Financial
Feds: Russian man who created SpyEye pleads guilty PDF  | Print |  E-mail
Written by KATE BRUMBACK, Associated Press   
Tuesday, 28 January 2014 18:45

ATLANTA (AP) — A Russian man pleaded guilty to a conspiracy charge Tuesday after federal authorities say he created a computer program that has been used to drain bank accounts.

Aleksandr Andreevich Panin, who's also known as "Gribodemon" and "Harderman," pleaded guilty to a single count of conspiracy to commit bank fraud and wire fraud. He appeared in federal court wearing an orange jail uniform with his legs chained together as he entered a guilty plea after reaching a plea agreement with prosecutors.

Another man, Hamza Bendelladj, was also indicted in the case and pleaded not guilty in May after being extradited from Thailand, where he was arrested a year ago. The case against him is still pending.

Authorities say the 24-year-old Panin is the main author of SpyEye. The program is a type known as a banking Trojan, which was implanted onto computers to harvest financial information so its users could drain bank accounts. Authorities said the malware has infected more than 1.4 million computers in the United States and abroad and is responsible for untold amounts of financial theft.

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Pressure mounts for Apple to expand its horizons PDF  | Print |  E-mail
Written by MICHAEL LIEDTKE, AP Technology Writer   
Tuesday, 28 January 2014 18:36

SAN FRANCISCO (AP) — Apple reshaped technology and society when Steve Jobs unveiled the iPhone seven years ago. Now, the trend-setting company is losing ground to rivals that offer what Apple has stubbornly refused to make: smartphones with lower prices and larger screens than the iPhone.

The void in Apple's lineup is a major reason why the company's quarterly revenue may be about to fall for the first time in more than a decade, much to the dismay of investors who are worried that Apple Inc. is losing its verve and vision.

Wall Street vented its frustration after Apple reported late Monday that it sold fewer iPhones than analysts anticipated during the holiday season. Apple compounded that disappointment with a forecast raising the possibility of a slight revenue decline in the current quarter. It would be the first time that Apple's quarterly revenue has dropped from the previous year since 2003.

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Stocks rise on Wall Street after 3 days of losses PDF  | Print |  E-mail
Written by STEVE ROTHWELL, AP Markets Writer   
Tuesday, 28 January 2014 18:38

NEW YORK (AP) — Investors' jitters over emerging markets faded on Tuesday and U.S. stocks rose for the first time in four days.

Global stock markets stabilized after three turbulent days when investors grew worried about growth in China and other developing economies. The sell-off began last Thursday, when a survey for January showed that Chinese manufacturing was set to contract, dragging down stocks in Asia, Europe and the U.S. The slide continued on Friday as currencies in countries including Argentina and Turkey slumped. On Monday, Asian markets dropped, although the selling on Wall Street eased.

By Tuesday, though, global markets regained their calm. In the U.S., earnings gains from big companies, including Pfizer, Comcast and D.R. Horton helped lift stock indexes. One area of disappointment, though, was Apple, whose weak revenue forecast pushed its stock to the biggest one-day loss in a year.

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Two Bitcoin operators charged in N.Y. 'Silk Road' bust PDF  | Print |  E-mail
Written by LARRY NEUMEISTER, Associated Press   
Monday, 27 January 2014 15:02

NEW YORK (AP) — The top executive of a Manhattan-based Bitcoin company and a Florida Bitcoin exchanger have been charged with conspiring to commit money laundering by selling more than $1 million in Bitcoins to users of the black market website Silk Road, which let users buy illegal drugs anonymously, authorities said Monday.

Charlie Shrem, 24, the chief executive officer of BitInstant and vice chairman of a foundation that promotes the Bitcoin currency system, was arrested Sunday at New York's Kennedy Airport while Robert Faiella was arrested Monday at his Cape Coral, Fla., residence, prosecutors said in a news release. Federal prosecutors in Manhattan said Shrem personally bought drugs on Silk Road and was fully aware that it was a drug-trafficking website.

Shrem's defense attorney did not immediately return a message seeking comment ahead of a court appearance scheduled for Monday. It wasn't immediately clear who would represent Faiella in court.

Authorities have said Silk Road's San Francisco operator generated more than $1 billion in illicit business from January 2011 through September on the website, which used the tough-to-track digital currency called Bitcoin before it was shut down.

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