In the papers 2 April

02-04-2007

by Jonathan Farrelly

Google emerges as a potential suitor for DoubleClick | Three Ireland clocks up 1.6 percent market share

The Irish Independent reports clothing chain TK Maxx's president Paul Sweetenham has issued an apology to customers and said the company believed that no TK Maxx data had been stolen in what is said to be the world's biggest credit card heist with around 45.7 million customers affected. Read more on ENN.

The Wall Street Journal reports on speculation that search giant Google as well as Microsoft have emerged as potential suitors for DoubleClick, a situation that could lead to an increase in the final sale price of the internet advertising firm.

Record label EMI is to announce it will sell significant amounts of its catalogue through Apple's iTunes without anti-copying software in a major break with its tough stance against music piracy, according to the Wall Street Journal. The London-based music company is to make its announcement at a London news conference featuring Apple chief executive Steve Jobs.

The Financial Times reports that Pirelli was in exclusive talks with AT&T and America Movil of Mexico on Sunday night to sell two-thirds of its controlling shareholding in Telecom Italia. A deal would see the two industrial partners invest in the Italian telecoms incumbent instead of the Italian banks with which Pirelli had been negotiating.

The same paper reports that Kohlberg Kravis Roberts (KKR) was on Sunday night in advanced talks to acquire credit card processing firm First Data, for about USD26 billion in cash, or USD34 per share, according to people familiar with the matter.

The Sunday Tribune reveals that up to 10 new potential start-ups involving newly redundant Motorola staff are formulating business propositions and feasibility studies, according to CorkBIC, the resident venture consultancy at the National Software Centre in Mahon, Co. Cork. In relation to Motorola's 330 planned redundancies, CorkBIC has agreed to provide office space and shared services at the NSC free of charge to ex-Motorola staff for three months starting Monday.

The same paper also states that the market for online advertising through social networking websites, such as Bebo, has doubled every three months in the past year. According to Justin Cullen, managing director of online media company, Netbehaviour, "this time last year the market was probably worth less than EUR300,000; I'd say that every two to three months the overall value of the market has doubled...I'd say it's now worth between EUR1.2 million and EUR1.5 million a year."

The Sunday Times reveals that Three Ireland, the country's fourth mobile phone company, has built a market share of just 1.6 percent after 18 months in the Irish market. Figures submitted to ComReg, the communications regulator, revealed that the firm had about 77,000 customers at the beginning of the year. Three Ireland had up until now refused to publish its customer figures.

The same paper also reports that it has been alleged that credit card numbers stolen from TK Maxx, the retailer, have been offered for sale on websites used by organised crime gangs. Rob Cotton, chief executive of NCC Group, an information security specialist, said "a lot of TK Maxx card records have been sold on these sites" and he named four sites that act as "eBay for hackers", they are cardersmarket.com, darkmarket.ws, cardingworld.cc, and forum.scandinaviancarding.com.

The same paper also says that MagneticTime, owned by Limerick man Richard O'Donnell, is aiming to sell USD400 million worth of its iAudioize product, which converts text files such as Word documents, e-mails and PDFs into audio files playable on any MP3 player, and therefore allow users to listen to their e-mails and other documents on their iPods and mobile phones. O'Donnell outlines his aim: "There will be 100 million iPods by June. We are aiming to sell our product to 10 percent of those people. It costs USD40, so you do the maths."

The Sunday Business Post reveals that up to 120 jobs will be announced by Prumerica Systems, an international financial services firm, at its Irish operation in Letterkenny, Co. Donegal later this month. The Irish operation includes transaction processing and software development. The company is believed to be working with third level institutions in Donegal, Sligo and Derry.

The same paper also reports that Dermot Desmond and golfer Padraig Harrington have invested in a STG5.25 million (EUR7.72 million) funding deal at U4EA, a British technology firm run by Harrington's brother Columb. U4EA is developing hardware for telecom operators, but the market for its technology has developed slower than expected, leading to a need for fresh funds.

The same paper also states that companies that do not include certain company information on their websites, e-mails and text messages could be fined as much as EUR2,000. Under a new rule limited liability companies must include similar information on their websites and e-mails as they include on headed business letters and company forms. A spokesman for the Office of the Director of Corporate Enforcement (ODCE) said that they will take a "reasonable" and "practical" approach when enforcing the new rule.

And finally, the Sunday Business Post reveals that Davy Stockbrokers is to team up with London-based spread betting firm City Index, to offer online dealing in 'contracts for difference' (CFDs) for the first time. CFDs are highly-leveraged instruments that allow investors to speculate on the future direction of share prices without owning the underlying stock.