Saverin: Facebook's rapid growth is its 'biggest risk'



Facebook co-founder Eduardo Saverin.

Facebook co-founder Eduardo Saverin.



(Credit:
Facebook)


Facebook co-founder Eduardo Saverin isn't convinced that the social network's fast-growing strategy is a good one.


Speaking at a conference in Singapore today, Saverin said that while growth is a "huge asset," it can lead to a very real problem that shouldn't be overlooked.


"The biggest risk is growing too fast," he said, according to Bloomberg, which was in attendance at the event. "When you grow too fast, it's hard to iterate, educate."


Facebook is making no secret that it wants to grow as quickly as possible. Last month, the company's CEO Mark Zuckerberg said that he planned to increase spending by 50 percent, or $1.4 billion. That came after the company boosted spending by 67 percent in the previous year. Facebook plans to spend a bulk of its cash on mobile initiatives and advertising -- two elements that will prove extremely important for future growth.



Still, there's a problem. As Wedbush analyst Michael Pachter told CNET last month, the social network needs to see revenue grow by 28 percent "just to keep net income flat" if it actually increases spending by 50 percent. And that might prove difficult.


Saverin, who netted a huge sum in Facebook's IPO, and has a net worth that exceeds $1 billion, has had his fair share of trouble with the company. Saverin years ago sued Facebook for his stake in the company. After a drawn out fight, the case was settled out of court and he was given a co-founder credit on Facebook's site.


Despite the risks, rapid growth is not something new for Facebook. The company currently has 1.1 billion active users and continues to see huge growth in several countries around the world. Perhaps that's why Facebook's plan for rapid growth isn't concerning the company -- it's the same old thing it's been dealing with since its founding.


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Winter storm brings heavy snow to Midwest

Updated at 8:47 a.m. ET

ST. LOUIS Parts of the nation's heartland awoke Thursday to more than half a foot of snow, as a large storm made its way eastward out of the Rockies, snarling traffic for morning commuters and allowing an army of children to trade pen and paper for shovel and sled, at least for a day.

Winter storm warnings were issued from Colorado through Illinois, and many school districts cancelled classes ahead of time, in anticipation of the more than a foot of snow expected to fall in some places.

CBS News weather consultant David Bernard reported on "CBS This Morning" Thursday that very heavy snow squalls were moving across Wichita, Kan., and further north into Kansas City, Mo., where it looks like it's going to snow hard for about the entire day.

Forecast models show the snowstorm pivoting from the southwest to the northeast throughout the morning and afternoon hours, so Wichita would see improvement late Thursday, but northeastern Kansas and most of Missouri would be looking at heavy snowfall until at least Thursday night, Bernard reports.

Kelly Sugden, a National Weather Service meteorologist in Dodge City, Kan., said early Thursday that the storm that had already dumped heavy snow on Colorado.

"It's very active," Sugden said, noting the snowfall was mixed with lightning and sleet showers.

Kansas' capital, Topeka, had little more than a dusting of snow after dawn, but in the town of Rozel, roughly 210 miles west, 6 1/2 inches had already been reported fallen.

Sugden said that while forecasters weren't expecting blizzard conditions to develop in Kansas, the Interstate 70 corridor could get as much as 13 inches of snow, and large drifts would make driving very dangerous.

In Oklahoma on Wednesday, roads were covered with a slushy mix of snow and ice that officials said caused a crash that killed an 18-year-old driver, Cody Alexander.

Alexander, of Alex, Okla., skidded in his pickup truck into oncoming traffic on State Highway 19 and was hit by a truck and killed, the Oklahoma Highway Patrol said. The other driver wasn't seriously injured.

In northern Arkansas, a school bus crashed Wednesday on a steep, snowy country road, leaving three students and the driver with minor injuries. Pope County Sheriff Aaron Duval said the bus slid off a road on Crow Mountain, nearly flipping before it was stopped by trees at the roadside.

The weather service warned that freezing rain could lead to a half-inch or more of ice accumulating Thursday in central and northern Arkansas, making travelling particularly dangerous.

Officials said the storm could be the Midwest's worst since a two-day storm that began Feb. 1, 2011. That storm was blamed for about two dozen deaths and left hundreds of thousands without power, some for several days. At its peak, the storm created white-out conditions so intense that Interstate 70 was shut down across the entire state of Missouri.

Tim Chojnacki, spokesman for the Missouri Department of Transportation, said it planned to have salt trucks on the roads before the storm arrived in the Show-Me State in hopes that the precipitation would largely melt upon impact.

Much of Kansas was expected to get up to a foot of snow, which many rural residents welcomed after nearly a year of drought.

Jerry and Diane McReynolds spent part of Wednesday putting out more hay and straw for newborn calves at their farm near Woodston in north central Kansas. The storm made extra work, but Diane McReynolds said it would help their winter wheat, pastures and dried-up ponds.

"In the city you hear they don't want the snow and that sort of thing, and I am thinking, 'Yes, we do,' and they don't realize that we need it," she said. "We have to have it or their food cost in the grocery store is going to go very high. We have to have this. We pray a lot for it."

Meanwhile, a separate snow storm caught many drivers by surprise in California, leaving hundreds stranded on mountain highways. A 35-mile stretch of Highway 58 between Mojave and Bakersfield was closed Wednesday, and several school districts closed. No injuries were reported.

Schools also were closed in northern Arizona and Colorado with snow there. Mindy Crane, a spokeswoman for the Colorado Department of Transportation, said hundreds of plows had been deployed for what was expected to be one of the most significant snow storms of the season.

Just the threat of snow led to a series of shutdowns in the middle of the country. Kansas Gov. Sam Brownback closed state government from Thursday morning through Friday morning and urged residents to stay off the roads.

Lawmakers in Nebraska and Iowa cancelled committee meetings and hearings, and the Arkansas Senate voted to recess until Monday so lawmakers could make it home before the worst of the storm hit. University of Nebraska officials moved a Big Ten men's basketball game against Iowa from Thursday to Saturday.

National Weather Service meteorologist Jayson Gosselin said precipitation is generally expected to drop off as the storm makes its way east. Chicago and parts of Indiana, he said, could get about 2 inches of snow and some sleet.

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Lead Pistorius Cop Facing Attempted Murder Charge












Hilton Botha, the detective at the center of the Oscar Pistorius murder case, is facing his own attempted murder charges in connection with a 2011 shooting in which he and other police officers allegedly fired a gun at passengers in a vehicle.


Botha is scheduled to appear in court in May on seven counts of attempted murder in connection to the October 2011 incident in which he and two other officers allegedly fired shots at a minibus they were attempting to stop. It's unclear whether any of the passengers were injured.


Botha has been outlining details this week at the Olympic runner's bail hearing of his investigation into the Feb. 14 shooting death of Reeva Steenkamp at Pistorius' home in Pretoria, South Africa. Botha was one of the first officers to arrive at the scene, where Steenkamp, a 29-year-old model, was found fatally shot three times.


PHOTOS: Paralympic Champion Charged in Killing


Pistorius, a double-amputee who walks on carbon fiber blades, says he killed his girlfriend accidentally.


Prosecutors say they were unaware of the charges against the detective when he took the stand this week, according to The Associated Press.








Oscar Pistorius: Investigator Faces Attempted Murder Charges Watch Video









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"The prosecutors were not aware of those charges [against Botha]," Medupe Simasiku of the National Prosecution Agency said. "We are calling up the information so we can get the details of the case. From there, we can take action and see if we remove him from the investigation or if he stays."


FULL COVERAGE: Oscar Pistorius Case


Botha muddled testimony and eventually admitted Wednesday at Pistorius' bail hearing that the suspect's account of the Valentine's Day shooting did not contradict the police's version of events.


A spokesman for the NPA admitted today that charges pending against Botha were not helpful for the credibility of the prosecution's case, but that the case would hinge on forensic evidence, not the testimony of a police officer.


Pistorius has argued in court that he was closing his balcony doors when he heard a noise from the bathroom. Fearing an intruder, and without his prosthetic legs on, he grabbed a gun from under his bed and fired through the closed bathroom door, he told the court.


But prosecutors say that's implausible, that the gun's holster was found under the side of the bed where Steenkamp slept, and that Pistorius would have seen she wasn't there. Prosecutors also say the angle at which the shots were fired shows Pistorius was already wearing his prosthetics when he fired.


Defense attorneys representing Pistorius tore into investigators Wednesday, accusing them of sloppy police work and saying the substance that police identified as testosterone, which they found in his bathroom, was an herbal supplement.


In a statement overnight, Pistorius' family said the new testimony brought "more clarity" to the hearing.


Meanwhile, Steenkamp's cousin told CNN that she wants to believe Pistorius' story.


"That is what in my heart, I hope and wish is the truth, because I would not like to think my cousin suffered," Kim Martin, Steenkamp's cousin, told CNN's Piers Morgan. "I would not like to think that she was scared."


Steenkamp's brother Adam Steenkamp said the family is trying to focus on better days.


"We're remembering the positive," he said. "We're remembering the good."


Pistorius today was dropped by two of his sponsors, Nike and Thierry Mugler.



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Cameroon, Nigeria officials deny French hostages freed


YAOUNDE (Reuters) - The fate of seven French tourists seized in Cameroon by suspected Nigerian Islamist militants was unclear on Thursday after government officials denied French media reports that they had been freed.


The hostages, four children and three adults, were captured this week while on an excursion to the Waza national park near Cameroon's border with Nigeria.


Several French media reported earlier on Thursday that the hostages had been found alive in a house in northern Nigeria and freed.


"The hostages are safe and sound and are in the hands of Nigerian authorities," BFMTV quoted a Cameroon army officer as saying.


"This is a crazy rumor that we cannot confirm. We do not know where is it coming from," Cameroon Communications Minister Issa Tchiroma Bakary said by telephone from the capital Yaounde.


Sagir Musa, a spokesman for Nigeria's military, told Reuters the report was "not true."


Kader Arif, France's minister for veterans' affairs, told parliament on Thursday that the seven hostages had been released but retracted his statement minutes later, saying he had been quoting media reports and there was no official confirmation.


It was the first case of foreigners being seized by suspected Islamist militants in the mainly Muslim north of Cameroon, a former French colony.


The region is seen as being within the operational sphere of Nigerian sect Boko Haram and another Islamist militant group, Ansaru.


The threat to French nationals in the region has grown since France deployed thousands of troops to nearby Mali to root out al Qaeda-linked Islamists who took control of the country's north last year.


The kidnapping in Cameroon brought to 15 the number of French citizens being held in West Africa.


French diplomatic sources said the government would not confirm the hostages had been released until it had physical proof, or until they were in French hands.


(Reporting By Emile Picy and Nicholas Vinocur in Paris; Additional reporting by Joe Brock in Abuja and Bate Felix and John Irish in Dakar; Editing by Pravin Char and Tom Pfeiffer)



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Annabel Pennefather named Chef de Mission for SEA Games in Myanmar






SINGAPORE: Miss Annabel Pennefather has been named Chef de Mission for the Singapore contingent at this year's SEA Games in Myanmar.

This will be her fifth time as Chef de Mission to Singapore's contingent.

Previously, she filled that role at the 2002 Commonwealth Games in Manchester, the 2004 Athens Olympics, the 2006 Asian Games in Doha and most recently, the 2010 Commonwealth Games in New Delhi.

- CNA/de



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Backblaze shares third-gen storage server design




The Backblaze Storage Pod 3.0 contains three rows of 15 hard drives.

The Backblaze Storage Pod 3.0 contains three rows of 15 hard drives.



(Credit:
Backblaze)



Backblaze, a startup offering online backup service, has released the designs for its newest Storage Pod, a low-budget storage server with 180TB of capacity.


It was something of a PR stunt when the company shared its first-gen Storage Pod design back in 2009, but the 67-terabyte system proved useful to organzations including the Vanderbilt University Institute of Image Science, which stores medical imaging data, ad agency Crispin Porter + Bogusky, and and the Geographic Information Network of Alaska. Netflix was inspired to share its Open Connect Appliance Hardware design, and Backblaze also showed its Storage Pod 2.0 design, which could accommodate 135TB of data.




Now the Storage Pod 3.0 design is out, too. Backblaze uses 450 pods to hold more than 50 petabytes of customer data, it said.


The third-generation pods use 4TB drives -- up to 45 of them -- which increases the total capacity. Instead of being held in place by a band, they're now squeezed by an anti-vibration panel that also shaves an hour off storage pod assembly time and makes it easier to replace failed drives.


The new design also switched to a Supermicro MBD-X9SCL-F motherboard, upgraded to a second-generation, lower-power Intel Core i3-2100 processor, improved airflow to keep components cool. The total cost for the pod -- without drives -- dropped to $1,942.59, $37.41 less than the second-gen Storage Pod.


"The real influencer in the total cost will be the hard drives. The lingering effects from the Thailand drive crisis and consolidation in the drive industry have meant that even today hard drive prices are higher than they were when Pod 2.0 was introduced back in July of 2011," Backblaze said.


The company has been hurt by the hard drive shortages in Thailand and, perhaps, by consolidation in the industry that's slowing the ordinary pace of price cuts. Indeed, the cost per gigabyte is somewhat higher for new 4TB drives than for the earlier 3TB models it's been using. But lower costs for power consumption, rack space, and installation mean the 4TB drives work out to be the same cost.


Anyone interested in actually building the Storage Pod 3.0 can check Backblaze's description for parts listings, assembly instructions, and other details.



Backblaze's Storage Pod 3.0

Backblaze's Storage Pod 3.0



(Credit:
Backblaze)


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McCain gets an earful on immigration in Arizona

PHOENIX Arizona took center stage in the national immigration debate Tuesday as Homeland Security Secretary Janet Napolitano toured the state's border with Mexico and Sen. John McCain defended his proposed immigration overhaul to an angry crowd in suburban Phoenix.

The presence of the top officials is the latest sign that Arizona will play a prominent role in the immigration debate as President Obama looks to make it a signature issue of his second term.

Napolitano toured the border near Nogales with the highest-ranking official at U.S. Customs and Border Protection, the incoming chairman of the Senate's homeland security committee and an Arizona congressman. Napolitano, Arizona's former governor, said afterward that comprehensive immigration reform will strengthen the nation's border against criminals and other threats.

Also Tuesday, McCain hosted two town hall meetings in Arizona, during which he defended his immigration plan to upset residents concerned about border security. A bipartisan group of senators — including Arizona Republicans McCain and Jeff Flake — want assurances on border security as Congress weighs what could be the biggest changes to immigration law in nearly 30 years. Arizona is the only state with both of its senators working on immigration reform in Congress, a sign of the state's widely debated border security issues.

Immigration activists and elected officials say it's only natural for Arizona to continue to take the forefront in the national conversation on immigration after years of internal debate on the topic.

"No state in this country has had more experience with enforcement-only immigration laws than Arizona," said Todd Landfried, executive director of Arizona Employers for Immigration Reform, which opposes the state's tough immigration laws.

During a heated town hall gathering in the Phoenix suburb of Sun Lakes, McCain said the border near Yuma is largely secure, but he said smugglers are using the border near Tucson to pump drugs into Phoenix. He said immigration reform should be contingent on better border security that must rely largely on technology able to detect border crossings.

McCain said a tamper-proof Social Security card would help combat identity fraud, and noted any path to citizenship must require immigrants to learn English, cover back taxes and pay fines for breaking immigration laws.

"There are 11 million people living here illegally," he said. "We are not going to get enough buses to deport them."

Some audience members shouted out their disapproval.

One man yelled that only guns would discourage illegal immigration. Another man complained that illegal immigrants should never be able to become citizens or vote. A third man said illegal immigrants were illiterate invaders who wanted free government benefits.

McCain urged compassion. "We are a Judeo-Christian nation," he said. McCain's other town hall meeting took place in Green Valley, south of Tucson.

Arizona gained international recognition as an epicenter of the U.S. immigration debate when it passed its tough anti-immigrant law in 2010. A handful of other states — including Georgia, Indiana, South Carolina and Utah — have since adopted variations of Arizona's law.

Arizona has the nation's eighth-highest population of illegal immigrants, according to the Pew Research Hispanic Center. In 2010, illegal immigrants represented roughly 6 percent of the state's population.

Activists said Arizona's anti-immigrant laws inspired many illegal immigrants to demand more rights. Last week, some college students rallied outside Arizona Gov. Jan Brewer's office for driver's licenses for illegal immigrants.

"They no longer are afraid to come and say, 'I am not able to vote, but I can make my voice heard, and they have to listen to me,"' said community organizer Abril Gallardo.

A report released in January showed the U.S. Border Patrol's Tucson sector remains the busiest along the U.S.-Mexico border. The Tucson sector accounted for 38 percent of all drug seizures and 37 percent of all apprehensions along the border.

Brewer said last week the border cannot be declared safe until the people living near it feel secure from drug and human trafficking.

But Democratic Congresswoman Kyrsten Sinema of Arizona told Latino and black community leaders at a Phoenix luncheon Tuesday that Arizonans need to spread the word on how much more secure the border has become.

"There are lots of folks who don't live in Arizona who have no idea what the border is like," Sinema said.

Napolitano toured the border Tuesday afternoon with U.S. Customs and Border Protection Deputy Commissioner David Aguilar, Democratic Rep. Ron Barber of Arizona and Democratic Sen. Tom Carper of Delaware. Carper is the incoming chairman of the Homeland Security and Governmental Affairs Committee.

She said in a statement after the tour that border crossings are down 50 percent since 2008 and 78 percent since their peak in 2000.

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Pistorius Shots Said to Come From High Angle












At the second day of a bail hearing for Olympian Oscar Pistorius, a South African investigator who arrived at the scene of the Feb. 14 fatal shooting said that Reeva Steenkamp was shot from a high angle, which prosecutors say contradicts the runner's account that he was not wearing his prosthetics when he shot his girlfriend to death.


Pistorius, a double-amputee who runs on carbon-fiber blades, appeared in court for the second day in a row after his arrest in the death of girlfriend Steenkamp at his gated home in Pretoria, South Africa.


Read Oscar Pistorius' Full Statement to the Court


PHOTOS: Paralympic Champion Charged in Killing


Arresting officer Hilton Botha told the court today that the 26-year-old was standing in the master bathroom when he shot the supermodel, who was crouched in a defensive position behind a locked door in a smaller powder room. He also said that the bullets that were fired had been fired from high up, and the bullets seemed to be coming in a downward direction.


"[The angle] seems to me down. Fired down," Botha told the court.


Pistorius said Tuesday that he went to the bathroom and fired through the door before putting on his prosthetic legs.








Oscar Pistorius: Defense Presents New Evidence Watch Video











'Blade Runner' Appears in Court to Hear Murder Charges Watch Video





He said he mistakenly shot his girlfriend, thinking she was an intruder.


Prosecutors also said that they found two boxes of testosterone in the bedroom, although the defense disputes that, saying it's just herbal supplements.


The court also heard that a witness, someone about 2,000 feet away from Pistorius' home, heard nonstop fighting the morning of the shooting.


"We have a witness who says she heard non-stop shouting and fighting between 2 and 3 a.m.," said prosecutor Gerrie Nel, who added that another witness saw lights on at the time of the gunshots.


Pistorius says he spent a quiet night with Steenkamp before the shooting.


Nel said that Pistorius' actions and phone calls on the night indicate pre-planning, and that there was a "deliberate aiming of shots at the toilet from about 1.5 meters [about 5 feet]."


He says Steenkamp was shot on the right side of her body.


Officer Botha also said Pistorius should be considered a flight risk because investigators discovered that he has offshore bank accounts and a house in Italy.


"I think it would be hard to get him back," Botha told the court. "This is a very serious crime, shooting an unarmed woman behind closed door."


Prosecutors also say they may file more charges for unlicensed ammunition, after a special-caliber .38 round was found in a safe in Pistorius' home.


Botha told the court today that he arrived at Pistorius' home at 4:15 a.m. Valentine's Day to find Steenkamp already dead, dressed in a white shorts and a black vest, and covered in towels. The only thing that Pistorius said was, 'I thought it was a burglar,'" according to Botha.


The 26-year-old sprinter Tuesday denied that he willfully killed Steenkamp, telling the court that he shot the woman through his bathroom door because he believed she was an intruder.


Botha said today that he attended Steenkamp's postmortem, and that she had three entrance wounds: one on the head, one in the elbow and one in the hip.


Describing the scene to the court, Botha said that the shots fired into the bathroom were aimed at the toilet bowl.


The shooter "would have to walk into the bathroom and turn directly at the door to shoot at the toilet the way the bullets went," he said.






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Bulgarian government resigns amid growing protests


SOFIA (Reuters) - Bulgaria's government resigned on Wednesday after violent nationwide protests against high power prices, joining a long list of European administrations felled by austerity during Europe's debt crisis.


Prime Minister Boiko Borisov, a former bodyguard who swept to power in 2009 on pledges to root out corruption and raise living standards in the European Union's poorest member, now faces a tough task to prop up eroding support ahead of a probable early election.


Wage and pension freezes and tax hikes have bitten deep in a country where living standards are less than half the EU average and tens of thousands of Bulgarians have rallied in protests that have turned violent, chanting "Mafia" and "Resign".


On Tuesday, 11 people were hospitalized - including one man bleeding heavily from the head - and 11 arrested after protesters threw flares at police, who fought demonstrators with shields and truncheons.


"I will not participate in a government under which police are beating people," Borisov, who began his career guarding the Black Sea state's communist dictator Todor Zhivkov, said as he announced his resignation on Wednesday.


Parliament is expected to accept the resignation later in the day.


The spark for the protests was high electricity bills, after the government raised prices by 13 percent last July. But it quickly spilled over into wider frustration with Borisov's domineering manner and unpredictable decision making.


The prime minister made sacrifices in an attempt to cling on, sacking his finance minister, cutting power prices and risking a diplomatic row with the Czech Republic by punishing foreign-owned companies, a move that conflicted with EU norms on protection of investors and due process.


Borisov's rightist GERB party is the dominant faction in parliament but will not take part in talks to form a new government, Interior Minister Tsvetan Tsvetanov said, indicating that an election planned for July will now be held early.


"He made my day," student Borislav Hadzhiev, 21, in central Sofia said, commenting on Borisov's resignation. "The truth is that we're living in an extremely poor country."


IRE


GERB's popularity has held up well and it still leads, just, in the polls, largely because budget cutbacks have been relatively mild compared with those in many other European countries. Salaries and pensions were frozen rather than cut.


But the last opinion poll, taken before protests grew last weekend already showed the opposition Socialists were nearly tied with the ruling party and analysts said the protests had boosted the Socialists' chances.


Unemployment in the country of 7.3 million is far from the highs hit in the decade after the end of communism but remains at 11.9 percent and average salaries are stuck at around 800 levs ($550) a month.


Millions have emigrated in search of a better life, leaving swathes of the country depopulated and little hope for those who remain.


The measures announced this week has also put the country on a collision course with the EU and financial investors without easing the tension at home.


Czech Prime Minister Petr Necas demanded an explanation from Bulgaria and accused it of "politicizing" the power sector by threatening to revoke the electricity distribution license of central Europe's largest listed company CEZ, 70 percent of which is owned by the Czech state.


There have also been fines for another Czech company, Energo-Pro and Austria's EVN.


The precedent is unlikely to encourage other foreign investors, who already have to navigate complicated bureaucracy and widespread corruption and organized crime if they want to take advantage of Bulgaria's 16-percent flat tax rate.


"The resignation is the only responsible move," said Kantcho Stoychev, an analyst with pollster Gallup International. "It also gives Borisov some legitimacy to stay in political life in the future, despite the violent police actions last night."


(Additional reporting by Angel Krasimirov; editing by Patrick Graham)



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SGX to review listing rules to protect retail investors of troubled firms






SINGAPORE: The Singapore Exchange (SGX) is looking at reviewing listing rules to better protect retail investors of troubled firms.

This was revealed in a letter to the Securities Investors Association (Singapore) (SIAS) from SGX deputy chief regulatory officer Richard Teng.

SGX was responding to SIAS' earlier proposals to safeguard investors of foreign issuers on the SGX.

The exchange said SIAS' proposals have been discussed and considered by its newly formed working committee to review the SGX listing rules.

Among the committee's proposals are to give SGX legal powers to appoint special auditors or other professionals to help or investigate troubled companies.

It added that there could also be a requirement that imposes a minimum notice period before board directors of listed companies can effectively resign.

In the meantime, SIAS said retail investors who own shares from foreign companies continue to face risks in recover their investments "should the untoward happen to any of the foreign issuers."

In a separate announcement, SGX said that it has formed a working committee to conduct a comprehensive review of the listing manual to enhance the robustness, efficacy and relevance of the listing framework in Singapore.

The new committee comprised capital market stakeholders, including representatives from the SGX, Association of Banks in Singapore, Singapore Institute of Directors, law firms, accounting firms and company secretarial firms.

The committee has commenced its review to identify areas of possible enhancements to strengthen Singapore's attractiveness as a capital market.

- CNA/fa



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