IN THE PAPERS
In the papers 10 March
10-03-2008
by Ciara O'Brien
Payzone execs likely to be deposed | Porto Media raises EUR40m
The Irish Times reports that Payzone chief executive John Nagle and finance director John Williamson are likely to be deposed from the board of the company when shareholders meet in Dublin on Monday for an EGM. The meeting, which comes after two months of acrimony and legal dispute at the e-payments firm, is likely to hear that a motion from a number of shareholders to remove Nagle and Williamson from their posts is supported by a majority of investors.
The Financial Times says that Ben Verwaayen could stay on as chief executive at BT until 2009, partly because of the need to improve the telecoms group's faltering performance, according to company insiders. Many analysts and investors had been expecting him to depart this year, but company sources said he might not leave until next year. The sources stressed that no decisions had yet been taken.
According to the Wall Street Journal, mobile equipment firm Motorola has announced the resignation of Stu Reed, who was moved aside last month as chief of the company's mobile devices division. Reed "has decided to leave the company, effective immediately," Motorola said in a statement. His departure comes five weeks after Chief Executive Greg Brown assumed direct control of the mobile devices division, which lost USD1.2 billion last year as sales of the RAZR handset declined. A spokeswoman said Reed had been preparing for his departure since the company announced the move.
The paper also reports that Viacom's MTV Networks has become the latest victim of data theft after someone hacked into its computers and stole confidential information about its employees. In an e-mail to staff on Friday, MTV Networks said data relating to some 5,000 employees had been illegally accessed, including names, dates of birth, Social Security numbers and, in some cases, salaries. "We are taking every appropriate action to investigate this incident and to protect you and the company in the future," MTV Networks said in the e-mail.
The Sunday Times reports that a new Irish start-up has raised up to EUR40 million in its bid to help eliminate the need for DVDs. More than 50 investors have backed Porto Media, including Sony's chief operating officer, Tim Bowen, and English cricket stars Michael Vaughan and Kevin Petersen. The Galway based start-up has developed a new way to get DVD movies, by downloading them to a memory stick in seconds. The movies will be available from ATM-style machines throughout the country, with IBM building 'movie stations' to allow users to use the sticks with their TV and Samsung providing the USB sticks' storage capacity. Up to 12 movies will be able to fit on a single stick at one time. Toshiba, meanwhile, is making chips that will speed up the downloads.
The Sunday Business Post reports that management at software firm Kainos has bought out its investor Fujitsu. The company increased its revenue by 13 percent, with turnover rising from STG11 million to STG12 million for the year ending 31 March 2007. Meanwhile, net profits rose from STG41,000 to STG504,000. The buyout took place in September last year.
The same newspaper says that the European Parliament is expected to give its approval for a new European Institute of Innovation and Technology this week. The European Commission has put forward a proposal for a draft regulation establishing the institute. The EIT is designed to help commercialise concepts that arise from education and research, and will have a budget of EUR308.7 million between now and 2013.
Staying with the Sunday Business Post, the paper says that Nostra Technologies is planning a major expansion in its second year of business, with plans for a call centre in Cork, new client services and a recruitment drive. The new call centre is set to open on 1 April, and all helpdesk facilities will be relocated there. The Cork team is also expected to help develop the company's existing relationship with IBM, supplying IBM products to Cork clients. Fifteen new staff are expected to be hired in the next year, while a new back-up system is also being launched. The firm will also begin offering online Microsoft exchange server, HMC 4.0, to clients.
The newspaper also writes that Irish firms are confused on the computer crime laws and have unrealistic expectations about prosecutions should company data find its way to unauthorised hands. The head of the Garda's computer crime unit told the paper that simply having a copy of a company's data is not a crime in itself.
The same paper reports that ComReg is facing criticism from the Consumers Association of Ireland that it is not protecting consumers adequately. High costs for mobile services, lack of broadband availability and high line rental costs are some of the problem areas highlighted by the CAI.
The paper also reports on a new initiative by Ulster Bank, an online education programme to provide money management skills to young people aged between 12 and 20.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 