Galaxy 5 security foiled
A Berlin-based researcher said he has managed to fool the fingerprint-based security system on Samsung Electronics Co’s new Galaxy S5 smartphone using wood glue and a picture of the original print. Ben Schlabs, who works for Security Research Labs, said the trick is identical to the one hackers used to unlock Apple Inc’s iPhone 5s last year. The S5 flaw is potentially more serious, because Schlabs said he was also able to trick the electronic payment app PayPal, which uses Samsung’s fingerprint authentication. Schlabs said users concerned about security can choose to use a strong password instead of the convenient but flawed fingerprint system.
Real-estate hikes pause
China’s new-home price increases eased across the country last month amid tighter credit that prompted developers to give discounts. Home prices from the first-tier cities to those less affluent all weakened last month, according to the National Bureau of Statistics. Prices in Beijing rose 10 percent from a year earlier, the slowest since April last year, while those in Shanghai added 13 percent, the smallest since June. Prices rose in 56 cities last month from a month earlier, compared with 57 in February, data showed.
Nokia recalls tablet chargers
Nokia on Thursday recalled 30,000 chargers for its Lumia 2520 tablet due to risk it could give customers an electric shock. The AC-300 charger, manufactured by a third-party supplier, was sold in Austria, Britain, Denmark, Finland, Germany, Russia, Switzerland and the US. The Lumia 2520 is the first tablet by Nokia. “The plastic cover of the charger’s exchangeable plug could come loose and separate,” the Finnish company said in a statement. “If loose and separated, certain internal components pose a hazard of an electric shock if touched while the plug remains in a live socket.”
GE posts Q1 results
General Electric Co’s (GE) new focus on oil and gas equipment helped the company to post strong first-quarter results. GE posted lower overall first-quarter net income than a year ago, due to the sale of NBC Universal during that period. The company said on Thursday that its industrial divisions, especially oil and gas, performed well and that the global economic environment was improving. The company earned US$3 billion on revenue of US$34.18 billion in the year’s first three months, down from US$3.5 billion on revenue of US$34.94 billion during the same period last year. On a per share basis, GE earned US$0.30.
GM sold 2.42m cars in Q1
General Motors Co (GM) said it sold 2.42 million cars and trucks in the first three months of the year, keeping it slightly ahead of Volkswagen in the global sales race. The Detroit automaker said its sales grew 2 percent worldwide from January through March. The company was led by 13 percent growth in China. However, sales fell 2 percent in North America. Sales leader Toyota has yet to release first-quarter numbers, but said it is on the way to selling 10.1 million vehicles this year. Volkswagen said it sold 2.4 million vehicles in the first quarter, up almost 6 percent. Toyota finished first last year with a record 9.98 million sales. GM finished second and Volkswagen third.
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US
CORPORATE SCANDAL: Cathay Life has invested NT$13.3 billion in Bank Mayapada since 2015, but the latest loss of NT$8.8 billion has completely written off its investment Cathay Life Insurance Co (國泰人壽) yesterday said it would recognize an investment loss of NT$8.8 billion (US$298.1 million) in Indonesia’s Bank Mayapada Internasional Tbk PT due to concerns about the lender’s operations amid a corporate scandal. The company said it would revise its earnings result for June, from a net profit of NT$6.52 billion to a net loss of NT$520 million, its first monthly loss over the past 17 months. After booking an investment loss of NT$5.2 billion in Bank Mayapada earlier this year, Cathay Life has so far recognized total investment losses of NT$14 billion in the lender, executive vice president
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported that revenue last month expanded 25 percent annually, but fell 12.8 percent month-on-month to NT$105.96 billion (US$3.59 billion). In the first seven months of this year, the chipmaker’s revenue surged 33.6 percent to NT$727.26 billion, compared with NT$544.46 billion a year earlier. TSMC has said it aims to grow its revenue by more than 20 percent this year. The company has since May 15 stopped taking new orders from Huawei Technologies Co (華為), its second-biggest customer after Apple Inc, due to the US’ restrictions on exports containing US technologies. TSMC has no plans to
The US stock market has been on a tear, yet the country’s economy is in the dumps. So why do so many people believe — undoubtedly incorrectly — that the stock market has decoupled from reality? The economy many people experience, while bleak, is local, personal and, for the most part, either not publicly traded or plays only a small part in the stock market’s moves. To explain why these personal experiences have so little effect on equity markets, we must look more closely at the market role of the weakest industry sectors. The surprising conclusion: The most visible and economically vulnerable