Bowie bank backers forced into line

The US Internet bank USABancShares - the backers behind David Bowie's Web bank -has agreed to measures drawn up by the US Federal Reserve to secure its finances. The Federal Reserve has released details of the agreement with the USABancShares, stating "their common goal to restore and maintain the financial soundness" of the bank. According to Reuters, the company will not be able to pay any dividends or incur futher debt without the Reserve's approval. ...more

Communications Act receives royal OK

Royal assent for the Communications Act means it has just crept into national law before the EU deadline. The Act will be patrolled by the regulatory body soon-to-known-as Ofcom and will implement the various EU Directives that seek to promote competition and protect consumer interests in the communications sector. The EU set a deadline of 25 July for these to be transposed into UK law. ...more

Cisco to join WiMAX Forum

Cisco Systems applied recently to join the Worldwide Interoperability for Microwave Access (WiMAX) Forum, according to sources. WiMAX, a technology based on the IEEE 802.16 standard, has attracted 136 network and telecommunications equipment vendors to participate in the forum. ...more

Ex Disney chief unveils designs on Web TV with new service

Think Web TV and you are most likely to think of the likes of Joost and streamed content from established broadcasters. Former Disney CEO Michael Eisner, however, is planning a new studio to provide high-quality content specifically for the Web. Eisner's investment firm, The Tornante, will announce the formation of the studio, Vuguru, reports USA Today. ...more

BT boss rails against regulators

BT chief executive Ben Verwaayen has launched an attack on European telecom regulators, saying that they are to blame for the lack of 100 per cent broadband coverage, reports ZDNet UK. Speaking in London this week, he accused them of having a narrowband approach to broadband issues and failing to back risk-takers. Unlike narrowband, he said, broadband comes in several forms - ADSL, cable, 3G and satellite for example - and should not be subject to the same restrictions. ...more