Reserve requirement to rise
China's central bank ordered commercial banks yesterday to keep more money on deposit, raising a reserve requirement yet again to try to rein in the rapid lending that is fueling torrid economic growth. The People's Bank of China said the reserve requirement ratio will be raised half a percentage point, to 13.5 percent, on Nov. 26, making it the ninth increase this year. The central bank said in a statement on its Web site that the move was intended to "strengthen liquidity management in the banking system and check excessive credit growth."
EMI sues online provider
EMI Group Plc labels sued the founder of a San Diego-based online music provider for copyright infringement, seven years after another Internet company founded by him began paying more than US$100 million to end similar suits. Michael Robertson and his company, MP3Tunes LLC, were named as defendants in a complaint filed yesterday by labels including Capitol Records Inc and EMI Virgin Music Inc in federal court in Manhattan. In 2000, another online music company founded by Robertson, MP3.com Inc, started paying more than US$100 million to settle infringement suits brought by Universal Music Group and other labels.
Nike catalog stolen: FBI
A man who said he found advance copies of a Nike Inc 2008 catalog and then offered to sell it to the competition has been charged with theft of trade secrets, the FBI said. Reynold Sare Chapin, 53, was arrested by FBI agents last week at Portland International Airport, Oregon, in an undercover sting. The investigation started when Beaverton-based Nike was tipped off by one of its competitors, Saucony Inc, that somebody had sent photocopies of pages showing unreleased Nike products, an FBI affidavit filed in US District Court in Portland said. "People would die to see what's coming next," Saucony president Richie Woodworth told the Oregonian.
iPhone debuts in Europe
Customers in Germany and Britain lined up to buy the iPhone as it made its European debut on Friday, with Apple Inc hoping to replicate overseas the success the combination phone, music player and Web browser has seen in the US. Apple hopes to sell 10 million iPhones next year, helped by the launch of the iPhone in Europe, then in Asia next year. It is unclear how many iPhones have already found a backdoor into Europe. Programmers around the globe collaborated to develop ways to modify or "unlock" iPhones to work with SIM cards tied to other carrier networks. Apple officials estimated last month that buyers of 250,000 iPhones intended to unlock them.
Hacker pleads guilty
A hacker from a "botnet underground" group that infected nearly a quarter-million computers with spy software is pleading guilty to criminal charges, US prosecutors said on Friday. John Schiefer agreed to plead guilty to fraud and illegal wiretap charges carrying a maximum sentence of 60 years in federal prison and a US$1.75 million fine, said Thom Mrozek of the US Attorney's Office in Los Angeles. The 26-year-old Los Angeles man and accomplices spread "spybot" computer code that took over people's machines, turning them into "zombies" manipulated from elsewhere without owners knowing, Mrozek said.