IN THE PAPERS
In The Papers 25 August
25-08-2010
by Sylvia Leatham
CAO to defer cyber-attack investigation | Medtronic cuts profit forecast
The Irish Independent reports that dozens of courses at third-level colleges remain unfilled, despite a record number of CAO applicants this year. A total of 21 third-level colleges have vacancies, on 140 courses, a number which is down a little on the same time last year. The vacancies arise because there are not enough qualified applicants for all the places. The Tipperary Institute, for example, has been unable to fill 22 of its 23 courses on the first round of offers. Athlone Institute of Technology has vacancies on six courses in the areas of science, accounting and tourism. Cork Institute of Technology has vacancies on its chemical and biopharmaceutical engineering courses and on its structural and biomedical engineering degree courses.
In more news of college applicants, the Irish Times says the Central Applications Office will not investigate the cyber attack that crashed its website on Monday until after the second round of third-level offers is issued next month. In a statement, CAO operations manager Joseph O'Grady said the office's "priority" was to process offers and acceptances on behalf of students. He said the CAO would carry out a "full investigation" into the attack. In the meantime, he said the office would keep monitoring the system to ensure continuity of online services.
The paper also says that medical device-maker Medtronic, which employs more than 2,000 people in Galway, has posted a surprising decline in quarterly sales and has cut its forecast, due to weak demand for its products and pressure on prices. Medtronic cut its revenue growth outlook to 2 to 5 percent for the next fiscal year, down from a 5 to 8 percent forecast in June. It cut its earnings forecast to USD3.40-USD3.48 a share from USD3.45-USD3.55.
The Irish Examiner reports that a young Irish inventor has been shortlisted for a prestigious international prize for a revolutionary new oxygen-delivery system. James D'Arcy is the only Irish entrant to make it to the finals of the James Dyson Design awards, with a device called Flo2w. The invention holds an oxygen tube to a patient's head with an adjustable headpiece that can be clipped on and off. D'Arcy, from Minane Bridge in Cork, has already beaten more than 500 entries from 21 countries across the world to make the final 18. The James Dyson Foundation will announce the global winner on 5 October.
The paper also notes that Irish IT distributor Business Electronic Equipment (BEE) is to partner with global business software firm Mindjet. BEE will become a national distributor of Mindjet software in Ireland.
According to the Financial Times, Facebook is now worth as much as USD33.7 billion based on secondary market transactions, giving the company an implied valuation greater than the market capitalisations of companies such as eBay and Yahoo. Common stock in Facebook is trading as high as USD76 a share as investors scramble to get a piece of the company before it files for an initial public offering, which analysts say could be the biggest technology IPO since Google's USD1.67 billion flotation in 2004. Facebook, which is backed by a mix of venture capital and investment firms, has indicated it may remain unlisted until at least 2012. However, employees and investors are free to sell their stock and, in the absence of an IPO, many are doing so as a means to achieve liquidity.
The Wall Street Journal reports that data storage firm 3PAR has said it will begin merger talks with Hewlett-Packard after its unsolicited takeover offer opened a bidding war with rival Dell. In a US regulatory filing on Tuesday, 3PAR said its directors will pursue HP's proposal, which values 3PAR at USD24 a share. HP's bid came a week after Dell said it had struck a deal to buy 3PAR for USD18 a share. 3PAR's board has not yet formally determined that HP's bid is superior. However, the company plans to share non-public information with HP in order to evaluate its proposal. If 3PAR's board endorses the HP offer, it would give Dell three days to counter HP's bid.
In other news of Dell, the paper reports that the PC maker put its first US smartphone on sale on Tuesday. The 3.5-inch touchscreen phone, known as the 'Aero', runs on Google's Android operating system and is available for USD99.99 with a new two-year contract from AT&T and for USD299.99 without a contract. It can be ordered via Dell's website.
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