IN THE PAPERS
In The Papers 3 September
03-09-2010
by Sylvia Leatham
O2 to launch pre-paid cash card | Tech funding falls in first half of year
The Irish Times reports that mobile operator O2 is preparing to enter the financial services market in Ireland with the launch of a pre-paid cash card. The product will be launched to its 1.7 million customers in Ireland early in 2011 in partnership with a specialist UK bank. A plastic card will be issued to O2 customers, who will then be able to load it with credit and use it for making online transactions and purchases in shops. They will also be able to withdraw cash from ATMs both here and overseas.
The paper also says that just over EUR100 million in funding was raised by Irish technology firms in the first half of 2010, according to the Irish Venture Capital Association (IVCA). This represents an 8 percent drop on the same period last year. The drop is mainly attributable to a weak first quarter which saw Irish firms raise EUR26.6 million. The level of funding increased sharply in the second quarter, when tech firms raised EUR76 million -- an increase of 33 percent on the amount raised in the second quarter of 2009. The IVCA said the poor performance in the first quarter was due to the slow completion times of deals, rather than any underlying slowdown.
The Irish Independent says that sales of TVs in the run-up to the World Cup helped boost like-for-like sales at DSG International, the owner of Currys and PC World, by 3 percent in the three months to 24 July. Chief Executive John Browett said the group's UK business had performed particularly well in the period and described the overall revenue growth as an encouraging start to the year.
The Irish Examiner reports that internet company AOL is to create another 20 jobs at its development centre in Dublin. The web business is aiming to expand its media channels and sites, including AOL News, DailyFinance and AOL.com. Aengus McClean, head of AOL Global Operations Ltd, said: "We have a very clear goal to become the leading web services company in the world, and our Irish operations will play a crucial role in our success." The jobs boost comes on top of 50 software engineering jobs created by AOL in June.
The Financial Times reports that Hewlett-Packard has won the bidding war for data storage company 3Par. 3Par accepted HP's latest bid of USD33 a share, or about USD2.4 billion, and paid rival bidder Dell a USD72 million fee to break its standing merger agreement with 3Par. HP said it expects the deal to close by the end of the year. Before being outbid by HP, Dell had prepared a restructured final offer of USD32 a share, but 3Par felt that deal would have tied its hands too tightly.
According to the Wall Street Journal, Samsung Electronics has unveiled the Galaxy Tab, a rival to the Apple iPad. Rather than sell it directly to consumers, Samsung will rely on its mobile operator partners to sell the device, which runs on Google's Android software, comes with a 3G connection, and features a seven-inch screen. The tablet will debut in Italy, moving into other markets as Samsung locks in more deals with mobile operators.
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