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BUSINESS NEWS FEBRUARY 20TH, 2016


APPLE’S FIGHT WITH THE US OVER ENCRYPTION GETS HEATED

On Friday, the FBI asked a judge to file a motion that would force Apple to create a backdoor into the iPhone, thereby allowing the FBI to bypass the passcode lock on a phone alleged to belong to the San Bernardino shooters. A senior Apple executive called the action an attempt to convince the media of the government’s position before the company had a chance to respond. Another high ranking executive said legal action was not the appropriate method and that this was a battle for Congress, not the courtroom.

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LATINO ENTREPRENEURS FACE MANY OBSTACLES

According to a survey conducted by Stanford Business School, Latinos make up $1.4 trillion in revenue waiting to boost the American economy. They have founded 86% of all new US businesses between 2007 and 2012. However, where non-Latino businesses made over half a million dollars in 2012, Latino businesses made just over $100,000. The biggest obstacle for Latino business owners is a lack of access to capital. Remy Artega, lead researcher for the survey conducted said that most respondents had been turned down for loans by banks.

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ARE BANK HACKERS BECOMING AN INTERNATIONAL MAFIA?

Bank hackers infect computers with viruses and empty out bank accounts. In 2015, SecureWorks released a report that showed viruses expanding to hit warehouses and shipping companies. This could be a sign that bank hackers are looking for an avenue to launder their stolen goods. A recent study by University of California at Santa Barbara showed that 85-91% of stolen goods ended up in Moscow. The entire crime organization is estimated to be worth $1.8 billion.

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TOP CHINESE MARKET REGULATOR FIRED

Chairman of the China Securities Regulatory Commission, Xiao Gang, was replaced on Saturday by Liu Shiyu, head of the Agricultural Bank of China. Gang was fired after implementing a circuit breaker mechanism which was meant to protect small investors from a volatile market. However, the implement backfired, creating a panic, causing the Shanghai composite to plummet 19% and its smaller counterpart, the Shenzhen composite to drop 20%. Despite reaching record levels earlier in the year, the Chinese market crashed, with the Shanghai composite losing a third of its value.

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