IN THE PAPERS
In The Papers 14 October
14-10-2009
by Sylvia Leatham
Intel results surpass expectations | Twitter campaign aids Guardian victory
The Irish Times reports that biotech firm Amarin has agreed funding that will see it raise USD70 million through a private placement. The funding, which will consist of USD66.4 million in cash and USD3.6 million from the conversion of convertible bridge notes, is being raised from existing and new investors. The Irish company also announced changes to its board that will see Tom Lynch step aside as chief executive. He will remain as chairman of the company, which is listed in the US. Dr Declan Doogan, head of research and development, will assume the post of chief executive on an interim basis.
The paper also notes that the Revenue Commissioner has warned of a scam e-mail purporting to offer a tax refund. The mail, which includes a link to a reproduction of the Revenue.ie website, claims recipients are eligible to receive a tax refund of EUR320.50, and invites them to complete an online form. The phishing e-mail asks the recipient to submit personal details, including date of birth and debit or credit card details. Revenue advised people who may have provided financial information to contact their bank or credit card company immediately.
The paper also continues its coverage of Maths Week. The close associations between maths and internet search, social networking and online video were detailed in a talk given to secondary school students by Dr Neil Hurley, senior lecturer in University College Dublin's school of computer science and informatics. He described how discoveries made centuries ago by the mathematicians Leonhard Euler and Joseph Fourier are being applied today in advanced computing and explained their relevance to Google searches, YouTube videos and Facebook applications.
In more maths-related news, the Irish Independent says that the Government is under growing pressure from high-tech multinationals to reward Leaving Certificate higher-level maths students with bonus points for college entry. Employers in science, technology and engineering say the country can't afford to wait for the newly initiated reform of maths teaching in order to produce the necessary number of high performers. Employers' body IBEC is to meet with Education Minister Batt O'Keeffe on Wednesday to discuss the matter. O'Keeffe does not support the introduction of bonus points but said he would "listen to their views".
The Irish Examiner reports that Irish online shoppers are paying more for the same items that are on sale on British websites. Stores such as Karen Millen have set up dedicated Irish sites but charge more for products than if the shopper were located in Britain. The paper says a dress on Karen Millen's Irish online store is selling for EUR250, while the same dress is priced at EUR212 on its UK site. A statement from Karen Millen said that the store does not operate a one-pricing policy for all markets. It said each market is individually priced, and that taxes and other duties on shipment are factored into the pricing.
The Financial Times reports that revenues from the sale of virtual goods will top USD1 billion this year in the US, according to analysts. The Inside Virtual Goods report, to be released on Wednesday, also shows that sales are expected to double again next year, with particularly fast growth in the social games category. Virtual goods range from a digital version of a pink Cadillac to sit outside an online home to poker chips that allow users to play online card games. Sales are taking place on many online gaming platforms, but the bulk of activity is on websites such as Facebook.
According to the Wall Street Journal, chip giant Intel has posted third-quarter results well above the upbeat projections it issued several weeks ago. Third-quarter profit and revenue remained about 8 percent lower than the same quarter in 2008, but revenue was up 17 percent from the second quarter, and profit -- excluding a USD1.45 billion antitrust fine imposed by the European Union -- was up 77 percent from the second quarter. Intel predicted that business conditions will improve even more in the current quarter, including a jump in its gross profit margin to the highest level since late 2005. It predicted revenue of about USD10.1 billion for the fourth quarter, up about 7 percent from the third quarter.
The paper also says that a Twitter campaign has helped induce an about-face on a legal injunction that was preventing the Guardian newspaper from reporting on a public parliamentary proceeding. Bloggers and Twitter users, led by Guardian Editor Alan Rusbridger, expressed indignation about a court injunction that called into question the British newspaper's right to report on a parliamentary debate. The injunction had been issued after an order was filed against the Guardian by Carter-Ruck, a London-based law firm representing Trafigura, an oil-and-gas firm alleged to be responsible for dumping toxic waste in the Ivory Coast. On Tuesday, Carter-Ruck agreed to change the stipulations of the injunction so that the Guardian could cover a parliamentary debate pertaining to the alleged dumping without breaking the law.
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Caped Koala Studios has built a virtual world for kids, combining education and social networking 