In the papers 30 April

30-04-2007

by Jonathan Farrelly

Nintendo to boost Wii production | Web Reservations International to launch social networking travel site

The Irish Times reports that the Rehab charity is planning to deploy hundreds of internet gaming kiosks across the country in an effort to boost turnover. Rehab's bingo website generated revenue of roughly USD100,000 (EUR73,000) in the three months to the end of January. UK-based company Inspired Broadcasting Networks has developed electronic bingo kiosks for Rehab; over 1,000 kiosks are due to be rolled out, beginning next year.

The paper also says that Nintendo is set to boost production of its Wii console in a bid to redress an "abnormal" global inventory shortage for the best-selling next-generation console. "We must do our best to fix this abnormal lack of stock," said Satori Iwata, Nintendo's president. "We have not been able to properly foresee demand." Nintendo did not disclose how much it would boost production, but the firm said it aimed to more than double global sales of the Wii console to 14 million units this year.

According to the Wall Street Journal, Yahoo is set to announce a USD680 million deal to purchase the remaining 80 percent of Right Media Inc that it does not already own, a deal that highlights how internet companies are betting big on new approaches to extend their advertising reach on the web. New York-based Right Media runs an online advertising exchange, which provides a virtual market where buyers and sellers of internet ads can efficiently find one another and execute transactions -- not unlike the role stock exchanges play for shares. The deal follows Google's USD3.1 billion acquisition of online ad services company DoubleClick.

The paper also says that Reuters Group is now selling a computer program that will scan news articles, measure whether companies are getting positive or negative news coverage and trigger stock trades based on the information. The product, which will initially only track stories that appear on Reuters newswires but then be extended to will include others, is aimed at hedge-fund and bank-trading-desk clients who already subscribe to Reuters. The product aims to tap into algorithmic trading, whereby computers decide when to buy and sell shares without direct human involvement.

The Sunday Business Post reveals that Dublin firm Web Reservations International is set to launch a new travel website that it claims will revolutionise the travel industry and pit it against internet giants such as Google. The firm has developed a travel search engine which combines travel information and so-called social networking, with up to 1 million reviews of destinations and accommodation. It expects to launch the service in London on Wednesday.

The same paper states that Irish technology entrepreneur Norman Crowley is sitting on an EUR18 million fortune from his latest venture. Crowley is joint chief executive of Inspired Gaming Group, whose shares have risen in value by almost 70 percent since it floated on the Alternative Investment Market in London last year. Crowley owns about 513,650 shares in Inspired, a firm that runs more than 100,000 internet-linked gaming machines in Britain and overseas.

The paper also says that Delta Partners, the Dublin venture capital firm, has invested in a USD17 million funding round at Heartscape Technologies, a US-Irish firm that has developed technology to detect heart attacks. Joey Mason, a partner in Delta who sits on the board of Heartscape, said the venture capital firm had "a decent minority stake" in the firm.

The same paper reports that Dublin security software firm Cinario has signed a six-figure deal with Asda, the British supermarket giant. Asda will use Cinario's software to integrate and manage security systems at 81 of its outlets around Britain. The contract is worth in the region of EUR500,000 to the Irish company.

The same paper states that Dublin technology firm Microsol plans to raise more funding, amid continuing losses. The company made a pre-tax loss of almost EUR1.1 million in the financial year to the end of March 2006. According to the accounts, the directors of Microsol "are in the process of negotiating to raise further funds and are confident that adequate funding will be made available."

The same paper reports that technology consulting group Vision Holdings reported a pre-tax loss of EUR2.7 million in 2005, according to recently filed accounts. In a report, the directors said "a fall in gross margin of 6 percent together with an inability to react quickly enough to cost savings resulted in a loss for the year."

The Sunday Times reveals that British shoppers will spend STG78 billion (EUR114 billion) a year online by 2010 -- doubling the web's share of retail sales to 20 percent. Internet sales have exploded over the past six years, growing by 3,553 percent between April 2000 and December 2006.

The same paper says that rock musician Peter Gabriel is providing financial backing for a new download service called We7, which will offer free songs tagged with ten-second advertisements.

The Sunday Independent reports that telecoms tycoon Emmet Memery's Oyster Group is investing EUR35 million in launching a virtual mobile network and mobile lifestyle brand. The brand will be launched later this year, giving Oyster customers their own tariff and roaming agreements and, eventually, own-branded SIM cards.

The Sunday Tribune reveals that online video channel Joost announced that it had secured more than 30 top-tier global advertisers in advance of its worldwide launch, expected in May. Intel, Hewlett-Packard, Nike, Taco Bell and the US Army are among the organisations already planning to advertise with the network. Unlike YouTube, Joost will not host user-created videos, which may allow it to avoid the legal battles currently plaguing Google.