Here’s the latest action:

Slowdown hits venture industry worldwide in first quarter — The venture capital industry sank 50 percent in the U.S., but the drop was mirrored in places such as Europe, Israel, China and India. Overseas, venture-backed companies raised $1.87 billion in 250 deals, compared with $3.65 billion in 430 deals a year ago, according to VentureSource. The first-quarter numbers also were down significantly from the fourth quarter of 2008, when investors committed $2.88 billion to 415 deals, due to the economic turmoil.

Cisco says it sees a rebound — Net income in the latest quarter dropped 24 percent and sales are off 17 percent, but the networking giant’s CEO John Chambers says sales are stabilizing.

Facebook integration comes to Digg —  It’s not everything we’ve heard, but it seems pretty slick so far.

Fear of flying?
— Oh joy. Hackers have been able to penetrate the air traffic control system, according to a government report.

Consumers are dropping landlinesNow 20 percent of consumers have cell phones only, more than those who have landlines only.

An Android netbook from Dell — Hey, pssst. Guess what? Dell published that press in error. No telling exactly what it will announce yet.

No earn-out for Club Penguin founders in 2008 — Disney bought Club Penguin for $350 million in cash, plus $350 million more if targets were met. But it looks like the targets haven’t been met yet.

Intel and Novell promote Moblin — In an effort to get netbooks off the ground, the two companies are supporting a gadget-focused version of Linux.

Virgin Media trials 200 megabit-per-second broadband service with English residents — What will they do with that speed? Don’t say watch porn.

Twitter crowns as king of short links — Those short little links in Twitter messages will no longer default to TinyURL. This is about metrics.

News Corp has terrible quarter
— But at least it says the worst is over. Looks like its MySpace division is losing money though.

Remember SCO? Dying Unix vendor is fighting liquidation demands in bankruptcy court.

A 40-watt LED light bulb coming? LED lights are seeking to replace common light bulbs. Will they get over the cost barrier?

Wi-Fi in the air isn’t taking off — So far, consumers aren’t jumping at the chance to surf while flying.

Bill seeks to overturn online-gambling ban — Goal is to reap $48 billion in tax money and regulate gambling online.