IN THE PAPERS
In The Papers 21 December
21-12-2010
by Sylvia Leatham
Eircom debt comes under pressure | Betbidder to create jobs
The Irish Times reports that an as Gaeilge version of the so-called online 'Nigerian scam' is doing the rounds in which an unlikely sum of money is promised to the recipient of the e-mail if only he or she sends all personal banking details to a person, usually based in Nigeria. A Garda spokesman said it appeared the letter was most likely a translation of a standard scam letter done using computer software. Dr Michael Cronin, professor of translation studies at Dublin City University and an Irish speaker, confirmed that while the letter's Irish fluency was impressive, it was unlikely to be evidence that Irish-speaking fraudsters were operating out of the Gaeltacht.
The Irish Independent reports that Eircom's most senior debt has come under pressure, with loans issued by the company falling sharply in the secondary markets over the last week. The loans sit above EUR1 billion of more vulnerable bond debt that was already trading at steep discounts of up to 85 percent on fears the bonds will suffer losses if the company restructures its debt. Now IFR magazine, known as the investment banker's bible, said some senior bank loans issued by Eircom have fallen to 65 percent of face value from 70 percent a week ago.
The Irish Examiner notes that up to 65 jobs are to be created with the launch of new website Betbidder.com. The brainchild of former ABN Amro/Central Bank of Ireland man Enda Morgan, the site is based on the penny auction concept, with users bidding for cash prizes payable on the successful outcome of sporting events and for the opportunity to attend major sporting events. Betbidder currently employs 14 people and plans to expand and create up to 50 jobs in 2011.
According to the Wall Street Journal, the top US communications regulator has won support to pass contentious new rules for internet traffic, a move likely to face legal challenges and create uncertainty about internet regulation. The FCC is set to approve Chairman Julius Genachowski's proposed rules governing net neutrality, a concept aimed at preventing internet providers from interfering with web traffic. The rules are expected to bar providers from discriminating against legal internet traffic. They would also let broadband providers for the first time charge more to companies that want faster service for delivery of games, video or other services.
The paper also says that software maker Adobe Systems has swung to a quarterly profit as revenue climbed by 33 percent. The maker of Photoshop and Illustrator design software said all of its main businesses were doing well, helping it post record revenue for the quarter, and business is expected to grow in the current quarter. For its fiscal fourth quarter, revenue was USD1.01 billion, up from USD757.3 million a year ago. Profit came in at USD268.9 million, or USD0.53 a share, from a year-earlier loss of USD32 million, or USD0.06 a share. Product sales climbed 24 percent while subscription revenue nearly tripled and revenue from service and support jumped 53 percent.
The Financial Times reports that the US Securities and Exchange Commission is investigating allegations surrounding the departure of former HP chief executive Mark Hurd. The SEC is examining allegations by a former contractor against Hurd, which along with a subsequent company inquiry led to his departure from the company this summer. HP had given the stock market regulators a copy of the letter from contractor Jodie Fisher that divided Hurd from the board and led to his resignation. HP confirmed late on Monday that the SEC was pursuing the matter.
The paper also says that online auction firm eBay has agreed to pay USD200 million in cash to buy Germany's Brands4friends, an online private shopping club market. Brands4friends was set up in September 2007 and is now Germany's largest private online shopping club with 3.5 million customers across Europe and Japan. These e-commerce clubs pull together members looking to benefit from group discounts on fashion and lifestyle products.
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