IN THE PAPERS
In The Papers 21 January
21-01-2011
by Sylvia Leatham
IDA credited with securing Quest jobs | Google beats estimates, names Page as CEO
The Irish Times reports that IDA Ireland has been credited with winning a 150-job investment for Cork by US firm Quest Software. Company CEO and president Doug Garn said IDA Ireland had been hugely supportive in providing all necessary resources to the company when it came to making a global evaluation on where it was going to locate its new shared services centre to serve Europe, the Middle East and Africa. "Ireland was chosen due to the significant presence of other software technology companies, the high quality infrastructure, the availability of experienced and highly qualified professionals, multi-lingual talent and a pro-business environment," he said.
The paper also reports that a drop in the retail price of the PlayStation 3 saw revenues at Sony Computer Entertainment Ireland drop to EUR22.6 million during 2010. However, the company increased pretax profit from EUR437,000 to EUR1.7 million. While the recommended retail price of the company's flagship games console was reduced, the "cost of the goods came down as well," said Niall O'Hanrahan, managing director of Sony Computer Entertainment Ireland. Although there were no blockbuster titles released for the PS3 during the year to 31 March 2010, O'Hanrahan said software sales benefited from a "steady stream of solid titles".
The same paper says that Google's fourth-quarter profit topped analyst estimates. Net income rose 29 percent to USD2.54 billion, or USD7.81 a share, from USD1.97 billion, or USD6.13, a year earlier. Profit excluding some items was USD8.75 a share, exceeding the USD8.08 average analyst estimate. Spending on search-related ads rose 23 percent in the US during the quarter. Sales, excluding revenue passed on to partner sites, were USD6.37 billion, topping the USD6.06 billion average estimate. Co-founder Larry Page was named CEO, replacing Eric Schmidt, who becomes executive chairman.
The paper also says that Galway has attracted a EUR3.75 million venture that aims to develop a new valve device for cardiac surgery. Clinical and bio-engineering experts from Georgia Institute of Technology and Stanford University medical centre will work with Apica Cardiovascular, which hopes to hire up to six people initially at its campus company base at NUI Galway.
The paper also notes that the chief executive of the International Federation of the Phonographic Industry (IFPI) has said the Irish Government should consider legislation that forces the disconnection of persistent illegal music downloaders. Frances Moore praised Eircom for the "tremendous leadership" it had shown in the area and encouraged others to follow. If that did not happen, she said the Government may need to step in to resolve the issue. "What is clear is that we need to get this situation under control and one ISP is not enough to do that," said Moore. "We will need the other ISPs to either do their part voluntarily or have the Government impose legislation."
According to the Financial Times, online retail giant Amazon has acquired Lovefilm, the web-based DVD rental service, for close to STG200 million. Lovefilm, which has 1.6 million subscribers in Europe, had been considering an IPO while striving to expand its business from mailing DVDs into online delivery. Amazon plans to retain the Lovefilm brand and says it has no immediate plans to launch it in the US. It will use its main website and IMDB, its movie portal, to promote Lovefilm.
The paper also notes that HP has added five new directors to its board, giving majority control of the tech firm to people who were not involved in the controversial August exit of chief executive Mark Hurd. Four serving directors will stand down, while new chief executive Leo Apotheker and chairman Ray Lane, who both joined in September, will be among the eight who remain. The new directors include former eBay chief executive Meg Whitman; Shumeet Banerji, CEO of consulting firm Booz & Company; Dominique Senequier, chief executive of AXA Private Equity; and Patricia Russo, former CEO of Alcatel-Lucent.
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Caped Koala Studios has built a virtual world for kids, combining education and social networking 