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Monday, January 3, 2011

Investments place value of Facebook at $50 billion (AP) : Technet

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Investments place value of Facebook at $50 billion (AP) : Technet

Investments place value of Facebook at $50 billion (AP)

Posted: 03 Jan 2011 03:58 PM PST

By BARBARA ORTUTAY, AP Technology Writer Barbara Ortutay, Ap Technology Writer – Mon Jan 3, 6:58 pm ET

NEW YORK – An injection of cash that values Facebook at $50 billion will help it delay going public for at least another year, giving the company breathing room to focus on long-term ambition rather than short-term profit.

The infusion — $500 million from elite investment house Goldman Sachs and a Russian investor, according to a report by The New York Times — represents the most emphatic endorsement yet of Facebook's potential to make money in online social networking.

It places the company at twice the value of Internet giant Yahoo and about equal to what well-established names such as Boeing and Kraft Foods are worth on the open market.

More important, it buys time for Facebook to keep its books private and not have to cater to the demands of the market. And it gives 26-year-old founder Mark Zuckerberg room to grow into his role as the public face of a multinational company.

Zuckerberg is widely believed to be more comfortable operating behind the scenes, thinking about technology and business, than engaging in public discourse, says Standard & Poor's equity analyst Scott Kessler, who follows large Internet companies.

"There is still some question whether he has the persona to be a public CEO and, if he doesn't, would he be willing to cede control to someone who does," says Mark Heeson, president of the National Venture Capital Association, a trade group that represents firms that invest in startups. "That is probably an issue that Facebook's board has been discussing for some time."

As it nears the seventh anniversary of its founding in a Harvard dorm room, Facebook is already slightly more mature than Google was when it went public, in 2004. At the time, investors placed Google's value at about $24 billion.

By the time Google turned 7, in September 2005, its market value had ballooned to about $90 billion, and the company wound up with $6 billion in revenue that year.

Google, like Facebook, wanted to stay private as long as possible to avoid public scrutiny of its finances, investor complaints about its strategy and potential management distractions.

The $50 billion is more than twice as much as the market's valuation of Yahoo. It's also worth more than eBay, but still less than Amazon.com — not to mention Google, which now stands at nearly $200 billion.

Facebook has grown quickly as a business, even as it seeks to retain a startup culture, valuing innovation, hiring the smartest engineers from its neighbors and gobbling up small tech companies.

It has swelled to more than 500 million users, about half of whom log in on a given day. Each month they share more than 30 billion links, notes, photos and other types of content. Facebook "Like" buttons are everywhere online.

Facebook is free and makes money from selling highly targeted ads. Investors are increasingly convinced it is destined to become a marketing mecca. It has cemented its place as the king of social media, much as Google did for online search.

The New York Times reported the investment over the weekend, citing unnamed people involved with the deal. Facebook and Goldman Sachs declined to comment Monday.

Russian investor Digital Sky Technologies, which focuses on Internet properties, already has a 10 percent stake in Facebook, but the nod from Goldman Sachs is a sign of just how big the Palo Alto, Calif.-based startup has become even outside tech circles.

Wedbush Morgan analyst Lou Kerner, who has been bullish on social media and Facebook in particular, says Facebook is well worth $50 billion.

He says it's still 15 percent less than the going rate on private stock exchanges such as SecondMarket and SharesPost, where stock is generally sold by former employees or early investors in these companies. Kerner thinks the company could trade at $100 billion if it went public.

Not that Facebook is in any rush. Zuckerberg has been coy about a possible initial public offering, recently telling CBS' "60 Minutes" that he doesn't see selling the company or going public as an end goal, as a lot of entrepreneurs seem to.

That approach is "like you win when you go public. And that's just not how I see it," he said in the broadcast, which aired Dec. 5.

There are many reasons for Facebook to put off an IPO, a big one being that it doesn't need the money, as the latest investment shows. Companies go public to get access to capital, and Facebook clearly has access to capital, Kerner says.

Going public is also a big time commitment for senior management — time they could otherwise spend running the company, he says. Zuckerberg has been deeply involved in Facebook since its founding and shows no signs of wanting to give that up to cash out. He's even pledged to give away at least half of his wealth along with a slew of much older billionaires such as Carl Icahn and Barry Diller.

And Facebook, which already faces government scrutiny for the way it handles the troves of personal information its users share, would be subject to even more poring eyes were it to go public, Kerner notes.

"If I'm Facebook, I don't think I ever want to go public," he says.

The company discloses very limited financial information now, but that will change if it amasses at least 500 shareholders. Once a company with at least $10 million in assets crosses that threshold, the Securities and Exchange Commission requires it to disclose its finances and other crucial information. That regulation triggered Google's IPO in 2004.

Exactly how many shareholders Facebook has is not publicly known. The Times said Goldman hopes to circumvent the rule by counting itself as just one investor while pooling investments from thousands of its own clients.

Separately, Facebook in 2008 created a restricted class of shares for new employees that can't be sold until the company goes public. The SEC exempted these shares from being counted toward the 500-stockholder cap.

The agency is looking into whether recent trading in private Facebook stock may be enough to require more disclosure.

Facebook hasn't said whether it is making money under the accounting rules used by public companies, though in 2009 it announced it was bringing in more than it was spending. Research firm eMarketer estimates that Facebook generated $1.29 billion in online ad revenue in 2010 and will rake in $1.76 billion in 2011.

Digital Sky Technologies — together with sister company Mail.ru, which had its IPO in London in November — already owned about 10 percent of Facebook. A person answering the phone at the company's office in Moscow said no one was available to comment.

Microsoft also owns a small stake in Facebook. It invested $240 million in Facebook in 2007 in exchange for a 1.6 percent stake, at the time implying a valuation of $15 billion.

Goldman Sachs, by cozying up to Facebook now, could be gaining an inside track to handle the eventual IPO, says Reena Aggarwal, a Georgetown University finance professor specializing in investment banking and IPOs.

"This looks like a very smart move by Goldman because it helps them get their foot in the door," she said.

___

AP Technology Writer Michael Liedtke in San Francisco and Associated Press writer Lynn Berry in Moscow contributed to this story.

Gadget show to bring fiercer competition to iPad (AP)

Posted: 03 Jan 2011 03:17 PM PST

By RACHEL METZ, AP Technology Writer Rachel Metz, Ap Technology Writer – Mon Jan 3, 6:17 pm ET

SAN FRANCISCO – Apple Inc.'s popular iPad is getting its strongest competition thus far as consumer-electronics manufacturers unveil tablet computers with bigger screens, front-facing cameras for video chatting and more.

The iPad has been a smashing success since its April launch, leaving other companies to play catch-up in the suddenly hot market for the keyboardless, touch-screen devices. Rivals are making a bigger push at this week's International Consumer Electronics Show in Las Vegas, betting they can challenge Apple with such features as Android, the popular smart phone software Google Inc. developed to compete with the iPhone; high-definition touch screens and cameras for video chatting and taking photos.

The competition is going to be fierce. DisplaySearch analyst Richard Semenza estimated that a hundred different tablet models are in development, though not all of them will reach store shelves.

Major companies including Motorola Inc. and Dell Inc. are expected to trot out new models. At least two companies — high-definition TV makers Vizio Inc. and AOC — announced tablets Monday, days before the show's official opening Thursday.

Toshiba Corp. also plans to unveil one this week. Tentatively called the Toshiba Tablet, it will include two cameras for video chatting and taking photos, a high-definition screen that is larger than the iPad's and the upcoming Honeycomb version of Android that is more optimized for tablets.

"This is the starting gun for tablets, except Apple had a yearlong lead in the race," BGC analyst Colin Gillis said.

Apple was expected to sell more than 13 million iPads in 2010, making up the vast majority of the total market. Although analysts believe the iPad will still account for the bulk of the 55 million tablets that Gartner Inc. expects will be shipped, there's still room for rivals to vie for sales of the remaining 10 million to 15 million devices.

It is going to be difficult for tablet makers and software providers to make inroads, though, given the iPad's name recognition and the hundreds of thousands of apps available for it in Apple's iTunes Store.

Android's growing popularity among smart phone users could give tablets that run Google's system a leg up, particularly once Honeycomb is made available.

Google has said little about Honeycomb, other than the fact that it will allow applications to present information differently depending on whether they're running on a phone or a tablet.

For example, Gmail on the tablet shows a list of e-mails in one column and the body of the one you're reading in a second column. On an Android phone, you'd only see one column at a time.

Honeycomb is thought to be the operating system of choice on several devices expected to make an appearance at the gadget show.

One is Toshiba's tablet, which the company said it plans to start selling by the end of June. A price has not yet been set, but the company believes it will be competitive with the iPad, which costs $499 to $829, depending on its memory capacity and wireless capabilities.

Handset maker Motorola is also expected to reveal a Honeycomb-based tablet, as it has hinted through the release of an animated video on YouTube last month called "Tablet Evolution presented by Motorola." The video showed various tablets throughout history, ranging from an Egyptian hieroglyphic-laden slab to the iPad and Samsung Electronics Co.'s Galaxy Tab. It then focused on a black podium emblazoned with Motorola's "M" logo that supported a mysterious covered object — presumably its own entry into the field.

A buzzing bee at the end of the video suggests that this may be the same Honeycomb-based tablet that Google's top mobile executive, Andy Rubin, showed off at a December conference.

With so many companies making Android tablets, electronics makers will need innovative hardware or a super-low price to stand out from the noise, said Gillis.

"At CES, the noise is going to get extremely loud," he said.

Companies not known for mobile devices are also getting into the tablet business. TV maker Vizio said its offering, the VIA Tablet, will have a screen that measures 8 inches diagonally and can play high-definition videos, an HDMI port, MicroSD memory card slot to add more memory and a front-facing camera. It will also include a universal remote control app for controlling devices such as television sets. VIA will run Android, but Vizio did not say which version. It also did not say when it will be available or how much it will cost.

AOC's Breeze Tablet is less flashy and will cost less than $200. It will include the same size screen as Vizio's VIA, but with a lower resolution that won't show off high-definition video as nicely as the iPad and other higher-end tablets. It also runs an older version of Android — Eclair, which was released in late 2009 — and will include Wi-Fi for accessing the Internet. AOC did not say when the Breeze will be available for purchase.

Gillis is overall optimistic about non-iPad tablets, mainly because so few people actually own one.

"The marketplace is large and just barely penetrated, so they'll have a modicum of success," he said.

But competitors will still have a hard time catching up with Apple's lead in the near term. Although it may seem as if the iPad business was created overnight, it actually took Apple years to develop, said DisplaySearch analyst Richard Shim.

"I do think there will be a number of failures and it will take time," Shim said. "I think the expectation is Apple will be the market leader for the next year or two at the very least. Even if you have the best platform out there, it takes time to develop an audience."

Apple's absence to be felt at CES gadget show (AP)

Posted: 02 Jan 2011 09:02 PM PST

By PETER SVENSSON, AP Technology Writer Peter Svensson, Ap Technology Writer – Mon Jan 3, 12:02 am ET

What do you call it when you have 120,000 people and an elephant in the room?

The International Consumer Electronics Show, which kicks off this week in Las Vegas.

The elephant is Apple Inc. It won't be at the show this year, but its tablet computer, the iPad, is the most important new product for an industry that needs to once again excite consumers. Sales of the iPad have been strong since its April debut, and the whole industry is now trying to mimic Apple's success.

With the iPad, Apple single-handedly cracked the code for the tablet, a device that dozens of manufacturers have tried to take to the masses for two decades, with little success.

Apple itself doesn't do trade shows. When Apple has new products to reveal, such as iPads or iPhones, it stages its own events.

But nearly every other company in the industry will be there for CES, which runs Thursday to Sunday and is the largest trade show of any kind in the Americas. A good many of them will show off their tablets — computing slabs with touch-sensitive screens. Big names expected to do so include Motorola Inc. and Dell Inc.

DisplaySearch analyst Richard Semenza estimated that a hundred different tablet models are in development, though not all of them will reach store shelves.

Competing tablets will have a hard time catching up to Apple's lead, at least this year. Certainly, no one managed to do so last year, even though a lot of manufacturers, including Dell, brought out tablets. Samsung did have some success with its Galaxy Tab, but sales didn't come close to the iPad's.

"For the next year or two, we expect there to be a lot of false starts, failed attempts, and disasters," Richard Shim, another DisplaySearch analyst, said in a blog post.

Apple sold 7.4 million iPads through September, in the device's first six months on sale. That means they're already outselling Apple's Mac computers, but not iPods or iPhones.

Analyst Shaw Wu at Kaufman Bros. believes Apple sold another 6.1 million iPads in the holiday quarter, and there's every indication that it was a popular holiday gift. Even some retailers that don't normally sell electronics, including TJ Maxx, carried the iPad.

Apple's would-be competitors include Motorola, which has been hinting that it will show off its first tablet at the show. Dell and Acer Inc. are also expected to show tablets. Microsoft Corp. CEO Steve Ballmer will likely touch on tablets in his keynote speech Wednesday, an annual fixture the eve of the show's opening.

The electronics industry's need for a hot new product is especially strong this year. Overall, the recent holiday season was the best for retailers since 2007, but electronics sales were up just 1.2 percent from the previous year, according to MasterCard SpendingPulse, which tracks spending across all transactions, including cash. They're still down 10 percent from pre-recession levels.

For about five years, the industry has been bolstered by Americans rushing out to buy flat-panel TVs. Now, that rush is slowing, as 61 percent of households already have such sets, according to Leichtman Research Group.

Meanwhile, sales of other products that have driven growth, such as GPS units, picture frames and digital cameras, have tapered off. The people who really want them already have them, while the rest make do with their cell phones instead.

Other technologies that have been promoted at CES in recent years have been met with tepid interest from consumers.

At last year's CES, Japanese and Korean TV makers showed off 3-D TVs as a way to keep consumers buying newer TVs. But when the sets hits stores a few months later, sales were disappointing. Samsung Electronics Co. estimates all manufacturers combined sold 1 million 3-D sets in the U.S in 2010, far short of its initial estimate of 3 million to 4 million.

This year, manufacturers aren't giving up on 3-D, but some of them are likely to change their strategy to make 3-D viewing a bit more affordable and comfortable. Last year's 3-D sets require bulky, battery-powered glasses, which cost about $100 a pair. This year, we're likely to see more sets that use thin, unpowered glasses of the kind used in 3-D movie theaters. Vizio Inc., the No. 1 maker of LCD TVs for the U.S. market, already introduced one model with this kind of "passive" 3-D screen in December.

Aside from the benefit of cheaper glasses, the image flickers less with passive 3-D technology. On the other hand, it cuts the resolution in half. It's still high-definition, but less so.

"Having convinced the world to adopt 'Full HD' TVs, someone is going to have to get creative to market 'Half HD'," Semenza said.

TV makers will also push Internet-connected TVs at CES.

"Basically, the TV will look like your smart phone and have access to the Internet," said Gary Shapiro, president and CEO of the Consumer Electronics Association, which organizes the show.

Internet-connected TVs have been around for several years and are starting to gain consumer interest now that they can display video from such online sources as Netflix Inc. and Hulu.com. Research firm NPD estimates that 12 percent of TVs sold in the U.S. were Internet-capable.

At the show, manufacturers are set to talk about TVs that are even "smarter," with access to better downloadable applications for social networking and other tasks.

"This is going to be the year for ... the first generation of truly smart TV applications, where people are building them for the first time unique to this platform," said Eric Anderson, vice president of content and product solutions at Samsung Consumer Electronics America's. Samsung has a nearly 60 percent market share of Internet-capable TVs sold in the U.S.

Apple is involved in connecting TVs to the Internet as well, through its Apple TV add-on box. But Apple's isolation from the rest of the industry may be hurting it here. It hasn't let anyone build its software into TVs, so its $99 add-on box is competing with the software that comes free with many TVs.

Apple's shadow also falls on the presence of Verizon Wireless, which will be at CES to show off the first phones for its next-generation wireless data network, known as 4G. The network was turned on in December and offers the highest data speeds yet, but only for sticks that plug into laptops.

Apple is widely expected to introduce a version of the iPhone for Verizon's network this year, but indications are that it won't happen at CES.

That leaves the CEO of Verizon Communications Inc., Ivan Seidenberg, to talk about other smart phones at his keynote presentation Thursday, while everyone will be thinking of the elephant in the room.

LG Announces “Flicker Free” LW6500 Cinema 3D TV (PC World)

Posted: 03 Jan 2011 05:15 PM PST

Patrick Miller Patrick Miller – Mon Jan 3, 8:15 pm ET

In what may turn out to be a sneak peek of CES 2011 HDTV trends, LG announced the newest entry to their 2011 HDTV lineup--and it's a 3D TV that doesn't use the heavy, expensive active-shutter 3D glasses.

LG's new 65-inch LW6500 uses polarized lens-glasses, similar to the kinds of glasses used in 3D movie theaters, to achieve the 3D effect. Unlike active-shutter glasses, which use small LCD screens to alternately dim each lens, polarized 3D glasses don't require a battery and should be more forgiving of viewers seated at different angles. Best of all, LG claims they're "Flicker Free", with two certifications from Intertek and TÜV to bolster their claim, so you won't have that annoying flickering-light problem when you sit down to watch your 3D flicks.

Polarized 3D glasses are also significantly cheaper to manufacture and lighter (LG's glasses weigh 16 grams) so they won't be as tiring to wear. Note that there is no estimated retail price or ship date yet, though the LW6500 will roll out "in select markets" after CES.

LG isn't the only TV manufacturer to announce polarized 3D TVs, however--Vizio announced similar "Theater 3D" TV features across their entire HDTV lineup today.

Also noteworthy: the LW6500 also has a film covering the screen LG calls the "3D Light Boost", which is supposed to make 3D images appear as bright as possible. No word yet on whether this affects standard 2D television viewing yet--stay tuned for hands-on updates once the show floor opens.

Of course, the LW6500 includes the standard gamut of LG features--it's an edge-lit LED display (though it does have the "LED Plus" local dimming features) with a 200hz refresh rate, 2D-to-3D upconversion, and LG's Smart TV Internet-connected features (LG Apps, Hulu Plus, YouTube, and so on).

Make sure to stay tuned to our CES 2011 landing page for more up-to-the-minute updates from the show floor.

In Video: CES 2011 HDTV Trends

Europe inching closer to universal-phone-charger standard (Ben Patterson)

Posted: 03 Jan 2011 12:19 PM PST

By Ben Patterson ben Patterson – Mon Jan 3, 3:19 pm ET

The days of scrounging around for a smartphone charger that fits your particular handset may soon be over — in Europe, at least. As for a universal-charger standard in the U.S., well ... don't hold your breath.

A pair of European standards bodies has at last finished nailing down the technical specifications for a universal phone charger based on micro-USB, the compact port that already serves as an interface for many makes and models of cell phones.

With the specs on the new standard agreed upon, the way is finally clear for the first phones to support the upcoming universal chargers — which, according to the European Commission, could begin to arrive in the next few months.

More than a dozen major phone manufacturers — including Nokia, Samsung, RIM, Sony Ericsson, LG, Texas Instruments, and yes, even Apple — agreed back in 2009 to adhere to the new European standard, intended to make life way easier for anyone who's ever dealt with a tangle of incompatible handset chargers.

That's great news for smartphone users across the pond, but here in the U.S., it's a different story.

As a Wired report from last August noted, no government agency in the States has stepped forward to spearhead a similar phone-charger standard for North America.

That's left any standardization efforts to the wireless industry, which has yet to convince all the major mobile players to agree on a single U.S. charger interface.

Of course, that's not to say that U.S. smartphone chargers are completely incompatible with one another. I happen to own a micro-USB charger that works with most of the Android handsets I test, as well as two of my rechargeable wireless hotspots.

Anyone who owns an iPhone or an iPad, however, knows that micro-USB chargers are no-go when it comes to their iOS devices, which use Apple's proprietary 30-pin interface. Meanwhile, Wired points out that "many" BlackBerry handsets are designed to work only with the chargers with which they've been paired.

Still, if the biggest mobile manufacturers are managing to put aside their charging differences in Europe, couldn't they do the same thing here in the U.S.? (And let's not forget the rumors floating around about the next iPad maybe coming with a micro-USB port.)

Guess we'll find out in the weeks and months ahead. Stay tuned.

Related:
Universal phone charger just months away as mobile firms back micro-USB design [Daily Mail]
Europeans realize dream of a single charger for all cellphones [Wired]

— Ben Patterson is a technology writer for Yahoo! News.

Follow me on Twitter!

Android climbs, Apple holds steady, RIM slips in U.S. smartphone market (Ben Patterson)

Posted: 03 Jan 2011 08:41 AM PST

By Ben Patterson ben Patterson – Mon Jan 3, 11:41 am ET

Google's Android OS is showing no signs of slowing down when it comes to U.S. smartphone market share: A new survey shows Android climbing within striking distance of Apple's iOS mobile platform. Meanwhile, RIM's slice of the U.S. smartphone pie is continuing to shrink.

Back in August, Android was still in third place in terms of the overall U.S. smartphone market. Nielsen pegged Google's mobile OS at 19 percent, versus 28 percent for Apple and 31 percent for RIM.

Fast-forward to Nielsen's just-released results for November, and suddenly Android and RIM are in a virtual dead heat, with 25.8 percent and 26.1 percent shares of the U.S. market, respectively. Leading the pack by a thin margin is Apple's iOS, at 28.6 percent.

Looking just at those U.S. customers who've bought a smartphone in the past six months, Android enjoyed a commanding 40.8 percent share of the market in November, according to Nielsen's latest findings, up nearly 9 percentage points since August.

Apple is holding relatively steady at 26.9 percent (compared with 25.6 percent in August), while RIM's market share among "recent acquirers" slid 5.7 points, to just 19.2 percent.

A quick glance at Nielsen's line graphs tells the story: Android's on the way up, Apple's holding its ground, and RIM is sliding.

Statistically speaking, the race for the overall U.S. smartphone crown is still neck-and-neck, Nielsen notes, although Apple has a "clear" lead for now.

But if the current trend continues, it might not be long before Android passes Apple for the smartphone market share lead, leaving RIM and the BlackBerry to settle for third place.

Of course, Android has the advantage of having dozens of different makes and models on the market, while Apple only has the iPhone and its various iterations (such as the new iPhone 4 and the older 3GS, 3G and EDGE-only models).

RIM is still struggling to find its footing in the touchscreen smartphone market. While last year's Blackberry Torch represented a major improvement over the Storm and Storm 2, RIM's first stabs at touchscreen devices, the Torch hasn't exactly set the smartphone world on fire.

That said, RIM still has a few arrows in its quiver. Its upcoming dual-core Playbook tablet, which runs on a new OS designed by RIM-owned QNX Software Solutions, could wind up juicing sales of Blackberry smartphones if it manages to live up to the hype.

But Android will be countering with a few dual-core tablets and smartphones of its own in the coming days and weeks, and the expected iPhone for Verizon will surely give Apple a boost.

Related:
Apple Leads Smartphone Race, while Android Attracts Most Recent Customers [Nielsen]

— Ben Patterson is a technology writer for Yahoo! News.

Follow me on Twitter!

How Blu-ray could speed up 3D TV adoption (Reuters)

Posted: 03 Jan 2011 07:52 PM PST

By Carolyn Giardina Carolyn Giardina – 1 hr 22 mins ago

LOS ANGELES (Hollywood Reporter) – Remember the videotape format war between VHS and Betamax in the 1970s and '80s? When wide adoption of a new consumer packaged-media format is at stake, format launches aren't always smooth.

Blu-ray Disc is the latest example. It struggled out of the gate in 2006 while engaged in a fierce battle with HD DVD to become the high-def format of choice, a contest it won in 2008 when HD DVD conceded and manufacturers ceased production.

Now, just a year after its introduction at the 2010 Consumer Electronics Show, 3D Blu-ray is leading the charge to bring 3D -- the next frontier for packaged media -- into the home.

There are roughly 30 3D movie titles currently in retail stores (with more on the way), and players have been created by leading consumer electronics manufacturers including LG, Panasonic, Samsung, Sony, Toshiba and Vizio.

Industrywide agreement was key to the success of a 3D format launch, according to Andy Parsons, U.S. chairman of the Blu-ray Disc Assn.'s (BDA) promotions committee and senior vp product planning at Pioneer Home Entertainment Group.

Last spring, the BDA formed a 3D task force comprised of industry stakeholders to develop a 3D technical spec -- essentially the blueprint for the 3D format used by all manufacturers -- and it took only eight months for the spec to be agreed upon and completed.

"I don't think I've ever seen an association turn out a spec in such rapid time," Parsons said. "The alternative would have been two or three different ways to do 3D on a disc -- and that's death to a format. Everyone understood that could happen. We avoided what could have been an ugly, messy situation."

Since its introduction, 2D Blu-ray has also been challenged by Internet-based services that offer movie downloads and streaming, and there are many who remain skeptical about whether a new packaged media format is needed or can even survive in today's connected world. Others believe 3D could become the defining feature of the Blu-ray format.

As the New Year begins, stakeholders are focused on growing consumer awareness, as well as the penetration of 3D players and TVs along with the amount of available content.

"We will see large 3D (Blu-ray) theatrical releases, timed day-and-date with their 2D Blu-ray counterparts," says Rich Marty, vp new business marketing at Sony. First up was Resident Evil: Afterlife on December 28. The Green Hornet, opening theatrically January 14, will be among the titles arriving later in the year.

Studios are also considering 2D to 3D conversion of library titles as additional revenue opportunities.

"As conversion techniques continue to get better and the cost of conversion comes down, there will be growing interest to do more of these titles," Marty said.

But this may take some time, as the techniques are still young. "For us, it is all about the consumer experience," he said. "We're really focused on 3D native titles to be sure we put our best foot forward."

Another key requirement in the format launch is a wider selection of 3D movies, and many say that that is dependent on getting more 3D players and displays in the market -- making it more commercially viable for the studios to release more content. "Once we get to a meaningful number (of households with 3D TVs and players), there's no question the studios will be ready, willing and able to support it with 3D content," said Peter Staddon, senior vp, worldwide new business development, Deluxe Digital Studios.

At this early stage it's difficult to gauge the market penetration of 3D players and TV sets. A Black Friday survey from the Consumer Electronics Assn. suggested that of consumers who bought consumer electronics over the 2010 Thanksgiving holiday weekend, only 5 percent bought 3DTVs, and 12 percent bought Blu-ray players (2D and 3D were not distinguished in the survey).

BDA believes that roughly 25 percent of the Blu-ray players sold in the U.S. are now 3D ready (this doesn't include 3D Blu-Ray supported PS3 players.) The Consumer Electronics Assn. has that figure at around 19 percent.

When it comes to 3D Blu-ray, Hollywood's technology community is still hard at work.

During 2010, 3D production workflows, 3D subtitling systems, authoring systems and related processes had to be developed in order to fill the content pipeline.

In year two, consumers might begin to see more sophisticated 3D menu design.

Technicolor has already developed Blu-ray 3D Java interactive tools and 3D menu services.

"(Today's) are early menus," said Technicolor's Bob Michaels, vp worldwide DVD. "There's depth between menus and the picture behind it, but not to the menus itself."

He predicts new levels of interactivity in year two "not only from a more advanced interactivity experience but a 3D interactivity experience."

Supply chain collaboration is also needed as the industry goes forward, added Seth Hallen, CEO of Testronic Labs, which offers quality assurance and testing services. Noting steps from authoring to quality control, he said: "There are niches, and the supply chain is challenging themselves to find how to work together more effectively and more collaboratively."

Some Apple iPhone users (Investor's Business Daily)

Posted: 03 Jan 2011 03:39 PM PST

– Mon Jan 3, 6:39 pm ET

Some Apple (NMS:AAPL) iPhone users in Asia and Europe said built-in alarm clocks didn't work for a third straight day Mon. Apple said the alarm problem, first reported by U.S. users Jan. 1, has been fixed by a software upgrade.

Sprint Turns Down Chance to Invest More in Clearwire (PC World)

Posted: 03 Jan 2011 06:00 PM PST

Stephen Lawson Stephen Lawson – Mon Jan 3, 9:00 pm ET

WiMax mobile broadband provider Clearwire has missed out on a potential investment from partner Sprint Nextel, just days after founding Chairman Craig McCaw resigned.

Clearwire raised approximately US$1.4 billion in a debt offering announced on Dec. 2. As part of the offering, Sprint had the right to buy about $585 million [m] in additional debt within the next 30 days. That option expired on Jan. 2, and Sprint confirmed on Monday that it had declined to participate.

The debt offering followed strict measures to conserve cash, which Clearwire announced in November. Those included layoffs of 15 percent of its staff, a delay in introducing its first branded handset, and cutbacks in certain marketing and development efforts. The company has been struggling to finance the buildout of its national WiMax network, which was scheduled to reach 120 million U.S. residents by the end of last year but fell just short of that mark, with coverage for just over 110 million.

It's not clear what triggered McCaw's departure, which became effective Dec. 31, but the move may have a silver lining, according to industry analysts. Eagle River Holdings, McCaw's investment company, is expected to name former Clearwire CEO Ben Wolff to replace McCaw on the board, Clearwire said last week. McCaw remains a significant investor in the company.

Wolff, who was replaced by former Vodafone executive Bill Morrow in 2009, was a strong CEO, according to analyst Monica Paolini of Senza Fili Research.

"His contribution would be more hands-on," Paolini said. "He knows the company in a more direct way, probably, than McCaw does."

Though Clearwire is continuing to build out its mobile WiMax network, the first major deployment of the technology in the U.S. and the largest in the world, at the moment the company faces more business and financial than technological challenges. McCaw, a wireless pioneer who helped to create Nextel Communications, may be better suited to trailblazing innovative new companies than to addressing the business issues of established ones, said analyst Jack Gold of J.Gold Associates.

"What they really need is finance guys," Gold said. "McCaw was a name brand, but I'm not sure that he was the right guy at this particular time to take them to the next step." In Wolff, Clearwire may have found that chairman, he said. Wolff has served as a co-chairman in the past, focusing on financial and strategic issues. He has remained involved in McCaw's Eagle River company.

One of Clearwire's biggest challenges is its complicated relationship with Sprint, which owns a majority stake in the company and sells a WiMax service that runs on Clearwire's network, Paolini said. For example, Sprint subscribers with WiMax phones pay a certain amount each month for access to Clearwire's network whether or not they live in a market where it's available. How much of Sprint's revenue should go to the company that supplies its WiMax network has been a matter of contention, Paolini said.

However, the best solution to the company's financial problems may be yet another relationship with a large carrier, such as T-Mobile USA, Paolini said. Teaming up with T-Mobile could provide a major injection of the capital needed to further expand the network, while also drawing in more potential customers through T-Mobile's subscriber relationships and marketing efforts, she said. But making that work while continuing its relationship with Sprint, a direct competitor to T-Mobile, would be even more difficult than the current arrangement.

"It's a huge opportunity, but it's not an easy agreement or business model for anybody involved," Paolini said.

Stephen Lawson covers mobile, storage and networking technologies for The IDG News Service. Follow Stephen on Twitter at @sdlawsonmedia. Stephen's e-mail address is stephen_lawson@idg.com

Facebook finds powerful 'friend' in Goldman Sachs (AFP)

Posted: 03 Jan 2011 07:18 PM PST

by Charlotte Raab Charlotte Raab – 1 hr 57 mins ago

NEW YORK (AFP) – Social-networking giant Facebook could flex its growing might after reportedly raising 500 million dollars from Goldman Sachs and a Russian firm in a deal valuing the website at 50 billion dollars.

The New York Times, citing sources familiar with the deal, reported Monday that Goldman had invested 450 million dollars in Facebook and Digital Sky Technologies, a Russian investment firm that has already sunk about half a billion dollars into Facebook, invested 50 million dollars.

Facebook and Goldman, one of Wall Street's most prestigious investment banks, declined to comment on the report.

Representatives of the two US firms, and DST, which recently changed its name to Mail.ru, had declined to comment on the information, the Times said.

The new money would make the privately held Facebook, founded in 2004 by Mark Zuckerberg in his Harvard University dormitory room, worth more than US aerospace giant Boeing and media company Time Warner.

"This gives Facebook the additional capital it needs to not only fund its unprecedented growth but to also make acquisitions in the technology and the talent that they need to continue to drive the kind of growth that they're experiencing," Lou Kerner at Wedbush Securities told AFP.

The fast-growing social-networking website has more than 500 million active users per month worldwide as subscribers "friend" their contacts and share their activities.

According to comScore, the number of unique visits to the website jumped to 647.5 million in November, up 48 percent from a year ago.

And last week another firm, Experian Hitwise, said Facebook had surpassed Google, the world's Internet search leader, as the most-visited website in the United States in 2010.

Zuckerberg, 26, recently named Time magazine's "Person of the Year," has resisted pressure to launch an initial public offering (IPO) of stocks.

With this reported fresh investment, Facebook has a bigger capitalization than Boeing, at 48.7 billion dollars, or Time Warner, about 36 billion.

Yet its annual revenue, primarily based on advertising, is estimated at two billion dollars, compared with Boeing's 64.62 billion and Time Warner's 26.5 billion.

According to Kerner, Facebook's valuation is not excessive, estimating an IPO would fetch 100 billion dollars.

"I think right now Facebook is not at all concerned with an IPO, they're concerned with achieving global ubiquity, getting every Internet user on the planet to become a Facebook member and getting every website in the world to integrate with Facebook technology," he said.

"It's quite possible that they would never go public. In my view the biggest threat to Facebook is government regulation, and that threat is greatly increased if you're public, then governments around the world have a lot more rights to look into your business."

Goldman has the right to sell part of its stake, up to 75 million dollars, to the Russian firm, whose original investment in Facebook, at a valuation of 10 billion dollars, has climbed fivefold, the Times said.

As part of the deal, Goldman is expected to raise as much as 1.5 billion dollars from investors for Facebook, the Times said.

The deal could also double the personal fortune of Zuckerberg, the Times said. According to Forbes, Zuckerberg was worth 6.9 billion dollars when Facebook was valued at 23 billion dollars.

Vizio Announces Theater 3D HDTVs (PC World)

Posted: 03 Jan 2011 03:00 PM PST

Patrick Miller Patrick Miller – Mon Jan 3, 6:00 pm ET

HDTV giant Vizio announced a new lineup of HDTVs today, ranging from 22 to 71 inches across their budget-friendly E-series, stylish M-series, and high-powered XVT-series TV lines.

All of these TVs will support Vizio's Theater 3D feature, which uses circular-polarized 3D glasses to produce a 3D image, similar to the inexpensive, lightweight glasses used in 3D movie theaters. This is a marked difference from previous home 3D TVs, which all used active-shutter glasses that required batteries, weighed more, and cost as much as $150 for a pair. Vizio claims that their polarized 3D technology reduces crosstalk (meaning you won't have to deal with ghosting image issues that earlier 3D TVs had) and looks twice as bright as active-shutter 3D sets.

Each of these TVs also include Vizio Internet Apps ("VIA"), which allow the TV to stream media from Netflix, Amazon VOD, Vudu, Pandora, and several other services. The higher-end XVT3D476SV and XVT3D556SV models, however, will incorporate Vizio's new "VIA Plus" features, which includes Google TV support, so you can browse the Web from your TV and more with an included Bluetooth QWERTY remote. What's more, you pick up Vizio's new Android tablet or smartphone, VIA Plus HDTVs will be able to play nicely with them.

The E-series HDTVs will come in 32-inch, 42-inch, and 47-inch models, with the 32-inch model stuck with a 60hz refresh rate and the 42-inch and 47-inch models with a 120hz refresh rate. None of the E-series TVs have Bluetooth remotes, so you'll have to move up to selected M-series or XVT-series models if you want Bluetooth support or LED lighting.

The M-series TVs will come in 42-inch, 46-inch, 47-inch, and 55-inch models, each of which feature Vizio's 240hz SPS ("Scenes Per Second") refresh rate and the standard Vizio Internet Apps implementation. All of these include Bluetooth support and edge-lit RazorLED lighting.

Vizio's flagship XVT-series HDTVs will range from 22 inches to 65 inches. The smaller sets (22-inch and 26-inch) are stuck with a 60hz refresh rate and an infrared remote, while refresh rates vary across the board from 120hz and 240hz to a whopping 480hz. The larger sets include either Vizio's edge-lit LED lighting ("RazorLED") or full-array LED backlighting ("TruLED"), and the two VIA Plus models include a special Bluetooth remote that has a touchpad to take advantage of the Google TV features.

Don't forget to check our CES 2011 landing page later in the week for more hands-on coverage and video.

In Video: CES 2011 HDTV Trends

Android Nipping at iOS' Heels in Market Share [STATS] (Mashable)

Posted: 03 Jan 2011 01:29 PM PST

Christina Warren Christina Warren – Mon Jan 3, 4:29 pm ET

Apple's iOS might be top smartphone OS in the U.S. in terms of marketshare, but Android is gaining, especially among new smartphone buyers.

The latest smartphone market share survey from Nielsen looks at data from November 2010. This data shows the iPhone has retained pole position in overall smartphone marketshare in the U.S. with an estimated 28.6% of the market. RIM's BlackBerry and Google's Android platforms are essentially tied in second place, with 26.1% and 25.8% respectively.

In fact, Android's numbers are up by almost 6% from another Nielsen survey from the month before.

Of course, current market share is only part of the picture. Nislsen's study also tracks smartphone purchases from the last six months, and in this area, Android is the clear winner, representing 40% of purchases.

This kind of momentum has continued to build for Android steadily over the last six months. Looking at the U.S. operating system share over the last six months, Android has continued to grow at rates faster than its competitors. Apple has seen a slight uptick in market share, generally remaining steady, while BlackBerry is losing marketshare against its competitors.

Of course, all three platforms are benefitting from the continued surge in smartphone sales. Nielsen reports that 45% of recent phone buyers choose a smartphone over a feature phone. That underscores just how much room remains in the overall smartphone market.

When it comes time to replace a phone or renew a mobile contract, an increasing number of users are going to be faced with the decision of buying another feature phone or paying the same price (albeit with higher data fees) for a smartphone.

In this area, Android at a particular advantage, not just because of its strong ties across U.S. carriers but because of the many different models from various manufacturers.

Samsung moves 10 million Galaxy S phones in seven months (Appolicious)

Posted: 03 Jan 2011 11:09 AM PST

Software Industry New Year's Resolutions (PC World)

Posted: 03 Jan 2011 12:00 PM PST

Chris Kanaracus Chris Kanaracus – Mon Jan 3, 3:00 pm ET

A new year has begun for the enterprise software industry, presenting an opportunity for the players to contemplate 2010's wins and losses while ushering in some welcome changes and delivering on promises.

Here are some unsolicited suggestions.

For Oracle: To finally release Fusion Applications, as CEO Larry Ellison recently promised, in the first quarter of this year. People haven't forgotten, Larry, and no amount of chest-thumping over Exadata's success will make that happen.

For Oracle overall, again: Speaking of Exadata, to cook up at least three new takes on the concept. "Exa-JD Edwards" has a nice ring to it.

For Ellison: To buy an enterprise-grade "e-mail recall" feature, just in case he wants to rethink his next "Hey, Jerk" missive to some media foe.

For new Oracle co-president Mark Hurd: To let Ellison beat him at tennis every match. Because that's what friends are for.

For SAP: To finally figure out how to convince that army of legacy R/3 customers that it's time to upgrade.

Also for SAP: One way might be to come up with a less suggestive name for those ERP "enhancement packs" that are available with Business Suite.

SAP again: To roll out a converged mobile development platform within the nine-month time frame pledged in August. That schedule coincides nicely with the Sapphire conference in May, so it's likely that SAP will have something to show there. The question is whether it will be production-ready code or demo-ware.

One more for SAP: To give customers a clear and complete story on the future of NetWeaver. Recent announcements and presentations have referenced a flurry of versions and flavors of the middleware stack to the point of confusion.

For SAP co-founder Hasso Plattner: To explore possibilities for a three-way self-interview, perhaps spanning three continents.

For Hewlett-Packard CEO and former SAP CEO Leo Apotheker: To memorize the "HP Way" manual, which could ensure he lasts longer than seven months in the top spot.

For recently appointed Infor CEO Charles Phillips: To buy a really big flashlight to help him get out of former boss Larry Ellison's shadow at his new gig. Or perhaps run a billboard-centric marketing campaign? Maybe not.

For the last few remaining independent ERP vendors: A phone with anice loud ring so you don't miss Larry's or Charles' call.

For Salesforce.com CEO Marc Benioff: To buy a special body harness that delivers a powerful electric shock when his Dreamforce keynote goes over two hours, or when he surpasses 100 mentions of the word "cloud" in a single speech.

For software salesexecutives: To pay your sales force based on the level of customer success and satisfaction after projects are done, not according to the number of deals they close.

For software vendor salespeople: Resolve to tell at least one prospective customer, "our product is not a fit for your needs."

For ERP system integrators: To kick the habit of using a rock-star project manager to win an ERP implementation deal, but then staffing the actual project with a pack of greenhorns.

For ERP customers: To understand what you want from the software while budgeting enough time and money for training. And to not change the plans halfway through the project.

For CIOs: To think of a new excuse to delay cloud software adoption besides "security concerns." That one's getting old.

CIO.com's Tom Wailgum contributed to this report.

Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris's e-mail address is Chris_Kanaracus@idg.com

New JBoss Puts Java EE 6 to Work (PC World)

Posted: 03 Jan 2011 09:30 AM PST

Joab Jackson Joab Jackson – Mon Jan 3, 12:30 pm ET

The newest version of the open source JBoss Application Server has been released, and is now one of the first production-ready app servers to support Java EE 6.

Java EE 6 is the newest version of the Java Platform, Enterprise Edition, which was designed to build enterprise applications with the Java programming language and related tools. The Java Community Process (JCP) oversees the development of Java EE.

JBoss is an open source application server that implements JAVA EE specifications. Open source software vendor Red Hat leads the development of JBoss, although outside developers also contribute to the effort. Red Hat itself offers a support subscription to the software, which it markets as part of the JBoss Enterprise Middleware package.

With this release, JBoss will one of the first enterprise-grade application servers to fully support Java EE 6. Adoption of this specification seems to be moving at a slow pace, as enterprise software vendors debate the use of alternatives to the stack.

Oracle's GlassFish Enterprise Server version 3 also supports Java EE 6. Oracle, however, positions GlassFish as a lightweight server, an alternative to its own flagship app server WebLogic. WebLogic does not yet support Java EE 6.

IBM is currently updating WebSphere to include Java EE 6, though does not plan to release it until later this year. SAP has made no announcements about when Java EE 6 will be built into Netweaver. Version 7 of the Apache open source Tomcat, now in beta, will support only a subset of Java EE 6.

In an online survey conducted by Java tools provider ZeroTurnaround, 26 percent of 1,000 developers indicated that they used JBoss, making it the second most popular application server after Tomcat (which garnered 33 percent).

Red Hat has not announced a data for when it will start commercially supporting JBoss 6.0. In December, the company released a number of software packages based on JBoss, including the JBoss Enterprise Portal Platform 5.1, and the JBoss Enterprise Middleware Business Rules Management System 5.1.

Joab Jackson covers enterprise software and general technology breaking news for The IDG News Service. Follow Joab on Twitter at @Joab_Jackson. Joab's e-mail address is Joab_Jackson@idg.com

Microsoft, Google Clash Over IE 0-Day Leaked to Chinese Hackers (PC Magazine)

Posted: 03 Jan 2011 07:17 AM PST

Larry Seltzer - PC Magazine Larry Seltzer - Pc Magazine – Mon Jan 3, 10:17 am ET

Well-known researcher and Google employee Michal Zalewski has come across what appears to be an independent discovery of an unpatched Internet Explorer vulnerability by separate researchers in China.

The motives of those researchers are unknown. Zalewski discovered the vulnerability while working on a newly released "fuzzing" tool for Web browsers. Fuzz testing is a form of testing in which inputs to the program under test are generated by a "fuzzer" based partly on random factors. The aim is to create unexpected conditions and see if the program under test handles error conditions, edge cases, and stress properly.

This 0-day appears to be unrelated to the one that exploits a .NET DLL unprotected by ASLR.

Zalewski described the tool, named cross_fuzz, as "an amazingly effective but notoriously annoying cross-document DOM binding fuzzer that helped identify about one hundred bugs in all browsers on the market - many of said bugs exploitable - and is still finding more."

The tool's design-cruel to the point of torture of a browser's DOM engine-has so much randomness in it that it often makes reproduction of errors difficult. Many of the reports to vendors from the use of this tool remain in a state of vagueness that makes them difficult to fix. Zalewski has released the tool in the hope that community involvement will help to make it more helpful to developers.

But the tool found several exploitable and fairly well-defined vulnerabilities in Internet Explorer, which Zalewski reported to Microsoft in July. They acknowledged receipt, but did not reply further until just recently to ask that the release of the tool be delayed.

Google researchers have been involved in controversial disclosure episodes before, but clearly there is a point at which it's reasonable for researchers to go public if the vendor has not responded. Six months seems to be emerging as the industry standard for this.

Note that Zalewski has not completely disclosed the IE vulnerabilities (although he did release a stack trace). Everyone, and certainly Microsoft, has to assume they are in the wrong hands by now, especially as Zalewski's experience indicates that the Chinese researchers had found it themselves and were searching for further information.

Jerry Bryant, group manager of response communications at Microsoft, said the company was aware that Zalewski had published his tool.

"A particular version of the tool was first reported to us in July 2010. At the time, neither Microsoft or the Google security researcher identified any issues. On December 21st, a new version of the tool was reported to us along with information about a potentially exploitable crash found by the new version," Bryant said in a statement. "We immediately worked to reproduce the issue with the updated and original tool and are currently investigating it further to determine if it is actually exploitable. At this point, we're not aware of any exploits or attacks for the reported issue and are continuing to investigate and monitor the threat environment for any changes."

Bryant reiterated Microsoft's pledge to work with researchers and outside companies on security issues.

"Working with software vendors to address potential vulnerabilities in their products before details are made public, reduces the overall risk to customers," he said. "In this case, risk has now been amplified. We will continue to investigate this issue and take appropriate action to help protect customers."

Zalewski later updated his timeline of work on this tool, the vulnerabilities found with it and his communications with Microsoft to indicate that the earlier version of the fuzzer provided to Microsoft in July did indeed produce the crashes.

It's also worth mentioning, as Microsoft does in its response, that there are no known attacks using exploits produced with this tool. Also, when used on Windows Vista and Windows 7, IE runs, by default, in Protected Mode, and a sandbox limits the impact of most vulnerabilities. There is no indication that cross_fuzz has found any vulnerabilities that break out of Protected Mode.

U.S. DHS Goes After Vietnamese Hackers, Identity Thieves (PC World)

Posted: 03 Jan 2011 06:50 PM PST

Robert McMillan Robert Mcmillan – 2 hrs 25 mins ago

The U.S. Department of Homeland Security is cracking down on a international criminal ring, based in Vietnam, that is thought to have stolen hundreds of millions of dollars from online merchants using hacking and identity theft.

Last month, agents from the DHS's Immigration and Customs Enforcement (ICE) investigations unit raided the home of two Vietnamese exchange students at Minnesota's Winona State University, seizing documents and computer equipment.

According to an affidavit filed in support of the search warrant in this case, the students, Tram Vo and Khoi Van, made more than $1.2 million selling software, videogames and Apple gift cards on eBay, and then shipping buyers products that they'd purchased with stolen credit card numbers.

The scam that Vo and Van are accused of has become a big problem for U.S. merchants, according to the affidavit, which was unsealed last week.

Here's how it works. Using stolen information the criminals set up eBay and PayPal accounts in other people's names and start selling products -- $400 Rosetta Stone software or iTunes gift cards, for example. When legitimate buyers purchase these products using PayPal, the scammers then order them direct from the manufacturer, using stolen credit card numbers. By the time the credit card user reports the fraud, the scammers have already moved their money from PayPal to another bank account. Then they move it offshore to accounts in Canada or Vietnam.

The online merchant is the big loser in the deal, but the consumers whose information was stolen also take a hit, as they have to untangle themselves from the fraudulent credit card transactions and fake eBay and PayPal accounts.

One victim, Susan Higginbotham, of Bemidji, Minnesota, got as many as eight letters a day from banks telling her she'd just signed up as a customer. She also got bills from eBay for the fraudulent transactions, according to the Minnesota Star Tribune, which first reported the investigation on Saturday.

In November, Louisiana authorities working with ICE arrested three students in connection with a similar scam.

The law enforcement operation, run out of ICE's Cyber Crimes Center in Washington, D.C., has been investigating the Vietnamese crime ring since Sept. 2009 in an action called Operation eMule, according to the affidavit, which is signed by DHS Special Agent Daniel Schwarz. "The criminal ring makes online purchases from e-commerce merchants using stolen credit card information and then utilizes an elaborate network of mules based in the United States," he wrote. The criminals get stolen credit or bank card numbers by hacking PCs or databases. In some cases, they simply buy the stolen personal information from underground online marketplaces.

The criminals involved in this operation get their orders via a secured Web site that is available only to "vetted members,' Schwartz said. The money at play in this criminal enterprise is "estimated to exceed hundreds of millions of dollars," he said.

ICE and the Computer Crimes Center did not respond to calls Monday. PayPal and eBay were unable to comment immediately.

Criminals are finding plenty of ways to steal money in the U.S. The hard part, though, is getting the cash out of the country. That's where money mule networks come in. In October, authorities arrested more than 100 people in the U.S. and U.K. in connection with another money mule operation -- this one thought to be operated out of Ukraine. Scammers were hacking into bank accounts, transferring money around, and then using mules to move the money offshore using services such as Western Union.

Robert McMillan covers computer security and general technology breaking news for The IDG News Service. Follow Robert on Twitter at @bobmcmillan. Robert's e-mail address is robert_mcmillan@idg.com

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