IN THE PAPERS
In the papers 24 May
24-05-2007
by Sylvia Leatham
Fineos signs deal with Quinn Direct | Lenovo back in black
The Irish Times reports that Trintech posted a net loss of USD1.4 million for the first quarter. Read the details of Trintech's results on ENN.
The paper also says that financial software firm Fineos is to provide insurer Quinn Direct with claims management software, in a deal understood to be worth more than EUR1 million. Quinn Direct will implement Fineos Claims for its motor and product lines. The system will be rolled out in Ireland first and then expanded to cover all claims operations in the UK and Europe.
The same paper reports that US semiconductor maker Microsemi has reversed a decision to shut its factory in Ennis, Clare. Read the full story as reported by ENN on Wednesday.
The paper also notes that Vislink, the Dublin and London-listed satellite TV and communications equipment developer, said in a stock exchange statement that trading in the first four months of the year was in line with its expectations.
The paper also says that mobile operator Three Ireland has cut the price of its mobile broadband service, as noted by ENN.
The same paper says that Kuwait's Wataniya Telecom has commercially deployed a new mobile TV service to 1.4 million subscribers, using software from Irish firm Vimio. Wataniya plans to use the Vimio platform to provide live TV to over 8.8 million subscribers in the Middle East and north Africa.
According to the same paper, Peter Cross has been appointed chief financial officer with Eircom, as noted by ENN on Wednesday.
The Irish Independent says that the value of electronic payments firm Alphyra has fallen by EUR100 million in less than two years, according to sources close to the firm. It is understood that Alphyra's equity valuation has fallen to EUR350 million from about EUR450 million less than two years ago. It is believed that the fall in the company's valuation, as well as differences of opinion over financial performance and future strategy, contributed to venture capital house Benchmark Capital's decision to sell its 67 percent stake.
The paper also says that holidaymakers will be able to save hundreds of euro in reduced mobile roaming charges within the EU after MEPs overwhelmingly backed a law to force operators to cap prices. Read more on this story on ENN.
The Financial Times says that Microsoft has played down reports that it could acquire Yahoo, saying that its agreement to buy online ad firm Aquantive last week has given it all it needs. Responding to a question on whether Yahoo had assets that could assist the software giant, Yusuf Mehdi, Microsoft's chief advertising strategist, said: "From where we are today, I think we have all the pieces." Mehdi also hinted that Microsoft would make much smaller bolt-on acquisitions in future to fill any gaps in its internet offerings.
According to the Wall Street Journal, PC maker Lenovo has returned to profitability, with its best quarterly results since it bought the PC division of IBM two years ago. The company posted net profit of USD60 million, or USD0.70 a share, for the quarter ended 31 March, in contrast to a year-earlier loss of USD116 million, which included a USD70 million restructuring charge. Consolidated revenue rose 9.3 percent to USD3.42 billion. However, the company surprised investors by announcing the resignation of Chief Financial Officer Mary Ma, a major player in the company's global expansion.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 