Hong Kong exchange Bitfinex was hacked and funds were stolen, marking a setback for digital currency Bitcoin. Bitfinex director of community and product development Zane Tackett posted on Reddit that 119,756 Bitcoins had been stolen. “Before the hacking was made public, that number of Bitcoins would have been worth about $72 million,” explains The New York Times. “Now that the currency has slumped, the figure is closer to $65 million.” During its investigation, Bitfinex has stopped all trading, deposits and withdrawals. The security breach is the latest in a series of events that could impact the viability of virtual currency. Continue reading Latest Cryptocurrency Cybertheft Could Shake Faith in Bitcoin

British voters cast their ballots yesterday regarding the United Kingdom’s Brexit referendum, and surprising to many, the country has opted to exit the European Union. Shortly after the results were announced, British Prime Minister David Cameron announced he would resign his position later this year, while leaders in Northern Ireland and Scotland have indicated they will seek independence referendums in order to reenter the EU. The immediate response has been a dramatic ripple effect in markets worldwide with expectations for future uncertainty and potential crises. The tech industry, which often benefits from the EU’s liberal trade and economic policies, will likely be impacted. Continue reading Global Markets React to UK’s Decision to Exit European Union

Foxconn, the Taiwan-based factory operator best known for assembling Apple’s iPhones, is acquiring two-thirds of Japanese electronics manufacturer Sharp, which supplies phone screens to Apple. The $3.5 billion deal, which follows a slew of public negotiations, rumors and setbacks, could provide Foxconn with leverage to make it a more attractive Apple partner. However, some analysts suggest that the acquisition will hand Foxconn an ailing and costly business. Foxconn is facing rising labor costs in China and a global slowdown in smartphones, while Apple diversifies its supply chain. Continue reading After Months of Setbacks, Foxconn Strikes Deal to Buy Sharp

Visual effects facility Digital Domain, known for its digital work on the “Transformers” series, the “X-Men” series, “Iron Man 3” and “Her,” acquired an 85 percent stake in Hong Kong’s Post Production Company Limited and its parent company for about $17.3 million, with the goal of making a big move into virtual reality. Post Production — which Digital Domain chief executive Daniel Seah calls “the Digital Domain of China” — has worked on many major Chinese movies, TV ads, and music videos. Continue reading Digital Domain Moves into VR with Hong Kong Post Acquisition

After a decade of planning and five years construction, The Walt Disney Company is set to open the Shanghai Disney Resort in the spring. The $5.5 billion project is a testament to the growing interest in bringing American entertainment brands to Chinese consumers. The 963-acre theme park, complete with an Enchanted Storybook Castle and a Mandarin version of “The Lion King” musical, is expected to be one of the largest Disney parks in the world. Disney already operates a park in Hong Kong. Continue reading Disney Plans June Opening for its New Theme Park in China

Having inked a multi-year licensing agreement, Alibaba and The Walt Disney Company will begin pre-sales of DisneyLife, an OTT system aimed to increase sales of movie-related toys and trips to Disneyland. The system’s device will be sold on Alibaba’s online shopping site Tmall starting December 28. Priced at $125, the Mickey Mouse-shaped device comes with a free one-year subscription and lets customers connect to Disney and Pixar movies, cartoon series, e-books, music and games, as well as plan a trip to the Shanghai and Hong Kong Disneyland theme parks.

Continue reading Disney Partners with Alibaba to Bring OTT Service to China

Forty years ago, Pepsi famously conducted a series of blind taste tests where participants were given two sample cups of soda containing Pepsi in one and Coca-Cola in the other. That campaign, known as the “Pepsi Challenge,” is about to resurface, only this time Pepsi plans to take a very different approach. Pepsi has brought on celebrities such as Usher, Serena Williams and Usain Bolt to encourage consumers of today’s generation to partake in socially responsible and pop culture embedded challenges. Continue reading The Pepsi Challenge is Retooled for Today’s Social Generation

The fifth season of HBO’s global hit series, “Game of Thrones” is slated to premiere in the U.S. on April 12. This time around, however, the cable network plans to broadcast the series simultaneously worldwide in an effort to combat piracy. When episodes air at 9:00 pm in New York, they will also air at 2:00 am in London and 9:00 am in Hong Kong. While the international air times may seem unusual, HBO hopes they will curtail the number of illegal downloads of what has become the most-pirated TV show in the world. Continue reading HBO to Test Simultaneous Global Airing of ‘Game of Thrones’

As a follow up to its impressive Inspire 1 drone featuring a 4K camera, DJI unveiled a new mount at CES that works using a smartphone and the detachable Inspire camera. The mount was designed for filmmakers, especially those seeking the versatility of using the Inspire to capture aerial and handheld images without excessive equipment. DJI has a reputation among filmmakers. Prior to its Phantom and Inspire drones, DJI was most known for its Ronin brushless gimbals, considered among the best in the market. Continue reading CES: DJI Unveils Handheld Mount for Inspire Drone Camera

Snapchat’s popular “Our Story” montages from live events around the world are so popular that the company is adding a similar feature to share students’ college experiences. The “Our Campus Story” feature only allows people on campus to post and view the communal story. Like with “Our Story,” Snapchat will still approve all of the posts before they get added to the mix. The new feature launched last week at UCLA, the University of Southern California, Penn State, and UT Austin. Continue reading Snapchat Adds ‘Our Campus Story’ Exclusively for Colleges

In May, Chinese e-commerce company Alibaba filed for a public stock offering in the United States. However, this fast growing company still has a way to go before it will be able to compete with the American tech giants that currently control the multibillion-dollar cloud computing business. For now, Alibaba appears to be focusing on expanding in China, where it already has four data centers and handles up to $5.8 billion in commerce per day at its peak. Continue reading Alibaba Growing, But Not a Threat to Top Cloud Services Yet

Samsung has become the largest smartphone maker worldwide without having many of its own retail stores. Since its growth has slowed while faced with a variety of cheaper models from rivals, Samsung is looking to expand its retail presence in North America and Europe. In the next few months Samsung is planning to open around 60 stores in Europe, and 90 kiosks in Canada. The company has no independent retail stores in the U.S., but teamed up with Best Buy last year to create 1,400 “store-in-store” kiosks. Continue reading Samsung Expands Retail Presence in Europe and North America

A team from Disney Research Zürich led by Wojciech Jarosz has developed a new rendering technique that is expected to save animators significant time in the editing process of feature films. The new computational algorithm, which is being presented at this week’s ACM SIGGRAPH Asia conference in Hong Kong, can reduce rendering times for scenes that are affected by light — like those with water and smoke — by a factor of up to 1,000. Continue reading New Animation Technology to Save Production Time and Cost

We recently reported that the Obama administration had vetoed the International Trade Commission’s ban on the import of certain Apple iPhones and iPads, citing concerns of patent holders gaining “undue leverage.” The veto reversed an earlier legal victory for rival Samsung, which suffered another setback on Friday when the ITC ruled that the South Korean manufacturer had violated two of Apple’s patents — and issued an order banning the import of products using Apple’s multitouch features and headphone jack detection. Continue reading ITC Rules in Favor of Apple, Orders Ban on Samsung Devices