Archive for: September, 2011

Botnet KO’d by Kaspersky Lab, Kyrus Tech, Microsoft

Botnet KO’d by Kaspersky Lab, Kyrus Tech, Microsoft

In their ongoing assault against botnet operators and the hosting companies that allow anonymous domain registrations which facilitate them, Kaspersky Lab, Microsoft and Kyrus Tech have successfully worked together to take out the Kelihos botnet, originally named Hlux by Kaspersky Lab. Kelihos was used for delivering billions of spam messages, stealing personal data, performing DDoS [...]

‘Malware Risks Increased with Facebook, Twitter Usage’

‘Malware Risks Increased with Facebook, Twitter Usage’

A Websense-sponsored global survey of 4,640 IT and IT security practitioners about social media and security in their organizations revealed an increase in malware that has been opened up with social media in a business. Asked whether their organizations experienced any increase in virus and malware attacks as a result of employees’ use of social [...]

IIA Fall Conference at Philadelphia on Nov. 21, 2011

IIA Fall Conference at Philadelphia on Nov. 21, 2011

The Philadelphia Chapter of the Institute of Internal Auditors will be sponsoring annual Fall Conference for 2011 on November 21, 2011, Monday, at Philadelphia Marriott Downtown, 1201 Market Street, Philadelphia, PA 19107 . In line with past tradition, participants are offered with multiple concurrent track sessions including topics from Internal Audit, Information Technology, Fraud, and [...]

Lawsuit, Losses Hit Bank of America

Lawsuit, Losses Hit Bank of America

Bank of America shares have gone plummeting following the announcement that it would charge many debit card users a $5 monthly fee for their purchases. As if that was not enough, investors have started packing up to take their business elsewhere other than Bank of America. Meanwhile, Fitch Ratings affirms the outstanding notes of Bank [...]

OFT Consults on Amendment to Commitments Offered in Motor Insurance Case

OFT Consults on Amendment to Commitments Offered in Motor Insurance Case

The Office of Fair Trading (OFT) has opened a consultation on an amendment to commitments offered by a number of motor insurance companies designed to address competition law concerns about the potential exchange of pricing data between competitors. An OFT investigation raised concerns that, by subscribing to an analysis tool, seven insurance companies were able [...]

Financial Stability Needs Credit Creation, Social Optimality

Financial Stability Needs Credit Creation, Social Optimality

Ensuring greater financial stability may require policy makers to make judgements about the right level of credit in the economy, and about the relative value of different categories of credit created by the banking system, said Adair Turner, chairman of the FSA. Speaking at a European conference on banking and the economy at Southampton University, [...]

50/50 Failure, Compliance with NRSROs Spotted on Rating Agencies

50/50 Failure, Compliance with NRSROs Spotted on Rating Agencies

Despite changes made by some of the examined credit rating agencies to improve their operations, some concerns at each of the Nationally Recognized Statistical Rating Organizations (NRSROs) have been identified by the Securities and Exchange Commission. In a report issued by the staff of SEC summarizing the staff’s observations and concerns arising from the examinations [...]

Deloitte Offers Pro Bono Services

Deloitte Offers Pro Bono Services

Deloitte will be providing pro bono services to develop a public online tool that would allow companies to more easily identify and collaborate with businesses, relevant governments, Non-Governmental Organizations (NGOs) and communities to advance sustainable water management on a location-specific basis. Deloitte is collaborating with the International Business Leaders Forum (IBLF), the Pacific Institute and [...]

2nd ‘Most Attractive Employer’ Is KPMG

2nd ‘Most Attractive Employer’ Is KPMG

KPMG, the global network of professional firms providing audit, tax and advisory services, has been ranked second for two years running on Universum’s 2011 index of “The World’s Most Attractive Employers”. The Universum rankings this year polled nearly 83,000 business students from the world’s top academic institutions in 12 leading economies, including Brazil, Canada, China, [...]

Package of Measures for Mobility Aids Sector

Package of Measures for Mobility Aids Sector

People may be paying too much for mobility aids such as mobility scooters and stair-lifts, and the elderly and disabled can experience high pressure and misleading sales practices when buying this equipment at home, the OFT has warned. During the course of its market study into mobility aids, the OFT has launched consumer protection investigations [...]

Risk Alert Warning on Sub-accounts Trading Issued

Risk Alert Warning on Sub-accounts Trading Issued

The staff of the Securities and Exchange Commission has issued a Risk Alert warning of significant concerns regarding trading through sub-accounts, and offered suggestions to help securities industry firms address those risks. Money laundering, insider trading, market manipulation, account intrusions, unregistered broker-dealer activity, and excessive leverage are all potential risks associated with the master/sub-account trading [...]

Unfair Sales Practices to Sell Mobility Aids by Traders Warned

Unfair Sales Practices to Sell Mobility Aids by Traders Warned

The Office of Fair Trading (OFT) has warned traders that use unfair sales practices to sell mobility aids such as scooters, stairlifts and adjustable beds to the elderly and disabled in their home. Last year, Consumer Direct, the OFT-managed advice service, received 4,500 calls from people complaining or asking for advice about mobility aids. An [...]

Comments Invited on Q&As for IFRS for SMEs

Comments Invited on Q&As for IFRS for SMEs

The SME Implementation Group (SMEIG) has published five draft Questions & Answers (Q&As) on the IFRS for SMEs and is inviting comments until November 30, 2011. The draft covers the application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued; interpretation of ‘undue cost or effort’ and ‘impracticable’; [...]

SEC Issues Fee Rate Advisory for Fiscal Year 2012

SEC Issues Fee Rate Advisory for Fiscal Year 2012

Starting on October 1, 2011, the fees that public companies and other issuers pay to register their securities with the Securities and Exchange Commission will be reduced to $114.60 per million dollars from their current rate of $116.10 per million dollars, according to the federal agency. Meanwhile, the Congress is currently working on legislation to [...]

‘Quality of Corporate Reporting Generally Good’

‘Quality of Corporate Reporting Generally Good’

The Financial Reporting Review Panel has published its annual report based on findings from the Panel’s review of reports and accounts in the year to 31 March 2011 in which 301 sets of accounts were reviewed, 141 companies were approached by the Panel for further information or explanation, and 4 companies were the subject of [...]

Investment Manager Fined £494,900 for Incorrect Information, Client Money Breaches

Investment Manager Fined £494,900 for Incorrect Information, Client Money Breaches

The Financial Services Authority (FSA) has fined Towry Investment Management Limited (Towry) £494,900 for giving a misleading information to the FSA and for breaching the money of its clients. Towry is a fee-based, independent discretionary investment manager providing investment management services to private individuals and pensions and employee benefits advice to small and medium sized [...]

Conflict Minerals Roundtable Discussion at Washington D.C.

Conflict Minerals Roundtable Discussion at Washington D.C.

The Securities and Exchange Commission will be hosting a public roundtable on October to discuss the agency’s required rulemaking under Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which relates to reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries. The event will take [...]

National Coffee Day Welcomed by Gloomy Report

National Coffee Day Welcomed by Gloomy Report

As USA celebrates the National Coffee Day, a gloomy report on the future of Coffee Maker Manufacturing market projected a decline in revenue to $637.2 million, or 1.1 percent annually on average in the five years to 2011, according to IBISWorld. The publisher of industry market research stated that the recession did not only send [...]

Fake Documents, Brokerage Lies from Investment Adviser

Fake Documents, Brokerage Lies from Investment Adviser

The Securities and Exchange Commission has sued a San Francisco-area investment adviser for defrauding clients about how brokerage commission rebates were being used and producing fake documents to cover up the fraud during an SEC examination. Kurt Hovan allegedly misappropriated more than $178,000 in “soft dollars” that he falsely claimed to be payments for legitimate [...]

Rosh Hashanah Sees Reduced Economic Forecast at Bank of Israel

Rosh Hashanah Sees Reduced Economic Forecast at Bank of Israel

The growing economic uncertainty has forced Bank of Israel to cut back expectations for increased growth in the global scale amid the Rosh Hashanah observance. The Bank of Israel has shown signs of diminished economic growth forecast as the Monetary Policy Report covering January to July 2011 showed a continuing uncertainty in the global economic [...]