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On July 20, 2011, according to the leaders of the Senate Armed Services Committee, the Defense Department has failed to deliver to Congress a report on cyber warfare policies which may clarify the legal authorities and rules of engagement to be used in the event of a cyber attack.

Senators Carl Levin, a Michigan Democrat, and John McCain, an Arizona Republican, in a letter to Defense Secretary Leon Panetta wrote as follows:

“The continued failure to address and define the policies and legal authorities necessary for the Pentagon to operate in the cyberspace domain remains a significant gap in our national security that must be addressed.”

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Google, Inc., which is currently the world’s largest Internet search company, lost its bid to seal legal documents in a patent-infringement lawsuit filed sometime in 2010 by Oracle, Corp. (ORCL). Google’s attempt to seek protection of portions of a transcript related to expert witnesses under the attorney-client privilege was futile.

The United States District Court stated that:

The document is “an incomplete draft of an e-mail message” and “never was sent to anyone.” Thus, the document is not a communication of any type, much less a communication protected by the attorney-client privilege.”

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Apple, Inc. (AAPL)’s patent complaint which seeks to block imports of Samsung Electronics Co.’s Galaxy S mobile phone and Galaxy Tab computer will be reviewed by the International Trade Commission (ITC). See also http://www.usitc.gov
The ITC, which is a quasi-judicial agency in Washington, D.C., arbitrates such trade disputes and announced on August 1, 2011 that it has instituted an investigation. The commission, which may take between 15-18 months to complete the review, has the authority to block imports of products which infringe upon United States patents.

See more on www.bloomberg.com

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According to the FBI, fourteen individuals were arrested on July 19, 2011 based on charges related to their alleged involvement in a cyber attack on PayPal’s website (www.paypal.com) as part of an action claimed by the group Anonymous. In addition, two more defendants were arrested on other cyber-related charges.

Read more on http://www.fbi.gov/news/news_blog

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The FBI is in the beginning stages of its probe of News Corp. (NasdaqGS: NWSA) as investigators evaluate whether United States charges can be brought over claims employees hacked into a rival’s website and sought access to phone records of victims of the 9/11 attacks, a person who is familiar with the facts recently mentioned.

The Federal Bureau of Investigation plans to permit the Scotland Yard take the lead on a parallel investigation already under way in Britain. The FBI is not planning to mount an aggressive investigation into allegations that News Corp.’s payments to U.K. police officers a decade ago violated a U.S. overseas bribery law, said the officials, who prefer not be identified since they are not permitted to discuss the Justice Department’s investigation.

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The Securities and Exchange Commission stated that publicly-traded companies should disclose the threat and potential impact of cyber attacks that pose a risk to their investors.

The commission made its comments in a letter to Senator Jay Rockefeller, chairman of the Senate Commerce Committee, that was released on June 8, 2011. Last month, Senator Rockefeller and four other Democratic senators wrote a letter to SEC Chairman Mary Schapiro, urging the agency to issue guidance on disclosure of data- security risk, including “material network breaches,” attacks that may result in the theft of intellectual property or trade secrets.

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The threats from cyberspace grow more powerful and pernicious. Companies like Sony Corporation, Google Inc., and Lockheed Martin have admitted startling security lapses. The International Monetary Fund, last month suffered a breach leading to the loss of highly sensitive data. The United States Congress and executive branch agencies face approximately 2 billion attacks in cyberspace per month in 2010.

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President Barack Obama is summoning top congressional Republicans and Democrats to a rare Sunday meeting at the White House to begin “hard bargaining” on a broad debt-reduction deal.

At the July 10 session Obama will make his latest bid to break a partisan impasse over whether to include cuts in entitlement programs and tax increases in an agreement. Both sides in the debate are signaling openness to compromise on each front.

See more here.

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Will investors move out of their “safe haven” markets? In 2009, downgrades and debt auction failures in countries like the UK, Greece, Ireland and Spain were a stark reminder that unless advanced economies begin to put their fiscal houses in order, investors and rating agencies will likely turn from friends to foes. The severe recession, combined with a financial crisis during 2008-09, worsened the fiscal positions of developed countries due to stimulus spending, lower tax revenues and support to the financial sector. The impact was greater in countries that had a history of structural fiscal problems, maintained loose fiscal policies and ignored fiscal reforms during the boom years. Going forward, a weak economic recovery and an aging population is likely to increase the debt burden of many advanced economies, including the U.S., Britain, Japan and several eurozone countries.

To read more please go to www.forbes.com.

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The White House will host a Twitter town hall with President Barack Obama on July 6. The president will answer questions submitted via Twitter, which limits messages to 140 characters. The town hall will focus on jobs and the economy, and a video feed of Obama’s answers will be streamed online.

See www.twitter.com/salaratrizadeh for more information.