PENINSULA DAILY NEWS for Wednesday, April 11, 2012 PAGE
B4 $ Briefly . . .
Wireless companies plan to disable stolen phones FCC chairman outlines initiative
idly in urban areas; cellphones are stolen in more than 40 percent of all robberies in New York City and 38 percent of robberies in the District of Columbia, according to the groups. “Our goal is to make a stolen cellphone as worthless as an empty wallet,� said Sen. Charles E. Schumer, the New York Democrat who plans to introduce legislation to criminalize tampering with a phone’s unique identifier.
BY EDWARD WYATT THE NEW YORK TIMES
WASHINGTON — The soaring popularity of smartphones has produced an unwelcome, if predictable, side effect — an epidemic of smartphone thefts. Now, police departments, the Federal Communications Commission and the wireless phone industry have devised a plan to fight back — the creation of a central database to track stolen phones and prevent them from being used again. On Tuesday, Julius Genachowski, the chairman of the FCC, joined police chiefs from New York, Pennsylvania and Maryland and representatives of a wireless industry trade group to announce the new plan, which will allow wireless providers to disable and block further use of a device once it is reported stolen.
Congress writing legislation The groups also are working with members of Congress to write legislation that would make it a federal crime to tamper with a phone’s unique identifiers in an attempt to evade the blocking process.
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“It’s just too easy for a thief to steal a phone and sell it on the black market,� Genachowski said. “This program will make it a lot harder to do that. “And the police departments we are working with tell us that it will significantly deter this kind of theft.� Over the past year, roughly one out of three robberies nationwide have involved the theft of a cellphone, according to an FCC summary of the new plan. The thefts have grown most rap-
Because many smartphone owners use the devices for financial transactions, the phones often contain sensitive personal data. As part of the program, wireless carriers plan to educate consumers on how to remotely lock their phones, delete personal information and track a device’s whereabouts. Over the next six months, each of the four largest carriers — Verizon Wireless, AT&T, Sprint and T-Mobile — is expected to put in place a program to disable phones reported as stolen, preventing them from being used on their own networks. Within 18 months, the FCC plans to help the companies merge their databases to create a national program that also prevents a phone from being altered to use another carrier’s network.
Healthcare talk PORT LUDLOW — Mike Glenn, chief executive officer of Jefferson Healthcare hospital in Port Townsend, and Scott Bosch, CEO of Harrison Medical Center in Bremerton and Silverdale, will speak at the Beach Club in Port Ludlow at 10 a.m. today. The presentation is part of the Port Ludlow Wellness Forums coordinated by Peggy Schafran. Bosch and Glenn are slated to speak about health care at the regional and national levels; legislative issues; and changes in their organizations — including changes at Harrison’s Silverdale campus and at Jefferson Healthcare’s clinic in Port Ludlow. Last week, Jefferson Healthcare officials said Dr. Shannan Kirchner would succeed Dr. Melanie McGrory at the Ludlow clinic. Today’s program is free and open to the public. Seating is limited, and to guarantee a seat contact Schafran at 360-437-9935.
Fannie, Freddie may offer mortgage aid THE ASSOCIATED PRESS
WASHINGTON — The federal regulator who oversees Fannie Mae and Freddie Mac is softening his stance agains letting the mortgage giants reduce principal for U.S. borrowers at risk of foreclosure. Edward DeMarco, acting director of the Federal Housing Finance Agency, said in speech Tuesday that the agency is considering whether to allow Fannie and Freddie to offer principal reductions. That’s a subtle shift from his firm opposition to the concept. DeMarco still says the agency must weigh the reductions against losses to taxpayers, who already have spent $170 billion to bail out the companies. And he’s also cautioning that allowing reductions could lead to a rise in borrowers who strategically default on their loans. A spokeswoman for the agency said DeMarco’s long-standing resistance to allowing principal writedowns hasn’t changed.
THE ASSOCIATED PRESS
Brian Dunn’s departure called ‘long overdue.’
Best Buy CEO takes his leave
Stocks slide NEW YORK — The stock market extended its longest slump of the year. The Dow Jones industrial average fell almost 220 points Tuesday and was on pace for its third triple-digit decline in four trading sessions. It hit its lowest point since Feb. 3, during the market’s strong and steady climb earlier this year. European markets sold off while Wall Street was still sleeping. Concern about the financial health of Spain intensified. The main stock indexes in Spain and France closed down about 3 percent for the day, the equivalent of a 400-point drop in the Dow. Stocks dropped 2.5 percent in Germany and 2.2 percent in Britain.
THE ASSOCIATED PRESS
NEW YORK — Best Buy CEO Brian Dunn is stepping down from the nation’s largest consumer electronics retailer, a company that has been largely criticized for not responding quickly enough to growing competition. Best Buy Co., based in Minneapolis, said Tuesday that it was a mutual decision, and that there were no disagreements with Dunn on any matter relating to operations, financial controls, policies or procedures. But the 28-year veteran of Best Buy, had led it since June 2009, and the company said it was time for new leadership given the challenges the company faces. Best Buy said it already has created a search committee for identifying and choosing its new CEO. Board member Mike Mikan, 39, will serve as interim CEO while the company searches for a permanent replacement. Richard Schulze will continue as chairman. Best Buy’s shares were down 51 cents, or 2.3 percent, to $21.14 in after initially climbing higher on the news. “I think the departure is long overdue,� said Brian Sozzi, chief equities analyst at NBG Productions, an independent research firm.
Feeling pressured? Still, his willingness to consider the concept suggests he may be feeling pressure from lawmakers and White House officials, who have pushed for principal reductions by Fannie and Freddie. U.S. Rep. Elijah Cummings, D-Md., said he was “encouraged that Mr. DeMarco has now begun to move in this direction.� Cummings and others said Fannie and Freddie’s efforts to help homeowners who owe more on their mortgages than their homes are worth have fallen short. Treasury Secretary Timothy Geithner told a Senate subcommittee last month that he thought officials at Fannie and Freddie support the idea of principal write-downs, despite DeMarco’s reservations. Geithner called DeMarco a “little more conservative� on the issue.
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NEW YORK — Apple hit the $600 billion level for the first time Tuesday. Only one other company has been worth $600 billion — Apple’s old sparring partner Microsoft Corp. It reached that valuation for 13 trading days around the turn of the millennium. Apple shares hit $644 in morning trading, up 1.2 percent from Monday’s close. At that price, the entire company was worth $600.4 billion. By midday, the shares retreated to $638.64, up 0.4 percent from the day before, putting the value below $600 billion again.
Job openings up WASHINGTON — Employers posted slightly more job openings in February, suggesting that modest hiring gains will continue in coming months. The Labor Department said Tuesday that employers advertised 3.5 million job openings in February. That was a slight increase from a revised 3.48 million in January but still below the three-year high of 3.54 million in December.
Nonferrous metals NEW YORK — Spot nonferrous metal prices Tuesday. Aluminum -$0.9316 per lb., London Metal Exch. Copper - $3.7943 Cathode full plate, LME; $3.6460 N.Y. Merc spot Tue. Lead - $1994.00 metric ton, London Metal Exch. Zinc - $0.8960 per lb., London Metal Exch. Gold - $1644.00 Handy & Harman; $1659.50 troy oz., NY Merc spot Tue. Silver - $31.325 Handy & Harman; $31.670 troy oz., N.Y. Merc spot Tue. Platinum - $1604.00 troy oz., N.Y. (contract). Platinum - $1589.20 troy oz., N.Y. Merc spot Tue.
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