ROUNDUPS
In the papers 14 February
14-02-2003
by John Cradden
Rendina has resources to pay up to EUR3.10 per share in its bid to take Alphyra private | ParthusCeva shares slump in New York and London
The Irish Times reports that the head of Cable & Wireless' systems integration division in the Republic has resigned to pursue other interests as the company continues to review its operations. Tadhg Foley was also a director of Cable & Wireless Ireland Limited, a division of the British company that supplies telecoms systems in the Republic. The news comes as the division reported a EUR11 million slump in revenues in the year to March 2002, compared to the previous 12 months.
The same paper reports that many small tech firms face major funding issues as venture capitalists focus efforts on their own portfolios, but the Irish high-tech sector is faring better than most, according to a new report. SummIT 2003 -- Back to Basics, says 10 percent of European venture capital investment was spent in the Republic during 2002, even though it makes up just 1 percent of European GDP.
The same paper reports that government ministers will begin using a "paperless computer system" at the Cabinet table from mid-summer in a move designed to make meetings more efficient. The e-cabinet system, which will cost at least EUR3 million, will also force ministers and government officials to get up to speed with some of the latest technology gizmos, including tablet PCs.
The Irish Independent reports that Ireland's third mobile phone company, Meteor, has confirmed that it has increased the price of some of its call rates to the UK by as much as 50 percent, but has also reduced a number of rates in the domestic market.
The same paper reports that the management team attempting to take e-payments company Alphyra private has the resources to pay as much as EUR3.10 per share, or up to 15 percent more than the current second offer of EUR2.70 per share, according to analysts.
The paper also reports that shares in newly merged silicon chip company ParthusCeva fell another 7 percent on Thursday to STG1.925 in London, having slumped 20 percent on the week. The stock, traded in London and on the Nasdaq, is off over 50 percent since the beginning of the year and the company's market capitalisation is now less than the amount of cash on its balance sheet, market watchers said.
The same paper reports that IT Design, the Dublin-based firm which raised USD10 million in venture capital from Fidelity Ventures last year, reported a profit of USD648,085 for the year ended 2001, compared with a loss of USD3.6 million in 2000, according to the latest accounts at the Companies Office.
The Financial Times reports that Telefonica, the Spanish telecommunications group, on Thursday signed a long-term strategic alliance with its listed Internet subsidiary Terra Lycos, making it the sole provider of Telefonica's value-added Internet services. The agreement guarantees Terra annual gross profits of EUR78.5 million (USD84.6 million) for six years, and should have come as a relief for the Internet company, which has been struggling with a sharp slump in advertising spending, and the loss of its biggest client, Bertelsmann.
The Wall Street Journal reports that former US West chief executive Solomon Trujillo has been named as the next chief executive officer of European mobile operator Orange. Trujillo's selection catapults an American to the head of Europe's second-largest wireless carrier at a time when its parent, France Telecom, is subjecting Orange to the massive cost-cutting and streamlining efforts that it has undertaken to avert a debt crisis.
The paper also reports that EDS could be forced to refund USD137 million to a customer as a result of a credit-rating downgrade by Moody's Investors Service on Thursday. Moody's lowered its rating of the Texas-based computer-services firm's senior unsecured debt, citing concerns about its cash flow and credit problems at some of its large customers, including WorldCom which is in bankruptcy proceedings.
Caped Koala Studios has built a virtual world for kids, combining education and social networking 