Apple CEO Tim Cook apologized in a formal letter sent to China, addressing the growing controversy over the company's warranty polices there, CNN reported. Posted to China's Apple's website, Cook discussed the changes the company intends to make in order to offer better customer service, and change the terms for some of its iPhones, which are sold, and many were reportedly defective in China.
The U.S. government's wide-ranging insider trading probe of SAC Capital Advisors put increased pressure on founder Steve Cohen Friday, arresting principal manager Michael Steinberg. A high-ranking portfolio manager who handled technology, media and telecommunications stocks at the firm, Steinberg was indicted by a federal grand jury on four counts of securities fraud and one count of conspiracy to commit securities fraud, the authorities said. He is 41 years old.
The brother of a jailed one-time billionaire hedge fund boss has pleaded not guilty to federal charges Monday after rushing from his Brazil home to the U.S. He recently learned that he was was embroiled in a massive insider trading prosecution. He pleaded not guilty.
