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$2 trillion error in S&P calculations: US Treasury

The US Treasury has hit back against a Standard and Poor’s downgrade of its AAA credit rating, saying there was a $2 trillion dollar error in the agency’s calculations. “A judgment flawed by a 2 trillion dollar error speaks for itself,” a Treasury spokesman said, just after the US lost…

U.S. said to be bracing for debt rating downgrade

Update: Rating agency said to be ‘reconsidering’ plan to lower U.S. debt rating According to ABC White House correspondent Jake Tapper, an anonymous government official has told ABC News that the Obama administration is “expecting and preparing for” a downgrade of its debt rating from AAA to AA or AA+…

Threat analyst says medical devices can be hacked remotely

LAS VEGAS — A computer threat analyst on Saturday will show a gathering of hackers how easy it is to wirelessly take control of an insulin pump on which a diabetic’s life could hinge. Jerome “Jay” Radcliffe’s demonstration at DefCon in Las Vegas will spotlight a critical need to build…

Easy targets for hackers: Printers, copiers, scanners

Office printers, copiers and scanners equipped with rudimentary web server software by their manufacturers are easy targets for hackers, according to information released by a security firm attending this year’s Black Hat Technical Security Conference in Las Vegas. For years now, electronics makers have been installing basic web server software…

China paper scoffs at suggestion Beijing is hacking villain

BEIJING (Reuters) – China’s top official newspaper on Friday dismissed as irresponsible suggestions Beijing was the “state actor” behind massive Internet hacking of governments and companies that security company McAfee this week said it had discovered. The report in the People’s Daily, the main mouthpiece of China’s ruling Communist Party,…

AOL joins iPad news reader race with Editions

AOL, the one-time Internet star seeking to reinvent itself as a major media player, is joining the craze for personalized news readers for tablet computers. The Internet and media firm, which purchased The Huffington Post in February for $315 million to serve as the flagship of its media fleet, launched…

Former Swiss banker charged with hiding $215 million for U.S. taxpayers

A former UBS banker has been charged for conspiring to hide more than $215 million for US taxpaying clients in undeclared Swiss accounts. Gian Gisler allegedly opened and managed more than 60 hidden accounts on behalf of over 38 US taxpaying clients, the Justice Department said. Beginning in the mid-1990s,…

Online job index down in July, still up from 1 year ago

NEW YORK (Reuters) – A gauge of online labor demand in the United States grew in July compared to a year earlier, but dipped on a monthly basis as the need for employees slowed in the summer months, a private research group said on Friday. Monster Worldwide Inc, an online…

World stocks dive amid fresh recession fears

Global stocks plunged on Friday on the increasing prospect of a sharp economic downturn, with attention focused on US jobs data, widely expected to deepen the gloom of flagging growth and eurozone debt. European stock markets initially dived 3.0-4.0 percent after heavy falls in Asia and on Wall Street as…

Asia markets plunge amid recession fears

Asian stock markets plummeted on Friday following carnage in the US and European markets amid fears the world was heading towards another financial crisis. Already-fragile investor confidence was hammered by more weak US economic data and a warning from the head of the European Commission that the eurozone debt crisis…

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