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In the papers 30 May 
Thursday, May 30 2002
by Sylvia Leatham


Thousands of Eircom employees finally receive payment from shares scheme |
Microsoft in talks with Securities and Exchange Commission over financial
statements



The Irish Times reports that Alphyra's chief executive, John Nagle, has defended
its track record at the company's agm. Nagle said the Dublin-based electronic
transactions group showed a marked improvement in sales in all the countries it
operates in. Earlier in the year, shares in Alphyra fell to a low of EUR1.40
after the company reported results that included large write-offs on the sale of
its telecoms and computers business. Nagle said the write-down of goodwill had
been misinterpreted by the market and that he was comfortable with analysts'
projections for the company. 



Business and Finance magazine reports that thousands of Eircom workers will reap
the rewards of their employee shareholding (ESOP) scheme for the first time this
week. The first distribution under the terms of the ESOP will see almost 13,500
eligible members receiving cheques for about EUR12,000 or share certificates for
7,270 Vodafone shares. Just under 76 million Vodafone shares were appropriated by
the ESOP for sale or distribution to qualifying members, under a scheme designed
to facilitate a maximum tax-free payout.



The Irish Examiner says that a new report from PricewaterhouseCoopers claims that
the bursting of the dot.com bubble does not mean the end for e-business. The
company's technology forecast said the continuing evolution of enterprise
applications and enabling software had not slowed with the economy. The report
said the dot.com boom had fostered familiarity with technology and its potential
to impact on business and had transformed businesses from local to global
companies.





The Financial Times reports that mmO2's shares hit an all-time low on Wednesday
as investors responded to the company's first annual results, which showed slow
revenue growth at its core UK operations. The mobile phone business spun off by
BT Group in 2001 saw its shares fall 12 percent by close of business on
Wednesday. Since the demerger, mmO2's UK revenues had risen less than two percent
to just under STG2.8 billion (USD4.1 billion). Analysts expressed concern because
the group's UK operations are the main driver of free cash flow.





The Wall Street Journal says that Microsoft is in talks with the Securities and
Exchange Commission (SEC) in the US to resolve allegations it misrepresented its
financial statements, according to people familiar with the story. They said the
SEC is likely to bring civil charges that the software giant failed to keep
accurate books and records, which is considered a relatively minor violation. In
such settlements, a company typically would not be fined but would pledge to
abide by SEC rules. 



The same paper reports that AT&T's credit rating has been cut two notches by
Moody's Investors Service. The downgrade leaves AT&T just two notches above
junk-bond level. Although the telephone giant is not facing a cash crunch, the
downgrade increases borrowing costs for the company and represents the latest
challenge to the company's turnaround efforts.