IN THE PAPERS
In The Papers 25 September
25-09-2009
by Deirdre McArdle
Twitter nearing USD1bn valuation | HP forecasts rising revenues
The Irish Times says that Vodafone has launched a new internet service that integrates social networks, content sharing and messaging applications into one service. See the launch on ENN.
The paper also reports that an expert on information technology law has said that the advertising agency JC Decaux would be unlikely to win a case against Fusio over a free iPhone application it developed for the Dublinbikes scheme. TJ McIntyre, a lecturer in law at UCD and the chairman of Digital Rights Ireland, told The Irish Times that correspondence sent to Fusio by JC Decaux failed to provide any legal basis for the agency's claim that it owned data related to Dublinbikes. McIntyre said there was an outside chance the ad agency could make a claim on the basis that Fusio was "screen scraping" -- a process where software is used to extract data from websites for use elsewhere -- but he doubted it would succeed.
According to accounts filed with the Companies Office, Daft Media, which operates daft.ie, posted pre-tax profits of EUR1.7 million in 2008, an increase of 8 percent on the previous year, reports the Irish Independent. Turnover was up 55 percent to EUR5.7 million following the firm's acquisition of competing website property.ie. The company recorded an operating profit of EUR2.45 million -- an increase of 55 percent on the 2007 figure of EUR1.58 million. The filings also show that Daft Media has written down its investment in boards.ie by EUR749,750 to EUR250,000. Daft bought a minority stake in boards.ie in August 2008.
The Irish Examiner reports that the opening of Microsoft's USD500 million 'mega data centre' in Dublin could ultimately lead to the creation of 35 new jobs at the firm. The data centre will be used as a base for Microsoft's European, Middle Eastern and African network to help develop the firm's online, live and cloud network services.
The Wall Street Journal writes that micro-blogging site Twitter is nearing a deal for up to USD100 million in new funding that would value the firm at USD1 billion. The investor group is expected to include mutual-fund giant T. Rowe Price Group and private-equity firm Insight Venture Partners, which would be new investors to Twitter. Existing Twitter investors, including Spark Capital and Institutional Venture Partners, are also expected to participate in the round, according to the people familiar with the plan. The valuation of USD1 billion is more than triple the valuation Twitter received during its last funding round in February 2009.
The paper also reports that a federal judge has granted a request to delay a 7 October hearing on the proposed settlement of copyright suits brought against Google. Last week, the Justice Department filed objections to the settlement, which, if approved, will permit Google to sell and distribute digital books online. The Authors Guild and the Association of American Publishers then sought to delay a fairness hearing to amend the deal in a way that would win approval from Justice.
The Financial Times says that Hewlett-Packard said it expected technology spending to rebound in the coming year, propelling HP to at least a 17 percent gain in earnings per share. Chief executive Mark Hurd told an annual gathering for Wall Street analysts that revenue should increase more than 3 percent to about USD117 billion, that cost savings from the USD13.9 billion purchase of Electronic Data Systems will continue, and that the company remains on the lookout for more acquisitions.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 