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Consumer GPS Receivers - Significant Data Quality Problems
According to an article that appeared in the May 14th issue of The New York Times, Global Positioning System (GPS) receivers intended for consumer use have inherent data quality problems. These problems are the result of the U.S. military deliberately degrading GPS accuracy to prevent GPS from being used for targeting by a potential enemy, hardware problems, software problems, data quality (i.e., database) problems, and the inherent limits of inexpensive consumer electronics. Six Times staffers each tested a different consumer GPS receiver - four hand-held and two that were built into a vehicle. The Times staffers experienced significant problems with all six GPS receivers. The article was written by Times staff reporter Katie Hafner and appears on page E1.
False Alarms Plague Airport Bomb Finders
A front page article in the May 15th issue of USA TODAY discusses the high false-alarm rate from airport bomb-detection machines. According to the article, many false alarms are caused by food in checked baggage. Moreover, even when the machines correctly identify a "potential threat object," FAA tests have shown that security screeners may let the bag through anyway.
Moreover, the article concludes the airlines are not only underusing bomb-detection machines but that air cargo security is another concern. Employees of air cargo firms are apparently picking up packages without following security procedures. And it may take years for the FAA to fully implement recommended security procedures. The report was written by Gary Stoller.
Will Anyone Ever Stop 'Spam' in Cyberspace?
A report in theMay 18th issue of The Wall Street Journal analyzes various efforts to slow or stap the spread of 'spam" e-mail across the Internet. Although the U.S. Congress has either passed or is debating anti-spam legislation, it is likely that American Internet users will be spammed for years in the future.
The success of spammers results from a combination of cleverness, First Amendment free speech protection and sophisticated technology that makes enforcement difficult. Unlike postal mail and fax mail, cyberspace e-mail providers like AOL bear most of the delivery costs rather than the marketers themselves. The report was written by Journal staff reporter Rebecca Quick, and appears on page B1.
S.E.C: Mutual Fund Investors Lack Information
Mutual fund investors are not getting enough information about how much they are paying for a fund company's services, according to U.S. Securities and Exchange Commission Chairman Arthur Levitt Jr. In an address to the annual meeting of the Investment Company Institute (a mutual fund trade group) on May 15th, Mr. Levitt called on fund companies to explain "clearly and unequivocally" how fees and expenses affect small investors and what risks they face if the financial markets decline. A recent survey conducted by the commission showed that fewer than half of mutual fund investors know that fund expenses are deducted from a fund on a continuing basis, and only 8 percent of the respondents said they completely understand the expenses their funds charge.
Mr. Levitt also criticized fund industry executives for hesitating to follow the commission's guidelines for simplifying fund prospectuses. Earlier this year, the S.E.C. approved new measures intended to make fund documents more understandable to the average investor. These include allowing the use of a shortened version of the full prospectus to sell fund shares.
Some industry executives claim that they are trying to balance the S.E.C.'s call for prospectus simplification with investors' needs for more information. The S.E.C. Chairman's remarks are summarized in an article written by Edward Wyatt that appeared in The New York Times "Business Day" section on May 16th.