertisers the chance to pitch their products such as clothing or mobile phones at a younger audience who have moved in recent years from traditional media to the Internet.
The star of the show, to be called Kate Modern, will post a series of videos and have a profile on the Bebo site, allowing members to interact with her and fellow fictional characters.
The series follows "Lonelygirl15", the video diary of an American teenager called Bree which drew a huge following even after the revelation that Bree was in fact an actress and the diaries scripted by writers.
President of Bebo International, Joanna Shields, told Reuters Television that the project would allow a small number of brands regular access to a potentially huge following.
"If we do (the advertising) tastefully and well and people see that it is successful then it could be an opportunity for advertisers and brands to connect with this demographic," she said.
"Each time I connect with that character, the advertiser has a chance to send me a message."
Lonelygirl15 has received more than 50 million hits on the Internet and has occasionally incorporated advertising.
In the British version, Kate Modern will be a 19-year-old art student living in central London and the story will be set around the hip Carnaby Street.
The series will initially start on Bebo at the beginning of July before moving to YouTube and other networking sites.
Miles Beckett who helped create Lonelygirl15 said the original creation had worked because of the storyline.
"It combined the best elements of traditional story telling along with the technological innovations of the Web," he told Reuters.
"So we had great characters, a great plot and then we added all the social networking features ... with people being able to message the characters, interact with them and really take part in the story."
The team said they did not think it would be an issue that "Kate Modern" was not a real person as "people watch television everyday".
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
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Google: We Hold Data for Two Years
By Reuters
PARIS (Reuters) - Google will tell Brussels it needs to hold on to users' search data for up to two years for security and commercial reasons after being warned it could be violating European privacy laws by doing so.
The world's top Internet search engine on Friday said it would respond by June 19 to a letter from a European Union data protection advisory group expressing concern it was keeping information on users' searches for too long.
"The concern of EU law is that a company that collects data on its customers should keep it as long as it is necessary, but not longer," Peter Fleischer, Google's global privacy counsel, told Reuters in a telephone interview.
Google shares were untroubled by the warning, rising 1.7 percent to $482.26 by 1456 GMT.
With every search, Google gathers information about a customer's tastes, interests and beliefs that could potentially be used by third parties such as advertisers, but the company stresses it never passes it on.
Google last week received a letter from the Article 29 working party, a group of national advisory bodies that counsels the EU on privacy policy, which asked the company to justify its data retention practices.
"I will tell the working party that Google needs to hold on to its log database to protect itself and the system from attacks and refine and improve the effectiveness of our search results," Fleischer said.
He said Google, at its own initiative, had decided in March to limit the time it kept engine search information to between 18 and 24 months. The company previously had no set time limit.
He called on rivals Yahoo! and Microsoft to clarify their data retention practices and policies.
"Will the working party focus on other players in the industry?" Fleischer asked.
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PARIS (Reuters) - Google will tell Brussels it needs to hold on to users' search data for up to two years for security and commercial reasons after being warned it could be violating European privacy laws by doing so.
The world's top Internet search engine on Friday said it would respond by June 19 to a letter from a European Union data protection advisory group expressing concern it was keeping information on users' searches for too long.
"The concern of EU law is that a company that collects data on its customers should keep it as long as it is necessary, but not longer," Peter Fleischer, Google's global privacy counsel, told Reuters in a telephone interview.
Google shares were untroubled by the warning, rising 1.7 percent to $482.26 by 1456 GMT.
With every search, Google gathers information about a customer's tastes, interests and beliefs that could potentially be used by third parties such as advertisers, but the company stresses it never passes it on.
Google last week received a letter from the Article 29 working party, a group of national advisory bodies that counsels the EU on privacy policy, which asked the company to justify its data retention practices.
"I will tell the working party that Google needs to hold on to its log database to protect itself and the system from attacks and refine and improve the effectiveness of our search results," Fleischer said.
He said Google, at its own initiative, had decided in March to limit the time it kept engine search information to between 18 and 24 months. The company previously had no set time limit.
He called on rivals Yahoo! and Microsoft to clarify their data retention practices and policies.
"Will the working party focus on other players in the industry?" Fleischer asked.
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'The Sims' to Hit the Big Screen
By Reuters
SAN FRANCISCO (Reuters) - Maybe they can call it "The Sims: The Movie." Electronic Arts Inc. has sold the movie rights for "The Sims," the best-selling computer game, of all time to 20th Century Fox, Variety said on Friday.
"The Sims" is one of EA's biggest franchises and, including sequels and expansions such as "The Sims: House Party" and "The Sims: Vacation," has sold nearly 85 million copies since it debuted seven years ago.
Oft-described as a "virtual dollhouse," the game puts players in charge of simulated people, helping them make friends, find satisfying jobs and buy household items in order to stay happy.
"The Sims has done an interactive version of an old story, which is what it's like to have infinite power and how do you deal with it," the Hollywood industry paper quoted Rod Humble, head of The Sims Studio at EA, as saying.
"The Sims" was created by legendary game designer Will Wright, known for his quirky titles that eschew linear storylines in favor of letting players create and explore their own worlds.
Variety did not mention financial terms of the deal. Spokesmen for EA and Fox could not immediately be reached for comment. Fox is owned by News Corp.
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SAN FRANCISCO (Reuters) - Maybe they can call it "The Sims: The Movie." Electronic Arts Inc. has sold the movie rights for "The Sims," the best-selling computer game, of all time to 20th Century Fox, Variety said on Friday.
"The Sims" is one of EA's biggest franchises and, including sequels and expansions such as "The Sims: House Party" and "The Sims: Vacation," has sold nearly 85 million copies since it debuted seven years ago.
Oft-described as a "virtual dollhouse," the game puts players in charge of simulated people, helping them make friends, find satisfying jobs and buy household items in order to stay happy.
"The Sims has done an interactive version of an old story, which is what it's like to have infinite power and how do you deal with it," the Hollywood industry paper quoted Rod Humble, head of The Sims Studio at EA, as saying.
"The Sims" was created by legendary game designer Will Wright, known for his quirky titles that eschew linear storylines in favor of letting players create and explore their own worlds.
Variety did not mention financial terms of the deal. Spokesmen for EA and Fox could not immediately be reached for comment. Fox is owned by News Corp.
Copyright Reuters 2007. All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks or trademarks of the Reuters group of companies around the world.
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Toshiba Will Ship AMD-Based Notebooks
By Reuters
TOKYO (Reuters) - Toshiba Corp. said it would buy microprocessors from Advanced Micro Devices Inc., ending its exclusive ties with Intel Corp. for the supply of the brains that run computers, and sending its shares higher.
Toshiba, the world's fourth-largest laptop PC maker, said on Tuesday it expects to put AMD processors in about 20 percent of the notebooks it sells in the United States and Europe.
The move follows an announcement last year by Dell Inc., the world's second-largest PC maker that had been procuring microprocessors only from Intel for more than two decades, that it would begin using chips from AMD.
Intel is AMD's far larger rival with a market share of around 80 percent.
"With PCs becoming commodity products, there seems to be a new way of thinking that competition should be introduced even in procurement of such core parts like processors as long as there are no major differences in product specifications," Macquarie Securities analyst Yoshihiro Shimada said.
"This could be a message that an era in which Intel took the lion's share of microprocessor profits as the king of PC chips is over."
Toshiba plans to put AMD chips in moderate-priced standard models for individual and corporate clients, Toshiba spokeswoman Yuko Sugahara said.
The Nikkei business daily reported earlier that prices of AMD-equipped PCs are expected to sell for up to 10,000 yen ($82) less than comparable models.
Toshiba will install AMD chips in some models to be released this summer, enabling it to reduce parts-procurement costs by at least 10 percent, the paper said.
Shares of Toshiba were up 1.0 percent at 906 yen in early afternoon trade, outperforming the Tokyo stock market's electrical machinery index, which gained 0.37 percent.
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TOKYO (Reuters) - Toshiba Corp. said it would buy microprocessors from Advanced Micro Devices Inc., ending its exclusive ties with Intel Corp. for the supply of the brains that run computers, and sending its shares higher.
Toshiba, the world's fourth-largest laptop PC maker, said on Tuesday it expects to put AMD processors in about 20 percent of the notebooks it sells in the United States and Europe.
The move follows an announcement last year by Dell Inc., the world's second-largest PC maker that had been procuring microprocessors only from Intel for more than two decades, that it would begin using chips from AMD.
Intel is AMD's far larger rival with a market share of around 80 percent.
"With PCs becoming commodity products, there seems to be a new way of thinking that competition should be introduced even in procurement of such core parts like processors as long as there are no major differences in product specifications," Macquarie Securities analyst Yoshihiro Shimada said.
"This could be a message that an era in which Intel took the lion's share of microprocessor profits as the king of PC chips is over."
Toshiba plans to put AMD chips in moderate-priced standard models for individual and corporate clients, Toshiba spokeswoman Yuko Sugahara said.
The Nikkei business daily reported earlier that prices of AMD-equipped PCs are expected to sell for up to 10,000 yen ($82) less than comparable models.
Toshiba will install AMD chips in some models to be released this summer, enabling it to reduce parts-procurement costs by at least 10 percent, the paper said.
Shares of Toshiba were up 1.0 percent at 906 yen in early afternoon trade, outperforming the Tokyo stock market's electrical machinery index, which gained 0.37 percent.
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Yoggie Pico Brings Enterprise Security to the Desktop
By Neil J. Rubenking
Corporate desktops have an easy life because other computers handle most of their security. Spam gets filtered on the mail server. A corporate firewall keeps out all external attacks and may also scan all traffic for viruses. The user doesn't have to think about it, since everything is managed by the IT department. On an individual non-corporate desktop, however, all these security tasks use up CPU time and reduce the system's effective power. Yoggie Security Systems (www.yoggie.com) aims to recharge your desktop's performance by offloading all security tasks to the Yoggie Pico—a separate computer that looks like a USB drive.
Yoggie founder and CEO Shlomo Touboul observed a problem during his tenure as CEO of Finjan Software (which he also founded). Security suites just kept getting bigger, dragging system performance. Every day they would spend time downloading signature updates and code patches, not to mention slapping on a whole new module—probably duplicating code in existing modules—every 16 to 18 months.
Touboul also discovered out that many security suites constantly challenge the user with queries that they don't understand. Users want maximum security with the minimum performance hit possible, and they don't want any hassles.
Yoggie Pico aims to address all of these issues by taking security out of the user's hands and running it entirely outside of Windows. The device has a 520Mhz Intel Pentium processor running 13 distinct security applications under Linux. When installed, its driver "hijacks" all network traffic—wired, wireless, Bluetooth, even G3—and processes it before handing it off to the desktop. The Pico's operating system and essential files are stored in read-only memory and copied to active memory at each boot-up, so even if a Linux-based attack managed to compromise it, a reboot would clean things up.
Network traffic goes through firewall and Intrusion Prevention layers, including deep packet inspection to detect attacks. Next it hits HTTP, FTP, POP3 and SMTP proxies. These in turn connect with antivirus, antispyware, antiphishing and antispam modules, as well as a module that can block URLs based on content.
The Yoggie Pico checks for updates every five minutes using a secure, encrypted connection to Yoggie's servers. It does share bandwidth with the desktop during this time, but doesn't otherwise impact the connection. There's also a web server module so you can log in and view reports. Worried about kids and the Internet? Pocket the Yoggie Pico and they're cut off!
The $179 Yoggie Pico will be available for online order beginning the first week in June and on retailer shelves in the next 60 to 90 days. The price includes a year's subscription to all necessary updates, with renewal costs at $30 per year. It also comes with a license for Kaspersky's antivirus scanner, for those who want to actively scan the system. The Pro version adds a secure VPN Client and central management for $199 and $40 per year
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Corporate desktops have an easy life because other computers handle most of their security. Spam gets filtered on the mail server. A corporate firewall keeps out all external attacks and may also scan all traffic for viruses. The user doesn't have to think about it, since everything is managed by the IT department. On an individual non-corporate desktop, however, all these security tasks use up CPU time and reduce the system's effective power. Yoggie Security Systems (www.yoggie.com) aims to recharge your desktop's performance by offloading all security tasks to the Yoggie Pico—a separate computer that looks like a USB drive.
Yoggie founder and CEO Shlomo Touboul observed a problem during his tenure as CEO of Finjan Software (which he also founded). Security suites just kept getting bigger, dragging system performance. Every day they would spend time downloading signature updates and code patches, not to mention slapping on a whole new module—probably duplicating code in existing modules—every 16 to 18 months.
Touboul also discovered out that many security suites constantly challenge the user with queries that they don't understand. Users want maximum security with the minimum performance hit possible, and they don't want any hassles.
Yoggie Pico aims to address all of these issues by taking security out of the user's hands and running it entirely outside of Windows. The device has a 520Mhz Intel Pentium processor running 13 distinct security applications under Linux. When installed, its driver "hijacks" all network traffic—wired, wireless, Bluetooth, even G3—and processes it before handing it off to the desktop. The Pico's operating system and essential files are stored in read-only memory and copied to active memory at each boot-up, so even if a Linux-based attack managed to compromise it, a reboot would clean things up.
Network traffic goes through firewall and Intrusion Prevention layers, including deep packet inspection to detect attacks. Next it hits HTTP, FTP, POP3 and SMTP proxies. These in turn connect with antivirus, antispyware, antiphishing and antispam modules, as well as a module that can block URLs based on content.
The Yoggie Pico checks for updates every five minutes using a secure, encrypted connection to Yoggie's servers. It does share bandwidth with the desktop during this time, but doesn't otherwise impact the connection. There's also a web server module so you can log in and view reports. Worried about kids and the Internet? Pocket the Yoggie Pico and they're cut off!
The $179 Yoggie Pico will be available for online order beginning the first week in June and on retailer shelves in the next 60 to 90 days. The price includes a year's subscription to all necessary updates, with renewal costs at $30 per year. It also comes with a license for Kaspersky's antivirus scanner, for those who want to actively scan the system. The Pro version adds a secure VPN Client and central management for $199 and $40 per year
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Analyst: Dell's Wal-Mart Choice 'Creative'
By Jessica Davis
Dell's move to sell through Wal-Mart was a "creative choice" and the PC maker needs to be careful about balancing the message that choice sends, according to J.P. Gownder, a principal analyst at Forrester Research.
Gownder has been watching the company's moves into the retail space
"They are going for cost-sensitive consumers, and if there is something that Dell needs to be careful of it's that they need to make sure that everyone understands that this is the low end of their product line," he said. "They have spent the last five years trying to convince everyone that they are a high-end build-to-order company."
Click here to read more about Dell's decision to move away from its direct-only model and sell products through Wal-Mart.
Gownder said the company needs to ensure that the message spread by the recent move is that it caters to a range of price points and needs—the same way General Motors has both luxury cars and economy cars.
Gownder described Dell's choice of Wal-Mart as "creative" because more natural targets would have been Best Buy or Circuit City Stores, he said.
But Dell has said that Wal-Mart, as the world's largest retailer, can provide it with an education about retail.
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Dell's move to sell through Wal-Mart was a "creative choice" and the PC maker needs to be careful about balancing the message that choice sends, according to J.P. Gownder, a principal analyst at Forrester Research.
Gownder has been watching the company's moves into the retail space
"They are going for cost-sensitive consumers, and if there is something that Dell needs to be careful of it's that they need to make sure that everyone understands that this is the low end of their product line," he said. "They have spent the last five years trying to convince everyone that they are a high-end build-to-order company."
Click here to read more about Dell's decision to move away from its direct-only model and sell products through Wal-Mart.
Gownder said the company needs to ensure that the message spread by the recent move is that it caters to a range of price points and needs—the same way General Motors has both luxury cars and economy cars.
Gownder described Dell's choice of Wal-Mart as "creative" because more natural targets would have been Best Buy or Circuit City Stores, he said.
But Dell has said that Wal-Mart, as the world's largest retailer, can provide it with an education about retail.
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Neoware Unveils 3 New Thin-Client PCs
By Scott Ferguson
Neoware, one of the largest producers of thin-client PCs in the United States, is launching a new hardware platform that includes three revamped models with additional RAM and flash memory capacities.
The company, based in King of Prussia, Pa., is launching the three refreshed models—Neoware c50, e90 and e140—starting May 29.
All three models will include DDR2 (double data rate 2) RAM, which promises to offer a 25 percent increase in performance from previous models that used traditional DDR RAM.
In addition, the three models will also offer a minimum of 256MB of RAM and Neoware can now configure its thin clients with up to 1GB of flash memory, said Bill Bredbenner, the company's chief technology officer.
"We consider ourselves a leader in some of the key technological innovation in the thin-client space," Bredbenner said. "What our thin-client models offer are solutions for our customers interested in virtualization, security and energy savings. There are a lot of modern problems in IT and we are attempting to provide computing solutions for those problems."
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Neoware, one of the largest producers of thin-client PCs in the United States, is launching a new hardware platform that includes three revamped models with additional RAM and flash memory capacities.
The company, based in King of Prussia, Pa., is launching the three refreshed models—Neoware c50, e90 and e140—starting May 29.
All three models will include DDR2 (double data rate 2) RAM, which promises to offer a 25 percent increase in performance from previous models that used traditional DDR RAM.
In addition, the three models will also offer a minimum of 256MB of RAM and Neoware can now configure its thin clients with up to 1GB of flash memory, said Bill Bredbenner, the company's chief technology officer.
"We consider ourselves a leader in some of the key technological innovation in the thin-client space," Bredbenner said. "What our thin-client models offer are solutions for our customers interested in virtualization, security and energy savings. There are a lot of modern problems in IT and we are attempting to provide computing solutions for those problems."
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HP Launches 'Paperless' Rebates
By Chris Preimesberger
Hewlett Packard customers now have the option to redeem rebates online—without submitting any paperwork—when purchasing consumer technology products at the HP Home & Home Office Store, the Palo Alto, Calif., company announced May 24.
The "paperless" rebate program gives U.S. customers the option to redeem their rebates by entering just two pieces of information online—their order number and billing zip code—instead of completing a mail-in rebate form.
The simplified process, which the company launched earlier in May, is intended to offer customers greater convenience, a company spokesperson said.
"Our customers were asking us for a way to simplify the paperwork process, so this is what we decided to do," Cindy Zelanis, director of operations for HP Home Store told eWEEK.
HP also expects that the online program will speed up the rebate process overall, Zelanis said.
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Hewlett Packard customers now have the option to redeem rebates online—without submitting any paperwork—when purchasing consumer technology products at the HP Home & Home Office Store, the Palo Alto, Calif., company announced May 24.
The "paperless" rebate program gives U.S. customers the option to redeem their rebates by entering just two pieces of information online—their order number and billing zip code—instead of completing a mail-in rebate form.
The simplified process, which the company launched earlier in May, is intended to offer customers greater convenience, a company spokesperson said.
"Our customers were asking us for a way to simplify the paperwork process, so this is what we decided to do," Cindy Zelanis, director of operations for HP Home Store told eWEEK.
HP also expects that the online program will speed up the rebate process overall, Zelanis said.
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Sony to Sell HD Digital Radios
By Reuters
NEW YORK (Reuters) - Sony Corp. on Tuesday said it would soon sell HD Digital Radios, making the Japanese electronics maker one of the largest manufacturers to back the broadcast radio industry's fledgling technology.
Sony said it would start shipping in July a tabletop radio and a model for cars, kicking off what it calls a long-term commitment to offering a range of HD Radio-enabled products over the next several years.
HD Radio lets traditional radio stations broadcast multiple new digital channels. The service is free, but consumers must buy a compatible radio.
U.S. radio operators are working to promote HD Radio at a time when consumers are already faced with many digital music options, such as Apple Inc.'s iPod, other MP3 players and satellite radio. The industry has pledged to spend hundreds of millions of dollars on marketing through the HD Digital Radio Alliance.
Sony said its table top XDR-S3HD radio would be available in July for about $200, and its XT-100HD car tuner will be available that month for about $100.
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NEW YORK (Reuters) - Sony Corp. on Tuesday said it would soon sell HD Digital Radios, making the Japanese electronics maker one of the largest manufacturers to back the broadcast radio industry's fledgling technology.
Sony said it would start shipping in July a tabletop radio and a model for cars, kicking off what it calls a long-term commitment to offering a range of HD Radio-enabled products over the next several years.
HD Radio lets traditional radio stations broadcast multiple new digital channels. The service is free, but consumers must buy a compatible radio.
U.S. radio operators are working to promote HD Radio at a time when consumers are already faced with many digital music options, such as Apple Inc.'s iPod, other MP3 players and satellite radio. The industry has pledged to spend hundreds of millions of dollars on marketing through the HD Digital Radio Alliance.
Sony said its table top XDR-S3HD radio would be available in July for about $200, and its XT-100HD car tuner will be available that month for about $100.
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Spyware Doctor To Add Cyberhawk A/V Defense
By Neil J. Rubenking
Sydney-based PC Tools, purveyors of the popular Spyware Doctor antispyware utility, today announced their acquisition of Novatix Corporation.
Novatix's flagship product is Cyberhawk, a real-time behavior-based anti-malware program. According to PC Tools, "Cyberhawk's patent-pending ActiveDefense technology offers unsurpassed protection against both known and unknown viruses, worms, trojans, rootkits, buffer overflows and other forms of malware and provides effective protection against zero-day attacks."
Mike Kronenberg, chief executive of Novatix, will become chief technical officer of North American operations for PC Tools.
Spyware Doctor has long been a PC Magazine Editor's Choice for spyware protection, though the latest revision, Version 5.0 – a total rewrite with antivirus protection added – had some new-version problems. In testing, Cyberhawk Pro 2.0 was very effective at preventing malware from installing on a clean system. It doesn't remove found threats, just bottles them up so they can't do any harm. It's a good match for Spyware Doctor, which thoroughly cleans up the malware infestations it finds.
According to PC Tools chief executive Simon Claussen, "This new technology will help strengthen our zero-day coverage and improve our ability to detect emerging threats".
Kronenberg agreed. "We see this acquisition as a great fit for Novatix," he said. "PC Tools is a leader in the anti-spyware and anti-virus space. Our combined efforts will ensure that consumers get the best protection possible. PC Tools' broad reach in the consumer marketplace ensures our highly effective technology will have an even greater impact."
When asked when customers would reap the benefits of this acquisition, Michael Greene, PC Tools' vice president of product strategy, said immediately. "Consumers will start to recognize benefits right away." Greene said. "The information that comes in from the Cyberhawk community protection feature will feed into our ongoing analysis of new threats, and our Threat Expert technology will help speed up processing".
Cyberhawk Pro and the free Cyberhawk Basic will be backed by the PC Tools name and fully supported by PC Tools, Greene added.
Greene also declined to give a timetable on when both products would be integrated. "We don't have a hard date for integrating the technology into Spyware Doctor, but it is part of the long-term plan. Not only will we have signatures for the stuff we know about, we'll have behavioral technology for threats we haven't seen."
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Sydney-based PC Tools, purveyors of the popular Spyware Doctor antispyware utility, today announced their acquisition of Novatix Corporation.
Novatix's flagship product is Cyberhawk, a real-time behavior-based anti-malware program. According to PC Tools, "Cyberhawk's patent-pending ActiveDefense technology offers unsurpassed protection against both known and unknown viruses, worms, trojans, rootkits, buffer overflows and other forms of malware and provides effective protection against zero-day attacks."
Mike Kronenberg, chief executive of Novatix, will become chief technical officer of North American operations for PC Tools.
Spyware Doctor has long been a PC Magazine Editor's Choice for spyware protection, though the latest revision, Version 5.0 – a total rewrite with antivirus protection added – had some new-version problems. In testing, Cyberhawk Pro 2.0 was very effective at preventing malware from installing on a clean system. It doesn't remove found threats, just bottles them up so they can't do any harm. It's a good match for Spyware Doctor, which thoroughly cleans up the malware infestations it finds.
According to PC Tools chief executive Simon Claussen, "This new technology will help strengthen our zero-day coverage and improve our ability to detect emerging threats".
Kronenberg agreed. "We see this acquisition as a great fit for Novatix," he said. "PC Tools is a leader in the anti-spyware and anti-virus space. Our combined efforts will ensure that consumers get the best protection possible. PC Tools' broad reach in the consumer marketplace ensures our highly effective technology will have an even greater impact."
When asked when customers would reap the benefits of this acquisition, Michael Greene, PC Tools' vice president of product strategy, said immediately. "Consumers will start to recognize benefits right away." Greene said. "The information that comes in from the Cyberhawk community protection feature will feed into our ongoing analysis of new threats, and our Threat Expert technology will help speed up processing".
Cyberhawk Pro and the free Cyberhawk Basic will be backed by the PC Tools name and fully supported by PC Tools, Greene added.
Greene also declined to give a timetable on when both products would be integrated. "We don't have a hard date for integrating the technology into Spyware Doctor, but it is part of the long-term plan. Not only will we have signatures for the stuff we know about, we'll have behavioral technology for threats we haven't seen."
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New Tools Tie Garmin's GPS To the Web
New Tools Tie Garmin's GPS To the Web
By Bryan Gardiner
On Tuesday, Finnish navigation and communications device manufacturer, Garmin International, announced it would be launching a new developer Web site for third party software developers who want to tie their data content, Web sites, and applications into Garmin's own GPS systems.
Known as the Garmin Developer Network, the site will provide both free and licensed Garmin resources, as well as a library of APIs (application programming interfaces), toolkits, and Web services for six of the company's products, Garmin said. These include: the Garmin Communicator Plugin, MotionBased Web Services, the company's Content Toolkit, the Garmin PeerPoint Messaging System, the Garmin LBS (location-based services) Toolkit, and the Fleet Management Interface.
Not all of those APIs are entirely new to developers. Garmin actually released its Location Based Toolkit last November, which allows business customers to use the GPS data in certain applications to manage delivery fleets and other mobile workers.
But Garmin said it wanted to offer a broader array of APIs so more developers could make full use of the company's GPS technology.
One such API is the Garmin Communicator Plugin, a browser plugin and JavaScript support code that allows developers to transfer information about a user's location between a Garmin GPS device and a Web site.
Developers can use this plugin to swap waypoints, track logs, maps, and other points of interest, which the company says will be particularly useful for sites like MotionBased.com and Geocaching.com. Customers can now upload their activities from a Garmin GPS device or easily transfer waypoints to the device, via a Web site.
"Until recently, third party Web sites have been unable to communicate easily with Garmin devices," said Charles Morse, Garmin's director of mobile and PND market, in a statement Tuesday.
"This announcement is a win-win for developers and Garmin, and it paves the way for more innovative applications," he added.
Morse says that by opening up the company's technology to developers, he hopes to create new markets for the programmer's content and services, while also generating a grassroots movement that will in the end benefit the Garmin brand and technology. The new developer tools are currently being shown at the Where 2.0 conference in San Jose, California.
Garmin, along with TomTom, is currently one of the largest manufacturers of GPS devices in the world.
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By Bryan Gardiner
On Tuesday, Finnish navigation and communications device manufacturer, Garmin International, announced it would be launching a new developer Web site for third party software developers who want to tie their data content, Web sites, and applications into Garmin's own GPS systems.
Known as the Garmin Developer Network, the site will provide both free and licensed Garmin resources, as well as a library of APIs (application programming interfaces), toolkits, and Web services for six of the company's products, Garmin said. These include: the Garmin Communicator Plugin, MotionBased Web Services, the company's Content Toolkit, the Garmin PeerPoint Messaging System, the Garmin LBS (location-based services) Toolkit, and the Fleet Management Interface.
Not all of those APIs are entirely new to developers. Garmin actually released its Location Based Toolkit last November, which allows business customers to use the GPS data in certain applications to manage delivery fleets and other mobile workers.
But Garmin said it wanted to offer a broader array of APIs so more developers could make full use of the company's GPS technology.
One such API is the Garmin Communicator Plugin, a browser plugin and JavaScript support code that allows developers to transfer information about a user's location between a Garmin GPS device and a Web site.
Developers can use this plugin to swap waypoints, track logs, maps, and other points of interest, which the company says will be particularly useful for sites like MotionBased.com and Geocaching.com. Customers can now upload their activities from a Garmin GPS device or easily transfer waypoints to the device, via a Web site.
"Until recently, third party Web sites have been unable to communicate easily with Garmin devices," said Charles Morse, Garmin's director of mobile and PND market, in a statement Tuesday.
"This announcement is a win-win for developers and Garmin, and it paves the way for more innovative applications," he added.
Morse says that by opening up the company's technology to developers, he hopes to create new markets for the programmer's content and services, while also generating a grassroots movement that will in the end benefit the Garmin brand and technology. The new developer tools are currently being shown at the Where 2.0 conference in San Jose, California.
Garmin, along with TomTom, is currently one of the largest manufacturers of GPS devices in the world.
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Google, Microsoft Mapping Software Gets Real
By Chloe Albanesius and Davis D. Janowski
Google and Microsoft returned from the holiday weekend poised to battle it out on the mapping front with updates that utilize 3-D and 360-degree virtual tour technology.
Microsoft kicked things off Tuesday with Live Search Maps, a 3-D rendering of New York City and eight other cities. The service provides detailed, street-by-street recreations of the Big Apple, Austin; Cape Coral, Fla.; Cincinnati; Indianapolis; Northampton, England; Ottawa, Canada; Savannah; and Tampa.
Users can float atop these cities or drill down to street level for a computer-generated image of a certain neighborhood and scroll along block-by-block. Live Search also provides the traditional driving directions, Yellow Pages listsings, and 2-D aerial shots.
The software giant is pushing the service as a virtual tour guide of sorts. Short on cash or vacation time? Agoraphobic? Buzz around the Statue of Liberty, Rockefeller Center, Central Park and Wall Street with the click of a mouse.
Live Search is not for those plugging along with an older system and a dial-up connection. As with rival system Google Earth, Live Search requires a download that can stress a PC's virtual memory.
Meanwhile, Google rained on Microsoft's mapping parade Tuesday by announcing updates to its Google Maps function that will allow for users to view certain addresses from a "street view" perspective.
Street views will first be available for San Francisco, New York, Las Vegas, Denver and Miami but will soon expand to other major cities, according to Google.
Google will also add "Mapplets", which will allow third party developers to add information like housing listings, crime data, and tools like distance measurement, and users can choose the information they want displayed. Google partners like WeatherBug, Booking.com and Platial have already created Mapplets, Google said.
Users type in an address as usual, but are given a "street view" option atop the map results on the right-hand side. They can then drag a small, orange icon up and down designated streets to see a photo of the area in which the icon lands. Small side streets are not yet included in the database, but most main avenues and streets in Manhattan, for example, are currently available.
The street view photos are quite detailed and resemble the 360 "virtual tour" function found on some real estate web sites. Google said that the pictures will be useful for checking out a restaurant or street and transit signs for information. While it is fairly easy to pick out more well known storefronts like McDonald's or Starbucks, most retail and building signage for New York City and Las Vegas addresses appear to be slightly blurry, though San Francisco is a bit clearer.
Google's "Street View" does not require an additional download.
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By Chloe Albanesius and Davis D. Janowski
Google and Microsoft returned from the holiday weekend poised to battle it out on the mapping front with updates that utilize 3-D and 360-degree virtual tour technology.
Microsoft kicked things off Tuesday with Live Search Maps, a 3-D rendering of New York City and eight other cities. The service provides detailed, street-by-street recreations of the Big Apple, Austin; Cape Coral, Fla.; Cincinnati; Indianapolis; Northampton, England; Ottawa, Canada; Savannah; and Tampa.
Users can float atop these cities or drill down to street level for a computer-generated image of a certain neighborhood and scroll along block-by-block. Live Search also provides the traditional driving directions, Yellow Pages listsings, and 2-D aerial shots.
The software giant is pushing the service as a virtual tour guide of sorts. Short on cash or vacation time? Agoraphobic? Buzz around the Statue of Liberty, Rockefeller Center, Central Park and Wall Street with the click of a mouse.
Live Search is not for those plugging along with an older system and a dial-up connection. As with rival system Google Earth, Live Search requires a download that can stress a PC's virtual memory.
Meanwhile, Google rained on Microsoft's mapping parade Tuesday by announcing updates to its Google Maps function that will allow for users to view certain addresses from a "street view" perspective.
Street views will first be available for San Francisco, New York, Las Vegas, Denver and Miami but will soon expand to other major cities, according to Google.
Google will also add "Mapplets", which will allow third party developers to add information like housing listings, crime data, and tools like distance measurement, and users can choose the information they want displayed. Google partners like WeatherBug, Booking.com and Platial have already created Mapplets, Google said.
Users type in an address as usual, but are given a "street view" option atop the map results on the right-hand side. They can then drag a small, orange icon up and down designated streets to see a photo of the area in which the icon lands. Small side streets are not yet included in the database, but most main avenues and streets in Manhattan, for example, are currently available.
The street view photos are quite detailed and resemble the 360 "virtual tour" function found on some real estate web sites. Google said that the pictures will be useful for checking out a restaurant or street and transit signs for information. While it is fairly easy to pick out more well known storefronts like McDonald's or Starbucks, most retail and building signage for New York City and Las Vegas addresses appear to be slightly blurry, though San Francisco is a bit clearer.
Google's "Street View" does not require an additional download.
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FTC to Review Google-DoubleClick Deal
FTC to Review Google-DoubleClick Deal
By Chloe Albanesius
The Federal Trade Commission (FTC) on Tuesday confirmed that it will conduct an antitrust review of Google's planned acquisition of online advertising company DoubleClick
The FTC "will be the reviewing agency [and] it will be an antitrust investigation," said Mitchell Katz, an FTC spokesperson. He could not provide details on how long the investigation might take.
Google in April announced that it would acquire DoubleClick for $3.1 billion in cash.
Google maintained that the FTC review is standard procedure.
"We are confident that upon further review the FTC will conclude that this acquisition poses no risk to competition and should be approved," Don Harrison, senior corporate counsel for Google, said in a statement.
Independent analysts and academics have concluded that the online advertising market "is a dynamic and evolving space -- as evidenced by a number of recently announced acquisitions -- and that rich competition in this industry will bring more relevant ads to consumers and more choices for advertisers and website publishers," Harrison said.
Those acquisitions include Yahoo's purchase of Right Media for $680 million, America Online's purchase of Adtech AG, WPP Group's acquisition of 24/7 Real Media for $649 million and Microsoft's purchase of aQuantive for $6 billion.
The proposed merger has raised concerns amongst privacy advocates.
The acquisition "will give one company access to more information about the Internet activities of consumers than any other company in the world," the Electronic Privacy Information Center (EPIC) wrote in a complaint to the FTC. "Google will operate with virtually no legal obligation to ensure that privacy, security and accuracy of the personal data that it collects."
EPIC has previously been at odds with DoubleClick. It filed a complaint with the FTC in 2000 alleging that DoubleClick had illegally been tracking the online activities of Internet users. The FTC closed that investigation in 2001 after DoubleClick agreed to disclose its use of web bugs known as GIFs in tracking user progress.
Earlier this month, the New York State Consumer Protection Board sent a letter to the FTC voicing its concern about how the combined Google-DoubleClick might use consumers' personal information.
"We urge the FTC to require Google to make full and public disclosure of its current data collection practices and contemplated data collection practices post-merger," wrote Mindy Bockstein, chairperson and executive director of the board.
Bockstein also requested a public workshop on the issue of data safeguards.
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By Chloe Albanesius
The Federal Trade Commission (FTC) on Tuesday confirmed that it will conduct an antitrust review of Google's planned acquisition of online advertising company DoubleClick
The FTC "will be the reviewing agency [and] it will be an antitrust investigation," said Mitchell Katz, an FTC spokesperson. He could not provide details on how long the investigation might take.
Google in April announced that it would acquire DoubleClick for $3.1 billion in cash.
Google maintained that the FTC review is standard procedure.
"We are confident that upon further review the FTC will conclude that this acquisition poses no risk to competition and should be approved," Don Harrison, senior corporate counsel for Google, said in a statement.
Independent analysts and academics have concluded that the online advertising market "is a dynamic and evolving space -- as evidenced by a number of recently announced acquisitions -- and that rich competition in this industry will bring more relevant ads to consumers and more choices for advertisers and website publishers," Harrison said.
Those acquisitions include Yahoo's purchase of Right Media for $680 million, America Online's purchase of Adtech AG, WPP Group's acquisition of 24/7 Real Media for $649 million and Microsoft's purchase of aQuantive for $6 billion.
The proposed merger has raised concerns amongst privacy advocates.
The acquisition "will give one company access to more information about the Internet activities of consumers than any other company in the world," the Electronic Privacy Information Center (EPIC) wrote in a complaint to the FTC. "Google will operate with virtually no legal obligation to ensure that privacy, security and accuracy of the personal data that it collects."
EPIC has previously been at odds with DoubleClick. It filed a complaint with the FTC in 2000 alleging that DoubleClick had illegally been tracking the online activities of Internet users. The FTC closed that investigation in 2001 after DoubleClick agreed to disclose its use of web bugs known as GIFs in tracking user progress.
Earlier this month, the New York State Consumer Protection Board sent a letter to the FTC voicing its concern about how the combined Google-DoubleClick might use consumers' personal information.
"We urge the FTC to require Google to make full and public disclosure of its current data collection practices and contemplated data collection practices post-merger," wrote Mindy Bockstein, chairperson and executive director of the board.
Bockstein also requested a public workshop on the issue of data safeguards.
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Xerox Develops New Way to Print Invisible Ink
Xerox said on Wednesday that its scientists have perfected a new method for printing hidden fluorescent wording using standard digital printing equipment.
According to the company, the discovery paves the way for customers and businesses alike to add an additional layer of security to commonly printed materials such as checks, tickets, coupons, and other high-value documents.
The hidden fluorescent words and letters show up only under ultraviolet light, said Reiner Eschbach, a research fellow in the Xerox Innovation Group, and the co-inventor of the patented process. What's more, the method for printing them doesn't require the use of special fluorescent inks.
"What's amazes people about the new technology is that we can create fluorescent writing on a digital printer without using fluorescent ink," said Eschbach in a statement on Wednesday.
"That means a four-color digital printer can print everything it normally would, and it can simultaneously individualize a document with a fluorescent identifier," he added.
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According to the company, the discovery paves the way for customers and businesses alike to add an additional layer of security to commonly printed materials such as checks, tickets, coupons, and other high-value documents.
The hidden fluorescent words and letters show up only under ultraviolet light, said Reiner Eschbach, a research fellow in the Xerox Innovation Group, and the co-inventor of the patented process. What's more, the method for printing them doesn't require the use of special fluorescent inks.
"What's amazes people about the new technology is that we can create fluorescent writing on a digital printer without using fluorescent ink," said Eschbach in a statement on Wednesday.
"That means a four-color digital printer can print everything it normally would, and it can simultaneously individualize a document with a fluorescent identifier," he added.
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COMPUTER SHOP - TABLE PC
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Table PC
Microsoft has been looking beyond the desktop for sometime now, but with the launch of "Milan," the company is showing the potential for so-called "surface computing" to revolutionize everything from retail kiosks to the common coffee table. At its core, Milan is a PC running Windows Vista, but don't expect to use it with a keyboard and mouse. Instead, Milan uses a touch-sensitive display that enables multiple users to navigate the system's interface.
Milan will start appearing in commercial locations at the end of this year (think casinos), but PC Magazine was able to sit down with Microsoft executives for a hands-on demo of the new system. The demo unit we saw looked a lot like a coffee table, but you won't want to put your feet up on this system; it was made for touching.
The flat display measures 30 inches diagonally, and is designed to make it easy for multiple users to reach across and touch the screen. Images are projected onto the display via a custom DLP engine. Five infrared cameras set below the display detect contact with the display and enable users to navigate the interface.
By detecting every touch and gesture, Milan offers a very tactile way of interacting with digital information. Users must actually grab files and images with their fingers without the use of a mouse or keyboard. The system also allows multiple users to interact with the display at the same time; it can detect dozens of contact points.
The system includes support for object recognition using a proprietary technology, dubbed Domino, which works like a bar code. With the right Domino tag, basically a small sticker with a black and white pattern on it, Milan can instantly recognize other electronic devices. For example, in our demo, a Wi-Fi digital camera was placed on the surface of Milan and the contents of its memory were instantly displayed as a pile of snapshots alongside the camera on the display. From there, they could be moved around the screen, resized, or sent to other users via e-mail.
Likewise, when a couple of Domino-tagged Zunes were placed on the display, their contents were instantly shown on the display and songs could be exchanged between players simply by dragging their images from one Zune to the other. (With all the DRM-restrictions attached, of course.)
Using Milan is also inherently social. The first application we tested was a simple paint program. We painted on the screen using our fingertips and a simple pallet of colors and effects. We were also able to take photos that were loaded onto the systems hard drive and manipulate them—moving them around the screen, making them larger or smaller, even e-mailing them just by using our fingers. But surface computing isn't just for playing around. In fact, all of the early implementations will be commercial.
Microsoft has announced that Milan will be deployed at commercial properties by the end of the year, including Harrah's Entertainment's Las Vegas properties, Starwood Hotels & Resorts Worldwide, and International Game Technology (IGT). Milan will also be featured at some T-mobile retail stores.
In our demo, Microsoft showed how Milan could be used to help shoppers choose cell phones. All the buyer needs to do is place two Domino-tagged phones on the surface of the display, and the system will call up features and technical information for each phone for side-by-side comparison. The company also showed how new service plans, ringtones, even music files could be added to your phone simply by dragging and dropping images in the Milan interface.
Microsoft wouldn't release the technical specifications of its Milan surface computing systems, but the company estimated each system would cost between $5,000 and $10,000. Like the Xbox 360, the device was designed and will be manufactured by Microsoft.
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Tuesday, May 22, 2007
Money 70: The best mutual funds you can buy
Money Magazine's list of recommended funds is not about aiming for the highest short-term returns. Our lineup is designed to let you build a well-balanced portfolio that will help you reach your most important financial goals, like putting your kids through college, starting a business or achieving a comfortable retirement.
We focus on criteria that have real predictive value: low expenses, a strong record for putting share-holder interests first and a consistent investment strategy.
A fund that meets our standards typically ends up delivering above-average returns - two-thirds of the actively-managed funds on our list posted returns that ranked in the top half of their category in 2006, and nearly 90 percent did so over five years.
Our roster includes a range of actively managed stock and bond portfolios, as well as low-cost index and exchange-traded funds. Or you can put your investments on cruise control with one of our target-date retirement portfolios, which automatically shift their asset mix to become more conservative as you get older
(List : http://money.cnn.com/magazines/moneymag/bestfunds/2007/actively.html)
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We focus on criteria that have real predictive value: low expenses, a strong record for putting share-holder interests first and a consistent investment strategy.
A fund that meets our standards typically ends up delivering above-average returns - two-thirds of the actively-managed funds on our list posted returns that ranked in the top half of their category in 2006, and nearly 90 percent did so over five years.
Our roster includes a range of actively managed stock and bond portfolios, as well as low-cost index and exchange-traded funds. Or you can put your investments on cruise control with one of our target-date retirement portfolios, which automatically shift their asset mix to become more conservative as you get older
(List : http://money.cnn.com/magazines/moneymag/bestfunds/2007/actively.html)
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The Van Almelos: Building a business
NEW YORK (Money Magazine) -- When Doug van Almelo's job as an airplane mechanic was transferred from Los Angeles to Indianapolis after Sept. 11, he and his wife Carole saw it as a chance to start over.
"With the high cost of living and the fast pace, it was hard to set aside money and time," says Carole, who runs her own Web design company.
Thanks to lower housing costs in the Midwest, the couple were able to use the proceeds from the sale of two homes in California to pay off all their debts and seed a $300,000 portfolio.
Determined to build up their investments even faster, they drastically cut their living expenses, hoping to save half of their six-figure salaries. Their plans hit another bump, however, when Doug was laid off in 2003.
Then, after working as a contractor for a year, he was called back to his old job - in Los Angeles. Now, Doug, 49, commutes home every three weeks for a two-day stay.
In two years, Carole and sons Alex, 15, and Nicholas, 11, will join him on the West Coast. "It's difficult, but we look at this as an opportunity to really save for all of our futures," says Doug.
Still, the van Almelos are eager to leave the corporate world behind and strike out on their own. Within 10 years, Doug wants to retire from his airline job. At that point, he and Carole, 48, hope to buy a small business or farm and work together in a second career.
Where they are now
Despite the fluctuations in their income over the past few years, the van Almelos have managed to build their total portfolio to $400,000, which includes $100,000 in 529 plans for the boys.
The rest of the money is spread among IRAs, 401(k)s and taxable accounts, with 35 percent in bonds, 39 percent in large-cap stocks and 20 percent in international equities. They also have $20,000 invested in a handful of individual stocks, including Google and Apple.
When they return to L.A., the van Almelos figure they'll buy a small condo, which should keep their housing costs roughly in line with what they are in Indiana.
Though he no longer gets a pension from his airline, Doug is socking away 20 percent of his pay in the company's 401(k), and Carole maxes out her Roth IRA. Luckily, Carole's parents have offered to help pay for the boys' school expenses, so they no longer need to add much to the 529s.
Carole and Doug have weathered several financial storms the past few years and have recovered admirably, says Indianapolis financial planner Walt Koon. But starting a new business at 60 is ambitious, especially considering that neither has a pension, Carole works for herself and Doug is in a volatile industry.
What they should do
The van Almelos' best shot at hitting their goal, Koon says, is to save as much as possible outside their retirement plans before they leave their traditional jobs - and to be far more aggressive in their investment strategy.
Right now about a third of the van Almelos' money is in Dodge & Cox Income (DODIX (Charts), a long-term bond fund. "A bond fund is for capital preservation. But at their age, they still need growth," says Koon, who recommends that they reduce bonds to just 9 percent of their portfolio.
He'd also like Carole and Doug to sell their individual stocks and pare back their stake in large-cap funds from 39 percent to 35 percent.
They should use some of that money to boost their stake in international stocks as well as mid- and small-cap domestic equity funds, which are more volatile than large-caps but historically have higher returns.
They can keep a lid on costs by selecting Money 70 index funds such as Vanguard Small-Cap (NAESX (Charts) and iShares MSCI EAFE (EFA (Charts).
"When it's crunch time, we've always been able to save money," says Doug. "I think we can stretch a bit more to fund our goals."(CNN)
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"With the high cost of living and the fast pace, it was hard to set aside money and time," says Carole, who runs her own Web design company.
Thanks to lower housing costs in the Midwest, the couple were able to use the proceeds from the sale of two homes in California to pay off all their debts and seed a $300,000 portfolio.
Determined to build up their investments even faster, they drastically cut their living expenses, hoping to save half of their six-figure salaries. Their plans hit another bump, however, when Doug was laid off in 2003.
Then, after working as a contractor for a year, he was called back to his old job - in Los Angeles. Now, Doug, 49, commutes home every three weeks for a two-day stay.
In two years, Carole and sons Alex, 15, and Nicholas, 11, will join him on the West Coast. "It's difficult, but we look at this as an opportunity to really save for all of our futures," says Doug.
Still, the van Almelos are eager to leave the corporate world behind and strike out on their own. Within 10 years, Doug wants to retire from his airline job. At that point, he and Carole, 48, hope to buy a small business or farm and work together in a second career.
Where they are now
Despite the fluctuations in their income over the past few years, the van Almelos have managed to build their total portfolio to $400,000, which includes $100,000 in 529 plans for the boys.
The rest of the money is spread among IRAs, 401(k)s and taxable accounts, with 35 percent in bonds, 39 percent in large-cap stocks and 20 percent in international equities. They also have $20,000 invested in a handful of individual stocks, including Google and Apple.
When they return to L.A., the van Almelos figure they'll buy a small condo, which should keep their housing costs roughly in line with what they are in Indiana.
Though he no longer gets a pension from his airline, Doug is socking away 20 percent of his pay in the company's 401(k), and Carole maxes out her Roth IRA. Luckily, Carole's parents have offered to help pay for the boys' school expenses, so they no longer need to add much to the 529s.
Carole and Doug have weathered several financial storms the past few years and have recovered admirably, says Indianapolis financial planner Walt Koon. But starting a new business at 60 is ambitious, especially considering that neither has a pension, Carole works for herself and Doug is in a volatile industry.
What they should do
The van Almelos' best shot at hitting their goal, Koon says, is to save as much as possible outside their retirement plans before they leave their traditional jobs - and to be far more aggressive in their investment strategy.
Right now about a third of the van Almelos' money is in Dodge & Cox Income (DODIX (Charts), a long-term bond fund. "A bond fund is for capital preservation. But at their age, they still need growth," says Koon, who recommends that they reduce bonds to just 9 percent of their portfolio.
He'd also like Carole and Doug to sell their individual stocks and pare back their stake in large-cap funds from 39 percent to 35 percent.
They should use some of that money to boost their stake in international stocks as well as mid- and small-cap domestic equity funds, which are more volatile than large-caps but historically have higher returns.
They can keep a lid on costs by selecting Money 70 index funds such as Vanguard Small-Cap (NAESX (Charts) and iShares MSCI EAFE (EFA (Charts).
"When it's crunch time, we've always been able to save money," says Doug. "I think we can stretch a bit more to fund our goals."(CNN)
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Get-started savings plan
NEW YORK (Money) -- Question: I'm a 24-year-old woman looking to start a saving plan. I've cleared all my debt and have started an emergency fund, but I'm unsure how to proceed from there. I've read so many books and articles that I'm more confused than when I started.
I tried talking to a financial adviser, but she told me to come back when I have $10,000. I'm so worried about doing it all wrong that I'm tempted to just open an IRA at my bank and leave the rest of my money in CDs. Can you point me in the right direction? - Ruth, Post Mills, Vermont
Answer: Sure, happy to help.
The first thing I want you to do is take a deep breath and relax. You're putting too much pressure on yourself. Believe me, this isn't rocket science. You don't have to be precise down to the second decimal point to get good results.
If you follow a few simple principles you should be able to build some financial security for yourself fairly easily. And you already seem to have a good head start given that you've pared down your debt, started an emergency fund and have already begun to save.
As for worrying about doing it all wrong, well, I've got news for you. You're going to make mistakes. We all do. But as long as they're not huge blunders you'll do just fine. Those blunders include not saving at all or following the herd into whatever investment has had a recent hot streak (and thus is at greater risk of cooling off).
So resist that urge to go down to the bank and dump all your cash in CDs, and instead follow my simple three-step Starting Out plan:
1. Sign up for your retirement savings plan at work
This is the single most important thing you can do to start building long-term financial security. If your company offers a 401(k) or similar tax-deferred savings plan, sign up for it ASAP.
25 Rules to Grow Rich By
The money you contribute and the investment earnings on that money isn't taxed until you withdraw it. So in addition to improving your financial prospects long-term you also get a nifty little tax break now. Most likely, your employer will also match a portion of what you put in with a 50 percent match of the first 6 percent you put in being the most common arrangement.
Best of all, signing up for an employer's plan makes regular saving so easy. You don't have to write out a check each month; the money goes right from your paycheck into your account before you get your hands on it.
So put as much into the 401(k) as your plan will allow, or as much as you can afford. At the very least, try to contribute enough to get the maximum match from your employer. If your employer's plan has an automatic contribution-increase feature, sign up for that too.
If your employer doesn't offer a 401(k) or similar plan, then contribute as much as you can to an IRA. You can do either a traditional IRA - in which case your contribution may be tax deductible. Or you can do a Roth IRA. Your contributions to a Roth aren't deductible, but you can pull your money out of a Roth tax-free. For reasons too complicated to get into here, you're probably better off doing a Roth when you're young, although it's not as if you're going to sabotage yourself if you do a deductible IRA.
The most important thing, though, is to put money into some form of tax-advantaged savings vehicle. By the way, most mutual fund companies have an automatic investing option that will move money directly from your checking account into your fund account. Like payroll deduction, this is a great way to make saving easy, convenient and more likely to happen.
2. Invest smart, but keep it simple.
Yes, it is possible to do both. In fact, the fancier people try to get about their investing strategy, the more likely they are to mess things up.
You want to put most of your savings into stock mutual funds, since they have the best shot at high long-term returns. On the other hand, it's always wise to hedge your bets a bit. So you'll also want to keep a small part of your stash in bond funds, which can also add a bit of stability just to keep things from getting too wild.
Money 70: The best mutual funds you can buy
The easiest way to get a mix of stock and bond funds that works for you is to buy what's known as a target retirement fund. Essentially, these funds are mini portfolios themselves in that they own a mix of stocks and bonds.
You just buy a fund with a date that roughly corresponds to the date you think you'll retire - say, 2050 or so - and you'll get a blend of stocks and bonds that's appropriate for someone your age (probably 80% to 90% stocks and 10% to 20% bonds). What's really neat about these funds, though, is that they gradually shift more assets into bonds each year so the fund becomes more conservative as you age.
Many 401(k)s offer target funds, and they're widely available outside of 401(k)s through well known fund firms like Vanguard and T. Rowe Price.
If a target fund isn't an option in your 401(k), then you might go with an asset allocation fund, which is similar to a target fund except the stocks-bonds mix remains roughly the same over time. If you choose an asset allocation fund, go with one that describes its strategy as "growth" or even "aggressive growth."
If your 401(k) doesn't offer a target or asset allocation fund, then put 70% to 80% of your money in a broadly diversified large-stock fund (a large-company index fund, if possible) and the rest in a broadly diversified bond fund (again, an index fund if possible).
3. Resist the urge to tinker.
Once you've got money flowing into your 401(k) or IRA, you may get the urge to "make improvements." Perhaps you'll hear of other types of funds that are doing well. Or a friend may talk about how well his or her investments are delivering smokin' gains. This is the time when you've got to dare to be dull - that is, just stick to your nice little mix of stocks and bonds and don't try to do anything fancy.
Believe me, simpler works out better in the long run.
Nonetheless, it is a good idea to "rebalance" your holdings every year or so by selling shares of funds that have done well and putting the proceeds into ones that have lagged to bring your mix of stocks and bonds back to the appropriate proportions. (You don't even have to do this if you're in a target or asset allocation fund; the fund does it for you.)
But unless something drastic has happened - like your funds have performed horribly compared with their peers over the course of a few years - that sort of minor maintenance is about all you need to do.
Those three steps should get you started. Is there you more you can do? Sure, although frankly I don't think there's a whole lot more that will dramatically improve your results (other than trying to save even more than what you stash in tax-deferred plans).
I've purposely refrained from giving you lots of links to previous columns of mine and other sources that can provide more detail on various issues I broached above. I did this because you said your head was already spinning from too much information.
But once you've gotten started investing and you've recovered from information overload, I do think it would be a good idea to learn some more about the right way to go about saving and investing, if only to reinforce what I've already said.
So when you feel ready, I recommend you check out our Money 101 library, which has 23 lessons on everything from setting priorities to making a budget to the basics of investing to planning for retirement. They're easy to read and, dare I say it, even border on enjoyable.
So if you take on one lesson a week I can almost guarantee that in less than six months, you'll have an excellent grasp on the fundamentals of personal finance - and a clear head to boot.(CNN)
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I tried talking to a financial adviser, but she told me to come back when I have $10,000. I'm so worried about doing it all wrong that I'm tempted to just open an IRA at my bank and leave the rest of my money in CDs. Can you point me in the right direction? - Ruth, Post Mills, Vermont
Answer: Sure, happy to help.
The first thing I want you to do is take a deep breath and relax. You're putting too much pressure on yourself. Believe me, this isn't rocket science. You don't have to be precise down to the second decimal point to get good results.
If you follow a few simple principles you should be able to build some financial security for yourself fairly easily. And you already seem to have a good head start given that you've pared down your debt, started an emergency fund and have already begun to save.
As for worrying about doing it all wrong, well, I've got news for you. You're going to make mistakes. We all do. But as long as they're not huge blunders you'll do just fine. Those blunders include not saving at all or following the herd into whatever investment has had a recent hot streak (and thus is at greater risk of cooling off).
So resist that urge to go down to the bank and dump all your cash in CDs, and instead follow my simple three-step Starting Out plan:
1. Sign up for your retirement savings plan at work
This is the single most important thing you can do to start building long-term financial security. If your company offers a 401(k) or similar tax-deferred savings plan, sign up for it ASAP.
25 Rules to Grow Rich By
The money you contribute and the investment earnings on that money isn't taxed until you withdraw it. So in addition to improving your financial prospects long-term you also get a nifty little tax break now. Most likely, your employer will also match a portion of what you put in with a 50 percent match of the first 6 percent you put in being the most common arrangement.
Best of all, signing up for an employer's plan makes regular saving so easy. You don't have to write out a check each month; the money goes right from your paycheck into your account before you get your hands on it.
So put as much into the 401(k) as your plan will allow, or as much as you can afford. At the very least, try to contribute enough to get the maximum match from your employer. If your employer's plan has an automatic contribution-increase feature, sign up for that too.
If your employer doesn't offer a 401(k) or similar plan, then contribute as much as you can to an IRA. You can do either a traditional IRA - in which case your contribution may be tax deductible. Or you can do a Roth IRA. Your contributions to a Roth aren't deductible, but you can pull your money out of a Roth tax-free. For reasons too complicated to get into here, you're probably better off doing a Roth when you're young, although it's not as if you're going to sabotage yourself if you do a deductible IRA.
The most important thing, though, is to put money into some form of tax-advantaged savings vehicle. By the way, most mutual fund companies have an automatic investing option that will move money directly from your checking account into your fund account. Like payroll deduction, this is a great way to make saving easy, convenient and more likely to happen.
2. Invest smart, but keep it simple.
Yes, it is possible to do both. In fact, the fancier people try to get about their investing strategy, the more likely they are to mess things up.
You want to put most of your savings into stock mutual funds, since they have the best shot at high long-term returns. On the other hand, it's always wise to hedge your bets a bit. So you'll also want to keep a small part of your stash in bond funds, which can also add a bit of stability just to keep things from getting too wild.
Money 70: The best mutual funds you can buy
The easiest way to get a mix of stock and bond funds that works for you is to buy what's known as a target retirement fund. Essentially, these funds are mini portfolios themselves in that they own a mix of stocks and bonds.
You just buy a fund with a date that roughly corresponds to the date you think you'll retire - say, 2050 or so - and you'll get a blend of stocks and bonds that's appropriate for someone your age (probably 80% to 90% stocks and 10% to 20% bonds). What's really neat about these funds, though, is that they gradually shift more assets into bonds each year so the fund becomes more conservative as you age.
Many 401(k)s offer target funds, and they're widely available outside of 401(k)s through well known fund firms like Vanguard and T. Rowe Price.
If a target fund isn't an option in your 401(k), then you might go with an asset allocation fund, which is similar to a target fund except the stocks-bonds mix remains roughly the same over time. If you choose an asset allocation fund, go with one that describes its strategy as "growth" or even "aggressive growth."
If your 401(k) doesn't offer a target or asset allocation fund, then put 70% to 80% of your money in a broadly diversified large-stock fund (a large-company index fund, if possible) and the rest in a broadly diversified bond fund (again, an index fund if possible).
3. Resist the urge to tinker.
Once you've got money flowing into your 401(k) or IRA, you may get the urge to "make improvements." Perhaps you'll hear of other types of funds that are doing well. Or a friend may talk about how well his or her investments are delivering smokin' gains. This is the time when you've got to dare to be dull - that is, just stick to your nice little mix of stocks and bonds and don't try to do anything fancy.
Believe me, simpler works out better in the long run.
Nonetheless, it is a good idea to "rebalance" your holdings every year or so by selling shares of funds that have done well and putting the proceeds into ones that have lagged to bring your mix of stocks and bonds back to the appropriate proportions. (You don't even have to do this if you're in a target or asset allocation fund; the fund does it for you.)
But unless something drastic has happened - like your funds have performed horribly compared with their peers over the course of a few years - that sort of minor maintenance is about all you need to do.
Those three steps should get you started. Is there you more you can do? Sure, although frankly I don't think there's a whole lot more that will dramatically improve your results (other than trying to save even more than what you stash in tax-deferred plans).
I've purposely refrained from giving you lots of links to previous columns of mine and other sources that can provide more detail on various issues I broached above. I did this because you said your head was already spinning from too much information.
But once you've gotten started investing and you've recovered from information overload, I do think it would be a good idea to learn some more about the right way to go about saving and investing, if only to reinforce what I've already said.
So when you feel ready, I recommend you check out our Money 101 library, which has 23 lessons on everything from setting priorities to making a budget to the basics of investing to planning for retirement. They're easy to read and, dare I say it, even border on enjoyable.
So if you take on one lesson a week I can almost guarantee that in less than six months, you'll have an excellent grasp on the fundamentals of personal finance - and a clear head to boot.(CNN)
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5 portfolio time bombs
Problem
Buying hot performers
Past performance has never been, and will never be, a reliable guide to how well a fund will do in the future. Yet investors can't resist big returns.
International stocks have trounced the S&P 500 by an average of nine percentage points a year since 2002. Sure enough, this past January investors poured $10 billion into foreign-stock mutual funds, vs. just $5 billion into U.S. stock funds.
"Investors tend to take notice of a fund once it's had a high return," says David Silva, editor of Morningstar.com. Trouble is, a hot streak might run for several years, but at some point you'll likely encounter a dramatic blowup, or at least far smaller gains once returns go back to normal (which you can count on).
And popularity has a price: The more money that flows into a fund, the harder it becomes for the manager to react quickly to market changes, making it even more likely that the returns will sag in the near future.
(CNN)
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Buying hot performers
Past performance has never been, and will never be, a reliable guide to how well a fund will do in the future. Yet investors can't resist big returns.
International stocks have trounced the S&P 500 by an average of nine percentage points a year since 2002. Sure enough, this past January investors poured $10 billion into foreign-stock mutual funds, vs. just $5 billion into U.S. stock funds.
"Investors tend to take notice of a fund once it's had a high return," says David Silva, editor of Morningstar.com. Trouble is, a hot streak might run for several years, but at some point you'll likely encounter a dramatic blowup, or at least far smaller gains once returns go back to normal (which you can count on).
And popularity has a price: The more money that flows into a fund, the harder it becomes for the manager to react quickly to market changes, making it even more likely that the returns will sag in the near future.
(CNN)
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How to deal with your crazy boss
The bully
Symptoms
Default emotion: rage.
Extremely inconsistent, vast emotional swings depending on mood, often seemingly unrelated to external circumstances.
Capable of great affection and loyalty, which may be withdrawn at any time.
Manipulative and self- pitying, highly aggressive personality that has no problem asserting its priorities over those of others.
Extremely insensitive about feelings of others while at the same time extremely solicitous of his or her own.
Requires enemies in order to function properly; if none are handy is not averse to creating them.
Contagion factor: 96.
Level of difficulty: 100. Bully management is perhaps the most difficult of all tasks for those who wish to survive in a world filled with the impressive variety of sick senior officers.
(CNN)
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Symptoms
Default emotion: rage.
Extremely inconsistent, vast emotional swings depending on mood, often seemingly unrelated to external circumstances.
Capable of great affection and loyalty, which may be withdrawn at any time.
Manipulative and self- pitying, highly aggressive personality that has no problem asserting its priorities over those of others.
Extremely insensitive about feelings of others while at the same time extremely solicitous of his or her own.
Requires enemies in order to function properly; if none are handy is not averse to creating them.
Contagion factor: 96.
Level of difficulty: 100. Bully management is perhaps the most difficult of all tasks for those who wish to survive in a world filled with the impressive variety of sick senior officers.
(CNN)
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7 ways to invest in the oil boom
(Fortune Magazine) -- Since January, the price of oil has risen from $50 to $65 a barrel. Didn't notice? For casual investors that's understandable. After all, the last time this happened - back in the summer of 2005 - soaring energy costs were front-page news.
Unhappy consumers were accusing gas stations of price gouging. Oil company CEOs were pointing fingers at hedge funds. Economists predicted that $3 gasoline would tip the U.S. economy into recession. And most notable for our purposes, oil company shares went absolutely crazy: The S&P energy index rose 24 percent in four months.
By comparison, this latest run in oil prices has been a ho-hummer. "When gasoline first hit $3, we all complained and said consumers can't afford it," says David Ginther, manager of the Waddell & Reed Advisors Dividend Income fund. "Well, now gas is back to $3, and suddenly it's no longer on CNBC. The fact there's no pushback from consumers tells me prices will continue to go higher."
While Ginther is betting on rising prices - he has 20 percent of his fund in energy stocks - he seems to be in the minority. Yes, oil stocks have rallied from their January lows, but big-name stocks like ConocoPhillips (Charts, Fortune 500) and Exxon Mobil (Charts, Fortune 500) still trail the S&P 500 in year-to-date performance.
Overall, the S&P Energy index's price/earnings ratio is 12, well below its ten-year average of 19, reflecting a belief that oil will soon head lower. How else do you explain the P/E of a stock like Transocean? The deep-water driller is projected to boost earnings 157 percent this year (on the heels of 90 percent in 2006), yet its stock trades at a mere 12 times 2007 earnings, according to Baseline.
Exxon does it again
In fact, a return to $70 oil seems a better bet than a fallback to $50. That's especially true near-term as we head into summer driving and the hurricane season soon thereafter.
The supply-and-demand picture points higher too. Global oil demand is forecast to increase by 1.43 million barrels a day in 2007, according to Barclays Capital, even as supply increases only 1.18 million barrels. That's a recipe for higher prices. Indeed, the latest trading on the NYMEX has September oil futures trading at $66 a barrel and May 2008 futures at $70.
So what's the best way for investors to play oil right now? We'd start with the stocks that appear the most glaringly undervalued - offshore drillers like the aforementioned Transocean, Diamond Offshore, GlobalSantaFe, Noble and Rowan Cos.
Those companies own and operate offshore-drilling rigs and lease them to the likes of Chevron and Exxon Mobil for rates that, for deep-water rigs, can exceed $500,000 a day. As a group, drillers boast the stock market's best combination of low valuation and high earnings growth. Their average PEG ratio - P/E divided by projected growth rate - is 0.4, vs. an average of 2.0 for the S&P.
We made a similar case for drillers last December in Fortune's 2007 Investor's Guide. Our favorite driller then was Diamond Offshore (Charts), based in part on expectations of a gaudy special dividend (which turned out to be $4 a share, paid in March).
All in all, Diamond has produced a 15 percent total return in the five months since we recommended it. We still love it, but if you're an investor who favors price appreciation over dividends, a good alternative is Transocean (Charts). While Diamond is pouring its windfall profits into dividends, Transocean is buying back stock - $3.4 billion worth since October 2005.
In any event, both companies benefit from their deep-water focus. There's been a rig-building boom of late, which could potentially threaten driller profits. However, according to Michael Hoover, portfolio manager of the Excelsior Energy and Natural Resources fund, a disproportionate amount of the new rigs are "jack-ups," which operate in 200 or 300 feet of water, not in thousands. "The deep-water rigs are much more expensive and difficult to duplicate," says Hoover.
For fund investors there's now an exchange-traded fund, Oil Services HOLDRS (Charts) (OIH, $161), that owns all the major drillers. It also has heavy exposure to oil-services companies, which is another oil niche where the growth rates and valuations are compelling.
The leading oil-services company is Schlumberger (Charts), which provides well testing, reservoir imaging and seismic surveying, among other essentials. Especially dominant in the oil-rich Middle East, Schlumberger is a favorite of many of the energy stock investors we talked to, including Hoover, Ginther, T. Rowe Price energy analyst Tim Parker and Robb Parlanti, an energy analyst at Turner Investment Partners.
Schlumberger is oil services' safest choice, but investors willing to swing for the fences might consider Cameron International (Charts). Cameron produces an array of subsea valves, wellheads and blowout protectors that are in high demand right now. The company raised earnings estimates in April, and analysts now expect Cameron's profits to climb 39 percent this year - excellent for a stock that trades at 17 times 2007 earnings. To top it all off, Parlanti thinks it's a takeover candidate.
Another stock we like is refining giant Valero (Charts, Fortune 500). The dearth of new refining capacity used to be mainly a U.S. story, with commentators pointing out that there hasn't been a new refinery built here since 1976. The upshot seemed to be that more gasoline would have to be imported from countries where local opposition and construction costs were less of an impediment to refinery construction. Well, refining is fast becoming a global bottleneck, not just an American one. Kuwait, for example, recently canceled plans for a new 615,000-barrel-a-day refinery when construction bids came in at $15 billion - $9 billion more than expected.
Big Oil's money machine
Needless to say, the lack of new refining capacity bodes very well for refiners' profit margins, says Valero fan Bob Doll, chief investment officer for equities with BlackRock Funds. He calls Valero "the largest, purest, and most leveraged play on the refinery business."
Our final pick - XTO Energy (Charts, Fortune 500) - amounts to a straight bet on natural gas. Historically, gas markets have been tied to seasonal demand for heating and cooling. Prices rose in winter and summer and fell in the spring and fall. This spring, however, gas prices have held up unexpectedly well, with prices staying near $7.50 per million BTUs. A key driver has been commercial and industrial demand, up 8 percent in January and February, according to the Energy Information Administration.
One surprising explanation is the ethanol boom. Most of the new ethanol plants dotting the Midwest are gas-fired. In addition, corn growers are using much more fertilizer, which is produced using natural gas. "That's why we're seeing $7-plus natural gas now," says Parlanti. XTO, an independent gas producer, has a P/E of 12 and is projected to increase profits 11 percent this year.
(CNN)
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Unhappy consumers were accusing gas stations of price gouging. Oil company CEOs were pointing fingers at hedge funds. Economists predicted that $3 gasoline would tip the U.S. economy into recession. And most notable for our purposes, oil company shares went absolutely crazy: The S&P energy index rose 24 percent in four months.
By comparison, this latest run in oil prices has been a ho-hummer. "When gasoline first hit $3, we all complained and said consumers can't afford it," says David Ginther, manager of the Waddell & Reed Advisors Dividend Income fund. "Well, now gas is back to $3, and suddenly it's no longer on CNBC. The fact there's no pushback from consumers tells me prices will continue to go higher."
While Ginther is betting on rising prices - he has 20 percent of his fund in energy stocks - he seems to be in the minority. Yes, oil stocks have rallied from their January lows, but big-name stocks like ConocoPhillips (Charts, Fortune 500) and Exxon Mobil (Charts, Fortune 500) still trail the S&P 500 in year-to-date performance.
Overall, the S&P Energy index's price/earnings ratio is 12, well below its ten-year average of 19, reflecting a belief that oil will soon head lower. How else do you explain the P/E of a stock like Transocean? The deep-water driller is projected to boost earnings 157 percent this year (on the heels of 90 percent in 2006), yet its stock trades at a mere 12 times 2007 earnings, according to Baseline.
Exxon does it again
In fact, a return to $70 oil seems a better bet than a fallback to $50. That's especially true near-term as we head into summer driving and the hurricane season soon thereafter.
The supply-and-demand picture points higher too. Global oil demand is forecast to increase by 1.43 million barrels a day in 2007, according to Barclays Capital, even as supply increases only 1.18 million barrels. That's a recipe for higher prices. Indeed, the latest trading on the NYMEX has September oil futures trading at $66 a barrel and May 2008 futures at $70.
So what's the best way for investors to play oil right now? We'd start with the stocks that appear the most glaringly undervalued - offshore drillers like the aforementioned Transocean, Diamond Offshore, GlobalSantaFe, Noble and Rowan Cos.
Those companies own and operate offshore-drilling rigs and lease them to the likes of Chevron and Exxon Mobil for rates that, for deep-water rigs, can exceed $500,000 a day. As a group, drillers boast the stock market's best combination of low valuation and high earnings growth. Their average PEG ratio - P/E divided by projected growth rate - is 0.4, vs. an average of 2.0 for the S&P.
We made a similar case for drillers last December in Fortune's 2007 Investor's Guide. Our favorite driller then was Diamond Offshore (Charts), based in part on expectations of a gaudy special dividend (which turned out to be $4 a share, paid in March).
All in all, Diamond has produced a 15 percent total return in the five months since we recommended it. We still love it, but if you're an investor who favors price appreciation over dividends, a good alternative is Transocean (Charts). While Diamond is pouring its windfall profits into dividends, Transocean is buying back stock - $3.4 billion worth since October 2005.
In any event, both companies benefit from their deep-water focus. There's been a rig-building boom of late, which could potentially threaten driller profits. However, according to Michael Hoover, portfolio manager of the Excelsior Energy and Natural Resources fund, a disproportionate amount of the new rigs are "jack-ups," which operate in 200 or 300 feet of water, not in thousands. "The deep-water rigs are much more expensive and difficult to duplicate," says Hoover.
For fund investors there's now an exchange-traded fund, Oil Services HOLDRS (Charts) (OIH, $161), that owns all the major drillers. It also has heavy exposure to oil-services companies, which is another oil niche where the growth rates and valuations are compelling.
The leading oil-services company is Schlumberger (Charts), which provides well testing, reservoir imaging and seismic surveying, among other essentials. Especially dominant in the oil-rich Middle East, Schlumberger is a favorite of many of the energy stock investors we talked to, including Hoover, Ginther, T. Rowe Price energy analyst Tim Parker and Robb Parlanti, an energy analyst at Turner Investment Partners.
Schlumberger is oil services' safest choice, but investors willing to swing for the fences might consider Cameron International (Charts). Cameron produces an array of subsea valves, wellheads and blowout protectors that are in high demand right now. The company raised earnings estimates in April, and analysts now expect Cameron's profits to climb 39 percent this year - excellent for a stock that trades at 17 times 2007 earnings. To top it all off, Parlanti thinks it's a takeover candidate.
Another stock we like is refining giant Valero (Charts, Fortune 500). The dearth of new refining capacity used to be mainly a U.S. story, with commentators pointing out that there hasn't been a new refinery built here since 1976. The upshot seemed to be that more gasoline would have to be imported from countries where local opposition and construction costs were less of an impediment to refinery construction. Well, refining is fast becoming a global bottleneck, not just an American one. Kuwait, for example, recently canceled plans for a new 615,000-barrel-a-day refinery when construction bids came in at $15 billion - $9 billion more than expected.
Big Oil's money machine
Needless to say, the lack of new refining capacity bodes very well for refiners' profit margins, says Valero fan Bob Doll, chief investment officer for equities with BlackRock Funds. He calls Valero "the largest, purest, and most leveraged play on the refinery business."
Our final pick - XTO Energy (Charts, Fortune 500) - amounts to a straight bet on natural gas. Historically, gas markets have been tied to seasonal demand for heating and cooling. Prices rose in winter and summer and fell in the spring and fall. This spring, however, gas prices have held up unexpectedly well, with prices staying near $7.50 per million BTUs. A key driver has been commercial and industrial demand, up 8 percent in January and February, according to the Energy Information Administration.
One surprising explanation is the ethanol boom. Most of the new ethanol plants dotting the Midwest are gas-fired. In addition, corn growers are using much more fertilizer, which is produced using natural gas. "That's why we're seeing $7-plus natural gas now," says Parlanti. XTO, an independent gas producer, has a P/E of 12 and is projected to increase profits 11 percent this year.
(CNN)
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Banking on third-world small businesses
(FSB Magazine) -- When she turned 60, Dana Dakin was in a great place. The investment-marketing firm she'd founded 30 years earlier, Dakin Partners (dakinpartners.com), was so successful that it was turning away business. But Dakin subscribes to the belief that life is lived in thirds - first you learn, then you earn and finally you return. With the first two stages complete, Dakin wanted to start something.
Building on her knowledge of investing and interest in helping women with entrepreneurship, Dakin decided to start a microlending program for women in the West African nation of Ghana, a country she had studied for her 1964 undergraduate thesis at Scripps College in Claremont, Calif. Dakin named her nonprofit WomensTrust (womenstrust.org) and drew on her entrepreneurial skills to make contacts in Africa.
Dakin visited Ghana in 2003 to look for a place to base the program. Nearly half the country lives in poverty, but she set her sights on the north, where the needs are most extreme, and focused on the village of Pokuase and its 10,000 residents.
During a Sunday church service there, she announced her intention to lend money to women with existing businesses. To raise seed capital, Dakin sold her second car for $18,000, and in November, WomensTrust made its first loans: a total of $2,022 to 73 women.
From microcredit to microcapitalism
The Ghanaian women must apply for $55 starter loans in groups of four or five, and because none can ask for additional funds until each member of the group pays back her loan, peer pressure lowers default rates.
Women in Pokuase typically sell household items such as pots, clothing and food. One food vendor used a loan to expand her business selling cassavas, a staple of the Ghanaian diet. She was able to buy more cassavas from the grower and expand to other crops.
The interest rate is 13 percent for a four-month loan. That may sound high, but black-market lenders, common in Ghana, often charge 100 percent interest for even shorter periods. Dakin says the 13 percent rate is attractive to the women while compensating for the risk of making unsecured loans to the very poor. The 2006 default rate was 10 percent, but Dakin expects it to halve in 2007 with improved management practices.
Microlending gives hope to the HIV positive
In 2005, Dakin hired a young, educated local woman to manage the program in Pokuase. With her help, Dakin expanded WomensTrust's services to include primary-school scholarships for 11 girls, as well as monthly stipends to needy older villagers. It also runs a literacy class for its loan recipients, 90 percent of whom sign their name with a thumbprint.
"We closed out 2006 with 700 loan clients. We should have 1,000 by this August," says Dakin. The district assemblyman in Pokuase recently gave Dakin a glowing report on the progress of WomensTrust: "There are more young women in business in the village than I can ever remember seeing in my lifetime," he said.
(CNN)
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Building on her knowledge of investing and interest in helping women with entrepreneurship, Dakin decided to start a microlending program for women in the West African nation of Ghana, a country she had studied for her 1964 undergraduate thesis at Scripps College in Claremont, Calif. Dakin named her nonprofit WomensTrust (womenstrust.org) and drew on her entrepreneurial skills to make contacts in Africa.
Dakin visited Ghana in 2003 to look for a place to base the program. Nearly half the country lives in poverty, but she set her sights on the north, where the needs are most extreme, and focused on the village of Pokuase and its 10,000 residents.
During a Sunday church service there, she announced her intention to lend money to women with existing businesses. To raise seed capital, Dakin sold her second car for $18,000, and in November, WomensTrust made its first loans: a total of $2,022 to 73 women.
From microcredit to microcapitalism
The Ghanaian women must apply for $55 starter loans in groups of four or five, and because none can ask for additional funds until each member of the group pays back her loan, peer pressure lowers default rates.
Women in Pokuase typically sell household items such as pots, clothing and food. One food vendor used a loan to expand her business selling cassavas, a staple of the Ghanaian diet. She was able to buy more cassavas from the grower and expand to other crops.
The interest rate is 13 percent for a four-month loan. That may sound high, but black-market lenders, common in Ghana, often charge 100 percent interest for even shorter periods. Dakin says the 13 percent rate is attractive to the women while compensating for the risk of making unsecured loans to the very poor. The 2006 default rate was 10 percent, but Dakin expects it to halve in 2007 with improved management practices.
Microlending gives hope to the HIV positive
In 2005, Dakin hired a young, educated local woman to manage the program in Pokuase. With her help, Dakin expanded WomensTrust's services to include primary-school scholarships for 11 girls, as well as monthly stipends to needy older villagers. It also runs a literacy class for its loan recipients, 90 percent of whom sign their name with a thumbprint.
"We closed out 2006 with 700 loan clients. We should have 1,000 by this August," says Dakin. The district assemblyman in Pokuase recently gave Dakin a glowing report on the progress of WomensTrust: "There are more young women in business in the village than I can ever remember seeing in my lifetime," he said.
(CNN)
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Toshiba's new tablet PC is snazzy - and pricey
FSB Magazine) -- As the peripatetic CEO of Enspire Learning, a business training company, I depend on my laptop to stay productive and connected during business trips. So I was excited to test Toshiba's new Portégé R400 tablet PC, one of the first Vista-powered tablets to hit the market.
The Portégé is light (less than four pounds) and nicely designed, with a thin profile and a sleek black-and-white chassis done in high-impact plastic.
One unusual feature is a tiny display on the front edge of the computer. Powered by Microsoft's (Charts) new Active Notifications system, the display flags e-mail traffic, calendar appointments and the like while the computer is powered down and closed.
It periodically turns on the machine, checks e-mail using a broadband wireless card and displays the sender and subject lines. I was able to use this system in meetings, in a cab and at dinner with out-of-town friends. However, Active Notifications is no substitute for a handheld e-mail device. (For one thing, it displays only the first few words of the subject line.)
Performance is under-whelming for such an expensive machine ($2,599, base). The Portégé ships with a midrange 1.2-giga-hertz Intel Core Duo processor and a rather skimpy 80-gigabyte hard drive. The internal battery lasted a bit less than three hours in my tests, which I find is about average for most notebooks nowadays.
The 12.1-inch backlit display automatically switches from landscape mode to portrait mode once the PC is converted into a tablet. But while the widescreen aspect ratio may be great for watching movies, it felt as if I had a lot less vertical screen real estate in which to do my work. That's a problem because I normally keep around four applications open at the same time.
Nor did I love the keyboard: The keys are smaller, more crammed together, and more sensitive to accidental tapping than those on my admittedly heavier Dell (Charts) Latitude D610.
The R400 handles awkwardly in tablet mode. Toshiba's predecessor tablet, the M400, had a rubbery strip across the bottom that made it easier to hold. The R400 also has sharper edges than the M400, making it uncomfortable to carry from meeting to meeting.
Finally, the stylus is short and difficult to grip. I felt as if I were drawing with an eraser on a rubber surface, not writing with a sharpened pen on a pad.
(CNN)
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The Portégé is light (less than four pounds) and nicely designed, with a thin profile and a sleek black-and-white chassis done in high-impact plastic.
One unusual feature is a tiny display on the front edge of the computer. Powered by Microsoft's (Charts) new Active Notifications system, the display flags e-mail traffic, calendar appointments and the like while the computer is powered down and closed.
It periodically turns on the machine, checks e-mail using a broadband wireless card and displays the sender and subject lines. I was able to use this system in meetings, in a cab and at dinner with out-of-town friends. However, Active Notifications is no substitute for a handheld e-mail device. (For one thing, it displays only the first few words of the subject line.)
Performance is under-whelming for such an expensive machine ($2,599, base). The Portégé ships with a midrange 1.2-giga-hertz Intel Core Duo processor and a rather skimpy 80-gigabyte hard drive. The internal battery lasted a bit less than three hours in my tests, which I find is about average for most notebooks nowadays.
The 12.1-inch backlit display automatically switches from landscape mode to portrait mode once the PC is converted into a tablet. But while the widescreen aspect ratio may be great for watching movies, it felt as if I had a lot less vertical screen real estate in which to do my work. That's a problem because I normally keep around four applications open at the same time.
Nor did I love the keyboard: The keys are smaller, more crammed together, and more sensitive to accidental tapping than those on my admittedly heavier Dell (Charts) Latitude D610.
The R400 handles awkwardly in tablet mode. Toshiba's predecessor tablet, the M400, had a rubbery strip across the bottom that made it easier to hold. The R400 also has sharper edges than the M400, making it uncomfortable to carry from meeting to meeting.
Finally, the stylus is short and difficult to grip. I felt as if I were drawing with an eraser on a rubber surface, not writing with a sharpened pen on a pad.
(CNN)
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Gas prices: Worse than '81 oil shock
Gas now at highest level, even adjusted for inflation; AAA's reading of nearly $3.20 a gallon marks ninth straight record high in current dollars.
May 21 2007: 5:46 PM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices have soared to levels never seen before as even the inflation-adjusted price for a gallon of unleaded topped the 1981 record spike in price that had stood for 26 years.
And higher prices could be on the way as Americans get ready to hit the road for the Memorial Day holiday and the start of the summer driving season.
The Lundberg Survey, a bi-weekly gas price tracking service, put the price of a gallon of unleaded at $3.18 in its latest reading released late Sunday, up more than 11 cents from its reading of two weeks ago.
Oil rises above $65 on Nigeria concern
While gasoline had already been in record territory in current dollars, Trilby Lundberg, publisher of the survey, said this is the first time that her survey topped her 1981 record high when adjusted for inflation.
The price of $1.35 in 1981 works out to $3.15 in current dollars, she said. The Iran-Iraq war, which started the year before, choked off oil supplies to the global market, causing that spike in prices.
The Energy Information Administration's latest pump price, when adjusted for inflation, also reached a new peak. The EIA said Monday the average price for regular unleaded gasoline soared 11.5 cents over the past week to a fresh record of $3.22 a gallon, the all-time high fuel cost reached in March 1981.
The EIA survey covers about 800 service stations nationwide while the Lundberg survey includes 7,000 stations.
The motorist group AAA does a daily survey of up to 85,000 gas stations, but that reading does not go back to the 1981 spike. Its survey has been showing a series of record high prices in current dollars since May 13, and Monday the average price for a gallon of self-serve unleaded hit $3.196, the ninth straight record high and up from Sunday's record of $3.178.
The AAA survey now shows prices up 4 percent over the course of the last week, along with an increase of 11.8 percent over the last month.
AAA warned in congressional testimony last week it believes that more record prices could be on the way. It is forecasting prices will approach $3.25 a gallon over the next 60 days.
Still AAA is predicting a record number of Americans will be hitting the road holiday weekend, with 38.3 million expected to be traveling 100 miles or more over the Memorial Day holiday, up 1.7 percent from a year ago. And most of those - 32.1 million - will be driving on their trip, according to the motorist group.
Topping post-Katrina records
Before this recent run of record-high gas prices, the highest price ever recorded in current dollars was $3.057 in the AAA survey, which was set Sept. 4 and Sept. 5, 2005, in the wake of Hurricane Katrina. That storm disrupted refinery operations and pipelines and caused a temporary spike, sending prices above the $3 mark for eight days.
The only other time that the AAA national average has topped the $3 mark was in August 2006, after Israel invaded Lebanon and oil futures shot higher. Gas prices then reached as high as $3.036 during that 19-day spike.
The current price increases are due to problems in gasoline supplies and refinery output. The average gas price went above $3 a gallon on May 4, and has been climbing since. Unless prices fall suddenly, Wednesday will mark the longest stretch of $3 gas on the AAA survey's history.
Few states have an average gas price below $3. California had the highest average price, with a gallon of self-serve unleaded costing $3.457, up slightly from the $3.453 reading Sunday after several days of prices slipping slightly there.
New Jersey retained the lead in the race to have the cheapest average gas price, but it is quickly approaching the $3 a gallon threshold itself. The average price there came in at $2.938 a gallon in the Monday reading, up from $2.93 Sunday.
New Jersey is one of only three states with an average price below the $3 mark. The other two - South Carolina and New Hampshire - are both within a penny or less of that mark, after both rose in the latest reading.
Four more states - Alabama, Mississippi, Tennessee and Virginia - became the latest states to cross that $3 a gallon benchmark in the Sunday survey.
While crude oil prices have fallen over the last few weeks and oil supplies are high in the United States, problems at several refineries have crimped gasoline output ahead of the summer driving season.
The refinery problems include fires, power outages, and longer-than-usual maintenance periods.
The run-up in prices is a big concern for store chains, according to the retailers' trade group. Its survey released early Friday found the average consumer believes that the price of gas will reach $3.32 per gallon by Father's Day.
As a result, 40.2 percent of consumers are taking fewer shopping trips, while 37.9 percent told the survey they plan to shop closer to home. In addition, 30.7 percent said they are shopping for sales more often and 23.5 percent are using more coupons.
6 ways to lower gas prices
Perhaps of greatest concern to the retailers, 24.1 percent said they are spending less on clothing, while only one in five have delayed major purchases, such as a car, television or furniture, and 31.1 percent are dining out less.
"Consumers are entering the summer season with a cautious view of increasing gas prices," NRF President and CEO Tracy Mullin said. "To offset the effects of higher prices, more consumers are giving their wallets a little extra cushion by cutting back on discretionary spending or choosing to frequent retailers closer to home."
Interestingly enough, the retailers' survey also found that 32.6 percent have decreased their vacation travel plans this year, despite the AAA survey that projected a record number of Americans on the highways this weekend.
Major retailers were reporting weak April sales even before the recent spike in gasoline prices started earlier this month. Wal-Mart Stores (Charts, Fortune 500), the world's largest retailer, had its worst sales comparison on record in April as it forecast essentially flat sales at stores open at least a year in May, a closely watched measure of retail strength known as same-store sales.
Overall same-store sales in April were among the weakest on record as other major retailers including Target (Charts, Fortune 500), Gap (Charts, Fortune 500), Federated Department Stores (Charts, Fortune 500) and J.C. Penney (Charts, Fortune 500) all reported declines in that key sales measure.
Big Oil went on the defensive Wednesday, getting grilled before a House panel and denying accusations that mismanagement and a lack of competition are the reasons behind this spring's record gasoline prices.
(CNN)
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May 21 2007: 5:46 PM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices have soared to levels never seen before as even the inflation-adjusted price for a gallon of unleaded topped the 1981 record spike in price that had stood for 26 years.
And higher prices could be on the way as Americans get ready to hit the road for the Memorial Day holiday and the start of the summer driving season.
The Lundberg Survey, a bi-weekly gas price tracking service, put the price of a gallon of unleaded at $3.18 in its latest reading released late Sunday, up more than 11 cents from its reading of two weeks ago.
Oil rises above $65 on Nigeria concern
While gasoline had already been in record territory in current dollars, Trilby Lundberg, publisher of the survey, said this is the first time that her survey topped her 1981 record high when adjusted for inflation.
The price of $1.35 in 1981 works out to $3.15 in current dollars, she said. The Iran-Iraq war, which started the year before, choked off oil supplies to the global market, causing that spike in prices.
The Energy Information Administration's latest pump price, when adjusted for inflation, also reached a new peak. The EIA said Monday the average price for regular unleaded gasoline soared 11.5 cents over the past week to a fresh record of $3.22 a gallon, the all-time high fuel cost reached in March 1981.
The EIA survey covers about 800 service stations nationwide while the Lundberg survey includes 7,000 stations.
The motorist group AAA does a daily survey of up to 85,000 gas stations, but that reading does not go back to the 1981 spike. Its survey has been showing a series of record high prices in current dollars since May 13, and Monday the average price for a gallon of self-serve unleaded hit $3.196, the ninth straight record high and up from Sunday's record of $3.178.
The AAA survey now shows prices up 4 percent over the course of the last week, along with an increase of 11.8 percent over the last month.
AAA warned in congressional testimony last week it believes that more record prices could be on the way. It is forecasting prices will approach $3.25 a gallon over the next 60 days.
Still AAA is predicting a record number of Americans will be hitting the road holiday weekend, with 38.3 million expected to be traveling 100 miles or more over the Memorial Day holiday, up 1.7 percent from a year ago. And most of those - 32.1 million - will be driving on their trip, according to the motorist group.
Topping post-Katrina records
Before this recent run of record-high gas prices, the highest price ever recorded in current dollars was $3.057 in the AAA survey, which was set Sept. 4 and Sept. 5, 2005, in the wake of Hurricane Katrina. That storm disrupted refinery operations and pipelines and caused a temporary spike, sending prices above the $3 mark for eight days.
The only other time that the AAA national average has topped the $3 mark was in August 2006, after Israel invaded Lebanon and oil futures shot higher. Gas prices then reached as high as $3.036 during that 19-day spike.
The current price increases are due to problems in gasoline supplies and refinery output. The average gas price went above $3 a gallon on May 4, and has been climbing since. Unless prices fall suddenly, Wednesday will mark the longest stretch of $3 gas on the AAA survey's history.
Few states have an average gas price below $3. California had the highest average price, with a gallon of self-serve unleaded costing $3.457, up slightly from the $3.453 reading Sunday after several days of prices slipping slightly there.
New Jersey retained the lead in the race to have the cheapest average gas price, but it is quickly approaching the $3 a gallon threshold itself. The average price there came in at $2.938 a gallon in the Monday reading, up from $2.93 Sunday.
New Jersey is one of only three states with an average price below the $3 mark. The other two - South Carolina and New Hampshire - are both within a penny or less of that mark, after both rose in the latest reading.
Four more states - Alabama, Mississippi, Tennessee and Virginia - became the latest states to cross that $3 a gallon benchmark in the Sunday survey.
While crude oil prices have fallen over the last few weeks and oil supplies are high in the United States, problems at several refineries have crimped gasoline output ahead of the summer driving season.
The refinery problems include fires, power outages, and longer-than-usual maintenance periods.
The run-up in prices is a big concern for store chains, according to the retailers' trade group. Its survey released early Friday found the average consumer believes that the price of gas will reach $3.32 per gallon by Father's Day.
As a result, 40.2 percent of consumers are taking fewer shopping trips, while 37.9 percent told the survey they plan to shop closer to home. In addition, 30.7 percent said they are shopping for sales more often and 23.5 percent are using more coupons.
6 ways to lower gas prices
Perhaps of greatest concern to the retailers, 24.1 percent said they are spending less on clothing, while only one in five have delayed major purchases, such as a car, television or furniture, and 31.1 percent are dining out less.
"Consumers are entering the summer season with a cautious view of increasing gas prices," NRF President and CEO Tracy Mullin said. "To offset the effects of higher prices, more consumers are giving their wallets a little extra cushion by cutting back on discretionary spending or choosing to frequent retailers closer to home."
Interestingly enough, the retailers' survey also found that 32.6 percent have decreased their vacation travel plans this year, despite the AAA survey that projected a record number of Americans on the highways this weekend.
Major retailers were reporting weak April sales even before the recent spike in gasoline prices started earlier this month. Wal-Mart Stores (Charts, Fortune 500), the world's largest retailer, had its worst sales comparison on record in April as it forecast essentially flat sales at stores open at least a year in May, a closely watched measure of retail strength known as same-store sales.
Overall same-store sales in April were among the weakest on record as other major retailers including Target (Charts, Fortune 500), Gap (Charts, Fortune 500), Federated Department Stores (Charts, Fortune 500) and J.C. Penney (Charts, Fortune 500) all reported declines in that key sales measure.
Big Oil went on the defensive Wednesday, getting grilled before a House panel and denying accusations that mismanagement and a lack of competition are the reasons behind this spring's record gasoline prices.
(CNN)
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Monday, May 21, 2007
Riskmeter Announces Top 10 Hail Prone Cities
By CDS Business Mapping, LLC
Boston, MA, November 2006 - CDS Business Mapping, LLC a leader in online hazard mapping, today announced its list of the top ten hail prone metro areas. This list is based on the RiskMeter Online’s Hail Model, which predicts the severity of hail storms for any location in the Continental United States. According to a new report just released by the RiskMeter Online, the following top ten hail prone metro-cities are as follows:
1.) Tulsa, OK
2.) Amarillo, TX
3.) Oklahoma City, OK
4.) Wichita, KS
5.) Dallas/Fort Worth, TX
6.) Arlington, TX
7.) Denver, CO
8.) Colorado Springs, CO
9.) Shreveport, LA
10.) Kansas City, KS/MO
Hail events are a constant threat to property and casualty insurers. In 2005 alone, there were over 13,000 hail storms in the United States. In addition, according to Swiss RE, 4 out of the top 20 most costly insurance losses of 2005 were hail related. For more information about the frequency and geography of hail, please contact Daniel Munson, VP of Sales & Marketing at 617.737.4444 or dmunson@cdsys.com and ask to receive a free copy of our new Hail Report.
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Boston, MA, November 2006 - CDS Business Mapping, LLC a leader in online hazard mapping, today announced its list of the top ten hail prone metro areas. This list is based on the RiskMeter Online’s Hail Model, which predicts the severity of hail storms for any location in the Continental United States. According to a new report just released by the RiskMeter Online, the following top ten hail prone metro-cities are as follows:
1.) Tulsa, OK
2.) Amarillo, TX
3.) Oklahoma City, OK
4.) Wichita, KS
5.) Dallas/Fort Worth, TX
6.) Arlington, TX
7.) Denver, CO
8.) Colorado Springs, CO
9.) Shreveport, LA
10.) Kansas City, KS/MO
Hail events are a constant threat to property and casualty insurers. In 2005 alone, there were over 13,000 hail storms in the United States. In addition, according to Swiss RE, 4 out of the top 20 most costly insurance losses of 2005 were hail related. For more information about the frequency and geography of hail, please contact Daniel Munson, VP of Sales & Marketing at 617.737.4444 or dmunson@cdsys.com and ask to receive a free copy of our new Hail Report.
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What you can do to combat identity theft
By Insure.com
"But he that filches from me my good name/Robs me of that which not enriches him/And makes me poor indeed." (William Shakespeare, Othello, act iii, Sc. 3)
Shakespeare evidently knew a thing or too about the meaning of identity theft ... and so should you. Identity theft occurs when a crook wrongfully gets and uses another person's personal information, using some method of fraud or deception, usually for economic gain at the victim's expense.
An identity thief seeks personal data such as your social security number, your mother's maiden name, bank account information, credit card info or a telephone calling card. Identity thieves have been known to use someone else's personal data to - among other things -- deplete someone else's bank account, run up thousands of dollars in charges on a victim's credit cards, and/or obtain a home loan. Identity theft victims could spend several thousand dollars and take years to restore their reputations and good credit standings.
New York accountancy firm BDO Seidman is among those that consider identity theft to be the fastest growing financial crime in America today with annual losses estimated at $2 billion a year. Identity fraud crime "has reached epidemic proportions," asserted Carl Pergola, national director of fraud investigation services at BDO Seidman in New York.
"With electronic access to data and gangs focused on committing this fraud," Pergola continued, "it's like giving (thieves) the keys to the vault. Maybe this will press companies to put more controls in place."
CBS News claims that criminals illicitly obtain someone else's identity every 79 seconds. The Federal Trade Commission reports that each year, more than 85,000 people become identity fraud victims.
Identity thieves use various techniques to come up with a potential victim's personal data. For example, identity thieves have been known to rummage through garbage cans (also known as "dumpster diving"); walk off with personal or business records at work; steal mail, wallets/purses; or pose as a landlord or employer to obtain credit reports.
Federal investigators recently uncovered the largest known identity theft ring, allegedly involving three male suspects in New York who illegally accessed personal credit data electronically. They've been accused of victimizing more than 30,000 consumers and causing millions of dollars in losses.
Fortunately, insurance industry experts such as Joanne Salvatore and Mary Ann Avnet offer consumers ideas on preventing and combating identity thievery.
"If you're vigilant, you can prevent identity theft in many instances," said Salvatore, vice president of consumer affairs for the Insurance Information Institute (III), in New York. Salvatore called on consumers to "protect all of your personal information, social security number, bank account numbers, that sort of thing. You can help achieve that by ensuring you don't give access to them unless you want them to have it for purposes of you making a transaction that you want such as buying a birthday or Christmas gift at store or placing a purchase order on-line."
What if you're not sure what to do if asked for your personal information? "If you have concerns about the merits of giving out your personal information, don't do it," replied Salvatore. "Don't leave bank deposit slips for someone else to pick up. Put them in a secure place immediately, lest they fall into the wrong hands."
If you can't prevent identity theft, maybe the next best thing might be to catch the culprit early-on. "If you are a victim of identity theft, be sure to report the crime immediately to the appropriate parties," said Salvatore. "Your first call should be to the bank or the credit card company or whatever agency that is affected by the questionable transaction. Make sure they stop any further unwanted transactions on that account. Then, file reports with the local police department and the Federal Trade Commission."
Chubb Insurance Co. Vice President Mary Ann Avnet urges consumers to request credit reports at least twice a year and more regularly if they've been victimized by identity thieves. Consumers can require the use of identification whenever their credit cards are used, according to Avnet.
Avnet advised consumers to safeguard items containing their driver's license, Social Security numbers and credit card numbers. "Be as careful with that information as you can. When choosing PIN numbers and ID numbers, make sure they are not easily replicated," Avnet added.
A Bloomington, Ill. businessman Dick Luedke talks about steps he takes to prevent he and his family from being victimized by identity thieves. For example, Luedke says that he does more than toss away unsolicited mail containing personal information. "I open the mail for my family, and I tear up credit card receipts and credit card applications into numerous pieces before disposing of them."
Luedke's thinking on the subject? "By doing that," Luedke answers, "unscrupulous individuals who might sift through my garbage won't pick up any of my family's personal information such as social security numbers."
You can arrange identity theft insurance coverage. Such insurance protection would reimburse you for costs of restoring your identity and repairing personal credit reports. Certain insurance companies include identity theft protection in their homeowners insurance policies. Other carriers market coverage as an endorsement to homeowners or renters insurance policies or sell that protection as a stand-alone policy.
American International Group (AIG), Chubb, Travelers and Farmers are among the insurers that have been known to sell identity theft coverage.
Be Master In Google Yahoo Banking USA Indonesia Bojonegoro Nando007 NandoBJN NanangBJN Computer Hardware Software Download Free Laptop Desktop Science Technology High Insurance Email SMS MMS Handphone Nokia Siemen PC World
"But he that filches from me my good name/Robs me of that which not enriches him/And makes me poor indeed." (William Shakespeare, Othello, act iii, Sc. 3)
Shakespeare evidently knew a thing or too about the meaning of identity theft ... and so should you. Identity theft occurs when a crook wrongfully gets and uses another person's personal information, using some method of fraud or deception, usually for economic gain at the victim's expense.
An identity thief seeks personal data such as your social security number, your mother's maiden name, bank account information, credit card info or a telephone calling card. Identity thieves have been known to use someone else's personal data to - among other things -- deplete someone else's bank account, run up thousands of dollars in charges on a victim's credit cards, and/or obtain a home loan. Identity theft victims could spend several thousand dollars and take years to restore their reputations and good credit standings.
New York accountancy firm BDO Seidman is among those that consider identity theft to be the fastest growing financial crime in America today with annual losses estimated at $2 billion a year. Identity fraud crime "has reached epidemic proportions," asserted Carl Pergola, national director of fraud investigation services at BDO Seidman in New York.
"With electronic access to data and gangs focused on committing this fraud," Pergola continued, "it's like giving (thieves) the keys to the vault. Maybe this will press companies to put more controls in place."
CBS News claims that criminals illicitly obtain someone else's identity every 79 seconds. The Federal Trade Commission reports that each year, more than 85,000 people become identity fraud victims.
Identity thieves use various techniques to come up with a potential victim's personal data. For example, identity thieves have been known to rummage through garbage cans (also known as "dumpster diving"); walk off with personal or business records at work; steal mail, wallets/purses; or pose as a landlord or employer to obtain credit reports.
Federal investigators recently uncovered the largest known identity theft ring, allegedly involving three male suspects in New York who illegally accessed personal credit data electronically. They've been accused of victimizing more than 30,000 consumers and causing millions of dollars in losses.
Fortunately, insurance industry experts such as Joanne Salvatore and Mary Ann Avnet offer consumers ideas on preventing and combating identity thievery.
"If you're vigilant, you can prevent identity theft in many instances," said Salvatore, vice president of consumer affairs for the Insurance Information Institute (III), in New York. Salvatore called on consumers to "protect all of your personal information, social security number, bank account numbers, that sort of thing. You can help achieve that by ensuring you don't give access to them unless you want them to have it for purposes of you making a transaction that you want such as buying a birthday or Christmas gift at store or placing a purchase order on-line."
What if you're not sure what to do if asked for your personal information? "If you have concerns about the merits of giving out your personal information, don't do it," replied Salvatore. "Don't leave bank deposit slips for someone else to pick up. Put them in a secure place immediately, lest they fall into the wrong hands."
If you can't prevent identity theft, maybe the next best thing might be to catch the culprit early-on. "If you are a victim of identity theft, be sure to report the crime immediately to the appropriate parties," said Salvatore. "Your first call should be to the bank or the credit card company or whatever agency that is affected by the questionable transaction. Make sure they stop any further unwanted transactions on that account. Then, file reports with the local police department and the Federal Trade Commission."
Chubb Insurance Co. Vice President Mary Ann Avnet urges consumers to request credit reports at least twice a year and more regularly if they've been victimized by identity thieves. Consumers can require the use of identification whenever their credit cards are used, according to Avnet.
Avnet advised consumers to safeguard items containing their driver's license, Social Security numbers and credit card numbers. "Be as careful with that information as you can. When choosing PIN numbers and ID numbers, make sure they are not easily replicated," Avnet added.
A Bloomington, Ill. businessman Dick Luedke talks about steps he takes to prevent he and his family from being victimized by identity thieves. For example, Luedke says that he does more than toss away unsolicited mail containing personal information. "I open the mail for my family, and I tear up credit card receipts and credit card applications into numerous pieces before disposing of them."
Luedke's thinking on the subject? "By doing that," Luedke answers, "unscrupulous individuals who might sift through my garbage won't pick up any of my family's personal information such as social security numbers."
You can arrange identity theft insurance coverage. Such insurance protection would reimburse you for costs of restoring your identity and repairing personal credit reports. Certain insurance companies include identity theft protection in their homeowners insurance policies. Other carriers market coverage as an endorsement to homeowners or renters insurance policies or sell that protection as a stand-alone policy.
American International Group (AIG), Chubb, Travelers and Farmers are among the insurers that have been known to sell identity theft coverage.
Be Master In Google Yahoo Banking USA Indonesia Bojonegoro Nando007 NandoBJN NanangBJN Computer Hardware Software Download Free Laptop Desktop Science Technology High Insurance Email SMS MMS Handphone Nokia Siemen PC World
HIPAA: Your rights to health insurance portability
By Insure.com
The Health Insurance Portability and Accountability Act, or HIPAA, enacted by the United States Congress in 1996, has two functions.
Title 1, as defined by the Centers for Medicare and Medicaid Service, protects health insurance coverage for workers and their families if they change or lost jobs.
Title 2 is designed to prevent health care abuse and fraud by defining offenses and setting penalties for them. This involves privacy and malpractice, and will not be discussed here.
The first part of the law was designed to ease a problem known as "job lock" — the reluctance to move from one company to another for fear of losing health coverage. (Another federal law called COBRA helps you buy benefits when you're between jobs. See Know your COBRA rights.)
Pre-existing conditions
Health insurance companies have traditionally tried to hold down their costs by invoking a "pre-existing condition" clause — refusing to cover a condition you had before you bought a health plan.
The concept of pre-existing conditions makes sense when you're talking about auto insurance: For example, if your windshield was cracked before you bought your coverage, you can't expect your new auto insurer to replace it after you buy a policy. That would be like asking your insurer to replace the windshield for free.
Title 1 prohibits any group health plan from creating eligibility rules or assessing premiums for individuals in the plan based on health status, medical history, genetic information, or disability.
Before HIPAA was enacted, if you switched to a new group health plan, the new insurer could consider your diabetes a pre-existing condition and refuse to cover treatment. You would then have to pay for all of your diabetes treatment, on top of the regular out-of-pocket expenses you'd pay for other medical care. The frightening prospect of having to pay hundreds or thousands of dollars for medical care created "job lock" and helped fuel the push for legislation banning such practices.
HIPAA imposes limits on the extent to which some group health plans can exclude coverage for pre-existing conditions. For instance, if you've had "creditable" health insurance for 12 straight months, with no lapse in coverage of 63 days or more, a new group health plan cannot invoke the pre-existing condition exclusion. It must cover your medical problems as soon as you enroll in the plan.
What is “creditable” coverage? It includes prior coverage you had under any of the following health plans:
A group health plan
Medicare
Medicaid
A military-sponsored health care program such as TriCare
Health plans offered by the Indian Health Service
A state high-risk pool
The federal Employees Health Benefit Program
A public health plan established or maintained by a state or local government
A health benefit plan provided for Peace Corps members
On the other hand, if you are not switching from a “creditable” health policy when you enroll in a new group plan — or had coverage from a foreign health insurer — your new insurer can refuse to pay for any of your existing medical problems (except pregnancy, if the plan has maternity coverage). Maternity restrictions are only legal for a maximum of 12 months. Late enrollees in group health plans might have to wait up to 18 months for coverage of pre-existing conditions.
Your rights under HIPAA
There is no federal law that requires health plans to provide maternity coverage, although some states have such laws. (Read more about how Pregnancy complicates health insurance options.)
HIPAA's rules apply to every employer group health plan that has at least two participants who are current employees, including companies that are self-insured. States have the option of applying the rules to "groups" of one, which some have opted to do. That helps the self-employed. Some states also have enacted their own laws protecting health insurance applicants, and in many cases the states afford more rights than federal law.
There is one major exception to HIPAA: It provides no protection if you switch from one individual health plan to another individual plan.
The ifs, ands, or buts of HIPAA
In an effort to balance the interests of consumers and insurers, HIPAA also contains plenty of other exceptions, conditions, and loopholes that limit your rights. It's important to understand HIPAA before you change health plans.
Employers are not required by federal law to offer or pay for employee health insurance, and most states also give employers that option.
Even if employers do offer health coverage, its possible they don’t have to cover such things as mental health or maternity. Levels of mandated coverage vary from state to state.
While HIPAA makes it much easier to get health insurance from your new employer if you switch jobs, it doesn’t guarantee the same level of benefits, deductibles and claim limits you might have enjoyed under your former employer’s health plan.
“It's important to note that HIPAA and the companion state laws do not entitle a person to keep the same health care plan when he or she changes employers,” says Jose Montemayor, the insurance commissioner of Texas. “These laws do; however, provide valuable protection against having to start new waiting periods for coverage of pre-existing conditions when you change jobs.”
Your group health coverage can be canceled if you or your employer fail to pay the premiums, commit fraud, violate health plan rules, or move outside of your insurer's service area. HIPAA also allows employers or health plans to impose a waiting period, generally one to three months, before you become eligible to join the group health plan of a new employer. Such waiting periods do not count as a lapse in health coverage, and you would not be penalized under HIPAA.
HIPAA requirements do not apply to a list of "excepted benefits." Those benefits include:
Coverage only for accident (such as accidental death or dismemberment) or disability income insurance
Liability insurance
Supplements to liability insurance
Workers compensation or similar insurance
Automobile medical payment insurance (known as "MedPay")
Credit-only insurance (for example, mortgage insurance)
Coverage for on-site medical clinics
Creditable coverage
Under HIPAA, if you've already been in a group health plan, chances are you won't have to sit out the full 12-month exclusion period. Your new health plan must give you "credit for time served" — the amount of time you were enrolled in your previous plan — and deduct it from the exclusion period. Thus, if you've had 12 or more months of continuous coverage, you'll have no waiting period for pre-existing conditions. If you had prior coverage for eight months, you can be subject to only a four-month exclusion period when you switch jobs.
Let's say you're a recent college graduate and you haven't had health insurance for the last six months. Then you land a job that offers you group health coverage. Because you've had such a long lapse in coverage, you'll likely face the 12-month exclusion period for any existing medical problems. (Insurers are not required to impose these pre-existing exclusions, but it is standard practice.)
In order to keep your coverage continuous, you cannot have a lapse or break in coverage for 63 days or more. That's where COBRA can help. If you leave one company before starting with another, consider maintaining your health plan from your previous employer through COBRA. COBRA coverage tends to be very expensive, because you are picking up the total cost of your coverage. Even so, COBRA allows you to maintain continuous coverage and might allow you to avoid an exclusion period for pre-existing conditions.
The Insurance Information Institute points out while COBRA coverage might seem expensive, it’s a relative bargain compared to other health insurance options facing people between jobs. “You must pay the full premium, but at group rates that are far cheaper than the individual rates you would pay for similar coverage.”
The U.S. Centers for Medicare and Medicaid Services warns it’s crucial to maintain health coverage when you leave a job, if you want to avoid exclusions for pre-existing conditions in your new employer’s health plan: “If you had group health plan coverage at your last job, you probably will be offered COBRA continuation coverage. If you are eligible for such continuation coverage, it counts as creditable coverage. In addition, you must accept and exhaust COBRA benefits before you can obtain coverage in the individual market as a HIPAA eligible individual.”
Whenever you leave any health plan, either group or individual, get a "certificate of creditable coverage" in writing. Your certificate should list the following:
Your coverage dates.
Your policy ID number.
The insurer's name and address.
Any family members included under your coverage.
This is the easiest way to ensure your rights under HIPAA. You can use other evidence to prove creditable coverage. These include:
Pay stubs that reflect a health insurance premium deduction
Explanation-of-benefit forms
A benefit-termination notice from Medicare or Medicaid
Verification letter from your doctor or your former health insurance provider that you had prior coverage
As an alternative method of determining your creditable coverage, insurers can look at your coverage for five specific benefits: prescription medications, vision, dental, mental health, and substance abuse treatment.
If you had a group health plan for 12 continuous months, but only had dental benefits for six months, you would only be credited for six months of dental coverage. Your new group health plan could impose a six-month waiting period for dental coverage.
Individual health plans and HIPAA
If your employer decides to drop group health coverage, HIPAA might make it easier to get an individual health policy.
Under HIPAA, you might be able to buy an individual health plan without the threat of exclusions for pre-existing conditions. In order to do so, you have to qualify as an "eligible individual."
In some states, if you qualify for individual health coverage under HIPAA, any company offering individual health plans in that state must sell you coverage. Your state’s insurance department can explain the rules.
To be eligible as an individual under HIPAA, you must:
Have at least 18 months of continuous creditable coverage.
Have been covered under a group health plan, a governmental plan, or church plan (or health insurance offered in connection with such plans, such as COBRA) during the most recent period of creditable coverage.
Not be eligible for coverage under a group health plan (including a spouse's plan), Medicare or Medicaid.
Not have other health insurance coverage.
Have not lost your most recent health coverage due to non-payment of premiums or fraud (unless it was your employer that failed to pay premiums).
Have elected and exhausted any option for continuation of coverage (under COBRA or a similar state law) that was available under your prior plan.
HIPAA does not limit the premiums individual health plans can charge. While your application for insurance won't be rejected because of health problems, the premiums for individual coverage can be much higher than for group plans.
Deborah Chollet, a senior fellow at Mathematica Policy Research, says HIPAA has two shortcomings when it comes to premiums for individual policies. “One is it didn't say anything about how that coverage would be priced. Even if I am leaving the group market, I have lost coverage in the group market for reasons I do not control, HIPAA did not constrain insurers in any way for how they price you coming in,” Chollet said.
“The other thing that HIPAA did not do is make the world safe for people who live in the individual market. If I am in the individual market, I can easily get trapped in a policy. I may have gotten into this policy, but I decided the rates have gone up so I want to shop around. I want to look for other coverage. I don't have guaranteed issue. I have no guarantees that I can find another insurer who will accept me. If I have a guarantee, it comes from the state. It doesn't come from any federal guarantees,” Chollet adds.
In addition, your benefits could be vastly different under an individual plan. That's why when you're moving from a group plan to an individual plan, it's important to shop around for the best rates and benefits.
“The policies vary tremendously in their content,” points out Steve Larsen, Maryland’s Insurance Commissioner. “Maryland has many what are called ‘mandated benefits,’ which are laws that require certain benefits to be provided. Beyond that core group of benefits there is a lot of variation, particularly in terms of deductibles and cost sharing.”
“If you are lucky enough to qualify, to not be excluded, and you are comparing individual policies from two carriers, it is hard to compare apples to apples. They have different co-pays, different deductibles, different cost sharing. So the products do vary tremendously,” Larsen adds.
In some cases, you might be offered a "conversion plan" when you lose your group health coverage. That essentially lets you convert your group coverage into an individual plan, with certain restrictions.
If at all possible, you should buy health insurance through a group plan, as they generally have broader benefits and wellness care. You don't necessarily need to buy group plans through an employer. Trade associations and chambers of commerce often offer their members group health insurance. In some states, you can get group coverage if you're self-employed — as a "group of one."
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The Health Insurance Portability and Accountability Act, or HIPAA, enacted by the United States Congress in 1996, has two functions.
Title 1, as defined by the Centers for Medicare and Medicaid Service, protects health insurance coverage for workers and their families if they change or lost jobs.
Title 2 is designed to prevent health care abuse and fraud by defining offenses and setting penalties for them. This involves privacy and malpractice, and will not be discussed here.
The first part of the law was designed to ease a problem known as "job lock" — the reluctance to move from one company to another for fear of losing health coverage. (Another federal law called COBRA helps you buy benefits when you're between jobs. See Know your COBRA rights.)
Pre-existing conditions
Health insurance companies have traditionally tried to hold down their costs by invoking a "pre-existing condition" clause — refusing to cover a condition you had before you bought a health plan.
The concept of pre-existing conditions makes sense when you're talking about auto insurance: For example, if your windshield was cracked before you bought your coverage, you can't expect your new auto insurer to replace it after you buy a policy. That would be like asking your insurer to replace the windshield for free.
Title 1 prohibits any group health plan from creating eligibility rules or assessing premiums for individuals in the plan based on health status, medical history, genetic information, or disability.
Before HIPAA was enacted, if you switched to a new group health plan, the new insurer could consider your diabetes a pre-existing condition and refuse to cover treatment. You would then have to pay for all of your diabetes treatment, on top of the regular out-of-pocket expenses you'd pay for other medical care. The frightening prospect of having to pay hundreds or thousands of dollars for medical care created "job lock" and helped fuel the push for legislation banning such practices.
HIPAA imposes limits on the extent to which some group health plans can exclude coverage for pre-existing conditions. For instance, if you've had "creditable" health insurance for 12 straight months, with no lapse in coverage of 63 days or more, a new group health plan cannot invoke the pre-existing condition exclusion. It must cover your medical problems as soon as you enroll in the plan.
What is “creditable” coverage? It includes prior coverage you had under any of the following health plans:
A group health plan
Medicare
Medicaid
A military-sponsored health care program such as TriCare
Health plans offered by the Indian Health Service
A state high-risk pool
The federal Employees Health Benefit Program
A public health plan established or maintained by a state or local government
A health benefit plan provided for Peace Corps members
On the other hand, if you are not switching from a “creditable” health policy when you enroll in a new group plan — or had coverage from a foreign health insurer — your new insurer can refuse to pay for any of your existing medical problems (except pregnancy, if the plan has maternity coverage). Maternity restrictions are only legal for a maximum of 12 months. Late enrollees in group health plans might have to wait up to 18 months for coverage of pre-existing conditions.
Your rights under HIPAA
There is no federal law that requires health plans to provide maternity coverage, although some states have such laws. (Read more about how Pregnancy complicates health insurance options.)
HIPAA's rules apply to every employer group health plan that has at least two participants who are current employees, including companies that are self-insured. States have the option of applying the rules to "groups" of one, which some have opted to do. That helps the self-employed. Some states also have enacted their own laws protecting health insurance applicants, and in many cases the states afford more rights than federal law.
There is one major exception to HIPAA: It provides no protection if you switch from one individual health plan to another individual plan.
The ifs, ands, or buts of HIPAA
In an effort to balance the interests of consumers and insurers, HIPAA also contains plenty of other exceptions, conditions, and loopholes that limit your rights. It's important to understand HIPAA before you change health plans.
Employers are not required by federal law to offer or pay for employee health insurance, and most states also give employers that option.
Even if employers do offer health coverage, its possible they don’t have to cover such things as mental health or maternity. Levels of mandated coverage vary from state to state.
While HIPAA makes it much easier to get health insurance from your new employer if you switch jobs, it doesn’t guarantee the same level of benefits, deductibles and claim limits you might have enjoyed under your former employer’s health plan.
“It's important to note that HIPAA and the companion state laws do not entitle a person to keep the same health care plan when he or she changes employers,” says Jose Montemayor, the insurance commissioner of Texas. “These laws do; however, provide valuable protection against having to start new waiting periods for coverage of pre-existing conditions when you change jobs.”
Your group health coverage can be canceled if you or your employer fail to pay the premiums, commit fraud, violate health plan rules, or move outside of your insurer's service area. HIPAA also allows employers or health plans to impose a waiting period, generally one to three months, before you become eligible to join the group health plan of a new employer. Such waiting periods do not count as a lapse in health coverage, and you would not be penalized under HIPAA.
HIPAA requirements do not apply to a list of "excepted benefits." Those benefits include:
Coverage only for accident (such as accidental death or dismemberment) or disability income insurance
Liability insurance
Supplements to liability insurance
Workers compensation or similar insurance
Automobile medical payment insurance (known as "MedPay")
Credit-only insurance (for example, mortgage insurance)
Coverage for on-site medical clinics
Creditable coverage
Under HIPAA, if you've already been in a group health plan, chances are you won't have to sit out the full 12-month exclusion period. Your new health plan must give you "credit for time served" — the amount of time you were enrolled in your previous plan — and deduct it from the exclusion period. Thus, if you've had 12 or more months of continuous coverage, you'll have no waiting period for pre-existing conditions. If you had prior coverage for eight months, you can be subject to only a four-month exclusion period when you switch jobs.
Let's say you're a recent college graduate and you haven't had health insurance for the last six months. Then you land a job that offers you group health coverage. Because you've had such a long lapse in coverage, you'll likely face the 12-month exclusion period for any existing medical problems. (Insurers are not required to impose these pre-existing exclusions, but it is standard practice.)
In order to keep your coverage continuous, you cannot have a lapse or break in coverage for 63 days or more. That's where COBRA can help. If you leave one company before starting with another, consider maintaining your health plan from your previous employer through COBRA. COBRA coverage tends to be very expensive, because you are picking up the total cost of your coverage. Even so, COBRA allows you to maintain continuous coverage and might allow you to avoid an exclusion period for pre-existing conditions.
The Insurance Information Institute points out while COBRA coverage might seem expensive, it’s a relative bargain compared to other health insurance options facing people between jobs. “You must pay the full premium, but at group rates that are far cheaper than the individual rates you would pay for similar coverage.”
The U.S. Centers for Medicare and Medicaid Services warns it’s crucial to maintain health coverage when you leave a job, if you want to avoid exclusions for pre-existing conditions in your new employer’s health plan: “If you had group health plan coverage at your last job, you probably will be offered COBRA continuation coverage. If you are eligible for such continuation coverage, it counts as creditable coverage. In addition, you must accept and exhaust COBRA benefits before you can obtain coverage in the individual market as a HIPAA eligible individual.”
Whenever you leave any health plan, either group or individual, get a "certificate of creditable coverage" in writing. Your certificate should list the following:
Your coverage dates.
Your policy ID number.
The insurer's name and address.
Any family members included under your coverage.
This is the easiest way to ensure your rights under HIPAA. You can use other evidence to prove creditable coverage. These include:
Pay stubs that reflect a health insurance premium deduction
Explanation-of-benefit forms
A benefit-termination notice from Medicare or Medicaid
Verification letter from your doctor or your former health insurance provider that you had prior coverage
As an alternative method of determining your creditable coverage, insurers can look at your coverage for five specific benefits: prescription medications, vision, dental, mental health, and substance abuse treatment.
If you had a group health plan for 12 continuous months, but only had dental benefits for six months, you would only be credited for six months of dental coverage. Your new group health plan could impose a six-month waiting period for dental coverage.
Individual health plans and HIPAA
If your employer decides to drop group health coverage, HIPAA might make it easier to get an individual health policy.
Under HIPAA, you might be able to buy an individual health plan without the threat of exclusions for pre-existing conditions. In order to do so, you have to qualify as an "eligible individual."
In some states, if you qualify for individual health coverage under HIPAA, any company offering individual health plans in that state must sell you coverage. Your state’s insurance department can explain the rules.
To be eligible as an individual under HIPAA, you must:
Have at least 18 months of continuous creditable coverage.
Have been covered under a group health plan, a governmental plan, or church plan (or health insurance offered in connection with such plans, such as COBRA) during the most recent period of creditable coverage.
Not be eligible for coverage under a group health plan (including a spouse's plan), Medicare or Medicaid.
Not have other health insurance coverage.
Have not lost your most recent health coverage due to non-payment of premiums or fraud (unless it was your employer that failed to pay premiums).
Have elected and exhausted any option for continuation of coverage (under COBRA or a similar state law) that was available under your prior plan.
HIPAA does not limit the premiums individual health plans can charge. While your application for insurance won't be rejected because of health problems, the premiums for individual coverage can be much higher than for group plans.
Deborah Chollet, a senior fellow at Mathematica Policy Research, says HIPAA has two shortcomings when it comes to premiums for individual policies. “One is it didn't say anything about how that coverage would be priced. Even if I am leaving the group market, I have lost coverage in the group market for reasons I do not control, HIPAA did not constrain insurers in any way for how they price you coming in,” Chollet said.
“The other thing that HIPAA did not do is make the world safe for people who live in the individual market. If I am in the individual market, I can easily get trapped in a policy. I may have gotten into this policy, but I decided the rates have gone up so I want to shop around. I want to look for other coverage. I don't have guaranteed issue. I have no guarantees that I can find another insurer who will accept me. If I have a guarantee, it comes from the state. It doesn't come from any federal guarantees,” Chollet adds.
In addition, your benefits could be vastly different under an individual plan. That's why when you're moving from a group plan to an individual plan, it's important to shop around for the best rates and benefits.
“The policies vary tremendously in their content,” points out Steve Larsen, Maryland’s Insurance Commissioner. “Maryland has many what are called ‘mandated benefits,’ which are laws that require certain benefits to be provided. Beyond that core group of benefits there is a lot of variation, particularly in terms of deductibles and cost sharing.”
“If you are lucky enough to qualify, to not be excluded, and you are comparing individual policies from two carriers, it is hard to compare apples to apples. They have different co-pays, different deductibles, different cost sharing. So the products do vary tremendously,” Larsen adds.
In some cases, you might be offered a "conversion plan" when you lose your group health coverage. That essentially lets you convert your group coverage into an individual plan, with certain restrictions.
If at all possible, you should buy health insurance through a group plan, as they generally have broader benefits and wellness care. You don't necessarily need to buy group plans through an employer. Trade associations and chambers of commerce often offer their members group health insurance. In some states, you can get group coverage if you're self-employed — as a "group of one."
Be Master In Google Yahoo Banking USA Indonesia Bojonegoro Nando007 NandoBJN NanangBJN Computer Hardware Software Download Free Laptop Desktop Science Technology High Insurance Email SMS MMS Handphone Nokia Siemen PC World
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