IN THE PAPERS
In the papers 16 January
16-01-2008
by Sylvia Leatham
Digicel set to double profits | Nokia moves German jobs to Romania
The Irish Times reports that Payzone CEO John Nagle and CFO John Williamson are discussing the terms of their departure from the e-payments and ATM company. It has emerged that Payzone's board is preparing to install its chairman, Bob Thian, in the role of interim chief executive until the appointment of a permanent successor to Nagle. Payzone's shares have lost around 33 percent of their value since its flotation on the Alternative Investment Market (AIM) in London less than two months ago.
The paper also says that Denis O'Brien's Caribbean mobile operator Digicel is set to double its profit before tax and finance costs to USD440 million for the 12 months to the end of March. Digicel CFO Lawrence Hickey said the mobile phone group recorded earnings before interest, tax and depreciation of USD220 million in the year to the end of March 2007. "We are on track to double that in [fiscal] 2008," he said.
The Financial Times reports that Google, AT&T and Verizon Wireless are among 214 companies that have qualified to vie for a slice of the prized US 700MHz spectrum at auction in the US next month, according to a list released by the Federal Communications Commission. The auction, which begins on 24 January, is expected to raise between USD10 billion and USD15 billion for the US Treasury. The spectrum is an attractive prospect because it is particularly suitable for next generation wireless broadband services.
The paper also says that mobile handset giant Nokia is to close its German plant with the loss of up to 2,300 jobs and move production to Romania. "Due to market changes and increasing requirements for cost-effectiveness, production of mobile devices in Germany is no longer feasible for Nokia," said Veli Sundback, executive vice-president.
According to the Wall Street Journal, AT&T is to replace 17,000 backup batteries in neighbourhoods across the US after a few exploded or started fires. The batteries were tucked in outdoor cabinets housing equipment for AT&T's U-verse internet TV service. In two instances, exploding batteries damaged surrounding property, AT&T said. In two other cases, batteries somehow caused small fires, which were quickly extinguished, according to the company. No one was hurt in the fires or explosions.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 