IN THE PAPERS
In The Papers 15 September
15-09-2009
by Sylvia Leatham
Eircom may float on stockmarket | Regulator warns on credit card fraud
The Irish Times reports that Eircom could float on the stock exchange in the next three to five years as part of the proposed takeover by Singapore's STT Communications. The IPO option, part of the offer made by STT to Eircom Holdings on Monday, has been included as a potential exit mechanism for the employee share ownership trust (Esot) and other shareholders who might choose to retain an equity interest in the company as part of STT's takeover. Read more about the deal, and industry reaction, on ENN.
The Irish Independent says that consumers have been warned they could have to bear the cost themselves if they are the victims of credit card fraud. The Financial Regulator said that credit card fraud could happen to anyone, particularly if people were distracted. "What you may not realise is that you might have to bear the cost, if your provider decides that you did not take reasonable care," a spokeswoman for the regulator said. For example, if there are no unsuccessful attempts to enter your PIN, this could be taken as proof that you did not keep your PIN secret.
According to the Financial Times, Avaya, a maker of corporate phone systems and software, is to acquire Nortel Networks' corporate networking business for USD915 million in cash. The deal, which is subject to court and regulatory approval, includes USD15 million for an employee retention programme. As part of the transaction, Nortel is also selling shares of its government solutions and DiamondWare voice technology businesses. Nortel, which is operating under Chapter 11 bankruptcy protection, agreed to sell its enterprise network business to Avaya after the US-based company outbid a rival in an extended three-day auction.
The paper also says that shares in Alibaba.com dropped as much as 9.7 percent on Tuesday after Yahoo sold its 1 percent direct holding in China's top e-commerce company. Yahoo said the sale was driven by a big rise in the stake's value, with Hong Kong-listed Alibaba's share price nearly quadrupling this year. Analysts said Yahoo's stake sale did not suggest weakness in Alibaba's business. Yahoo still holds 40 percent of unlisted parent Alibaba Group, which controls about 74 percent of Alibaba.com.
The Wall Street Journal reports that Intel has unveiled a broad management shake-up that sets up a three-horse race to be the future chief executive of the chip giant. Sales chief Sean Maloney is being viewed as the front-runner. There seems little likelihood CEO Paul Otellini will be replaced soon, but the company is losing two highly regarded senior executives in a reshuffle: the co-head of its biggest division and its top lawyer. Maloney and David Perlmutter, a chip design specialist, have been named to lead the newly formed Intel Architecture Group, which will manage all chip development and marketing. Sources say the most likely CEO candidate is Maloney. Perlmutter and Andy Bryant, Intel's chief administrative officer, are also possible candidates.
The paper also says that a California judge has ruled against Vivendi's Universal Music Group in its 2007 lawsuit against Veoh Networks, a video-sharing site that Universal accused of infringing its copyrights by distributing online videos that featured music from its artists. Judge Howard Matz of the US District Court for the Central District of California ruled that Veoh satisfied the Digital Millennium Copyright Act's criteria for exemptions from liability for hosting and distributing copyrighted content. Those criteria include that a company isn't aware that the content is infringing and that, once becoming aware, the company acts "expeditiously" to remove it. In a statement, Universal called the ruling "wrong" and said it would appeal it.
Free! "In the papers" email newsletter -- get the full text to your in-box every business day. Email itp@enn.ie with 'subscribe' in the subject line.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 