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In the papers 20 February
Thursday, February 20 2003
by John Cradden
Paul McGuinness- and Paddy Holahan-backed company buys Hostels.com for EUR6 million | Ireland slips two places in the 'Global Information Technology Report'
The Irish Independent reports that an Internet holiday reservation company based in Dublin, whose investors include U2 manager Paul McGuinness and former Baltimore Technologies director Paddy Holahan, has acquired a US firm for EUR6 million. Web Reservations International has bought a popular Web site, called Hostels.com, which is dedicated to helping tourists find accommodation. The American company, founded in 1994, lists over 6,000 sites and has 10 million Web page requests every month from Internet users.
The paper also reports that the European Commission has set out bold new targets for broadband connectivity within the EU. It also said that member countries should accelerate the changeover to broadband and 3G mobile communications.
The same paper reports that Network 365 entered the Latin American market by signing a major deal with TODO1, a consortium of four South American banks. TODO1 provides e-business advice to four banks in Colombia, Venezuela and Ecuador. Network 365 technology will allow the company offer customers the ability to carry out their banking via their mobile phones using the company's m-zone SMS technology.
The same paper reports that Ireland has come twenty-first in a global ranking of national ability to benefit from information and communication technology, in a report published on Wednesday. This represents a slip of two places in the Global Information Technology Report by the World Economic Forum (WEF), the World Bank and the France-based international business school INSEAD. Ireland trails behind Finland, the US, Israel and Korea on the index, which measures the key factors as to how ready individuals, businesses and governments are to embrace technology.
The Irish Times reports that steep losses in the telecoms and technology sectors sent European shares sharply lower on Wednesday. Markets were undermined by anxieties about a potential war in Iraq and the end of a two-day rally on Wall Street. The technology sector was particularly hard hit with Deutsche Telekom leading the way down as investors dumped the stock in favour of its new convertible bond.
The paper also reports that electronic payments group Alphyra has reported strong results for 2002. The management buyout team received more good news when potential suitor Euronet dropped out of the race by buying a British rival. Operating losses at Alphyra fell dramatically to just under EUR32,000 on sales of EUR48.7 million. On a EBITDA basis (earnings before interest, tax, depreciation and amortisation of goodwill), the company saw profits grow strongly to EUR7.3 million.
The Financial Times reports that Europe's top industry officials have clashed over competition in the high-speed Internet market, in a sign of rising concerns over the pace of liberalisation in the sector. The strongly worded correspondence between Competition Commissioner Mario Monti and Telecoms Commissioner Erkki Liikanen highlights their desire to avoid blame for the sector's problems. The exchange is part of a continuing battle between the two commissioners over who should take responsibility for the telecoms sector.
The paper also reports that high-tech equipment makers are losing up to USD5 billion in annual profits to dealers and brokers who divert components from authorised distribution channels, according to a study to be released on Thursday. The study by KPMG suggests some USD40 billion worth of new computer and networking equipment is sold more cheaply via the "grey market" every year.
The Wall Street Journal reports that a group of music publishers filed a USD17 billion lawsuit Wednesday against Bertelsmann AG over the German media giant's investment in the music-sharing service operated by Napster. In a suit filed in federal district court in New York, the music publishers allege that Bertelsmann contributed to the wide-scale infringement of their copyrighted works by funding Napster, a now-defunct on-line file-swapping service that once teemed with pirated music.
The paper also reports that Lucent Technologies president and chief executive Patricia Russo was named chairman at the company's annual meeting on Wednesday, succeeding longtime executive Henry Schacht. Russo, 50 years old, assumes the new post as Lucent enters what is expected to be another difficult year for makers of the gear that run telecommunications and data networks.
In the papers 20 February
Thursday, February 20 2003
by John Cradden
Paul McGuinness- and Paddy Holahan-backed company buys Hostels.com for EUR6 million | Ireland slips two places in the 'Global Information Technology Report'
The Irish Independent reports that an Internet holiday reservation company based in Dublin, whose investors include U2 manager Paul McGuinness and former Baltimore Technologies director Paddy Holahan, has acquired a US firm for EUR6 million. Web Reservations International has bought a popular Web site, called Hostels.com, which is dedicated to helping tourists find accommodation. The American company, founded in 1994, lists over 6,000 sites and has 10 million Web page requests every month from Internet users.
The paper also reports that the European Commission has set out bold new targets for broadband connectivity within the EU. It also said that member countries should accelerate the changeover to broadband and 3G mobile communications.
The same paper reports that Network 365 entered the Latin American market by signing a major deal with TODO1, a consortium of four South American banks. TODO1 provides e-business advice to four banks in Colombia, Venezuela and Ecuador. Network 365 technology will allow the company offer customers the ability to carry out their banking via their mobile phones using the company's m-zone SMS technology.
The same paper reports that Ireland has come twenty-first in a global ranking of national ability to benefit from information and communication technology, in a report published on Wednesday. This represents a slip of two places in the Global Information Technology Report by the World Economic Forum (WEF), the World Bank and the France-based international business school INSEAD. Ireland trails behind Finland, the US, Israel and Korea on the index, which measures the key factors as to how ready individuals, businesses and governments are to embrace technology.
The Irish Times reports that steep losses in the telecoms and technology sectors sent European shares sharply lower on Wednesday. Markets were undermined by anxieties about a potential war in Iraq and the end of a two-day rally on Wall Street. The technology sector was particularly hard hit with Deutsche Telekom leading the way down as investors dumped the stock in favour of its new convertible bond.
The paper also reports that electronic payments group Alphyra has reported strong results for 2002. The management buyout team received more good news when potential suitor Euronet dropped out of the race by buying a British rival. Operating losses at Alphyra fell dramatically to just under EUR32,000 on sales of EUR48.7 million. On a EBITDA basis (earnings before interest, tax, depreciation and amortisation of goodwill), the company saw profits grow strongly to EUR7.3 million.
The Financial Times reports that Europe's top industry officials have clashed over competition in the high-speed Internet market, in a sign of rising concerns over the pace of liberalisation in the sector. The strongly worded correspondence between Competition Commissioner Mario Monti and Telecoms Commissioner Erkki Liikanen highlights their desire to avoid blame for the sector's problems. The exchange is part of a continuing battle between the two commissioners over who should take responsibility for the telecoms sector.
The paper also reports that high-tech equipment makers are losing up to USD5 billion in annual profits to dealers and brokers who divert components from authorised distribution channels, according to a study to be released on Thursday. The study by KPMG suggests some USD40 billion worth of new computer and networking equipment is sold more cheaply via the "grey market" every year.
The Wall Street Journal reports that a group of music publishers filed a USD17 billion lawsuit Wednesday against Bertelsmann AG over the German media giant's investment in the music-sharing service operated by Napster. In a suit filed in federal district court in New York, the music publishers allege that Bertelsmann contributed to the wide-scale infringement of their copyrighted works by funding Napster, a now-defunct on-line file-swapping service that once teemed with pirated music.
The paper also reports that Lucent Technologies president and chief executive Patricia Russo was named chairman at the company's annual meeting on Wednesday, succeeding longtime executive Henry Schacht. Russo, 50 years old, assumes the new post as Lucent enters what is expected to be another difficult year for makers of the gear that run telecommunications and data networks.
