Employment News 14 October 2013

Employment News 14 October 2013

Ethical hacker Monendra Sahu in Google's 'security hall of fame'

Monendra Sahu, a young mining engineer from National Institute of Technology (NIT-Raipur) has the distinction of hacking websites of Microsoft, Google, Nokia, Blackberry, Yahoo and many others and is now listed in the "Security Hall of Fame".

Sahu has been rewarded by some of these websites, which have paid him sums of $100 to $20000.

Monendra, who is currently involved in network research also imparts training to the state police personnel on handling cybercrimes. "I have been training state police for the last two years. 

Their cybercell is not up to the mark and needs upgradation, as cyber crimes have increased'', he added.

"Online banking is a big threat, as it makes things easier for hackers. Algorithm science makes it easy for them to trace your ATM card number or password. During online transactions, one is often asked to provide credit card details, which can be traced by a hacker. I would suggest internet users, to lessen their number of logins to avoid such misuse", he added.

Under the on-going Bug-bounty programme being run by various social networking sites, search engines and other websites, hackers are encouraged to look for security vulnerability of their websites. Ethical hackers such as Sahu are rewarded by enlisting them in the hall of fame. Google in its current quarter list has ranked this Raipurian on the 11th spot in world.

India, US to target financial networks of terrorists group

India and the US agreed to work together to target the financial network and fund raising activities of Pakistan-based terror outfits like Lashkar-e-Taiba, Jamaat-ud-Dawa, the Haqqani network and individual terrorists associated with these organizations during a meeting between finance minister P Chidambaram and US treasury secretary Jack Lew.

Chidambaram and Lew also agreed on commitment to deepening dialogue on implementation of international anti-money laundering, combating the financing of terrorism and expanding cooperation on countering illicit financing.

This will include targeting the financial networks and fundraising activities of terror organisations such as Lashkar-e-Taiba (LeT), Jamaat-ud Dawa (JuD), the Haqqani Network and individual terrorists associated with these organisations, India said in a statement after the meeting.

Yahoo acquires URL-shortner, ad-service startup

Yahoo acquired tech company Bread, a URL shortner that allows users to design then target advertisements to readers who click on their links. 

"Through this acquisition, we're gaining a team of six engineers and product managers who will join our advertising technology organization in Sunnyvale," a Yahoo spokesperson said. 

Bread, which has already been shuttered, allowed users to make and insert ads that people clicking through to a shortened link's webpage would have to view, according to media. 

"When we launched Bread in 2011, our goal was to help social media influencers and publishers better monetize their online content," the company said in a statement. 

All Bread links will be viable until November 11, at which point the company says users should switch to another URL shortner, bit.ly.

NASSCOM shortlists 332 tech firms for start-up programme

NASSCOM has shortlisted 332 start-ups out of 4,000 applications that it received under a programme to support budding technology companies. 

NASSCOM President Som Mittal said—

We are overwhelmed with the impact that 10,000 start-ups programme has been able to create so far and look forward to create many more opportunities

Under the programme, NASSCOM conducted over 100 events comprising workshops, hackathons, pitches, fireside chats and reached out to more then 15 cities and touched base with over 7500 entrepreneurs/aspirants with the support of Google, Kotak, Microsoft and Verisign.

These companies were invited at Pitch sessions conducted at Delhi, Mumbai, Bangalore, Hyderabad and Kolkata where about 300 firms made over 1,200 pitches to over 50 angel investors, accelerators, angel investor groups, venture capitalists and mentors, NASSCOM said in a release.

Scotiabank to tie up with gems and jewellery trade body for gold deposit plan

Scotiabank in India plans to team up with jewellers for the first time to offer a gold deposit scheme, hoping ease of access and attractive interest rates will tempt people to part with their jewellery and relieve tight supplies.

Bank of Nova Scotia is in talks with trade group the Gems and Jewellery Trade Federation (GJF) and the Reserve Bank of India (RBI) to finalise details, the head of the bank's Indian bullion operations said.

Rajan Venkatesh managing director of Scotiabank's Indian bullion operations said-

"It's in a fairly advanced stage. There are a couple of issues to be sorted out, so once (they are) sorted out, it could be launched. 

He declined to spell out the problems or the details of the scheme.

GJF's chairman, Haresh Soni, said --

The deposit scheme was currently under discussion with the Reserve Bankof India, and the trade group was hoping to get approval from the central bank in four or five weeks. The RBI declined to comment. Soni said he had proposed interest rates for the scheme of 2.5 to 3 per cent of the gold price, to be paid in gold.

China, Taiwan plan to set up an equity exchange

China and Taiwan plan to set up a cross-strait equity exchange center in the mainland's southeastern province of Fujian as relations between the two sides improve. 

The center may be funded by 10 institutions including China's state-owned Xiamen Jinyuan Investment Group and a unit of Taiwan's SinoPac Financial Holdings Co., SinoPac Chief Financial Officer Michael Chang said by phone on Sunday. "It's an exchange for junior shares, aiming to help early stage or small companies in China to raise fund

Other funders include Xiamen Rural Commercial Bank, Guosen Securities Co. and Citic Securities Co., China National Radio reported today, citing Wang Juan, the center's manager. 

The plan is still at an early stage and SinoPac needs Taiwanese financial regulator's approval for the investment, SinoPac's Chang said. "From SinoPac's standpoint, we aim to help mid- to small Taiwan companies in China to raise funds by equity or debt, as it's hard for Taiwanese companies to list A shares.

Taiwan's President Ma Ying-jeou, whose approval rating has fallen to below 10 percent, has called for boosting political trust with China through closer communication. 

Improved ties with China has helped bolster Taiwan's economic growth as tourist spending surged and trade increased under Ma's administration. Ma, who came to power in 2008, must balance improved relations with concerns that the mainland would dominate its smaller neighbor.

US states in a fix over shortage of execution drugs

US states are turning to lightly regulated pharmacies for lethal injection drugs, prompting a host of court battles and at least one stay of execution because of concern tainted or impure drugs could inflict cruel and unusual punishment on inmates.

Cut off from traditional sources of drugs, at least five states where the death penalty is legal — South Dakota, Texas, Ohio, Georgia and Colorado — are looking to "compounding" pharmacies, which typically mix drugs for prescriptions and are mostly exempt from federal oversight and face widely varying scrutiny from states.

Tainted drugs from a Massachusetts compounding pharmacy caused an outbreak last year of a rare type of meningitis that killed more than 50 people and sickened more than 700 in 20 states, according to the US Centers for Disease Control and Prevention. 

The resulting outcry has sparked a drive in Congress for a larger role by the US Food and Drug Administration, which has warned of "special risks" from compounding pharmacies. No judge appears to have ruled that an execution was botched from compounded drugs. 

But death penalty opponents have filed a flurry of lawsuits seeking to halt executions using them.

Note - Use of compounded drugs runs the risk of violating the 14th Amendment to the US Constitution, which forbids states from inflicting "cruel and unusual punishment.

Govt seeks applications for 3 CCI members

Competition Commission Of India , (watch on unfair trade practices, will have three new members over the next few months as the government has invited applications for the positions.

The applications have been sought by the Corporate Affairs Ministry, the administrative ministry for the Competition Commission of India (CCI).

To become a member, one of the eligibility criteria is that the person should have at least 15 years of professional experience in international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs or competition matters, including competition law and policy.

Xpress Money to seek RBI nod to enter account credit segment

The move comes amid reports that the country will continue to top the remittances market this year as well. Last week, the World Bank had pegged the inflow this year at $71 billion, which is a record. Last year, total remittances stood at $69.13 billion.

Money transfer firm, Xpress Money is planning to move the Reserve Bank for a rupee drawing arrangement licence, a top company official has said. 

"We are planning to enter into an account credit side (rupee drawing arrangement), but it all depends on the approval from the Reserve Bank. We are in early stages of this exploration," Xpress Money vice-president and business head Sudhesh Giriyan.

Note-- RBI allows only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting as permissible.

Alibaba to transform China's 'e-conomy' with $500 billion market

Alibaba Group's plans to revolutionise China's retail industry, investing $16 billion in logistics and support by 2020, will open up China's vast interior and bring access to hundreds of millions of potential new customers.

Companies such as GOME Electrical Appliances, Haier Electronics Group Co and Chow Tai Fook Jewellery Group have branched into e-commerce, riding Alibaba's coattails and reaping the rewards with their own online stalls on Alibaba's websites.

CEO Jonathan Lu says Alibaba expects to nearly triple the volume of transactions on its marketplaces to about 3 trillion yuan ($490 billion) by 2016, overtaking Wal-Mart Stores Inc as the world's biggest retail network.

About Alibaba

Alibaba, which was founded in 1999 and has grown from a small business-to-business site, is uniquely positioned to do this. Jack Ma, the group's billionaire founder and former CEO, has the ear of China's ruling Communist Party, and met Premier Li Keqiang over two days last year to discuss the future of Chinese private enterprise.

RBI governor Raghuram Rajan’s plans to change trade credit may bring relief to SMEs

Rajan's plans to permit trade in the receivables of small companies that sell goods to big producers such as  automobiles industries may bring relief to small industries as this leads to the cost of working capital falling sharply.

A supplier waiting 90 or 120 days to receive payments from final goods producers may be able to discount receivables in an electronically operated exchange similar to stock exchanges.

Chairman and managing director of Bank of Baroda S Mundra said--

If a small company is able to sell receivables, its interest payment to the bank drops to that extent. "It is a sign of matured markets and a good idea to ensure payments to MSMEs within definite timetable.

Rajan's proposed model is akin to Mexican development bank Nafinsa's creation of an electronic platform on which any small firm can sell receivables. The idea was first introduced by Rajan in a 2008 report on financial sector reforms — A Hundred Small Steps. 

RBI Governer Raghuram Rajan said--

For small and medium firms, we intend to facilitate Electronic Bill Factoring Exchanges whereby MSME bills against large companies can be accepted electronically and auctioned so that MSMEs are paid promptly.