By Nate Raymond NEW YORK (Reuters) – The U.S. government said on Monday it plans to auction over 2,700 bitcoins that were forfeited during several cases, several of which stemmed from investigations of the online black market known as Silk Road. The U.S. Marshals Service said that the online auction would be held on Aug. 22, and that potential bidders must register by Aug. 18.
NEW YORK (Reuters) – Ride-hailing service Uber [UBER.UL] has decided to invest $500 million into an ambitious global mapping project to wean itself off dependence on Google Maps and pave the way for driverless cars, the Financial Times reported on Sunday. The San Francisco-based company is ramping up spending in new technologies such as mapping and driverless cars following new investments into the company earlier this year. A representative for Uber could not immediately be reached for comment. (Reporting by Catherine Ngai; Editing by Marguerita Choy)
By Andrew Chung NEW YORK (Reuters) – Apple Inc could be facing up to $862 million in damages after a U.S. jury on Tuesday found the iPhone maker used technology owned by the University of Wisconsin-Madison's licensing arm without permission in chips found in many of its most popular devices. The jury in Madison, Wisconsin also said the patent, which improves processor efficiency, was valid. The trial will now move on to determine how much Apple owes in damages.
By Saqib Iqbal Ahmed NEW YORK (Reuters) – Dick Costolo's decision to step down as Twitter Inc's chief executive last week failed to stem the weeks-long slide in the company's shares, but options traders appear to be betting on a near-term rebound. The stock has shed more than a third of its value since Twitter reported first-quarter results in April. On June 11, Costolo said he would resign as CEO under pressure from investors frustrated by the microblogging company's slow growth, but the move failed to prop up Twitter's shares.
By Nate Raymond NEW YORK (Reuters) – A group of luxury goods makers sued Alibaba Group Holding Ltd on Friday, contending the Chinese online shopping giant had knowingly made it possible for counterfeiters to sell their products throughout the world. The lawsuit was filed in Manhattan federal court by Gucci, Yves Saint Laurent and other brands owned by Paris-based Kering SA seeking damages and an injunction for alleged violations of trademark and racketeering laws. The lawsuit alleged that Alibaba had conspired to manufacture, offer for sale and traffic in counterfeit products bearing their trademarks without their permission. Unfortunately, Kering Group has chosen the path of wasteful litigation instead of the path of constructive cooperation.
By Malathi Nayak NEW YORK (Reuters) – Software developers say it will not be easy to come up with a “killer app” for Apple Inc's Watch – few have seen the product and the software is still in test mode. While app makers are passionate about developing for the Apple Watch, some are skeptical about the prospects of coming up with a big idea for the little computer on a wrist that hits stores on April 24, said Markiyan Matsekh, product manager at software engineering firm Eleks. A killer app that grabs consumers' attention will be key to the success of the Apple Watch and could spawn new companies, as the iPhone did. Apple has blocked some features, such as the gyroscope and accelerometer, on the development kit, and the watch simulator cannot test all functions, developers said.
By Andrew Chung NEW YORK (Reuters) – Apple Inc has been ordered to pay $532.9 million after a federal jury in Texas found that its iTunes software infringed three patents owned by patent licensing firm Smartflash LLC. Though Smartflash had been asking for $852 million in damages, Tuesday night's verdict was still a blow to Apple. The jury, which deliberated for eight hours, determined Apple had not only used Smartflash's patents without permission, but did so willfully. Apple, which said it would appeal, said the outcome was another reason reform was needed in the patent system to curb litigation by companies that don't make products themselves.
By Jennifer Ablan and Liana B. Baker NEW YORK (Reuters) – Samsung Electronics recently offered to buy BlackBerry Ltd for as much as $7.5 billion, seeking its valuable patents as it battles Apple in the corporate market, according to a person familiar with the matter and documents seen by Reuters. South Korea's Samsung proposed an initial price range of $13.35 to $15.49 per share, representing a premium of 38 percent to 60 percent over BlackBerry's current trading price, the source said on Wednesday. …