US

In a move to boost interest in the security field, the UK's Cyber Security Challenge has announced the launch of computer security exercises. 

Three exercises are to take place later this year, covering network defense, Web site vulnerability detection and a forensics challenge. 

Despite US economy is expanding, higher-than-expected number of Americans claimed for unemployment benefits last week.

Thus far, Initial jobless claims unexpectedly jumped to 464,000 that appeared to be 37,000 growth in the week ended July 17, according to Labor Department data released in Washington.

Citigroup has lowered its full-year global growth forecasts for 2010 and 2011, releasing its strategy report Thursday. Besides, the bank also cut its outlook for China’s 2010 economic expansion by 1%.

As it became known, Barack Obama has signed Wednesday the biggest US financial-rules overhaul since the Great Depression. 

This legislation, that gives regulators tools to avoid the need for future rescues such as the $700 billion Troubled Asset Relief Program, was called by Treasury Department’s assistant secretary, Herbert Allison, as a “major watershed” for the government’s bailout programs.

Sophisticated cell phones that have built-in digital cameras make children more vulnerable to exploitation than ever before, as it was announced by law enforcement authorities. 

Sunday, Perfect 10, the former publisher of Perfect 10 Magazine closed in 2007, made known the Canadian Federal Court has denied Google’s attempt to dismiss Perfect 10’s copyright infringement lawsuit against Google in Canada. 

Friday in Tokyo, bullion hovered $1,200 an ounce but trading was suppressed as investors looked for catalysts to break out of recent narrow ranges.

Spot gold was $1,208.80 per ounce as of 2:53 GMT, compared to the late New York level of $1,207.75. At current levels, gold was set for a weekly fall of 0.2%. Gold rallied to an all-time high of $1,264.90 an ounce on June 21.

Gold has been stuck in a $100 range between $1,165 and $1,265 since the start of May, with the band narrowing further to $30, between $1,190 and $1,220, over the past two weeks.

According to new analytics estimations, enormous amount of Americans are expected to lose unemployment benefits by the end of July. Thus far, over 3 million US unemployed people could be left without their benefits even as the government spends record amounts to compensate the jobless. 

Fed’s forecasts for growth and inflation, that concluded the economic recovery to be proceeding more slowly than it was expected in the spring, appeared to be understated. However, members of Federal Reserve policymaking committee consider that the slowdown did not guarantee new policy actions.

Nevertheless, the Fed leaders agreed to explore options for supporting the economy further if conditions worsen.

According to the latest estimation from the Commerce Department, US retail sales, that account for about half of total consumer spending and about a third of final sales in the US economy, dropped 0.5% in June to a seasonally adjusted $360.2 billion that reflects the economy to slow down slightly. 

According to the BofA Merrill Lynch Survey of Fund Managers for July, investors’ forecast over the global economy and corporate earnings turned bearish.

The new SWIFT agreement between Europe and the US was signed after an earlier draft had been rejected in February this year. The agreement was first approved in the wake of 9/11 attacks to fight terrorism activities. The agreement authorizes handing over all bank transaction data to the US.

Danny Gabay, a director at Fathom Consulting in London, says that the world banking crisis is not over yet and the recovery of the global economy is not guaranteed. Echoing this view other analysts on Monday expressed their fear of a double-dip recession and slow growth.

Gabay still supports his forecast for gradual recovery led by the US and Asia, but he says that risks are becoming far uglier and collectively more likely forcing investors to walk a tight rope.

Following the US businesses estimation that revealed businesses lose billions of dollars each year to piracy and counterfeiting of items, including films, music and consumer goods, Vice President Joe Biden announced Tuesday, the US plans to target foreign websites in anti-piracy push. 

Moreover, US businesses also accused the illegal trade of hundreds of thousands of lost US jobs.

A new service that delivers account updates on demand is now available to Citibank and credit card customers in the US under the name Citi Text Banking.