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Kindle Fire may drive down price of Android tablet

SEOUL (Reuters) – Asian technology companies came under pressure on Thursday to slash prices of their tablet computers after Amazon.com launched its Kindle Fire at a mass market-friendly $199. From Samsung Electronics to Sony Corp, major Asian tablet makers have ambitious plans to take on Apple, whose iPad is the…

Reebok slapped in U.S. for butt-toning claims

WASHINGTON — US government regulators have clamped down on sportswear maker Reebok for claims that its buttock-toning footwear would lead to a more shapely butt for its wearers. The Federal Trade Commission said Wednesday that Reebok, a unit of the German group Adidas, agreed to pay $25 million in customer…

Virgin Mobile and Verizon retain content of text messages

The cell phone service providers Virgin Mobile and Verizon retain the content of text messages, according to a Justice Department memo obtained by the America Civil Liberties Union (ACLU) of North Carolina. Verizon, T-Mobile, AT&T, Sprint, Nextel, and Virgin Mobile all retain information relating to text messages, such as who…

BP and oligarchs face off as $4.9 billion claim looms

BP prompted the spat with AAR, the consortium of Russian and Russia-connected oligarchs who own half of oil company TNK-BP, by agreeing a share swap and Arctic exploration deal with Russian-state-controlledRosneft <ROSN.MM>. AAR secured a court injunction that blocked the deal, which finally collapsed in May when the quartet of billionaire shareholders…

Toyota auto output up for first time in 12 months

Japan’s Toyota Motor on Wednesday said domestic production rose for the first time in 12 months in August as it recovers from the impact of the March 11 earthquake and tsunami disaster. Total domestic production of cars, trucks and buses produced byToyota and its two affiliates – Daihatsu Motor and Hino Motors – rose 12.0 percent from…

Man Group loses $6 billion from asset base

Hedge fund manager Man Group said Wednesday it had lost $6.0 billion (4.4 billion euros) from its asset base since June due to financial markets chaos, sparking a 21-percent plunge in its shares. Man Group said in a trading update that its total funds under management currently stood at about $65 billion.…

Microsoft busts spam network

SAN FRANCISCO — Microsoft on Tuesday said it struck another blow in its battle against cyber crooks by busting a spam-sending network of virus-infected computers. Along with taking down a “botnet” believed to have been used for nefarious activities including spam, stock scams, and sexual exploitation of children, Microsoft sued…

U.S. economy on ‘knife edge’ of contraction: Fed economist

SAN ANTONIO (Reuters) – The U.S. economy is on a ‘knife edge’ between growth and contraction and monetary policy tweaks do not seem to be helping, the Dallas Federal Reserve’s top economist said on Tuesday. The U.S. jobs engine has lost momentum and could be set for further “backtracking,” Dallas Fed chief…

SEC opens investigation into Standard & Poor’s

Standard & Poor’s is the subject of a US investigation over a rating it issued in 2007 on the eve of the financial meltdown, according to the agency’s parent company McGraw-Hill. McGraw-Hill said in a statement it had received a “Wells Notice” last week informing it that the Security and…

As markets energize again, oil prices soar

World oil prices soared on Tuesday, mirroring the performance of global equities, as markets followed eurozone debt developments closely. Brent North Sea crude for delivery in November jumped $1.59 to $105.53 a barrel in London midday deals. New York’s main contract, West Texas Intermediate (WTI) for November, rallied $2.18 to…

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