'MobileMe iDisk' Music Streaming Functionality Gaining Renewed Attention

In what seems to be a bit of a time warp, a number of sites are reporting on the ability of Apple's MobileMe iDisk application for iOS devices to stream music from a user's iDisk, including support for background audio via multitasking. The feature was introduced and plainly noted by Apple as part of a broader update to the application released nearly a month ago.

Today's publicity appears to have been sparked by a blog post by MP3.com founder Michael Robertson discussing the feature, which was then picked up and made into an "iTunes in the cloud" story by a number of other sites. Robertson is clear, however, that while this is a minor first step toward some sort of streaming capabilities, it is not in any way a proper music streaming service.

This is not "iTunes in the cloud" but it is definitely moving the Cupertino company in that direction. First off there is no automated way to get all your iTunes music to your iDisk account. To load files to iDisk you have to select individual files and upload them from your browser. (Apple does let you sync Calendars, Contacts, Bookmarks, etc directly from OSX but excludes music files.) Secondly there's no support for playlists so your iTunes playlist do not work in iDisk. There seems to be no way to play a list of files. Cover art is not supported as well. And while iDisk will cache other files, it will not cache music files. Still it's not hard to see how Apple is adding features to enable it to support audio in it's cloud storage business.

Macworld also brings a sense of reason to the excitement over the feature:

In a nutshell, streaming media in the background with its MobileMe iDisk app is a marginally useful feature that Apple added (and mentioned) in July. But it isn't quite time to break out the credit cards and bubbly in celebration of "iTunes in the cloud" yet.

Apple has reportedly been working to develop a service that would allow users to store their purchased iTunes libraries on Apple's servers and stream them to a broad array of Internet-connected devices. The company has been rumored to be scaling back its music streaming plans, however, as it continues to seek licensing deals with major labels to permit the functionality. The streaming capabilities of MobileMe iDisk would also appear to be forbidden under current music label licensing deals, but the labels have not yet publicly addressed any concerns over this limited functionality.

Apple Seeds 'Snow Leopard Graphics Update' to Developers

Apple has reportedly seeded a new software update called "Snow Leopard Graphics Update" to developers. While the exact focus of the update in testing is unclear, it appears from the areas in which developers are being asked to focus their testing that it addresses several aspects of graphics performance including VRAM utilization and hot-plugging and wake-from-sleep issues. The general release notes claim only that the update addresses reliability of "graphics applications and games".

Many users have been anxiously awaiting some sort of graphics improvements from Apple considering issues cited with high-performance games running under Mac OS X 10.6.4. It is unclear, however, whether any such improvements are included in this graphics update or in Mac OS X 10.6.5, which Apple is reportedly preparing to begin seeding to developers. It also unknown when these two software updates will be made available to the general public.

Software Fix for iOS PDF-Handling Vulnerability Awaiting Release

CNET reports that Apple has developed a software fix for the iOS security hole exploited to enable a Web-based jailbreak over the weekend, and that the fix will be deployed in an upcoming software update.

On Wednesday an Apple spokeswoman said in a statement, "We're aware of this reported issue, we have already developed a fix and it will be available to customers in an upcoming software update."

Apple declined to say when the update would be pushed out.

Apple had reported just yesterday that it was investigating the issue, which actually comprises a pair of flaws, and has obviously moved rapidly to close the security hole.

There are two distinct vulnerabilities in the iPhone uncovered with the jailbreak software's release, principal analyst Charlie Miller of Independent Security Evaluators told CNET Tuesday. One flaw is in the way the browser parses PDF files, enabling the code to get inside a protective sandbox, and the other hole allows code to break out of the sandbox and get root, or control, privileges on the device.

While the vulnerability was exploited to offer users a simple method to jailbreak their iOS devices in this case, it could easily be used as an entry point for the execution of malicious code.

Powers of Attorney

Powers of Attorney

"Power of Attorney" is a phrase that many of us know but may not fully understand. In this edition of Investment News we will be providing some answers to the common questions regarding Powers of Attorney. It is important to keep in mind that this paper is only a brief outline of powers of attorney in Australia and that slight differences can occur from state to state. Please note that this newsletter is not legal advice. You should seek your own advice before entering any Power of Attorney.

What is a Power of Attorney?

A Power of Attorney is a legal document that is made by one person, (known as the "principal") which permits another person (known as the "attorney") to do things on the principal's behalf during the principal's lifetime. A principal is sometimes also referred to as a "donor" and an attorney as the "donee".

The purpose of a Power of Attorney is to provide proof of an attorney's powers. The Power of Attorney allows the attorney to sign any document or do anything which the principal can do legally, subject to any conditions or limitations stated in the document.

Why would I want to have a Power of Attorney?

A Power of Attorney enables your affairs to be managed by a person of your choice in instances where you are unable to conduct your affairs, for example if you are travelling overseas, are ill or become mentally incapacitated (enduring Powers of Attorney only).

Powers of Attorney may be used for almost any purpose, including authorising the attorney to collect debts, vote at meetings, operate a financial institution account or to carry out any other function which can be lawfully delegated.

Can anyone make a Power of Attorney?

To make a valid Power of Attorney you must be at least 18 years old and must understand the nature and effect of the document creating the power.

Who can be my Power of Attorney?

The word "attorney", when used in relation to "Power of Attorney", does not mean that the person appointed is a solicitor. The person appointed as your attorney can be any person over the age of 18 who is able to assist you. It can easily be a friend, family member, the Public Trustee or a trustee company or a trusted professional such as your Accountant or Solicitor.

What types of Powers of Attorney are there?

Powers of Attorney can be specific or general with the authority conferred by the Power of Attorney being limited to specific acts or unlimited. The circumstances relating to why the Power of Attorney has been created often dictates the structure. For example, if you are going overseas, you may wish to make a Power of Attorney so someone can look after your finances during the period you are away.

As noted earlier, Powers of Attorney can vary from state to state. Broadly speaking, however, they can be categorised into four types:

• General Powers of Attorney - which allow you to choose someone who will make specified financial and legal decisions on your behalf, keeping in mind that the power ceases if you lose the capacity to make your own decisions;
  
  
• Enduring Powers of Attorney (financial) - which allow you to choose someone to make financial and legal decisions for you if you become unable to make these decisions;
  
  
• Enduring Powers of Attorney (medical treatment) - which allow you to choose someone to make decisions about your medical treatment if you become unable to make these decisions; and
  
  
• Enduring Powers of Guardianship - which allow you to choose someone who can make lifestyle decisions for you.
  
  

It is important to remember that if you want to choose someone to make decisions for you in case you lose your capacity to make your own decisions you may need to make one or more enduring powers of attorney. Enduring powers are an option all people should consider because anyone can become ill or have an accident that may affect their ability to make decisions.

If you only want someone to make financial and legal decisions for a limited time such as when you are travelling you will need a general Power of Attorney.

How do I make a Power of Attorney?

To make a Power of Attorney you can either engage a solicitor or use a trustee company to draw up the Power of Attorney document. You may also able to purchase forms from your local newsagency, Australia Post shops or specialised stationers. Where a trustee company is used you will need to nominate the company as the attorney.

Do I have to register my Power of Attorney?

It may not be necessary to register a Power of Attorney, however, by registering a Power of Attorney it will be:

• On record as a public document;
  
  
• Safe from loss or destruction; and
  
  
• More easily accepted as evidence that the attorney is allowed to deal with your assets.
  
  

It is important to note that where the Power of Attorney permits the sale, mortgage, lease or other such dealing with real estate it will usually be required to be registered before it becomes effective.

Can I cancel a Power of Attorney?

Generally, a Power of Attorney remains in force until it is terminated by the death, bankruptcy or insolvency of the principal or the purpose or time for which it was created has been fulfilled or has passed.

However, a Power of Attorney can be cancelled at any time as long as the principal still has mental capacity to do so. If the Power of Attorney has been registered it is advisable that its cancellation also be registered. If third parties have been provided details of the Power of Attorney they should also be notified of its cancellation.

What are my Attorney's obligations?

An attorney must not exceed the authority given under the Power of Attorney. If the attorney does exceed their authority, he or she may be liable for any damages suffered by the principal or others. An attorney is under a duty to act in the best interests of the principal at all times.

An attorney may pass on his or her powers and duties to another person only if authorised to do so by the Power of Attorney document.

Do I have to pay my Attorney?

Except where the Power of Attorney document states otherwise, the attorney is not paid for his or her work as your attorney. However, they can claim any reasonable out of pocket expenses directly connected with carrying out the Power of Attorney duties. If the Public Trustee, Trustee Company or professional is your attorney, the Power of Attorney document will usually contain a clause allowing them to charge a fee for their services.

Can I use my Power of Attorney if it was made interstate or overseas?

Generally speaking, Powers of Attorney from overseas or other states may be able to be used. You should make your own enquiries in relation to this, however at minimum your Power of Attorney document must have certain basic features such as being in English (or translated by a qualified translator), show the date it was made, detail the name of the principal and attorney, include a statement that the attorney has the power to act for the principal and be signed by the principal and witnessed by an appropriate person.

ICAP AM REPORT

US recovery concerns dominated the landscape last night, so risk trades were pulled in a bit. I can’t say the dataflow warranted, or justified these concerns however. Durable goods (a great indicator for industrial production more generally) fell again and that certainly didn’t help calm fears. Specifically, we saw a 1% fall in June which is the 2nd drop in a row. Having said that, if you exclude volatile items (and we must) orders were flat and that follows a strong 1.6% surge in May. So the actual picture being painted is still one of decent order flow and to try and read weakness into these numbers, is testing the limits of credibility

It didn’t stop there though. The Fed’s, in issuing the Beige Book, had to go and use the word ‘slowed’. What were they thinking? Personally I don’t have a problem with the word, but as we know, there is tendency for the word slowed and double-dip to be used interchangeably. In any case the Beige Book (anecdotal reports collected by the Fed) suggests that activity continued to expand since the previous survey - ie the economy improved since the last survey on June 9 – it was an upbeat assessment. Nevertheless, two districts suggested that the level of activity generally held steady and another two suggested “the rate of improvement slowed”. It’s still improving but, and this often gets lost in the rhetoric.

By sector, manufacturing continued to increase in most districts, as did the services sector. Consumer spending was described as being “generally positive” although in most districts the increases were modest. Conversely, commercial and residential real-estate was noted as being sluggish while “labor market conditions improved gradually in several districts”.

So all up it wasn’t a bad report but equities weren’t in the mood and weakened after it was released. Having hit a high in early trading (1114 or +0.2%) the S&P then went offered for the remainder of the session and closed down 0.7% (1106). All sectors outside of telecommunications actually took a dip, with the main downside from healthcare, technology and financials. Elsewhere the Dow dropped 39pts to 10497, the Nasdaq fell 1% to 2264 while the SPI was 0.4% (4489) lower.

Rates then rallied with yields on the major t.notes down about 4bp (2s and 10s) and 8bp on the 5s. The bigger move on the 5s reflects a well bid 5yr t.note auction. $37bn was up for grabs and cover at 3.06 was the strongest in about 4yrs. At the close, the 2yr yield was 0.61%, the 5yr was 1.7% and the 10yr settled at 3%. Following a strong rally yesterday in the wake of that ‘claytons’ dip in inflation, Aussie futures did little, travelling within a 5-6 tick range and ending only 1 tick higher. 3s are at 95.32 and 10s at 94.80.

Just quickly on FX and commodities, USD bounced a bit with AUD down 12pips to 0.8936, eur was off 15pips to 1.2993 and Sterling fell 21pips to 1.5588. Crude was down 0.9% ($76.82) after the US Energy Department reported a surprise lift in inventories over the week to July 23. Otherwise Dr Copper pushed out another 1% (+10% over the last week or so) while gold was up smalls ($1163).

In terms of interesting news flow there were bits and pieces. The ECB suggested that from next year collateral rules will be tougher. Not so much for sovs but weaker rated stuff like ABS etc. the ECB also reported that while banks are tightening lending standards in Q2, lending growth to consumers (and business) actually accelerated and banks expect higher loan demand next quarter. Still on central banks, the BoE governor then suggested that rates could go in either direction, although realistically I think an extension of QE is unlikely given inflation remains well above the band and the strong growth indicators to date. Finally, German inflation rose to 1.2%y/y in July from 0.8%.

The dataflow for the day includes the RBNZ at 7am followed by the NZ trade balance at 0845. For Australia, HIA’s new home sales series is out at 11am. Tonight just watch out for US jobless claims (expected to remain steady) and the EC business climate indicator.

That’s about the lot, have a great day…

Kell & Rigby Holdings Pty Limited v Lindsay Bennelong Developments Pty Ltd

The Supreme Court of New South Wales has recently examined the impact of a Superintendent’s conduct when it may be considered as unfair and the impact on contractual rights of the Principal.

This case will have immediate impact on the way in which contract administrators and superintendents interact and administer their contracts. Careful advice is necessary before acting in the interests of the Principal only.

F ACTS:
Kell & Rigby (“the Plaintiff”), entered into a contract with Lindsay Bennelong (“the Defendant”) whereby the Plaintiff was to undertake construction work at of a development at Rushcutters Bay, Sydney. The development comprised 3 relevant stages.
Practical completion was certified in respect of stage 1 on 24 November 2008 and in respect of stage 2 on 3 in December 2009. The parties then entered into an advance payment deed whereby the Defendant advanced the Plaintiff $2m repayable on completion of stage 3, or on termination of the contract or if the works are taken out of the hands of the Plaintiff. The Plaintiff provided a bank guarantee in return for the advanced payment.
At May 2010, the parties were in dispute as to the progress of work. The Superintendent issued a variation notice to the Plaintiff and also a certificate of practical completion for stage 3 works. The Defendant then demanded the return of the $2m advanced to the Plaintiff.
The Plaintiff obtained an injunction from the Court to restrain the Bank from paying out on the Bank guarantee given in exchange for the advanced payment. The Plaintiff relied on, inter alia, the submission that the certificate of practical completion was invalid.
ISSUES:
Whether the certificate of practical completion was valid?
FINDING:
The Supreme Court found that the certificate of practical completion was vitiated as a result of the failure by the superintendent to act fairly.
QUOTE:
Hammerschlag J [at 72]:
“I conclude that the Certificate of Practical Completion was vitiated as a result of the failure by the Superintendent to act fairly.”
IMPACT:
The case illustrates that notwithstanding the existence of contractual rights, where a party acts unfairly in commercial dealings with another party, that unfair conduct may have the effect of vitiating the unfair act.
Contract administrators should ensure that they act fairly and not be unduly influenced by one party or another to a contract in order to ensure that contractual rights are preserved and should be careful to follow due process to avoid challenges to their decisions.

BROKER NEWS TV: Industry panel applauds licensing lift

A panel of industry commentators have joined together to extol the virtues of the new national licensing regime - as long as the compliance burden does not get too onerous.

In an exclusive discussion recorded by Broker News TV, FAST managing director Steve Kane, Resi head of consumer advocacy Lisa Montgomery, Mortgage Choice national manager of non-core products Simon Dehne, and FirstMac chief financial officer James Austin all argue licensing will benefit the industry.

To view the full panel discussion - covering a wider range of issues - go to Broker News TV.

FAST's Kane said the group had just completed a survey of its broker network, asking their views about legislation, and 78% of respondents agreed it was a positive move for "professionalism".

"For the profession itself, being recognised as a true profession in the marketplace we think is going to be very, very positive - albeit we just need to guard against overcomplicating the system like we did with the FSRA [Financial Services Reform Act]", Kane said.

The panel warned specifically about the possibility of the statement of advice concept from FSRA legislation being duplicated across the mortgage industry. "We really don't need an 80 page statement of advice for a mortgage loan," Kane said.

Resi's Montgomery said licensing "is such a positive move for the industry", and will see mortgages lifted to become the new wealth creation tool of borrowers, assisting with investment strategies.

"We have needed to lift our profession from where it was sitting, up into a professional opportunity for people to move into and practice in the industry," Montgomery said.