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  • Why a Chinese Company Is the Biggest IPO Ever In the US

    An anonymous reader writes The Chinese e-commerce giant Alibaba has made headlines lately in US financial news. At the closing of its Initial Public Offering (IPO) on Friday, it had raised $21.8 billion on the New York Stock Exchange, larger even than Visa's ($17.9 billion), Facebook's ($16 billion), and General Motors ($15.8 billion) IPOs. Some critics do say that Alibaba's share price will plummet from its current value of $93.60 in the same way that Facebook's and Twitter's plummeted dramatically after initial offerings. Before we speculate, however, we should take note of what Alibaba is exactly. Beyond the likes of Amazon and eBay, Alibaba apparently links average consumers directly to manufacturers, which is handy for an economy ripe for change. Approximately half of Alibaba's shares "were sold to 25 investment firms", and "most of the shares went to US investors."

    88 comments | 5 hours ago

  • Scotland's Independence Vote Could Shake Up Industry

    dcblogs writes: Scotland is not a major high-tech employment center, but it has good universities and entrepreneurial energy. About 70,000 people work in tech out of a total workforce of about 2.5 million, or about 3%. By contrast, financial services accounts for about 15% of employment in Scotland. But passions are high. "Honest, I've never been so scared in my life," said Euan Mackenzie about the prospect of separating from the U.K. He runs a 16-employee start-up, 1partCarbon, in Edinburgh, a platform that builds medical systems. "For tech start-ups, funding will be tougher to find and more expensive, there will be no local banks, access to EU markets and the freedom of movement will be curtailed," said Mackenzie. "As someone who enjoys risk and new opportunities, my company will remain in Scotland and make the best of whichever side prevails on Thursday, but the effect of independence on tech start-ups and the whole Scottish economy will be cataclysmic," he said.

    488 comments | 2 days ago

  • Funding Tech For Government, Instead of Tech For Industry

    An anonymous reader writes: If you're a creative engineer looking to build a product, you're probably going to end up starting your own business or joining an established one. That's where ideas get funding, and that's where products make a difference (not to mention money). Unfortunately, it also siphons a lot of the tech-related talent away from government (and by extension, everybody else), who could really benefit from this creative brilliance. That's why investor Ron Bouganim just started a $23 million fund for investment in tech companies that develop ideas for the U.S. government. Not only is he hoping to transfer some of the $74 billion spent annually by the government on technology to more efficient targets, but also to change the perception that the best tech comes from giant, entrenched government contractors.

    64 comments | 4 days ago

  • Kickstarter's Problem: You Have To Make the Game Before You Ask For Money

    An anonymous reader writes with this piece about Digital Knights, the studio behind the Kickstarter campaign project Sienna Storm, which was cancelled this week after the team raised only 10% of their $180,000 target, despite a compelling concept (a card based espionage game) and a reputable team including the writer of the original Deus Ex, Sheldon Pacotti. The team is now seeking alternative funding before reaching out to publishers, but in an interview given this week, Knights CEO Sergei Filipov highlights what he sees as a recent and growing problem with crowdfunding games: an expectation to see a working prototype. "It seems at least 50 or 60 percent of the game needs to be completed before one launches a campaign on Kickstarter," he says. It's a chicken and egg cycle some indie developers will struggle to break out of, and shows just how far we've come since Tim Schafer's Double Fine Adventure Kickstarter burst the doors open two years ago.

    215 comments | about a week ago

  • NVIDIA Sues Qualcomm and Samsung Seeking To Ban Import of Samsung Phones

    Calibax writes NVIDIA has filed complaints against Samsung and Qualcomm at the ITC and in the U.S. District court in Delaware. The suit alleges that the companies are both infringing NVIDIA GPU patents covering technology including programmable shading, unified shaders and multithreaded parallel processing. NVIDIA is seeking damages and a ban on U.S. import of a number of devices with Snapdragon and Exynos processors until there is an agreement on licensing.

    110 comments | about two weeks ago

  • Hacker Disrupts New Zealand Election Campaign

    An anonymous reader writes New Zealand is facing its weirdest election ever with a hacker calling himself "Rawshark" progressively dumping emails hacked from a controversial blogger. This weekend, revelations forced the resignation of one Government minister and nobody knows what will drop next. Emails revealed that the blogger, called "Whale Oil", was in contact with both a government minister in charge of New Zealand's white collar crime investigations unit and with a PR man acting for a founder of a failed finance company then under investigation.

    75 comments | about three weeks ago

  • Oregon Sues Oracle For "Abysmal" Healthcare Website

    SpzToid (869795) writes The state of Oregon sued Oracle America Inc. and six of its top executives Friday, accusing the software giant of fraud for failing to deliver a working website for the Affordable Care Act program. The 126-page lawsuit claims Oracle has committed fraud, lies, and "a pattern of activity that has cost the State and Cover Oregon hundreds of millions of dollars". "Not only were Oracle's claims lies, Oracle's work was abysmal", the lawsuit said. Oregon paid Oracle about $240.3 million for a system that never worked, the suit said. "Today's lawsuit clearly explains how egregiously Oracle has disserved Oregonians and our state agencies", said Oregon Atty. Gen. Ellen Rosenblum in a written statement. "Over the course of our investigation, it became abundantly clear that Oracle repeatedly lied and defrauded the state. Through this legal action, we intend to make our state whole and make sure taxpayers aren't left holding the bag."

    Oregon's suit alleges that Oracle, the largest tech contractor working on the website, falsely convinced officials to buy "hundreds of millions of dollars of Oracle products and services that failed to perform as promised." It is seeking $200 million in damages. Oracle issued a statement saying the suit "is a desperate attempt to deflect blame from Cover Oregon and the governor for their failures to manage a complex IT project. The complaint is a fictional account of the Oregon Healthcare Project."

    212 comments | about a month ago

  • What's After Big Data?

    gthuang88 writes: As the marketing hype around "big data" subsides, a recent wave of startups is solving a new class of data-related problems and showing where the field is headed. Niche analytics companies like RStudio, Vast, and FarmLink are trying to provide insights for specific industries such as finance, real estate, and agriculture. Data-wrangling software from startups like Tamr and Trifacta is targeting enterprises looking to find and prep corporate data. And heavily funded startups such as Actifio and DataGravity are trying to make data-storage systems smarter. Together, these efforts highlight where emerging data technologies might actually be used in the business world.

    87 comments | about a month ago

  • Dramatic Shifts In Manufacturing Costs Are Driving Companies To US, Mexico

    hackingbear writes: According to a new Cost-Competitiveness Index, the nations often perceived as having low manufacturing costs — such as China, Brazil, Russia, and the Czech Republic — are no longer much cheaper than the U.S. In some cases, they are estimated to be even more expensive. Chinese manufacturing wages have nearly quintupled since 2004, while Mexican wages have risen by less than 50 percent in U.S. dollar terms, contrary to our long-standing misconception that their labors were being slaved. In the same period, the U.S. wage is essentially flat, whereas Mexican wages have risen only 67%. Not all countries are taking full advantage of their low-cost advantages, however. The report found that global competiveness in manufacturing is undermined in nations such as India and Indonesia by several factors, including logistics, the overall ease of doing business, and inflexible labor markets.

    233 comments | about a month ago

  • Delays For SC Nuclear Plant Put Pressure On the Industry

    mdsolar sends this news from the Associated Press: Expensive delays are piling up for the companies building new nuclear power plants, raising fresh questions about whether they can control the construction costs that crippled the industry years ago. The latest announcement came this week from executives at SCANA Corp., which has been warned by its builders the startup of the first of two new reactors in South Carolina could be delayed two years or more. ... That announcement may well foreshadow more delays for a sister project in eastern Georgia, and they have caught the attention of regulators and Wall Street. 'Delays generally cause cost increases, and the question becomes who's going to bear the costs?' said C. Dukes Scott, executive director of the South Carolina Office of Regulatory Staff, a watchdog agency that monitors SCANA Corp.'s spending.

    None of this is helpful for the nuclear power industry, which had hoped its newest generation of plants in Georgia and South Carolina would prove it could build without the delays and cost overruns so endemic years ago. When construction slows down, it costs more money to employ the thousands of workers needed to build a nuclear plant. Meanwhile, interest charges add up on the money borrowed to finance construction. A single day of delay in Georgia could cost $2 million, according to an analysis by utility regulators.

    142 comments | about a month ago

  • Babylon 5 May Finally Get a Big-Screen Debut

    Ars Technica reports that "J. Michael Straczynski will shortly begin work on a rebooted big-screen version of his 1990s sci-fi TV series [ Babylon 5]." From the article: According to JMS's latest announcement, the new script will be targeted at a 2016 theatrical release and will be a reboot of the series rather than a continuation. This is necessary for both dramatic and practical purposes—the series was in regular production from 1994-1998, and the cast has simply aged too far to credibly play themselves again during the series’ main timeline. Additionally, several of the foundational cast members — Michael O'Hare, Andreas Katsulas, Richard Biggs, and Jeff Conaway — have passed away. ... The movie rights to the Babylon 5 property remain in JMS's hands, but the creator is hopeful that this time around, Warner Bros. will choose to finance the film instead of passing on it. Nonetheless (at least according to TV Wise), JMS is prepared to fund the movie through his own production company if necessary — something that wasn't a possibility ten years ago — suggesting that B5 will in fact come to the big screen at last.

    252 comments | about a month ago

  • Switching From Microsoft Office To LibreOffice Saves Toulouse 1 Million Euros

    jrepin sends this EU report: The French city of Toulouse saved 1 million euro by migrating all its desktops from Microsoft Office to LibreOffice. This project was rooted in a global digital policy which positions free software as a driver of local economic development and employment. Former IT policy-maker Erwane Monthubert said, "Software licenses for productivity suites cost Toulouse 1.8 million euro every three years. Migration cost us about 800,000 euro, due partly to some developments. One million euro has actually been saved in the first three years. It is a compelling proof in the actual context of local public finance. ... France has a high value in free software at the international level. Every decision-maker should know this."

    296 comments | about 2 months ago

  • For Half, Degrees In Computing, Math, Or Stats Lead To Other Jobs

    dcblogs (1096431) writes The Census Bureau reports that only 26% of people with any type of four-year STEM degree are working in a STEM field. For those with a degree specifically in computer, math or statistics, the figure is 49%, nearly the same for engineering degrees. What happens to the other STEM trained workers? The largest numbers are managers at non-STEM businesses (22.5%), or having careers in education (17.7%), business/finance (13.2%) and office support (11.5%). Some other data points: Among those with college degrees in computer-related occupations, men are paid more than women ($90,354 vs. $78,859 on average), and African American workers are more likely to be unemployed than white or Asian workers.

    174 comments | about 2 months ago

  • Experiment Shows People Exposed To East German Socialism Cheat More

    An anonymous reader writes The Economist reports, "'UNDER capitalism', ran the old Soviet-era joke, 'man exploits man. Under communism it is just the opposite.' In fact new research suggests that the Soviet system inspired not just sarcasm but cheating too: in East Germany, at least, communism appears to have inculcated moral laxity. Lars Hornuf of the University of Munich and Dan Ariely, Ximena García-Rada and Heather Mann of Duke University ran an experiment last year to test Germans' willingness to lie for personal gain. Some 250 Berliners were randomly selected to take part in a game where they could win up to €6 ($8). ... The authors found that, on average, those who had East German roots cheated twice as much as those who had grown up in West Germany under capitalism. They also looked at how much time people had spent in East Germany before the fall of the Berlin Wall. The longer the participants had been exposed to socialism, the greater the likelihood that they would claim improbable numbers ... when it comes to ethics, a capitalist upbringing appears to trump a socialist one."

    619 comments | about 2 months ago

  • Chinese Hackers Infiltrate Firms Using Malware-Laden Handheld Scanners

    wiredmikey (1824622) writes China-based threat actors are using sophisticated malware installed on handheld scanners to target shipping and logistics organizations from all over the world. According to security firm TrapX, the attack begins at a Chinese company that provides hardware and software for handheld scanners used by shipping and logistics firms worldwide to inventory the items they're handling. The Chinese manufacturer installs the malware on the Windows XP operating systems embedded in the devices.

    Experts determined that the threat group targets servers storing corporate financial data, customer data and other sensitive information. A second payload downloaded by the malware then establishes a sophisticated C&C on the company's finance servers, enabling the attackers to exfiltrate the information they're after. The malware used by the Zombie Zero attackers is highly sophisticated and polymorphic, the researchers said. In one attack they observed, 16 of the 48 scanners used by the victim were infected, and the malware managed to penetrate the targeted organization's defenses and gain access to servers on the corporate network. Interestingly, the C&C is located at the Lanxiang Vocational School, an educational institution said to be involved in the Operation Aurora attacks against Google, and which is physically located only one block away from the scanner manufacturer, TrapX said.

    93 comments | about 2 months ago

  • Free Wi-Fi Supplier, Gowex, Files For Bankruptcy

    PuceBaboon writes "The BBC is reporting that a Spanish firm, Gowex, which provides free Wi-Fi services in major cities world-wide, has filed for bankruptcy, following revelations that financial accounts filed over the past four years were "false". The company supplies services in London, Shanghai, New York and Buenos Aires, as well as Madrid. Other sources report that up to 90% of the company's reported revenue came from "undisclosed related parties" (in other words, from Gowex itself) and that the value of the company's share price was now effectively zero.

    39 comments | about 2 months ago

  • Germany's Glut of Electricity Causing Prices To Plummet

    WIth an interesting followup to the recent news that Germany's power production by at least some measures was briefly dominated by solar production, AmiMoJo (196126) writes Germany is headed for its biggest electricity glut since 2011 as new coal-fired plants start and generation of wind and solar energy increases, weighing on power prices that have already dropped for three years. From December capacity will be at 117% of peak demand. The benchmark German electricity contract has slumped 36% since the end of 2010. "The new plants will run at current prices, but they won't cover their costs" said Ricardo Klimaschka, a power trader at Energieunion GmbH. Lower prices "leave a trail of blood in our balance sheet" according to Bernhard Guenther, CFO at RWE, Germany's biggest power producer. Wind and solar's share of installed German power capacity will rise to 42% by next year from 30% in 2010. The share of hard coal and lignite plant capacity will drop to 28% from 32%.

    365 comments | about 3 months ago

  • China Starts Outsourcing From ... the US

    hackingbear writes: Burdened with Alabama's highest unemployment rate, long abandoned by textile mills and furniture plants, Wilcox County, Alabama, desperately needs jobs. And the jobs are coming from China. Henan's Golden Dragon Precise Copper Tube Group opened a plant here last month, employing 300 locals. Chinese companies invested a record $14 billion in the United States last year, according to the Rhodium Group research firm. Collectively, they employ more than 70,000 Americans, up from virtually none a decade ago. Powerful forces — narrowing wage gaps (Chinese wages have been doubling every few years), tumbling U.S. energy prices, the rising Yuan — up 30% over the decade — are pulling Chinese companies across the Pacific. Perhaps very soon, Chinese workers will start protesting their jobs being outsourced to the cheap labor in the U.S."

    274 comments | about 3 months ago

  • Interviews: Ask Lawrence Lessig About His Mayday PAC

    samzenpus (5) writes "Lawrence Lessig's list of achievements and areas of influence is not small. He's co-founder of the Creative Commons, but it is his Mayday PAC however that has garnered the most attention recently. The crowdfunded "Super PAC to end all Super PACs" was launched in May with the goal of raising money to elect candidates who would pass campaign finance reform. It raised over $1 million in the first 13 days and has the support of some influential people. With the help of matching contributions, Mayday hopes to raise $12 million by the end of June. Lessig has agreed to answer any questions about the PAC that you might have. As usual, ask as many as you'd like, but please, one question per post."

    308 comments | about 3 months ago

  • IRS Recycled Lerner Hard Drive

    phrackthat (2602661) writes The Senate Finance Committee has been informed that the IRS recycled the hard drive of Lois Lerner, which will deprive investigators of the ability to forensically retrieve emails which were supposedly deleted or lost in a "crash." This news comes after the IRS revealed that it had lost the emails of Lois Lerner and six other employees who were being investigated regarding the targeting of conservative groups and donors.

    682 comments | about 3 months ago

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