IN THE PAPERS
In The Papers 2 September
02-09-2008
by Sylvia Leatham
Andor Technology gets a better offer | Cork credit union launches debit card
The Irish Times reports that Belfast-based Andor Technology has received an approach from Carraig Capital, an investment group controlled by Cavan-based Kingspan founder Eugene Murtagh and his son Paul. In a statement, Andor said Carraig had made a "potential offer" of STG0.76 a share in cash for the business, valuing Andor at around STG21 million. Andor is already the subject of a recommended bid from a management-led group called Thorndale Trading, which offered STG0.73 a share for the business in July. Carraig has been joined in its bid by former Andor chief executive Dr Hugh Cormican, who stepped down from the Belfast company's board last year. The company released a better-than-expected trading update on Monday.
The Irish Independent says that PC maker Dell has given resassurances to the Polish government that it is not selling its manufacturing plant in Poland. It is understood that the Polish Ministry of Economy has received a "dementi" or denial that it was selling its Lodz plant, as the government increased subsidies to be paid to Dell by EUR4.5 million between 2007 and 2012. The news follows reports that the company was in talks to sell off the EUR200 million site as part of a cost-cutting exercise.
The Irish Examiner says that a Cork credit union has become the first in Europe to introduce a debit card for its members. Bishopstown Credit Union, with 24,000 members on its books, has launched the card, which Chief Executive Ray Kenny said would enable its members to pay their wages electronically into their accounts and to make withdrawals from any ATM. Kenny said the credit union would not charge for transactions carried out with the card and that members would receive loyalty points every time they use the card. The card also has an innovative security system. "First of all we are using a chip-and-pin system. In addition, anytime a card is used anywhere a text message is sent almost instantaneously to the user telling him or her what the transaction was and where it took place," said Kenny.
The paper also reports that the European Commission Representation in Ireland has welcomed a decision by the Department of Agriculture, Fisheries and Food to publish EU payments to Irish farmers on its website from 30 September. Martin Territt, director of the commission's representation in Dublin said that last year alone Ireland got about EUR2 billion in agriculture and rural development funds. Territt said this was taxpayers' money and it was very important that people know how it is spent. He said the department's website will provide the name of the person or company who received the funds, along with the county where they are based and the amount received. However, Fine Gael spokesperson on Community, Rural and Gaeltacht Affairs Michael Ring warned that farmers in receipt of EU subsidies could become the target of roaming criminal gangs because of the new regulations.
According to the Wall Street Journal, Google plans to introduce its own web browser, the latest twist in its battle with Microsoft over key internet technologies. In a posting on a company website, Google indicated that a version of the software, called Chrome, would be available for download on Tuesday. It said the software is designed to make it faster to browse the web and easier to run applications without downloading software to a computer. The product will be offered on an open source basis. The Google browser takes direct aim at Microsoft's Internet Explorer, which is by far the most popular web browser.
The paper also reports that Alcatel-Lucent's board has tapped two Europeans for the top posts at the Franco-American telecoms equipment company. Ben Verwaayen, a Dutchman and former boss of BT Group, and Frenchman Philippe Camus, a former aerospace executive, were named Alcatel-Lucent's chief executive and non-executive chairman, respectively. The selection of two Europeans suggests Alcatel-Lucent's board is determined to put an end to the trans-Atlantic tensions that have hurt the company since its creation two years ago from the merger of Alcatel of France and Lucent Technologies of the US.
The Financial Times reports that Microsoft slashed the price of its Xbox 360 games console in Japan, a move that could be followed in the US. The entry-level Xbox 360 Arcade will now cost JPY19,800 (USD183), down from JPY27,800. At USD279.99, the same model still sells for almost USD100 more in the US. This is expected to put pressure on the company to cut its US prices before Christmas to avoid consumer complaints about the big price gap.
The paper also notes that mobile handset giant Nokia is planning to launch a new mobile music service in the UK next month, which it will extend to continental Europe and Asia next year. The UK launch of the music service, called Comes With Music, is intended to capitalise on the Christmas market. Nokia declined to give pricing details, but said customers on pay-as-you-go plans had in surveys said they were willing to pay between STG100 and STG300 for the handset and the music service.
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Caped Koala Studios has built a virtual world for kids, combining education and social networking 