IN THE PAPERS
In the papers 21 January
21-01-2008
by Sylvia Leatham
Payzone board of directors to meet on Tuesday | BigThink.com aims to be 'YouTube for intellectuals'
The Irish Times reports that Payzone's board of directors will meet at the company's head office in Sandyford, Dublin, on Tuesday but will not discuss the legal proceedings under way between the firm and executives John Nagle and John Williamson. It is understood Nagle will present the board with an update of Payzone's operational performance since the merger of Irish e-payments group Alphyra and UK ATM operator Cardpoint six weeks ago. Nagle is expected to inform the board that Cardpoint failed to perform to expectations between October and December.
The Irish Independent says that IBM is now more valuable than the entire Irish stock market following last week's continuing carnage. IBM shares rose strongly last week, valuing the company at over EUR95 billion. The ISEQ's latest slump has seen the collective value of its constituent members slipping to under EUR88 billion.
The paper also says that a user-friendly guide to student grants and supports called studentfinance.ie has been launched. The site, set up by the Higher Education Authority, aims to encourage more people from less well-off backgrounds to pursue third-level education. About 40 percent of those attending third-level education receive State support and last year maintenance grants were paid to over 56,00 third-level students.
According to the Financial Times, UK banks have suffered a dramatic drop in demand for financial advice as Britons increasingly manage their money using the internet. Just 4 percent of individuals still see their bank as their main financial adviser, down from 28 percent in 2003. "The internet has enabled millions of people to find out and compare financial offers from their own home or workplace, in their own time and with no adviser -- no matter how well-meaning -- trying to get a sale," said Alison Malton, managing director of ComPeer, the wealth management analysts who conducted the survey.
The paper also says that HBO, the Time Warner-owned cable network, is launching a broadband service in partnership with cable operators as it tries to reach younger viewers who are increasingly watching video online. The new service, known as HBO on Broadband, makes its debut on Tuesday in the Milwaukee and Green Bay markets of the US. It will feature more than 400 hours of films and TV programming, including HBO series such as The Wire and Entourage, which viewers can watch when they please.
The Wall Street Journal reports that Philips Electronics posted a strong rise in earnings in its fourth quarter, crediting the sale of stakes in several other companies and growth at its own operations. Net profit doubled to EUR1.39 billion from EUR680 million for the same quarter a year ago, while sales rose 3.8 percent to EUR8.37 billion.
The Sunday Business Post reports that eBay is currently looking to acquire more office space in Dublin, possibly due to expansion of its e-payments subsidiary PayPal, whose international headquarters are based here. A second Dublin northside location is believed to be the preferred option, in addition to the existing premises at Blanchardstown. Subject to approval from senior management, the new office could be operational by the second quarter of this year. The company is thought to be looking for 100,000 square feet of office space, which could translate to 500 new employees.
The same paper reports that Cork technology firm Global Mobile Encryption (GME) has gone into liquidation, costing its investors several million euro in losses. The firm was founded in 2002 and had attracted about EUR6.5 million in funding since then, but had chalked up losses of almost EUR7.1 million by the end of 2006. The company was taken over by Malaysian firm Tech Asia last year but, according to one of GME's directors, the new owners did not develop the company or its technology.
The same paper reports that pharmaceuticals businessman Gerry Brandon is raising a seven-figure investment sum for his new online 'collaboration network' Eplixo. The product's technology incorporates instant messaging, blogging and other networking tools to allow multiple employees to work together on a single project. The software is still in the beta stage of development by teams in Ireland, India, Poland and Slovenia. Brandon has spent EUR500,000 funding the project to date and hopes to raise between EUR1 million and EUR1.5 million in additional capital.
The paper also says that Irish Broadband is to invest EUR1.5 million in a new advertising campaign to run across television, radio, newspapers and the internet. Animation content for the campaign was produced by Windmill Lane Studios. The company said the New Year was a busy period for broadband applications, as many consumers would have purchased new computers at Christmas.
The same paper says that the RTE 2FM radio comedy series Nob Nation was the most downloaded podcast in Ireland last year, with 737,000 downloads between April and December. Radio One's morning news programme, Morning Ireland, was second, with 730,000 downloads.
The same paper reports that Belfast software firm Mobile Cohesion made a loss of STG1.7 million in the financial year ending 31 March 2007. The company has now made accumulated losses of STG10.7 million, but says it hopes to start generating significant revenues this year. Mobile Cohesion's turnover increased significantly in the same period, up to almost STG229,000 from just over STG41,000 the previous year. Founded in 2002, the firm develops software to aid mobile firms in the rollout of various online multimedia services.
The Sunday Business Post also says that Dark Water Studios, a games development company based in Derry, has signed a deal with the North's Department of Enterprise Trade & Investment (DETI) that will see the department acquire the rights to the studio's first game for a period of three months. The deal forms part of DETI's broadband content initiative, which aims to showcase broadband content being developed in the North. Dark Water's World War I aerial combat game 'Dogfighter' will be made available for free on the initiative's website, www.crea8ivity.com, later this year.
The same paper says that the network of wireless hotspots provided by Free-Hotspot.com grew fourfold during 2007, with 2,400 locations now being offered. The company has sites in 18 European countries, mainly in hotels, restaurants, bars and cafes but has also begun to branch out into non-traditional locations such as hair salons, campsites and shops.
The same paper reports on the launch of a new Irish website that hopes to become 'YouTube for intellectuals'. BigThink.com was masterminded by a Trinity College graduate and backed by directors of Facebook and the founder of PayPal. The site features interviews with world leaders and prominent intellectuals and allows members of the public to respond with their own videos or text messages. Gerry Adams and Mary Robinson are among those to have been interviewed already, with five new interviews each week planned for the foreseeable future.
The paper also says that Webtrade has invested EUR1.2 billion in the development of a new website content management system called Siternity. The system will be supplied as part of a web design, development, hosting and online marketing package for non-technical customers who want to manage their own websites.
The same paper says that business software firm Ergo has completed the second and final phase of a EUR500,000 contract to develop on online mortgage processing system for Nua Homeloans. The new product will allow staff at 100 Nua offices nationwide to scan and upload paper documents pertaining to clients of the existing mortgage processing system, which was also developed by Ergo.
The Sunday Independent reports on the publishing of an 'e-commerce index' for Ireland by eBay. Compiled using all sales and purchases made through eBay.ie in 2007, it reveals a 'digital divide' in the country, with Dublin and its surrounding commuter counties registering above average levels of online shopping activity, while many counties in the West and the Midlands were either below or 'significantly below' the average level.
The Sunday Tribune reports that Owen Gallagher, a University of Ulster student and the creator of video remixing website TotalRecut.com, has had his YouTube account restored after it was suspended in a row over several 'mash-up' videos he created. Gallagher had intercut footage of Bertie Ahern and Enda Kenny with clips from the TV programmes Dragon's Den and American Idol, to make it look like the politicians were actually appearing on the shows. Complaints from the BBC, Paramount and 20th Century Fox led to his account being suspended, but Gallagher filed counterclaims highlighting his academic research on 'remix culture' and his freedom of expression.
The paper also reports that the Dublin Chamber of Commerce is to call on the government to abolish VAT on computers. The request forms part of its latest strategy document, 'Developing a Knowledge City Region', due this week. The document cites the example of a similar initiative in Sweden which doubled the penetration of personal computers.
The Sunday Times reports that the Advertising Standards Authority is to order broadband providers to stop giving customers unrealistic expectations of download speeds in their advertising. The move follows numerous complaints from customers who were not seeing the 'maximum potential' speeds from their home broadband installations, due to their location or high numbers of other subscribers using the service. ComReg recently wrote to broadband providers asking them not to use the phrase 'up to' when describing download speeds in their advertising.
The same paper reports that the Dundalk-based computer manufacturer IQON, which went in to examinership last October, has been given until Tuesday to finalise a rescue package or else face liquidation. The company is believed to be in negotiations for a buyout by a French firm. IQON employs 100 people at its manufacturing facility in Co Louth and has been in operation for 18 years, but became loss-making in 2005 in the face of strong international competition.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 