NEWS IN BRIEF
Daily Digest 3 February
03-02-2010
by Sylvia Leatham
Bell Labs to create Dublin jobs | First Derivatives in talks to buy Cognotec
More than 70 new jobs are to be created in Blanchardstown, Dublin, thanks to the expansion of Bell Labs' research and development facility. The jobs will be created over the next five years, with the support of IDA Ireland. The announcement was made by the Tanaiste and Minister for Enterprise Mary Coughlan and Dr Jeong Kim, president of Bell Labs, during a visit to the Dublin facility. Bell Labs is the research arm of Alcatel-Lucent. "Bell Labs plays a hugely significant part in the Irish research ecosystem. Its uniquely open approach to innovation and the sharing of ideas will advance technological development and accelerate growth amongst Irish companies, bolstering our long-term economic expansion," said the Tanaiste.
Newry-based financial software firm First Derivatives is in negotiations to buy Cognotec's assets, following the foreign exchange systems provider going into receivership. First Derivatives said it expects to finalise the terms of the asset purchase, subject to due diligence, within the next few days. Dublin-based Cognotec went into receivership in January.
The Government is providing EUR200,000 over three years to fund the Irish Software Innovation Network, a new initiative aimed at increasing collaboration between software companies and research institutes. The Irish Software Association, a division of IBEC, will run the initiative, which will provide a free "matchmaking service" between software companies and third-level research institutes. The aim is to connect businesses to experts in Ireland's universities. "Companies and academia need to work together to ensure that the software industry will drive economic recovery and Ireland's smart economy," said Minister for Science, Technology & Innovation Conor Lenihan, announcing the fund. The money is being provided through Enterprise Ireland.
The rise of Web 2.0 and the parallel growth in cybercrime means the value of stolen credentials is now determined by the type of internet service the information is used for. That's according to data security firm Imperva, which says the price of a file of user credentials -- known as a 'dump' in hacking circles -- depends greatly on where they can be used. For example, Twitter credentials have been known to change hands for up to USD1,000, Gmail information can fetch more than USD80, while a Hotmail account is only worth USD1.50. The Gmail rate reflects the fact that it has become a central service for business users and can provide access to cloud services such as Google Docs and Adword accounts, whereas Hotmail has fallen out of favour with internet users, according to Imperva.
Global IT spending will rise only 3 percent in 2010, according to analysts at IDC. "Despite pent-up demand for upgrades and new applications following the deep spending cuts of the past year, economic uncertainty will combine with capital and credit constraints to inhibit spending in mature economies," said Stephen Minton, vice president of Worldwide IT Markets and Strategies at IDC. "The engine of global industry growth in 2010 will be in emerging markets, in particular China and India, where IT spending will recover much more quickly." IDC predicts that worldwide IT spending will reach USD1.48 trillion in 2010, below the USD1.5 trillion recorded in 2008.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 