IN THE PAPERS
In the Papers 4 December
04-12-2009
by Sylvia Leatham
Eircom to roll out cost-cutting measures | Ireland-Britain cable link planned
The Irish Times reports that Eircom CEO Paul Donovan has told staff he plans to "instigate a far-reaching set of measures to reduce operating costs and capital expenditures in the short term" across the company and its mobile arm, Meteor. In a note issued to all staff, Donovan said there would be "headcount reductions" in the coming months as "we accelerate our efforts" to reduce the workforce by 1,200. About 700 people have already left the business. Staff were also told that overtime will be reduced and only used in "exceptional circumstances" and that annual leave or time in lieu can no longer be carried forward. He said the "technology organisations" across the group would be combined into a single unit and led by Brendan Lynch, COO of Meteor.
The paper also reports that the Irish Venture Capital Association (IVCA) says technology firms raised EUR109 million during the third quarter. Read more on this story on ENN.
The same paper says that construction is due to begin on a EUR15 million high-capacity telecoms cable link between Ireland with Britain. CeltixConnect will lay its cable next summer, assuming it receives the necessary permissions from authorities on both sides of the Irish Sea. Tom McMahon, operations director, said the cable was likely to have 48 fibre pairs as a minimum. Each fibre pair has a capacity of 960 gigabits per second -- enough to transmit 420 hours of video per second. The cable will run from Dublin's International Financial Services Centre (IFSC) via the East Point Business Park to connect with Holyhead in Wales.
The paper also says that e-payments firm Valista, which was acquired by Belfast company Aepona in July, posted a pre-tax loss of just under EUR3 million last year, bringing its total losses to over EUR33 million. Accounts filed with the Companies Registration Office for Valista show that turnover at the company was also down, falling from just over EUR7 million in 2007 to EUR4.3 million last year. Operating losses stood at EUR2.5 million during the same period.
The Irish Independent says that a new video has been launched online in a last-minute fight against welfare cuts in next week's Budget. Pensioners, the unemployed, children and the disabled all feature in the video, which has received more than 500 views on YouTube. The video -- produced by the Poor Can't Pay coalition of trade unions and community groups -- urges viewers to contact their local TDs to defend welfare payments and oppose any reduction in the minimum wage.
The Irish Examiner reports that Gardai hope that new technology aimed at reducing the number of "boy racers" on the roads will be in place by early next year. The force has gone to tender on noise detectors that will gauge the level of noise coming from a car exhaust. The Gardai have also sought tenders for equipment to test the level of tint on car windows, amid concerns that some cars with blacked out windows cause driver impairment. In addition, An Garda Siochana has sought tenders for digital tachograph equipment that can monitor driver fatigue. The tachographs will be linked to laptops for Garda use.
The Wall Street Journal reports that Take-Two Interactive Software has warned that its fiscal fourth-quarter results will miss expectations. For the quarter ended 31 October, Take-Two says earnings excluding write-downs and stock-compensation costs will come in between USD0.05 and USD0.10 a share on revenue of USD325 million to USD350 million. The estimates are down USD0.25 and USD24 million, respectively, from projections Take-Two issued in September. The videogame maker also said it likely won't be profitable in its current fiscal year. Take-Two has given a string of disappointing forecasts as the company suffers from broad retail weakness and the lack of a new release in its 'Grand Theft Auto' series.
The paper also says that Microsoft has unveiled an overhaul of its Bing Maps website that supplements the traditional bird's eye view with photographs on the ground. In addition to the street-level images, Microsoft's technology stitches together images uploaded by users into 3D photo collages. The technology is called Photosynth and it also lets users post interior shots of everything from restaurants to museums, to hotels.
The Financial Times says that US officials have warned they would closely scrutinise cable firm Comcast's bid for control of NBC Universal. The combination of the General Electric-run NBCU with Comcast's cable channels will create one of the largest content and distribution companies in the US. A review of the deal by the Federal Communications Commission, and either the Department of Justice or the Federal Trade Commission, is expected to take 12 months.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 