IN THE PAPERS
In The Papers 20 October
20-10-2009
by Deirdre McArdle
Google hints at Irish expansion | Apple reports soaring profits
The Irish Times reports that Gardaí have warned internet users against a new e-mail scam that seeks to target people through e-mail contacts and friends. Internet users are asked to beware of e-mails from friends claiming they have been robbed while abroad and require a sum of cash money to return home.
According to the same paper Google CEO Eric Schmidt has suggested that the search giant will expand its Irish operations. Schmidt made the comments on a visit to Killarney on Monday for an internal company conference. Google currently employs about 1,500 staff at its European headquarters in Dublin, and booked revenues of EUR5.282 billion through Dublin in 2007. Asked if Google would be adding more staff to its Irish operations, Schmidt said: "We will be – it's an absolute fact."
The paper also reports that First Derivatives has paid STG4.7 million to increase its stake in Californian technology firm, Kx Systems, from 5 percent to 20 percent. Read more about this and First Derivatives results on ENN.
The Irish Times also reports on the NYSE's expansion of its Euronext technical service centre in Belfast, as noted by ENN.
According to the Irish Independent, a confidential report has suggested that grind schools and text book writers have tried to wage a campaign against 'Project Maths'. The report, from the National Council for Curriculum and Assessment (NCCA), the State's advisory body, does not identify who was behind the campaigns or how they were conducted; however, it does reveal a concerted effort by some parties to undermine the initiative, which one well-known maths textbook writer alleged would lead to a 'dumbing down' of standards in all schools. The aim of 'Project Maths' is to place an emphasis on greater understanding, rather than learning formulae off by heart. The initiative is currently being piloted in 24 second-level schools and is due to be rolled out to all secondary schools from next September.
The same paper says that Smart Telecom chief executive Liam Duggan has defected to competitor Magnet Networks as the examiner to the troubled telecoms firm edges closer to signing up a buyer. Digiweb is understood to be closest to signing up to buy the firm; however a number of other telecoms operators are also still interested in Smart, including O2 Ireland, Magnet, Complete Telecom and Planet 21.
The Financial Times reports that Apple has posted a 47 percent jump in third-quarter profits to a record USD1.67 billion, or USD1.82 a share, from USD1.14 billion, or USD1.26 a share, shattering the Wall Street consensus forecast of USD1.42 per share. Profits jumped on the back of surging unit sales of iPhones, up 7 percent, and Macintosh computer shipments, up 17 percent. "We've got a very strong line-up for the holiday season and some really great new products in the pipeline for 2010," said Steve Jobs, Apple chief executive. The company is expected to announce new versions of its desktop and portable computers in the next few weeks. In after-hours trading, Apple stock gained 6 percent to a record USD207.
The Wall Street Journal reports that Intel chief Paul Otellini has said the company had no advance warning or knowledge about the insider-trading investigation into hedge fund Galleon Group, which has implicated an Intel executive. Authorities have charged that Raj Rajaratnam, Galleon's co-founder, and five others in a ring, allegedly traded on non-public information involving Intel, IBM, Google, and others. The SEC complaint alleges that an executive in Intel's treasury department, Rajiv Goel, gave Rajaratnam, who was arrested Friday, information about impending Intel earnings releases. Otellini told the paper that there had been no formal or informal cooperation between Intel and law enforcement in the investigation.
In more news of insider-trading scandals, the same paper reports that IBM has placed Senior Vice President Robert W. Moffat Jr. on a leave of absence in the wake of his arrest in an insider-trading scandal. Edward Barbini, an IBM spokesman, said "In view of a US federal investigation into his personal activities, Robert W. Moffat Jr. has been placed on temporary leave of absence and is no longer serving as an officer of IBM." Moffat, a 53-year-old IBM veteran, was arrested Friday in connection with a large investigation of insider trading at Wall Street hedge funds. According to affidavits in the case, Moffat allegedly provided advance information about IBM and Sun Microsystems earnings to Danielle Chiesi, of hedge fund New Castle Partners.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 