IN THE PAPERS
In The Papers 16 February
16-02-2011
by Sylvia Leatham
O2 tipped to launch Irish debit card | Dell profit almost triples
The Irish Times reports that medical device maker Medtronic posted a pretax profit of EUR190.6 million from its main Irish business for the 12 months to the end of April 2010. Medtronic Vascular Galway Limited, which is involved largely in devices for the cardiovascular sector, reported sales of EUR753.4 million for the period, according to documents filed with the Companies Registration Office. The revenue came from sales to other group companies, largely in the US and Switzerland.
The Irish Independent reports that TV satellite and systems supplier Super Sat Systems has paid around EUR570,000 for a unit at the City North Business Campus in Stamullen, Meath. The company installs satellite TV systems for hotels, apartment blocks and business parks; builds and repairs computers; and supplies satellite systems for luxury yachts and fishing trawlers.
The Irish Examiner says that consumers are increasingly selling their old mobile phones to recycling companies. The phone recycling business is booming in Britain thanks to environmental awareness and increased financial pressures, and the same trend is starting to be seen in Ireland. British-based phone recycling company Envirofone said it has purchased almost EUR4.15 million worth of mobiles from the Republic since September 2009. A spokesperson for a Dublin-based company said business had picked up by 50 percent since December.
The paper also says that employment in venture capital-supported firms grew at an annual rate of 18.6 percent from 2003, according to research carried out by UCD's Department of Entrepreneurial Studies. "Our research finds that venture capital-backed companies provide a substantial impetus to the ongoing development of a knowledge-based economy," said Professor Frank Roche. "These firms enjoy much faster jobs growth, employ more graduates, invest more in R&D and produce greater exports than the economy in general." The report was commissioned by the Irish Venture Capital Association in association with InterTradeIreland.
The same paper notes that mobile operator O2 is expected to launch a type of debit card in the Irish market on Thursday. Although the company would give little away, it is expected that it will launch a pre-paid cash card that can be used in shops, ATMs and online. The mobile operator is likely to offer a service whereby every time a customer adds, spends or takes out money they will get a text showing their new balance. The card is expected to be part of a partnership with a bank.
The Wall Street Journal reports that Dell's quarterly profit almost tripled on strong sales and lower component costs. For the quarter ended 28 January, Dell's earnings jumped to USD927 million, or USD0.48 a share, up from USD334 million, or USD0.17 a share, a year earlier. The profit gains far outpaced the PC maker's revenue, which increased 5 percent to USD15.7 billion from a year earlier. Shares in Dell jumped 5 percent in after-hours trading on the back of the results. However, a forecast for slower profit growth in the current year raises questions about the sustainability of the gains.
The Financial Times reports that Apple is dictating tougher terms of business on its mobile devices, demanding a 30 percent cut of all subscriber content sold directly through its iPads and iPhones. The new rules, which apply internationally, say that if publishers offer digital subscriptions, they must make the same offer through the App Store. Publishers can still offer subscriptions through their own websites, but cannot link to the website from their app. The change is expected to send more subscribers through Apple's digital content store.
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