Amazon Rolls Out In-App Purchasing, Instagram Android Hits 5 Million Downloads, Sony To Report $6.4 Billion Loss

Breaking news from your editors at Fast Company, with updates all day.

Best Buy CEO Brian Dunn Resigns. Brian Dunn has resigned as CEO of Best Buy after more than 20 years working for the company. His interim replacement is director Mike Mikan. Dunn's resignation comes as the company fights competitors like Amazon, and is reworking its strategy to sell electronics in brick and mortar stores, shutting down its big warehouse style stores for better designed, smaller ones. --NS

--Updated 11:00 a.m. EST

5 Million Android Downloads For Instagram. Following yesterday's $1 billion purchase by Facebook, Instagram is reporting that they've hit 5 million downloads of their Android app within 6 days of its launch. That comes after a not too shabby opening score of 1 million downloads on the first day. --NS

Amazon Debuts In-App Purchases. Amazon has rolled out in-app purchasing system on Android and Kindle devices, letting developers sell subscriptions and products from within an app, with a click. The service matches Apple's and Google's similar systems which are already in existence. --NS

--Updated 10:00 a.m. EST

Anonymous Crashes USTelecom and TechAmerica Websites. As punishment for supporting the Cybersecurity Intelligence Sharing and Protection Act, Anonymous has claimed credit for crashing the websites of two IT trade groups, USTelecom and TechAmerica. CISPA, the Hill explains, has been ominously compared to the SOPA/PIPA legislation, but others argue the bill could better help companies shield themselves against hack attacks. CISPA is due for a vote on April 23. --NS

--Updated 8:50 a.m. EST

Sony Forecasts $6.4 Billion Loss. Sony has recalculated its losses this year, and is coming up with a figure twice as large as its original estimate. Tax charges in the U.S. running up to $3.6 billion now round off their total loss this year to $6.4 billion. --NS

Iran Plans August Internet Shutdown. With a second Internet in the works, and as Iran confronts oil blockades and embargos from international bodies, an Iran telecom minister has revealed plans to shut down parts of the Internet in the country, replacing popular services like Gmail and Yahoo with locally built alternatives like Iran Mail and Iran Search Engine. The "National Internet" should be out by August, the International Business Times reports, and the first few services will begin being blocked in May. --NS
Update: Iran's government has said that reports of an Internet shutdown in the country are false, the AFP reports, via statements released by the IT ministry on a website that was inaccessible outside Iran. Iran's second Internet however, has been in the works for some time. --NS

Utah Medicaid Hack Leaked 280,000 SSNs. 280,000 social security numbers may have been leaked in a hack on the Medicaid servers that took place on March 30, according to a revised count by Utah officials. 500,000 more people may have had other personal information stolen, such as names or addresses. Utah is compensating people affected with one year of free credit protection. --NS

--Updated 7:30 a.m. EST

[Image: Flickr user Ian Muttoo]

Yesterday's Fast Feed: Facebook Buys Instagram, AOL Sells Microsoft 800 Patents For $1 Billion, Sony Cuts 10,000 Jobs, Universal Hops On iCloud, and more!

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