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THE NEWS WRAP: Opposition urges government not to fund carbon price ads

By Oliver Milman
Monday, 30 May 2011

The Federal Opposition has urged the Government to rule out using public funds to advertise the benefits of a carbon price, in the wake of the launch of an ad campaign by green and union groups.


More than 140 prominent Australians, including former Liberal leader John Hewson, have put their names to a statement calling for a price on carbon. Last night, a new ad featuring actors Cate Blanchett and Michael Caton extolled the benefits of a carbon price.


However, the Opposition said that any public funds used to advertise the carbon price would be an “abuse of the system”.  


Meanwhile, business groups have called for the carbon price to be waived for exporters.


PayPal to sue Google


PayPal is suing Google, claiming that the search giant stole its technology in order to create “digital wallets” out of smartphones.


Last week, Google unveiled Google Wallet in a joint venture with Mastercard. The initiative will allow customers to pay for goods by waving their mobile phones at check-out terminals.


However, PayPal alleges that Google obtained trade secrets for the technology from Osama Bedier, a former PayPal executive who since moved to Google.


Banks respond to security scare


All four major banks have cancelled or restricted some customer credit cards due to fears over a security breach. It’s thought that thousands of customers have been affected by the move.


The Commonwealth Bank said that one of its merchant EFTPOS terminals wasn’t secure, leading to fears that customers’ cards were “skimmed”. The matter is now under police investigation.




The Dow Jones industrial average rose by 38.82 points to 12,441.58. The Australian dollar rose to 107.1 US cents 

Comments (1)

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PayPal, Google, Schmoogle, whatever

The rusting old hulk eBay is presently being kept afloat by PayPal so it’s good to see these boys squabbling and threats to PayPal coming thick and fast. It’s interesting times for all we eBay “haters” (oops, I mean “watchers”). I hope that someone has remembered to bring the popcorn.

PayPal is (usually) registered in various places only as a “money transmitter” (like Western Union), and PayPal actually claims that they are not a “payment processor”, and there is a minute degree of truth in that claim because it could be, nonsensically, claimed that they do no more than facilitate the transmission of money by riding on the back of the retail banks’ existing payments processing systems.

In fact, the only thing creative about PayPal has been their use of the user’s email address as an identifier for online transactions. PayPal is otherwise no more than a blood-sucking parasite on, and in the main cannot function except via, the retail banks’ existing payments system (via their banker, GE Money Bank).

PayPal, outside of whatever will ultimately be left of the Donahoe-devastated eBay Marketplace, will undoubtedly eventually be consigned to the history books by all those same banks/Visa/Mastercard once those players get their “online” act together.

Some people may not like the “banks” but all those participating banks at least supply a professionally run payments processing system; even PayPal concurs with that assessment: except for transactions between PayPal “accounts”, they use the banks’ existing payments processing system all the time and simply could not exist without it.

Regardless, all the above comments apply equally to all of the other third-party “payments processors” that are emerging out of the woodwork and wanting to have access to your banking account. Unless they have formal arrangements with all the participating retail banks, as do the likes of Visa/MasterCard, then the result is invariably going to be as potentially problematic as is PayPal’s clunky operation is for its merchants.

All anyone needs to know about the clunky PayPal:

Is that PayPal’s blood in the water, and are those “sharks” (oops, “banks”) I can see circling?

Enron / eBay / PayPal / Donahoe: Dead Men Walking.
PhilipCohen , May 31, 2011
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