IN THE PAPERS
In The Papers 5 January
05-01-2011
by Sylvia Leatham
IDA hopes to create 10,000 jobs in 2011 | Europol warns on cybercriminal activity
The Irish Times reports that IDA-backed multinationals created 1,350 net new jobs in Ireland in 2010. The IDA's interim statement for 2010 shows that multinationals supported by the government agency created 10,897 new jobs last year. Chief Executive Barry O'Leary said that about 9,545 jobs were lost in multinationals last year. He said some of the job losses were the result of closures announced in 2009, including that of PC maker Dell. The IDA said it hopes to bring in projects that will lead to the creation of 10,000 new jobs in 2011. It also hopes to bring in investments that will create 62,000 new jobs by 2014.
The Irish Independent notes that Fine Gael has temporarily abandoned its traditional website in favour of a forum seeking contributions from the general public.
The paper also says that Irish mobile services group Zamano has agreed a new capital repayment schedule with Bank of Scotland (Ireland) and new covenants that reflect the "current trading" of the company, Zamano said. In a statement to the Stock Exchange, Zamano said the bank will also receive a EUR250,000 exit fee in return for agreeing to the new schedule. The company has agreed to pay back EUR1.2 million this year, EUR1.4 million in 2012 and EUR3.46 million in 2013. Zamano has been struggling with declining revenues and mounting losses.
The paper also notes that a former Dublin-based senior compliance officer covertly transferred a vast number of confidential company documents to a private e-mail account, a London court has heard. Ruth Chadwick, who was chief executive of the Dublin office of Brandeaux Advisers, was sacked for gross misconduct last year after the firm uncovered the secret transfer of the documents to her private e-mail address. The firm claimed that had the documents been passed on to a third party, the firm's survival could have been jeopardised. The judge struck out Chadwick's claim for unfair dismissal.
The Irish Examiner says that private equity firm Elevation Partners, which counts Bono as one of its founders, saw its stake in Facebook jump to USD750 million this week from an initial investment of USD210 million. Elevation owns 1.5 percent of Facebook and the social network was this week valued at USD50 billion following a USD500 million investment from Goldman Sachs and Russian firm Digital Sky Technologies.
The paper also reports that criminals are using open access internet connections and unsecured private wireless accounts to mask their criminal activity. Europol, the EU's police agency, said the internet was becoming a "more dangerous place for citizens to operate" as organised criminals exploit the growth of internet applications, from e-banking to social networking. The agency is running a campaign this week to highlight the threat posed by cybercrime across the EU and the difficulties these crimes impose on individual law enforcement agencies.
The paper also notes that Southwestern in Cork has been ordered to pay EUR65,000 in compensation to a former worker after a finding by the Employment Appeals Tribunal that it had unfairly selected IT expert Robert Grantham for redundancy.
The paper also says that Ireland is to maintain a business centre established in Silicon Valley that will be used to support firms in search of high-tech contracts. The base was established as a result of recommendations drawn up at last year's Global Irish Economic Forum at Farmleigh and is operated by the Irish Technology Leadership Group, a network of businesspeople in Silicon Valley with strong links to Ireland. The centre received almost EUR190,000 in funding from the Department of Foreign Affairs in 2010 and the level of funding will continue in 2011.
According to the Financial Times, chipmaker Qualcomm is in talks to buy Atheros Communications, a leading maker of chips used for wireless communications. Sources say a deal could be announced within days, although they cautioned that the details had yet to be finalised and the talks could yet fall apart. Qualcomm declined to comment.
The Wall Street Journal reports that Cisco Systems is entering the race to combine internet video and conventional television, according to sources. The networking giant is expected to unveil its plans on Wednesday at the Consumer Electronics Show in Las Vegas. The plan is thought to include a set-top box that combines elements of online video services with live, on-demand and recorded television programming. Cisco will sell its hybrid boxes to cable operators, who will lease them to subscribers, sources say.
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Caped Koala Studios has built a virtual world for kids, combining education and social networking 