Current Events in August 2015

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    Global oil glut predicted to continue through next year

    Fastest demand growth in 5 years hasn't put a dent in the supply

    No matter how much oil the world seems to consume lately, there's always a lot more to take its place. That trend will continue well into 2016, according to the International Energy Agency (IEA), in its monthly report.

    On one hand, demand for petroleum is sharply higher, sparked by improving economic conditions in the U.S. and lower-than-normal fuel prices and growing at the fastest pace in 5 years. But according to the IEA, that's barely made a dent in supplies.

    The report says the world oil supply fell nearly 600,000 barrels a day in July, mainly because non-OPEC producers cut back on production. Meanwhile, OPEC countries kept pumping like the price was going up, not down.

    Price war

    It's widely believed that Saudi Arabia has embarked on a price war strategy to put non-OPEC producers, particularly U.S. oil companies, out of business. OPEC production is clearly contributing to the supply glut that has forced world oil prices lower.

    In August, IEA says OPEC crude production held steady near a three-year high. The goal is to force non-OPEC producers to cut back. IEA says it's working.

    “As lower prices and spending cuts take a toll, non-OPEC supply growth is expected to slow sharply from a 2014 record of 2.4 million barrels day to 1.1 million barrels a day this year and then contract by 200,000 barrels day in 2016,” the report said.

    But there is so much oil out there that it's not going to matter. Inventories aren't going down, they're rising. Inventories were up nearly 10 million barrels in June to hit another all-time high. With all that oil, the world's oil refineries are running at full tilt.

    Refinery output

    “Global refinery runs reached a record 80.6 million barrels a day in July, 3.2 million barrels a day higher than a year earlier,” the report said.

    Looking ahead, IEA makes this prediction: OPEC will continue pumping nearly 32 million barrels a day and the world oil surplus will grow by 1.4 million barrels a day. At that rate, the agency says producers will have a hard time finding places to store all that surplus oil.

    It will be the fourth quarter of 2016 – more than a year from now – before world oil demand starts to exceed production, the IEA predicts. That suggests oil prices, which have fallen below $50 a barrel in recent days, won't be going up anytime soon.

    That's great news for consumers, of course, but it doesn't automatically translate into cheap gasoline. That's because all that crude oil must first pass through the bottleneck of refineries, where it is turned into gasoline and diesel fuel.

    That's where short-term shortages have occurred, as routine maintenance and breakdowns at refineries have slowed output from time to time.

    In addition, there are inefficiencies within the gasoline distribution system, which has caused abnormally high prices on the West Coast, particularly in California.

    No matter how much oil the world seems to consume lately, there's always a lot more to take its place. That trend will continue well into 2016, according t...

    Researchers develop a better flu vaccine

    Creating stronger and weaker versions will allow them to more safely treat infants and the elderly

    With fall and winter just around the corner, the annual flu season will soon be upon us as well. Up to 20 percent of U.S. residents get the flu every year, so it is very important to take proper steps in order to avoid it. Unfortunately, yearly flu vaccinations are not always effective for everyone. Studies show that current flu vaccines are less effective, or even counter-productive, for babies under the age of two and adults over the age of 49; as a result, the flu vaccine has not been approved for either of these two groups of people. Luckily, a new nasal spray flu vaccine method may be able to correct this shortcoming.

    Researchers at the Johns Hopkins Bloomberg School of Public Health created the new method after studying and creating varying versions of the flu virus. By controlling how strong each virus is, the researchers concluded that they can weaken or strengthen it depending on the needs of those who take it.

    “We think we can use our molecular, rational design approaches to make a better flu vaccine for people who really need it,” said Andrew Pekosz, an associate professor at the Bloomberg School of Public Health and leader of the study.

    One of the advantages that the study has is that the viruses can be controlled according to the specifications of the researchers. “We can do it in a sophisticated and accurate way, not in a blind manner, which is how these vaccines are usually developed,” said Pekosz.

    Treating infants and the elderly

    This new method may be particularly helpful to people over the age of 60 and children under the age of two. Older people, in particular, are more likely to get the flu and can often suffer medical complications because of it. Since they have been exposed to so many different flu viruses over the course of their lives, they often need a more potent vaccine in order to provoke an immune response.

    On the other hand, children under the age of two have not been exposed to the flu very much, and need a weaker version of the vaccine. Although they can take an injectable version, the nasal spray is preferred by doctors who state that it is a safer option.

    The current nasal spray, which is called FluMist, was made by combining nine different mutations of the flu virus. In the past, researchers believed that only five mutations were needed to make a strong vaccine, but Pekosz and his team believe otherwise. They state that using all nine mutations can create a better vaccine that includes fewer side effects.

    Pekosz and his team are currently working with MidImmune in order to develop even better versions of FluMist. If all goes well, then a new vaccine could be ready for both older and younger people within 6-12 months. The group’s findings have been published in the journal Vaccine

    With fall and winter just around the corner, the annual flu season will soon be upon us as well. Up to 20 percent of U.S. residents get the flu every year,...

    Alphabets wonder why Google chose to use their name

    Is it really so hard to come up with something unique?

    Back when Google was founded in 1998, its name was unique and clever. When it founded its parent corporation this week it named it Alphabet, which may or may not be clever but which is certainly far from unique.

    In fact, there are companies named Alphabet that run the gamut from A to, well, maybe not quite Z but close. First of all, there's the Alphabet Corp. that is owned by BMW, an automotive fleet manager that operates in 18 countries and supplies 530,000 vehicles to its customers.

    The U.S. Patent and Trademark Office reports there are no fewer than 103 registered trademarks containing the word "Alphabet" so it seems that, rather than breaking new ground as it once did, Google is taking the path more chosen.

    Other Alphabets

    Of course, none of the other Alphabets can come close to the power and glory of the Google Alphabet but quite a few of them seem to be well-established, going concerns.

    There's Alphabet Acquisition Corp., founded in 1943. It operates a chain of radio stations around the country. There's the Alphabet line of furniture, which makes plastic form-fitting chairs.

    There are Alphabet cooking sets that let you make letter-shaped cookies. AlphabetKids,runs lunch programs in Canadian schools.

    In Warren, Ohio, there's an Alphabet Group that makes stainless steel assemblies and other industrial equipment.

    Probably no one in Mountain View cares much about any of these small companies and feels no compunctions about riding roughshod over their hard-won identity.

    While BMW might be a more formidable foe than AlphabetKids, it apparently doesn't feel proprietary about its name.

    Trademark issues

    A BMW spokesman told Reuters the automaker was "examining whether there are any implications over trademarks" but said there are currently no plans for legal action against Google or its parent, Alphabet.

    Google has said it doesn't plan to use the Alphabet name on any of its products or services and will use it only as the name of its holding company.

    While it's not likely any of the smaller Alphabets will want to pick a fight with Google, it's not hard to imagine that a few years down the road, Google starts insisting that it and only it owns the Alphabet name and begins sending long letters on fancy legal letterhead to the more insignificant Alphabets.

    One might wonder why, since it is the self-appointed fount of the world's knowledge, Google didn't take the trouble to at least come up with a one-off name -- you know, something like "AlphaBit." Even Microsoft managed to jam two words together when it came up with its moniker.

    An Alphabet brand chairBack when Google was founded in 1998, its name was unique and clever. When it founded its parent corporation this week it name...

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      Simple changes in pet food could help reduce obesity, study concludes

      Varying the size of maize and sorghum nuggets affects digestibility

      Take a good look,at your dog or cat. What do you see? A lean, fit creature ready to take whatever comes its way? Probably not. The Association for Pet Obesity Prevention estimates that 53% of dogs,and 58% of cats in the U.S. are overweight.

      Perhaps more alarming, 90% of pet owners don't realize their companions are too heavy and aren't doing anything about it. The solution, of course, is the same as it is for humans -- a less-fattening,diet and more exercise.

      With pet owners not recognizing the problem, it falls to pet food companies,,animal nutritionists and veterinarians to look for solutions.,,

      Back to basics

      Researchers have been looking at various food additives that could reduce weight but in Sao Paulo, Brazil,,Dr. Aulus Carciofi and colleagues decided to go back to the basics by looking at particle size.

      Livestock nutritionists have long known that particle size influences digestibility but there hasn't previously been much research in dogs. So Carciofi and company rounded up 54 beagles and fed them either maize, rice or sorghum in either fine, medium or coarsely ground nuggets.

      They found that size matters in,maize and sorghum nuggets but not in rice.

      Carciofi concluded that "if properly processed, maize and sorghum are as easily digested as rice-based food." He also believes that dog food processing companies "could look closer at the particle reduction process."

      Based on their results and others, rice is easily digested and doesn't depend on the processing. However, maize and sorghum are "dependent on a proper raw material particle size and need to be appropriately extruded to produce highly digestible foods," said Carciofi. In the end, even sorghum, thought to be less digestible, can be similar to rice if cooked and ground properly.

      One size doesn't fit all

      One readily apparent problem is that most pet food manufacturers "have only one grinding condition for all recipes, and do not change the extrusion size,based on the type of cereal used," said Carciofi. The extrusion process is only configured for fat, protein, and meat inclusions in the diet.

      Carciofi's lab is continuing work in the food processing area. Recently, they found an interesting link between food processing and the metabolic responses of the animals. They are also researching mechanical energy transference and starch cooking in dog and cat diets.

      These food processing techniques may be a low cost and effective way of producing diets that are potentially more beneficial and can control digestibility and that could reduce obesity among pets, Carciofi concluded.

      Take a good look at your dog or cat. What do you see? A lean, fit creature ready to take whatever comes its way? Probably not. The Association for Pet Obes...

      Fewer job openings in June

      The rate of those leaving jobs held steady

      The number of job openings on the last business day of June was down a little -- 5.2 million versus 5.4 million the month before.

      The bureau of Bureau of Labor Statistics (BLS) also reports the number of hires and separations was little changed at 5.2 million and 4.9 million, respectively. Within separations, the quits rate remained at 1.9% for a third straight month, and the layoffs and discharges rate was little changed at 1.3%.

      Job openings

      Even with the slight decline, the job openings rate for June was 3.6% for the third month in a row. The number of job openings was little changed for total private and government. Job openings decreased in nondurable goods manufacturing and were little changed in all four regions.

      The number of job openings (not seasonally adjusted) increased over the 12 months ending in June for total nonfarm and total private. The number of job openings for government was little changed.

      Job openings rose over the year for several industries with the largest increases occurring in professional and business services and in health care and social assistance.

      Job openings declined over the year in mining and logging and in finance and insurance. The number of openings rose over the year in the South and Midwest regions.

      Hires

      The number of hires was 5.2 million in June, up 200,000 from May, for a hires rate of 3.7%. The number of hires was little changed for total private and government in June. There was little change in the number of hires in all industries and regions over the month.

      Over the 12 months ending in June, the number of hires (not seasonally adjusted) increased for total nonfarm, total private, and government. At the industry level, there was more hiring in construction, other services, and state and local government.

      Among the industries, the number of hires fell over the year in mining and logging. The number of hires increased in the Midwest.

      Separations

      Total separations includes quits, layoffs and discharges, and other separations. Total separations is referred to as turnover.

      Quits are generally voluntary separations initiated by the employee, and therefore the quits rate can serve as a measure of workers’ willingness or ability to leave jobs. Layoffs and discharges are involuntary separations initiated by the employer. Other separations includes separations

      due to retirement, death, and disability, as well as transfers to other locations of the same firm.

      There were 4.9 million total separations in June, about the same as in May. The separations rate was 3.5%. The number of total separations was little changed for total private and government, but increased in construction. There was little change in all regions over the month.

      There were 2.7 million quits in June, about the same as in May. The quits rate in June was unchanged at 1.9%. The number of quits was little changed for total private and government over the month, and little changed in all industries and in all 4 regions.

      The number of quits (not seasonally adjusted) increased over the 12 months ending in June for total nonfarm, total private, and government. Quits increased in durable goods manufacturing and in state and local government. The number of quits increased in the Northeast and West regions.

      There were 1.8 million layoffs and discharges in June, up 100,00 from May. The layoffs and discharges rate was 1.3%. The number of layoffs and discharges was little changed over the month for total private and government, and in all 4 regions. Seasonally adjusted estimates of layoffs and discharges are not available for individual industries.

      The number of layoffs and discharges (not seasonally adjusted) was little changed over the 12 months ending in June for total nonfarm, total private, and government. The number of layoffs and discharges

      increased over the year in construction and educational services but decreased in health care and social assistance. There was little change in layoffs and discharges over the year in all 4 regions.

      In June, there were 392,000 other separations for total nonfarm, about the same as in May. Over the month, the number of other separations was up, 10,000 for total private at 334,000 and down 10,000 for government to 57,000. Seasonally adjusted estimates of other separations are not available for individual industries or regions.

      Over the 12 months ending in June, the number of other separations (not seasonally adjusted) was little changed for total nonfarm, total private, and government. Other separations increased in professional and business services, health care and social assistance, and accommodation and food services. Other separations decreased in wholesale trade. The number of other separations was little changed in all 4 regions.

      The full report is available on the BLS website.

      The number of job openings on the last business day of June down a little in June 5.2 million versus 5.4 million the month before. The bureau of Bureau o...

      Little change in mortgage applications last week

      Contract interest rates were mostly flat

      Mortgage applications barely budged in the week ending August 7.

      Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey show applications edged up just 0.1%.

      The Refinance Index, on the other hand, jumped 3% to its highest level since May, taking the refinance share of mortgage activity up to 53.1% of total applications from 51.3% the previous week. That's the highest refinance share since April.

      The adjustable-rate mortgage (ARM) share of activity was unchanged at 6.8% of total applications, the FHA share dropped to 13.3% from 13.8%, the VA share of total applications was 11.3% and the USDA share came in at 0.7%.

      Contract interest rates

      • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) was unchanged at 4.13%, with points decreasing to 0.31 from 0.34 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
      • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) was unchanged at 4.08%, with points increasing to 0.34 from 0.27 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
      • The average contract interest rate for 30-year FRMs backed by the FHA slipped 2 basis points, from 3.96% to 3.94%, with points unchanged at 0.22 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
      • The average contract interest rate for 15-year fixed-rate mortgages rose to 3.39% from 3.36%, with points increasing to 0.38 from 0.37 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
      • The average contract interest rate for 5/1 ARMs rose 9 basis points to 3.11%, with points decreasing to 0.32 from 0.43 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

      The survey covers over 75% of all U.S. retail residential mortgage applications.

      Mortgage applications barely budged in the week ending August 7. Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey sh...

      Breezer Downtown bicycles recalled

      The bicycle pedal can separate from the spindle (axle) during use

      Advanced Sports International is recalling about 1,700 Breezer Downtown bicycles.

      The bicycle pedal can separate from the spindle (axle) during use and cause the rider to lose control, posing a crash hazard.

      The firm has received 12 reports of pedals separating from the spindle. No injuries have been reported.

      This recall involves Breezer Bicycles models Downtown 3, Downtown 3-ST, Downtown 8, Downtown 8-ST, Downtown EX and Downtown EX-ST. The main frame is made of steel and has either a single or dual water bottle mount, and the wheel sets are aluminum.

      The bicycles come in eight different sizes and a variety of gloss colors, including candy apple, chartreuse, chocolate, dark blue, dark green, shale and slate. The model is printed on the top tube of the bicycle.

      The bicycles, manufactured in China, were sold at authorized Breezer Bicycles dealers nationwide from July 2014, through May 2015, for about $450 to $650.

      Consumers should immediately stop using the bicycles and return then to a Breezer dealer for a free pedal replacement.

      Consumers may contact Advanced Sports International toll-free at (888) 286-6263 between 8 a.m. – 5:30 p.m. (ET) Monday – Friday or visit www.breezerbikes.com.

      Advanced Sports International is recalling about 1,700 Breezer Downtown bicycles. The bicycle pedal can separate from the spindle (axle) during use and ca...

      More Good Seed soybean sprouts & mung bean sprouts recalled

      The products may be contaminated with Listeria monocytogenes

      Good Seed of Springfield, Va., is once again recalling packages of soybean sprouts and mung bean sprouts.

      The products may be contaminated with Listeria monocytogenes.

      An earlier recall was issued in May.

      The following products are being recalled by the firm.

      • 1-lb bags of soybean sprouts in clear plastic bags labeled "GOODSEED Soy Bean Sprouts" "Keep Refrigerated" with a UPC Code of "21111 10035" produced on or after June 22, 2015.
      • 1-lb bags of mung bean sprouts in clear plastic bags labeled "GOODSEED Mung Bean Sprouts" "Keep Refrigerated" with a UPC code of "21111 20136" produced on or after June 22, 2015.
      • 2-lb bags of soybean sprouts in clear plastic bags labeled "GOODSEED Soy Bean Sprouts" "Keep Refrigerated" with a UPC Code of "21112 58772" produced on or after June 22, 2015.
      • 2-lb bags of mung bean sprouts in clear plastic bags labeled "GOODSEED Mung Bean Sprouts" "Keep Refrigerated" with a UPC code of "21111 25871" produced on or after June 22, 2015.
      • 10-lb bags of soybean sprouts in black plastic bags labeled with a sticker "GOODSEED Soy Bean Sprouts" produced on or after June 22, 2015.
      • 10-lb bags of mung bean sprouts in clear plastic bags labeled with a sticker "GOODSEED Mung Bean Sprouts" produced on or after June 22, 2015.

      These products were sold in retail stores in Virginia, Maryland and New Jersey.

      Customers who purchased the recalled products should return them to the place of sale for a full refund.

      Consumers with questions may contact the company at 703-392-0075 or the Virginia Department of Agriculture and Consumer Services, Food Safety Program at 804-786-3520.

      Good Seed of Springfield, Va., is once again recalling packages of soybean sprouts and mung bean sprouts. The products may be contaminated with Listeria ...

      Google gets a new parent

      Don't worry, there'll still be plenty of search and Gmail ads to look at

      As one observer put it, Google has birthed its parent company. Known as Alphabet, the parent company will do what parents have always done -- try to keep the brawling brood in line, encouraging the brighter bulbs and trying to keep the wastrels from bringing down the entire clan.

      Google is the biggest and brawniest of the Alphabet family and does the down-and-dirty work -- search, email, thermostats -- that pay the bills. It may not be glamorous but it's what the first-born does: trudges to the office each day carrying on the family name.

      The others? Well, who knows. Google over the years has tried all kinds of things. Some look promising, others not. The idea behind this reorganization is to run Google like a business while leaving company founders Larry Page and Sergey Brin free to chase ideas without running up a big tab that draws down Google's earnings.

      A to Z

      Alphabet -- A to Z, get it? -- will have enough money to pursue big ideas but will not get its hand into the Google cookie jar more often than the parent dictates.

      Google will have its own CEO -- Sundar Pichai -- whose task is to keep Google's nose to the grindstone, doing what it does best, which is selling advertising. He's been in charge of that part of the business for quite some time so keeping it stoked and steaming ahead should be no challenge. 

      What this means for consumers is that Google should continue to innovate and grow its core businesses, producing even more targeted ads in even more places. Not that anyone was ever really afraid it would stop doing so.

      Although everyone is too polite to say so, Google has now turned into something that's just a little bit boring -- it makes scads of money but at the end of the day, well, it's work. This is what happens to start-up companies that are truly lucky: they become so successful that their founders begin to get edgy and want to go try their hand at something else.

      Midlife angst

      This kind of midlife angst makes Wall Street nervous. It wants a steely-eyed businessman running the company day-to-day, crunching numbers, hitting financial goals and keeping everyone in line. 

      Some of us have been around long enough to remember when Google started. It was so under-financed that it canceled its affiliate advertising deals with sites like this one because they were too expensive.

      We emailed Google at the time and said we thought their new search engine was so valuable that we would run the ads for nothing. We never heard back though, so they must still be doing all right. 

      As one observer put it, Google has birthed its parent company. Known as Alphabet, the parent company will do what parents have always done -- try to keep t...

      Tech firm loses $47 million to business email compromise scam

      In today's world, the anti-scam rule “Don't call me, I'll call you” is more important than ever

      At the end of July we warned you that, according to the FBI's Internet Crime Complaint Center, or IC3, a type of fraud called the “Business Email Compromise” had been growing evermore frequent and intense over the past year and change. And this week, the wireless-networking firm Ubiquiti Networks publicly disclosed that it had fallen for such a scam in early June — and lost $46.7 million as a result.

      The business email compromise is essentially an updated version of the old “invoice scam,” only reliant on computers rather than old-fashioned paper payment systems. The invoice scam is simplicity itself: mail fake invoices to various businesses in the hope that they'll be mistaken for real ones, and paid accordingly. In January the U.S. Postal Service estimated that American businesses lose millions if not billions of dollars to such scams every year – though the exact amount is impossible to determine, because the nature of this scam is such that many of its victims have no idea they're being victimized.

      Business invoice scam

      The business email compromise is essentially an invoice scam conducted over the Internet. Here's how it works: suppose you own, or work for the financial department of, a candy-making company. Of course the company buys lots of ingredients – sugar, corn syrup, chocolate liquor and more – to make its various products, which is why it sends regular payments to various suppliers.

      If I'm an invoice scammer out to defraud your candy company, chances are I needn't even take on the minor cost of printing and mailing a fake invoice. All I have to do is send an official-looking email to your @candymaker.com business address, ostensibly from one of your suppliers: “This is SugarCo writing to remind you that we've recently switched banks. Please update our information in your payment database: instead of sending SugarCo payments to account Y at bank Z, send future payments to account A at bank B.” Then I relax, have a drink, and watch the money roll in – at least until the real SugarCo contacts your Accounts Payable department to ask why they haven't been paid yet.

      And if my scamming self has actual hacking skills, rather than the mere ability to write a convincing-looking fake email, then so much the better: instead of waiting for one of your employees to bite on my scambait and divert payments to me, I can simply hack into the right account and divert the payments myself.

      Ubiquiti Networks scammed

      Something very similar happened at Ubiquiti Networks earlier this year, according to the quarterly financial report the company filed with the Securities and Exchange Commission last week:

      On June 5, 2015, the Company determined that it had been the victim of a criminal fraud. The incident involved employee impersonation and fraudulent requests from an outside entity targeting the Company’s finance department. This fraud resulted in transfers of funds aggregating $46.7 million held by a Company subsidiary incorporated in Hong Kong to other overseas accounts held by third parties. As soon as the Company became aware of this fraudulent activity it initiated contact with its Hong Kong subsidiary’s bank and promptly initiated legal proceedings in various foreign jurisdictions....

      Ubiquiti was, at least, able to recover $8.1 million of the lost funds, with another $6.8 million “currently subject to legal injunction and reasonably expected to be recovered by the Company in due course.”

      But it's highly unlikely the company will manage to get all of its lost money refunded, and also unlikely that the company will “be successful in obtaining any insurance coverage for this loss,” as it admits in the SEC filing.

      Ubiquiti didn't disclose exactly how the fraudsters managed to pull off this scam (it's possible Ubiquiti doesn't exactly know), though the investigation did determine that no employee was criminally responsible. Given that the SEC filing did say “The investigation uncovered no evidence that our systems were penetrated or that any corporate information, including our financial and account information, was accessed,” chances are high that the fraudsters got in by emailing fake bank notices or similar things to Ubiquiti executives, and one of them fell for the bait.

      When security expert Brian Krebs analyzed the Ubiquiti heist, he noted that “Unlike traditional phishing scams, spoofed emails used in CEO fraud schemes are unlikely to set off spam traps, because these are targeted phishing scams that are not mass e-mailed.”

      Non-traditional scam

      That's why even a presumably tech-savvy employee of a tech networking firm might fall for such phishing bait: because it doesn't set off traditional phishing-scam alarms. Consider: last December, at the start of the 2014 holiday shopping season, unknown hackers were using fake mail-order “confirmation emails” to trick people into downloading dangerous malware onto their computers. By ordinary phishing standards, those emails were relatively high-quality fakes, in that the fake notices looked almost identical to real notices sent by the likes of Amazon or Walmart.com, without the glaring spelling errors or outdated logos usually found in phishing emails.

      However (as we advised you last December), to detect one of those fake shipping orders all you needed to do was notice that the emails, though professional-looking, were also addressed generically rather than specifically. Real Amazon shipping notices never say “Your order has shipped”; they say “Wile E. Coyote, your order of ACME Rocket-Powered Roller Skates has shipped.”

      But that rule doesn't work with the business email compromise, because the fraudsters learn enough information to customize their emails with authentic personal and business names.

      Remember the hypothetical candy-company invoice scam we mentioned earlier? When a candymaker gets an email saying “Instead of sending SugarCo payments to account Y at bank Z, send future payments to account A at bank B,” that sounds legitimate when the candymaker genuinely does do business with SugarCo, and actually has been sending payments to account Y at bank Z.

      Don't call me; I'll call you

      That's why you must be extra-vigilant about applying another anti-phishing rule: “Don't call me; I'll call you.”

      In other words, be suspicious of any unsolicited email (or text message, phone call or snail-mail letter) you get reporting problems or changes with your accounts – even if that message does seem to be from a legitimate company or institution.

      If you're a business owner or someone working in Accounts Payable, it's fine for you to contact your suppliers about issues regarding payment arrangements – but if someone claiming to represent your supplier contacts you to request a change, you must verify this on your own rather than take that unsolicited message at face value. After all: you didn't call them. They called you, and in today's world that's a warning sign of a scam.

      At the end of July we warned you that, according to the FBI's Internet Crime Complaint Center, or IC3, a type of fraud called the “Business Email Compromis...

      Hybrid owners: enjoy it while you can

      California joins states considering a per-mile car tax to replace gas tax

      Fess up, hybrid owners. You know this deal's too good to last. Drivers of hybrid and all-electric cars have been basically getting a free ride on America's highways and byways. But the good times are about to stop rolling.

      In Washington, attempts to pass a new highway bill are stalled more or less permanently despite the best efforts of the concrete lobby, largely because of disagreements over whether to raise the gas tax. This leaves the states to scratch around on their own and they are increasingly looking at a per-mile tax to replace or, ahem, "enhance" the gas tax.

      California is the latest -- and by any measure the largest -- to consider the idea. Even though it has more cars than any other state, its gas tax revenues have been falling in recent years and it,estimates its road repair backlog at $5.7 billion.

      Gov. Jerry Brown last year authorized a limited study of the per-mile idea, which is winning growing acceptance around the country.

      “We’re going to have to find another way to finance the upkeep of the roads,” Brown said during a January budget briefing. “Whether people use electricity or natural gas or whatever they use, they’re still wearing down the roads.”

      What about tolls?

      Of course, this brings up the unpleasant subject of tolls -- an increasingly popular way of financing roads, especially in the Washington, D.C., area and elsewhere on the East Coast.

      It is not difficult to spend $20 on tolls driving around Northern Virginia -- and that's before you even get within 10 miles of D.C. In Maryland, a tolled portion of I-95 now charges $6 if you have a Maryland-issued EZ-Pass, $8 for everyone else, which surely defines the very concept,of inhibiting interstate commerce and denying equal protection.

      Virginia likes to talk about its "public-private partnerships." What that means is that the state sells its roads to private companies who then lease them back to taxpayers, one toll at a time.

      Virginia, which is sometimes so far behind it appears to be ahead, charged electric cars an annual surcharge of about $40 until last year, when a new Democratic administration rescinded the charge. The state that prides itself on being the home of the Bill of Rights (and the CIA) just couldn't see how a Prius had a freer right to travel than a Mustang.

      While the per-mile tax may sound tame, so did tolls when they started. Many can remember taking extra quarters when driving on the New Jersey Turnpike. Now you need to take extra $20s.

      Do the math

      How much money are we talking about? The RAND Corp. suggested in a study a few years ago that a per-mile charge of 1.1 cents might generate 20 percent more revenue than gas taxes by 2030. That might solve the states' problems for a little while -- and, of course, the tax could always be raised.

      Let's see how those RAND numbers work.,Say you drive 30,000 miles per year. At 1.1 cents per mile, you'd run up an annual tab of $330.

      Currently, if you drive a mid-sized car that gets 20 miles per gallon, you're probably burning about 1,500 gallons. In California, the gas tax is supposedly around 18,cents (although some would argue it's closer to 40 when you add in various fees and surcharges) so you're paying about $270. In Virginia, the tax is 11 cents (not counting hundreds of dollars per month in tolls for many unhappy commuters), so the comparable figure is $165.

      Good deal, no? Well, maybe, although no one says RAND's 1.1 cent per mile charge will stick. And there's some question about the additional fees that get tacked onto gas purchases in addition to the gas tax.

      Also, tax-wary conservatives note, consumers currently are to a great extent in control of how much they pay for highway usage. If you want to spend less on gas and gas taxes, you can always get a Prius, Chevy Volt, or even a Tesla.

      Most Volt owners average 85 miles per gallon, which gets your annual fuel consumption down to about 352 gallons, running up a tax bill of $63,in California or $38 in Virginia (wow, old Tom Jefferson was right on target with that $40 annual fee).

      Differing goals

      The problem now, obviously, is that the states and their subjects have differing goals. The states want more money, their taxpayers want to pay less, or at least not more, while still having roads that don't crumble beneath their wheels.

      The per-mile tax idea might fly in states already being strangled by lousy highways and outrageous tolls (e.g., Virginia and Maryland), but it could be a hard sell elsewhere.

      One thing you can count on: if a per-mile tax is eventually enacted,,crafty legislators will build in a provision that allows an unelected commission of some sort to set the tax rate based on some obscure,formula so that future generations of politicos can decry the ever-rising rate while professing that there have no control over it.

      Fess up, hybrid owners. You know this deal's too good to last. Drivers of hybrid and all-electric cars have been basi...

      Clinton proposes $350 billion plan to reduce college costs

      Money would be given to states that increased support for public colleges

      Democratic presidential hopeful Hillary Clinton has proposed a $350 billion education program aimed at lowering tuition at 4-year public colleges and universities and that would pay tuition costs for students attending community colleges.

      The plan would also cut the interest rates on student loans. Clinton outlined the details of her plan during a town meeting Monday in New Hampshire.

      The plan would not directly lower college costs, since public colleges and universities, as well as community colleges, are operated by states, not the federal government. However, the plan would provide incentives to the states by funneling federal money to pay for cutting tuition costs.

      No-loan education

      Under Clinton's plan, the aim is to lower tuition to the point where students don't have to assume student loan debt in order to attend college. Only states that lowered tuition to “no-loan” levels would get the federal money.

      There's also incentives for private colleges and universities. Those that provide significant financial aid to low income students would receive federal funds to help offset those costs.

      Certain students would have no tuition costs. The Clinton plan would provide tuition-free education for military veterans and those who provide volunteer services to organizations like Americorps.

      The plan also has something for consumers who have already incurred student loan debt. The plan would allow them to refinance their student loan balances at lower interest rates, providing on average a savings of $2,000 over a 10 year period.

      Clinton said she would pay for her plan with a tax hike on upper income tax payers, achieved mostly by capping itemized deductions.

      Other proposals

      Some of Clinton's rivals for the Democratic presidential nomination have already staked out positions on college affordability. Sen. Bernie Sanders (I-VT) introduced legislation in May to provide a free 4-year education at public colleges and universities.

      Sanders' proposal would provide $70 billion a year in college assistance – two-thirds from the federal government and one-third from states.

      A third Democratic hopeful, former Maryland Gov. Martin O'Malley, proposes legislation that would allow students already holding student loan debt at high interest rates to refinance.

      “Because unlike homeowners or businesses, student borrowers can’t refinance their loans,” O'Malley said. “This is outrageous. If we were able to bail out big banks, we can figure out a way to refinance college loans.”

      Meanwhile, the Obama Administration has offered education cost cutting measures of its own that have gone nowhere in Congress. For example, Obama has proposed spending $60 billion a year to pay tuition costs for students attending community college. He's also proposed capping upper income tax deductions to raise extra money for education.

      Rising college debt levels and the burden they place on college graduates and their families is a key issue among Democrats, more so than Republicans. GOP presidential hopefuls have not yet offered formal policy proposals but several have mentioned the 1.3 trillion debt burden in speeches and its negative impact on the economy.

      The Republican candidate who has mentioned student debt the most is Donald Trump, who has been vocal in his criticism of the U.S. government making a profit from student loans.

      In an interview with The Hill, Trump said he thinks it is “terrible” that one of the only profit centers the U.S. government has is student loans.

      Democratic presidential hopeful Hillary Clinton has proposed a $350 billion education program aimed at lowering tuition at 4-year public colleges and unive...

      Insurance dongle security hole let hackers remotely cut a Corvette's brakes

      But almost any make and model of car is vulnerable

      It's common knowledge nowadays that any computer can be hacked, and any wireless connection can be compromised. In other words, any “smart” device is vulnerable, including smartphones, smart TVs, and smart cars (which are basically computers on wheels).

      Indeed, in February a Senate committee report determined that almost every new car sold on the American market was vulnerable to hackers in some way or other.

      Hackable car exploits

      In just the past two weeks, dangerously hackable exploits have been uncovered in cars from three different manufacturers. On July 24, Fiat/Chrysler USA recalled 1.4 million vehicles from model year 2013 and later, to fix a massive software flaw allowing hackers to remotely seize control of a vehicle's major operating systems, including steering, brakes, and transmission.

      A week later, another security researcher discovered a way to remotely seize control of the OnStar systems used in various General Motors vehicles.

      Five days ago, Tesla Motors issued a software patch to fix a security hole that allowed hackers to take control of a Tesla Model S and abruptly turn it off.

      And today, security researchers from the University of California at San Diego found yet another hackable-car threat with the potential to affect almost all makes and models of modern cars – although the specific brand hacked in this security test was a 2013 Corvette.

      Common gadget

      Wired reports that a team of researchers from UC San Diego discovered that a commonplace gadget which trucking companies and insurance firms use to remotely monitor vehicles' location, speed, and other factors also leaves those vehicles vulnerable to hackers: “By sending carefully crafted SMS messages to one of those cheap dongles connected to the dashboard of a Corvette, the researchers were able to transmit commands to the car’s CAN bus—the internal network that controls its physical driving components—turning on the Corvette’s windshield wipers and even enabling or disabling its brakes.”

      A dongle is essentially a small piece of hardware that attaches to a computerized or electronic device in order to allow additional functions – such as remote speed and location monitoring, when a dongle is attached to the computer in a car. The specific device in this instance is an OBD (on-board diagnostics) dongle made by French firm Mobile Devices and distributed by American corporate customers such as Metromile, a San Francisco-based insurer which uses the dongles to charge per-mile rates for insurance.

      Not that the use of such devices is limited to insurance customers looking for discounted rates. In March, the White House issued an executive order mandating the use of similar OBD monitoring systems by federal agencies with fleets of 20 or more vehicles.

      Moving too fast?

      Metromile says it has already issued a wireless patch for that particular security hole. However, as The Verge dryly noted, the Metromile Dongle hack is “the newest in a recent rash of security vulnerabilities in cars that is raising questions about whether automakers and suppliers … should be moving as quickly as they are to connect their products to the Internet.”

      One could raise similar questions regarding whether the U.S. government, which over the past year has developed the annoying habit of having its sensitive computer systems and databases breached by Chinese or Russian hackers every few weeks, should be in such a rush to add its automobile fleet to that ever-growing list of hackable things.

      It's common knowledge nowadays that any computer can be hacked, and any wireless connection can be compromised. In other words, any “smart” device is vulne...

      American Express adds Apple Pay for corporate cards

      Company was among the first to accept it for consumer cards

      American Express says it is the first major corporate card portfolio that has been activated for Apple Pay, allowing business members to pay on the go using their compatible Apple mobile devices.

      Cards that may be used with Apple Pay include only corporate cards issued to employees of commercial card customers working in the U.S. The Corporate Green Card, Corporate Gold Card, Corporate Platinum Card, Corporate Centurion Card, Business Extra Corporate Card and Corporate Defined Expense Program Corporate Card are all eligible. Prepaid Cards and other products are not eligible.

      “Businesses today are going digital, and American Express is at the forefront of digital innovation, helping companies to streamline their payments systems and simplify their processes,” said Greg Keeley, Executive Vice President, Global Corporate Payments, American Express. “We continue to invest and expand digital offerings for our corporate customers in ways that maximize security and enhance the user experience.”

      For use at contactless merchants

      Apple Pay allows American Express members to register their eligible card and pay with their mobile devices at contactless merchants – those using a smart chip technology – in stores, or within participating apps that accept American Express.

      The company adopted Apple Pay for its consumer cards and OPEN Small Business Cards in late 2014.

      American Express praised Apple Pay for its security and privacy features, saying they mesh well with those that it offers. When you add a card to Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers.

      Apple Pay instead issues a unique Device Account Number, that is encrypted and securely stored in the secure element on the customer's device. Each transaction is authorized with a one-time unique dynamic security code.

      But as with any wireless, encrypted technology, nothing is 100% secure. As we reported in June, security researchers at the mobile security company Wandera discovered and warned Apple about a vulnerability in iOS that would allow hackers to set up a wi-fi spot and then, once an iDevice connects to it, present it with a fake “captive portal” page imitating the genuine Apple Pay page asking users to enter their credit card data.

      How it works

      Apple Pay debuted last October, getting Apple into the mobile wallet game. To use it, customers just hold an iPhone 6 near the contactless reader with a finger on Touch ID. You don’t even have to look at the screen.

      Among phones, Apple Pay is only compatible with the iPhone 6 and iPhone 6 Plus, which are the only iPhones equipped with the requisite NFC radio antennae.

      To pay with Apple Watch, just double-click the side button and hold the display of Apple Watch up to the contactless reader. A gentle tap and beep confirm that your payment information was sent.

      According to MacWorld, Whole Foods Market has seen mobile payments increase by more than 400% since Apple Pay launched last year. Square integration is expected to expand its use to small, independent retail businesses.  

      American Express says it is the first major corporate card portfolio that has been activated for Apple Pay, allowing business members to pay on the go usin...

      Why cheap Chinese products are about to get cheaper

      China has devalued its currency in an effort to boost sagging exports

      Ever since the U.S. began importing most of its low-end consumer products from China, U.S. consumers have enjoyed low prices for them. Not only could Chinese factories turn out cheaper goods, the value of the Chinese currency, the yaun, always stayed cheaper than the U.S. dollar.

      Now, those cheap Chinese products might get even cheaper. The Chinese central bank has devalued the yaun by 2% in relation to the U.S. dollar. The central bank said it was a “one-off” move to strengthen Chinese exports in the face of a weakening economy.

      “The U.S. economy is in the recovery process, the market expects the Fed will raise interest rates during the year, the dollar continues to strengthen, the euro and the yen weaker, some emerging economies and commodity producers devaluation, international increased volatility of capital flows, the formation of this complex situation is a new challenge,” the People's Bank of China explained in a statement.

      Dollar moves higher

      The immediate result in the currency markets was to push the dollar even higher against the yaun and other currencies, setting up what some analysts believe could turn into a currency war.

      A strong dollar against the yaun and other world currencies isn't good news for U.S. companies trying to sell things to the rest of the world, since the exchange rate makes American products and services more expensive.

      However, it works to consumers' advantage. Chinese-made products will cost less. As the dollar continues to gain strength, so will most imports from other countries.

      Effect on oil

      A stronger dollar will likely have another consequence that helps consumers. Commodity prices – particularly the price of oil – have been falling for months. A stronger dollar may push oil prices lower, or at least keep them from rising. That could mean relatively stable gasoline prices.

      Lower oil prices also reduce inflation. In fact, the Federal Reserve has worried more about deflation, and falling commodity prices will do nothing to alleviate those concerns. Some analysts think that China's surprise currency decision may prompt the Fed to push back any increase in interest rates, which conventional wisdom suggests will happen next month.

      With oil prices so low and supplies so large, one oil industry analyst is predicting Congress will act next month to lift the ban on U.S. oil exports. As we recently reported, some are making a case for such a move.

      Leonard Brecken, of Oil Price, reported this week that two oil company CEOs have predicted Congressional action sometime in September to allow U.S. oil producers to sell their crude to other nations. Reuters reports House Speaker John Boehner has backed the idea, saying the ban was put in place during a time of scarcity and no longer makes sense.

      Ever since the U.S. began importing most of its low-end consumer products from China, U.S. consumers have enjoyed low prices for them. Not only could Chine...

      A simple microchip can prevent losing your pet forever

      The microchip makes it possible to identify and return lost pets

      Does your dog or cat have a microchip? Microchips are tiny transponders, about the size of a grain of rice, that are implanted in your pet between the shoulder blades, providing a permanent means of identification. The implantation is no more painful than a vaccination, and most pets don’t even notice when it is happening.

      Each microchip has a unique identification number, and you enroll that number in a microchip registry with your pet’s profile and your contact information, for a nominal fee. If your dog or cat is ever lost, and then found, a veterinary hospital or shelter will scan for a microchip, and alert the microchip registry that the animal was found. The registry then contacts you. Some registries, like HomeAgain, also send out email alerts when you report your dog lost, and have apps for your smart phone.

      Unlike collars or tags, the microchip is permanent, and can’t be pulled off or lost. And microchips have been responsible for thousands of reunions, including some amazing stories of animals missing for years that are now home with their families because of microchips.

      Success story

      Last month, a cat named Bogie was reunited with his family after being lost at Honolulu International Airport as the family was moving to Michigan. Nineteen months later, Bogie was caught living with a feral cat colony at the airport, and thanks to his microchip, he was rapidly identified and reunited with his family.

      In 2006, a Boxer named Boozer went missing from Tennessee. Picked up by someone, he was kept for 9 years, then turned into a shelter in Colorado when that person moved and could no longer have a dog. The Colorado shelter scanned him, and his Tennessee family, who never expected to see their dog again, were notified that their missing Boozer was in Colorado. Reunited with Boozer just a few days ago, the family is ecstatic to have him home.

      Internationally, a dog named Emile was originally microchipped and registered in England. When his family moved to France, they changed to a French registry, but when Emile went missing, he was rescued from a highway by an Italian truck driver, who took him to Italy. Scanned for a chip in Italy, Emile and his family were reunited thanks to the Europetnet microchip database.

      Ask your vet

      If you love your dog or cat, and it isn’t yet microchipped, ask your vet about it on your next visit. The average cost for microchipping in this country is less than $50, and often includes the fee for registration. You can also check with your local Humane Society, municipal shelter, SPCA or spay/neuter clinic for a lower-cost alternative. Vetco, the veterinary clinics at Petco stores throughout the country, offer microchipping for only $15.

      If your pet is already microchipped, and the chip has not been checked for placement recently, you should have your pet scanned to make sure that the chip is easily readable, since there are rare cases of chips migrating to other parts of an animal’s body. This Saturday, August 15 is Check the Chip Day, sponsored by the American Veterinary Medical Association. This event is to encourage having microchips checked for placement, and remind people to update their registration information.

      Remember, to greatly increase the chances of a lost pet returning to you, follow these steps:

      1. Microchip the dog or cat

      2. Register that microchip

      3. Have your vet check for placement with each vet visit

      4. Regularly check that the registry information is up-to-date, with current phone numbers and addresses.

      For more information, try these websites:

      AVMA Microchipping FAQs

      Check the Chip Day

      Vetco Clinics

      HomeAgain® Microchips and Registry

      Does your dog or cat have a microchip? Microchips are tiny transponders, about the size of a grain of rice, that are implanted in your pet between the shou...

      Completed foreclosures continue to fall in June

      The foreclosure inventory is down nearly 70% from its 2011 peak

      Foreclosures were on the decline again in June, according to the CoreLogic National Foreclosure Report.

      The provider of property information, analytics and services reports the foreclosure inventory plunged 28.9% and completed foreclosures were down 14.8% on a year-over-year basis.

      The number of foreclosures nationwide decreased year over year from 50,000 in June 2014 to 43,000 this past June, representing a slide of 63.3% from the peak of 117,119 completed foreclosures in September 2010.

      “The foreclosure rate for the U.S. has dropped to its lowest level since 2007, supported by a continuing decline in loans made before 2009, gains in employment, and higher housing prices,” said Frank Nothaft, chief economist for CoreLogic. “The decline has not been uniform geographically, as the foreclosure rate varies across metropolitan areas.”

      Completed foreclosures are an indication of the total number of homes actually lost to foreclosure. Since the financial meltdown began in September 2008, there have been approximately 5.8 million completed foreclosures across the country. Since homeownership rates peaked in the second quarter of 2004, there have been approximately 7.8 million homes lost to foreclosure.

      As of June 2015, the national foreclosure inventory included approximately 472,000, or 1.2%, of all homes with a mortgage, compared with 664,000 homes, or 1.7%, in June 2014. The June 2015 foreclosure rate is the lowest since December 2007.

      Mortgage delinquencies fall

      CoreLogic also reports that the number of mortgages in serious delinquency (defined as 90 days or more past due, including those loans in foreclosure or REO) fell 23.3% from June 2014 to June 2015, with 1.3 million mortgages, or 3.5%, falling into this category. This is the lowest serious delinquency rate since January 2008. On a month-over-month basis, the number of seriously delinquent mortgages declined by 3.4%.

      “Serious delinquency is at the lowest level in seven and a half years reflecting the benefits of slow but steady improvements in the economy and rising home prices,” said Anand Nallathambi, president and CEO of CoreLogic. “We are also seeing the positive impact of more stringent underwriting criteria for loans originated since 2009 which has helped to lower the national seriously delinquent rate.”

      Report highlights

      • On a month-over-month basis, completed foreclosures increased by 4.8% from the 41,000 reported in May 2015. As a basis of comparison, before the decline in the housing market in 2007, completed foreclosures averaged 21,000 per month nationwide between 2000 and 2006.
      • The 5 states with the highest number of completed foreclosures for the 12 months ending in June 2015 were: Florida (102,000), Michigan (46,000), Texas (33,000), California (29,000) and Ohio (27,000). These 5 states accounted for almost half of all completed foreclosures nationally.
      • Four states and the District of Columbia had the lowest number of completed foreclosures for the 12 months ending in June 2015: South Dakota (32), the District of Columbia (107), North Dakota (313), Wyoming (499) and West Virginia (566).
      • Four states and the District of Columbia had the highest foreclosure inventory as a percentage of all mortgaged homes: New Jersey (4.7%), New York (3.7%), Florida (2.7%), Hawaii (2.5%) and the District of Columbia (2.4%).
      • The five states with the lowest foreclosure inventory as a percentage of all mortgaged homes were: Alaska (0.3%), Minnesota (0.4%), Montana (0.4%) Nebraska (0.4%) and North Dakota (0.4%).

      Foreclosures were on the decline again in June, according to the CoreLogic National Foreclosure Report. The provider of property information, analytics a...

      Bogus credit repair scheme operators settle FTC charges

      The scammers are accused of preying upon Spanish-speaking consumers

      The operators of a bogus credit repair scheme that allegedly tricked Spanish-speaking consumers into paying thousands of dollars each to supposedly improve their credit have settled the charges with the Federal Trade Commission (FTC).

      A federal court complaint filed in March claims the defendants did business using the name FTC Credit Solutions, misleading consumers not only about the nature of the alleged credit repair services they offered, but also claiming an affiliation with the FTC that did not exist.

      “These defendants were shameless. They scammed consumers who were in need of financial help and used the good name of the Federal Trade Commission to do so,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection.

      According to the FTC, the defendants -- First Time Credit Solution, Corp., Guillermo Leyes, Jimena Perez, Fermin Campos, and Maria Bernal -- violated the FTC Act by claiming to be affiliated with or licensed by the Federal Trade Commission. They are also accused of falsely promising they could remove negative information from consumers’ credit reports and guaranteeing consumers a credit score of 700 or above within six months or less.

      The FTC said the defendants violated the Credit Repair Organizations Act by making these misrepresentations and charging consumers up front for credit repair services.

      Fines and bans imposed

      Under the terms of two settlements, the four individual defendants will be subject to a monetary judgment of $2.4 million. Leyes will be responsible for the full amount of the judgment. In the cases of Perez, Campos and Bernal, the judgment will be partially suspended due to their inability to pay. The defendants will be required to surrender the money in their bank accounts.

      In addition, the settlements permanently bar the defendants from selling or advertising credit repair services to consumers and from deceiving consumers about any good or service they are selling. The settlements also bar the defendants from selling or otherwise benefiting from customers’ personal information.

      The operators of a bogus credit repair scheme that allegedly tricked Spanish-speaking consumers into paying thousands of dollars each to supposedly improve...