Iran attacks US bank sites
Iran responsible for attacking US bank sites
NBC News is reporting that the Iranian government is behind cyber attacks this week that have targeted the websites of JP Morgan Chase and Bank of America. The denial of service attacks overload a site with requests and can cause significant and ongoing damage to a site. NBC indicates a group of hackers in the MidEast has claimed responsibility for the attacks indicating they are in retaliation for the infamous Muslim tape. NBC states, however, that it is a cover up for the Iranian government. Late Wednesday the Financial Services Sharing and Analysis Center warned members about the cyber attacks and raised the threat level from “elevated” to “high”.
Greek bailout talks not final
Reuters is reporting that a final deal over $14.9 billion of aid for Greece has not yet been finalized. The European Union, International Monetary Fund and European Central Bank are visiting Athens to come to agreement before providing the next installment of Greece’s bailout package. Agreement has been made on several key points such as raising the retirement age to 67. An agreement must be finalized by the October 8th meeting of the European finance ministers. The Prime Minister of Greece is coming under pressure from internal political groups who are against any more austerity measures.
Apple replacement of Google Maps flops
Apple released an update to its iPhone and iPad operating systems on Wednesday, but users say the new maps are less detailed, look weird and misplace landmarks. The Associated Press reports that Apple uses Tele Atlas maps and Tom Tom for the systems. Apple says it continues to work on the app. The new app is a victim of the ongoing feud between Apple and Google. iPhone and iPad owners can still access Google maps by going to maps.Google.com through their browser.
Deutsche Bank to implement job cuts
A day after Bank of America announced 16,000 job cuts, Deutsche Bank has announced it will cut more than 500 jobs in Germany and about 1900 elsewhere, as reported by Reuters. The bank indicated it will be cutting more jobs in the future as well as cutting bonuses in order to meet tougher capital rules.
Labor issues threaten American airlines
American Airlines expects to cancel up to 2 percent of its total flights through October because of a dispute with pilots, according to the Associated Press. Pilots are calling in sick and crews are slowing operations by increasing the number of maintenance reports to punish the company for cost cutting measures as part of the bankruptcy reorganization. On Thursday, 62 percent of American flights were on time compared to 90 percent of its competitors’ flights. The union indicates that there is no organized sick out. Experts indicate that customers will begin to avoid American due to the potential complications they may encounter. This will not be a good outcome for a company emerging from bankruptcy.
Fans queue up worldwide for Iphone 5
Around the globe, from Sydney to Chicago, Apple fans are lining up to purchase an iPhone 5, which goes on sale Friday. CNBC reports that pre-orders were sold out worldwide. Australia reported that its pre-orders sold out in 18 hours. Worldwide, Apple had significant numbers of staff members on hand to create excitement and to control crowds. The new phone has a larger screen and is lighter than previous versions. It also has 4G technology. Critics dislike its map features and complain that a mobile payment device was not included. The iPhone accounts for half of Apple’s annual revenue. The new phone will be sold in 100 countries.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.