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    - Britain's largest music copyright collective PRS for Music has sued SoundCloud for copyright infringement, saying the online audio-streaming firm did not agree on a licensing deal, the Financial Times reported.

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    Glitch makes it harder to trade in and out of funds. Computer problems plagued the U.S. asset-management industry for a fourth consecutive day Thursday, as Bank of New York Mellon Corp. (BK) said it was still working to correct a glitch that caused hundreds of mutual and exchange-traded funds to miscalculate the value of fund assets. The bank said in a statement that the performance of the accounting platform it uses to price fund securities, the SunGard InvestOne platform operated by...

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    Sprint's offer is only available from Aug. 28 through Sept. 30. Sprint Corp. is taking the wireless price war to a whole new level. The carrier said it would give away a free year of wireless service to DirecTV subscribers who switch to Sprint--a direct attack on AT&T Inc., which recently completed a $49 billion acquisition of the satellite TV provider.

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    Financial services software provider SunGard apologized on Thursday for the collapse of an accounting system that disrupted the orderly flow of pricing on billions of dollars of assets at a number of U.S. mutual funds and exchange-traded funds.

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    Software company Autodesk Inc. (ADSK) on Thursday said it lost $235.5 million, or $1.04 a share, in the second quarter, versus earnings of 13 cents a share a year ago. Adjusted for one-time items, the company reported earnings of 19 cents a share in the quarter, compared with 35 cents a share a year ago. Revenue declined to $610 million, down 4% compared with a year ago.

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    This year, the advent of the so-called "skinny bundle" of TV channels streamed over the Internet has offered consumers the promise of the biggest change to TV viewing since the rise of cable more than 30 years ago.

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    BNY Mellon Corp's computer snafu in calculating the prices of mutual funds and exchange-traded funds could extend into the weekend, prolonging confusion over the price of recent trades and any potential compensation owed.

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    A new front has opened in the seemingly unending battle between taxi cabs and Uber in New York City. Arro, a fresh app in the ride-hailing business, is hoping to lure riders back to yellow and green cabs with a smartphone interface that's as easy to use as Uber's.Currently undergoing a beta test, Arro will let you hail one of 7,000 cabs with a few taps on your device, according to Crain's. It will also skip many of the fees associated with Uber. There won't be any surge pricing, for instance, which drives up the cost of an Uber during periods of high demand. And users won't have to pay the $2 fee that Uber charges customers for hailing a regular taxi through its app.[Some of the content in this entry could not be displayed on this device.]What you pay on Arro is "always just the price on the meter," product management director Mike Epley told Crain's. The mobile payment system is integrated with the equipment in the cab, so when you arrive at your destination, you simply hop out.You've been able to legally e-hail a cab with an app in New York since 2013, thanks to a decision by the city's taxi commission. But taxi-friendly alternatives to Uber have largely floundered as more drivers flocked to the startup. That's put intense pressure on taxi companies. The driver shortage is forcing them to leave their cabs parked on the side of the street instead of picking up passengers and bringing in revenue.If it goes well in New York City, Arro could expand to cover Washington, San Francisco, Chicago and Boston.






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    Apple Inc. (AAPL) issued invitations on Thursday for a hardware-focused product event on Sept. 9. The company is expected to launch the updated iPhone 6 s and iPhone 6 s Plus, as well as a bigger-screen 12.9- inch iPad Pro, according to FBR analyst Daniel Ives, who reiterated an outperform rating on the stock on Thursday. The company might also reveal the next-generation Apple TV and could touch on upgrades for some of its mobile features, such as ForceTouch and a 12- megapixel camera.

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    Apple (AAPL) has just sent out invites for its upcoming Sept. 9 event, with the tagline "Hey Siri, give us a hint." It's widely expected that the Cupertino, Calif.-based company will unveil the new version of its iPhone and potentially a new version of the the Apple TV set-top box as well. When Siri is prompted with the "Siri, give us a hint" line, she has a few different responses.

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    Nearly 20 years ago, the launch of online payments giant PayPal (PYPL) shook the financial services industry.  Now, a new generation of financial technology or “fintech” companies is once again breaking down the oversized doors of the conservative banking business. From facilitating loans to wealth management to mobile payments to tax preparation, fintech companies are attacking traditional — and often inefficient — practices that shut out as many as two billion consumers (most outside the United States) from the most basic financial services.The recent growth of fintech start-ups is impressive.  Four of the top 20 companies in Inc. magazine’s latest list of the 500 fastest-growing private companies are financial services start-ups, who hold 27 slots on the list overall. In data collected by KPMG, thirteen fintech startups are valued at over $1 billion, achieving the status Silicon Valley investors refer to as a “unicorn” because of their rarity. These include Square (mobile payments), Prosper (peer-to-peer lending), Shopify (SHOP) (retail sales management) and Credit Karma (financial management).Incumbent bankers are worried, and rightly so. In a recent letter to shareholders of JP Morgan Chase, America’s largest bank, chief executive Jamie Dimon warned investors that “Silicon Valley is coming.” Goldman Sachs (GS), according to Inc., “estimates that upstarts could steal up to $4.7 trillion in annual revenue” from incumbent banks, a potential payday that is driving venture investors to pour nearly $25 billion annually into the sector.In addition to the potential disruption of Bitcoin and other payment innovations, Dimon acknowledged the speed and flexibility of “hundreds of start-ups with a lot of brains and money working on various alternatives to traditional banking,” particularly those that use big data to make loans more efficiently than traditional banks. For his part, Dimon believes his company can make its own investments, or, where necessary, partner with the disruptors.This is a story being played out in many industries. But more than any other, the winners and losers in the “big bang” disruption of financial services will be determined by how government regulators apply laws that may go back a hundred years or more. From commercial banking to insurance to payment processing to investment management, traditional financial services are subject to intensive regulation from a wide variety of global, federal, and state overseers.On the one hand, that regulation imposes considerable costs and innovation delays from which the start-ups are largely immune.  But those same rules can also provide potent protections for incumbents, keeping the start-ups out of markets that require licensing and other government approvals before serving customers.Some fintech companies have foundered on the rocks by hewing too close to regulated activities and inviting the sudden and devastating wrath of the watchdogs. You think you’re just offering investment information, but the SEC sees it as unlicensed financial advice. You create a start-up to facilitate crowdfunding, until a state regulator bans it as the illegal sale of unregistered securities. Bitcoin and other payment innovators are already under the gun as alternative forms of currency — or, from the regulator’s perspective, as fronts for electronic money laundering.Here are five legal threats start-ups face, which for now at least give the edge to incumbents:1. Regulatory burdens becoming regulatory barriers ­Traditional financial services companies I work with regularly complain about start-ups who don’t have to play by the same rules.  But as we’ve seen in industries as different as transportation (Uber) and hospitality (Airbnb), it’s a short step from envying the start-ups to applying pressure on the regulators to throw the book at them — even when doing so kills innovation consumers want.  Banking incumbents have likewise become adept at turning regulations that slow their own innovation into effective barriers blocking fintech startups from launching new products and services. Earlier, for example, I wrote about how the business model of software-based insurance broker Zenefits was being challenged by state regulators, urged on by traditional brokers who would rather fight than innovate.  Zenefits continues to win its regulatory battles, but could be stopped short at any time.2. Lack of global standardsOne of the great benefits of virtual financial services firms, is that they can efficiently tap a global market of like-minded individuals willing and able to provide financial support to companies and individuals who are otherwise shut out of the capital markets because of their small size or non-traditional risk profile. In peer-to-peer lending, for example, you choose who you loan your money to, supporting businesses or individuals who share your political or social values. But up until now laws regulating lending practices have remained both fiercely local and bizarrely complex, reflecting historic and religious skepticism about the practice of moneylending. On the Internet, it’s just as easy to borrow globally as it is from neighbors, but fintech lending and fundraising start-ups have already been caught short trying to navigate the maze of different laws that might apply.  Until banking regulations are rationalized across borders, local lenders will maintain a distinct and unearned advantage.3. Square regulation, round innovationIt’s not just incumbents who can be surprised by technology-based innovations that disrupt traditional financial services. Banking regulators who haven’t seen significant change in the industries they oversee since the Great Depression can also be blindsided by fintech innovation, pushing them to mechanically apply square regulations to round disruptors.  In 2008, for example, the SEC issued cease-and-desist letters to both Prosper and Lending Tree, claiming the peer-to-peer loans the companies were issuing were really unregistered securities. Why?   Because those providing the loans did so expecting to earn a profit “in the form of interest, which is at a rate generally higher than that available from depository accounts at financial institutions.”  Both companies struggled to redesign their business to suit the regulators, nearly wiping out Prosper along the way. Partly in response, the SEC was tasked by Congress in 2012 with developing streamlined rules for investment-oriented crowdfunding—rules that were finally approved only a few months ago.4. Government monopolies on currencyMuch of the financial system has already migrated to all-electronic formats, but the production of cash stubbornly remains a government monopoly in much of the world. Now, Bitcoin and other digital currencies are testing the possibility of financial exchanges based on new forms of trust. Intentionally or not, they’re also testing the limits of a legal system that has grown, often by accident, to rely on money as a tool of control, whether for law enforcement, taxation, or foreign trade and debt. If digital currencies achieve the critical mass and security needed to become a more stable form of money than scrip, it won’t just be the banking system that will have to adapt. Already, governments and industry trade associations have attacked crypto-currencies, sowing the seeds of doubt among users that could undermine their future growth and development.  If digital currencies fail, it won’t be from a lack of innovation.5. Technology challenging the need for traditional regulators at allAs we’ve seen since the early days of buyer-seller rating systems on eBay (EBAY), Amazon, and other e-commerce platforms, one of the things that makes disruptive technologies so unsettling is that they not only break down conventional wisdom about how industries are organized but also how they are most effectively regulated. The banking system — incumbent and emerging — clearly needs strong oversight, but there’s no reason to believe that regulation will always have to come from physical governments, which are slow to change, easily corrupted, and inefficient.Self-regulation by fintech companies may prove the better approach, but even more promising is the emergence of rating systems built into new lending, banking, and investment platforms that empower consumers to do a lot of the policing themselves for each other’s benefit.  Automated safeguards, for example, are perhaps the key advantage of digital currency over traditional money. While they’re hardly perfect (yet), they may soon prove superior to traditional currency risk management, and an independent source of innovation.  And future unicorns.Even fintech start-ups trying to play by the rules are undone by the complexity and expense of multiple layers of conflicting regulatory oversight. Navigating these roiling legal waters is, in some sense, the true core competence of the incumbent financial services companies — at the very least the one that continues to buy them time to come up with their own innovations or swoop in and acquire the disruptors at pre-IPO prices.But while decidedly favoring the incumbents today, fintech innovators may find ways to reverse growing regulatory barriers and turn them to their own advantage. Incumbents can’t rest on their gilded laurels. As JP Morgan Chase’s Jamie Dimon and other industry leaders have learned from the experience of other industries, consumer demand for big bang disruptors can catalyze that change to happen faster than anyone predicts.Maybe even overnight.Larry Downes is co-author with Paul Nunes of “Big Bang Disruption:  Strategy in the Age of Devastating Innovation” (Portfolio 2014). He is a project director at the Georgetown Center for Business and Public Policy.






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     Samsung's  Galaxy Note5 is one of the best phablets on the market today -- except for the problem with the phone's electronic stylus and how it's stored. Since the first model was released nearly four years ago, the Galaxy Note has been the only smartphone designed with a stylus pen in addition to the screen.

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    Shares of NQ Mobile (NQ) were gaining by 39.3% to $4.22 on heavy trading volume on Thursday, after the mobile software company announced agreements to sell its FL Mobile and NationSky businesses.

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    While Amazon (AMZN) has been notoriously tight-lipped about the growth of its Prime subscription program, the consensus has widely been that the program is seeing continued success in every way. Of the 2,500 U.S. consumers Cowen surveyed in July, 56.7% had made a purchase on Amazon (AMZN) in the last month. eBay came in second with 21.3% of respondents having made a purchase on the site.