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PayPal: Google Picked Our Pocket

NEW YORK (TheStreet) -- eBay's (EBAY) online payments unit PayPal is suing Google (GOOG) for allegedly stealing trade secrets in order to create its new electronic wallet payments system. On Thursday, Google unveiled a new payments system using Near Field Communications (NFC) technology that allows users to pay for goods with a wave of their smartphones rather than credit cards.

Shares of Google rose 0.3% in pre-market trading on Friday. Intel (INTC) on Thursday said it would consider making custom chips for major customers.

"If Apple (AAPL) or Sony (SNE) came to us and said, 'I want to do a product that involves your IA (Intel architecture) core and put some of my IP around it,' I wouldn't blink," CFO Stacy Smith told Reuters at an investor conference. "That would be fantastic business for us."

Shares of Intel rose 0.4% in pre-market trading on Friday to $22.59.

Facebook on Thursday called Paul Ceglia's claim that he owns 50% of the social networking site "an outrageous fraud" in a court document. Ceglia said that an eight year-old contract he made with Facebook CEO Mark Zuckerberg entitles him to a part of Zuckerberg's stake in the company, valued at around $13.5 billion.

In other Facebook-related news, the company said it had added two former Bush staffers to head up its Washington, D.C., office. Joel Kaplan, who served as deputy chief of staff under Bush, will serve as vice president for U.S. public policy. Myriah Jordan, another Bush administration official, will serve as a policy manager focusing on congressional relations.

Zozi, which offers consumers daily deals on adventure and travel-related experiences, has raised $7 million in venture funding, the company said on Thursday. Founded in 2009, the San Francisco-based company has previously raised $3 million in funding.

--Written by Olivia Oran in New York.



>To follow the writer on Twitter, go to http://twitter.com/Ozoran.

>To submit a news tip, send an email to: tips@thestreet.com.

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