Nasdaq seen struggling with aftermath of Facebook IPO

NEW YORK (Reuters) - Nasdaq OMX faces short-term costs from its botched handling of Facebook shares on their first day of trading but the longer term repercussions could be more expensive as it struggles to restore its image. Initially, the exchange said it plans to set aside $13 million to resolve bad trades, and even if all of that was used, the cost would be minimal compared with the $387 million in net income it reported last year. The bigger hit to Nasdaq's business is likely to come from the damage done to its reputation by the stumble. ...

Facebook stock slide puts new pressures on company

Ex-Yahoo director, fund manager made illegal trades: U.S.

(Reuters) - Federal prosecutors on Monday announced insider trading charges against a former Yahoo employee and a fund manager for illegally sharing and trading on secret company information. The pair pleaded guilty in Manhattan federal court on Monday, the Manhattan U.S. Attorney's office said in a press release. They were also charged by U.S. securities regulators in a parallel civil proceeding. The SEC said it is pursuing a civil settlement with the two. ...

Computer hackers access U.S. Justice Department website: spokeswoman

Yahoo clears a hurdle, sells Alibaba stake for $7.1 billion

SHANGHAI/NEW YORK (Reuters) - Yahoo Inc will sell as much as half of its 40 percent stake in Chinese e-commerce powerhouse Alibaba Group for $7.1 billion, ending years of fractious talks over how to extract value from its most prized asset. Yahoo also increased its stock buyback authorization by $5 billion to $5.5 billion as a result of the deal but said it might instead opt to distribute some of the proceeds through a dividend. The sale, announced on Monday, gives Yahoo $6.3 billion in cash and up to $800 million of new Alibaba preferred stock. After taxes, Yahoo will clear $4.2 billion. ...

Early Facebook mutual fund buyers still in money

Facebook shares sink 11 percent as reality overtakes hype

(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing, but does it little for Facebook, whose lead underwriter, Morgan Stanley, had to step in and defend the $38 offering price on the open market. ...

Some investors still await confirmation on Facebook orders

Investors relieved they got shut out of Facebook IPO

Facebook investors left guessing after Nasdaq glitch

Chrome passes Internet Explorer to become world’s most popular browser

Google’s Chrome Web browser has continued to gain market share since its introduction in 2008. Despite surpassing Internet Explorer in select regions and on weekends, Google’s browser has never been able to dethrone Microsoft in global usage share. According to new numbers from StatCounter, however, Google’s browser has finally averaged higher traffic than Internet Explorer for the first time over a full seven-day stretch. From May 14th through May 20th, the Internet giant’s Web browser garnered a 32.76% share, ahead of Microsoft’s 31.94% and Mozilla Firefox’s 25.47% share. At the start of this week, however, Chrome’s share began to slide, falling to 31.88%, just ahead of Internet Explorer’s 31.47% share. Read

Lawrence Lessig: Internet Privacy Is an Oxymoron [VIDEO]

A look at tech companies with recent IPOs

Subscriber data from Internet service providers

What earnings reports have revealed about ads

Court won't reduce student's music download fine

A former Boston University student who was ordered to pay $675,000 for illegally downloading and sharing 30 songs on the Internet says he will continue fighting the penalty, despite the Supreme Court's refusal Monday to hear his appeal.

EU offers Google last chance in antitrust case

BRUSSELS (Reuters) - The European Union's antitrust chief on Monday ratcheted up the pressure on Google, giving it a matter of weeks to settle an investigation into allegations of anti-competitive behavior and avoid formal charges and a possible fine. Even if Google, the world's most popular search engine, offers concessions to resolve the issue, it will still be under the EU spotlight after fresh complaints about its Android mobile software, the top operating system for Internet-enabled smartphones. ...

CableWiFi to offer more than 50,000 free access points to cable subscribers

Five major U.S. cable companies have teamed up to offer more than 50,000 free Wi-Fi hotspots to subscribers. The service will be known as “CableWiFi,” and will be offered to customers of Bright House Networks, Cablevision, Comcast, Cox Communications and Time Warner Cable. The service initially launched in New York City and central Florida earlier May, and is set to expand to other markets in the coming months. “This effort adds great value to our high speed Internet customers by providing free wireless Internet access on all of their WiFi enabled devices in our markets and additional areas across the country,” said Nomi Bergman, President of Bright House Networks. The joint press release follows below. Major U.S. Cable Companies Join

In Cuba, mystery shrouds fate of Internet cable

It was all sunshine, smiles and celebratory speeches as officials marked the arrival of an undersea fiber-optic cable they promised would end Cuba's Internet isolation and boost web capacity 3,000-fold. Even a retired Fidel Castro had hailed the dawn of a new cyber-age on the island.

Europe gives Google one last chance to end antitrust investigation

European Union antitrust regulators launched an investigation into Google’s search practices in November 2010 after rivals accused the company of promoting its own services ahead of theirs. EU Competition Commissioner Joaquin Almunia on Monday said regulators and Google were not looking at a lengthy proceeding, and if the Internet giant could meet certain demands, the antitrust investigation could be brought to a close, Reuters reported. “Google has repeatedly expressed to me its willingness to discuss any concerns that the Commission might have without having to engage in adversarial proceedings, this is why today I’m giving Google an opportunity to offer remedies to address concerns that we have identified,” Almunia said, adding that he wanted a proposal from Google “in a matter of

There Was a lot of Internet at the Ultra-Orthodox Rally Against the Internet

That ultra-Orthodox rally in New York this weekend all about the evils of the Internet used the Internet in so many ways. At the gathering of 40,000 Jewish men in CitiField, a rabbi warned about all the horrible things the Web is doing to the chosen people. "This is reprogramming our way of life! It’s changing who we are!" said Rabbi Rav Ephraim Wachsman, according to BetaBeat's Adrienne Jeffries, a woman who went undercover to the event on Sunday. "Children are being turned into click-vegetables!" he continued.

‘Copyright cop’ system for U.S. ISPs delayed

The new “six strikes” anti-piracy policy soon to be implemented by a number of major Internet service providers in the United States will reportedly stumble out of the gate. The policy, which is set to be adopted by Comcast, Cablevision, Verizon, Time Warner Cable and other ISPs, will see action taken against users caught downloading pirated files in six steps, ultimately resulting in bandwidth throttling or even service suspensions. The system responsible for managing the new policy may not be ready on schedule, however, and the targeted launch date of July 12th may slip back as a result. According to a recent report from TorrentFreak, the newly formed Center for Copyright Information and major U.S. ISPs will not implement the new system on

Yahoo to sell half of its Alibaba stake for $7.1B

Struggling Internet company Yahoo Inc. has secured a lifeline after agreeing to sell half of its prized stake in Chinese e-commerce group Alibaba for about $7.1 billion, with most of the cash going to shareholders.

More Than 40,000 Orthodox Jews Hold Rally About Risks of Internet

Alibaba in talks to raise $2.3 billion equity for Yahoo deal: sources

SINGAPORE/HONG KONG (Reuters) - Chinese Internet firm Alibaba Group is in talks with existing shareholders, including Singapore state investor Temasek Holdings , to raise about $2.3 billion in equity to partly finance its deal with Yahoo Inc. , two sources said. Entrepreneur Jack Ma is buying back up to half of a 40 percent stake in his Alibaba Group from Yahoo for $7.1 billion, in a deal that moves the Chinese e-commerce leader closer to a public listing. Alibaba is looking to raise about a third of the $7.1 billion through issuance of equity to shareholders, one of the sources told Reuters. ...