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Valentia has blocked the release of details about the tax changes made to facilitate its takeover of Eircom | Ireland's e-government ranks sixth in the world
The Irish Times reports that Valentia Telecommunications has blocked the release of details about the tax changes made by the Minister for Finance to facilitate its takeover of Eircom. The backlog of files currently being reviewed by the Information Commissioner means that it could be months or years before a decision is reached on the appeal. The company then has the option of going to court to stop the release of the files. Valentia needed a number of unspecified changes made to the tax laws in order to allow the Eircom Employee Share Ownership Trust to become a member of the consortium.
The same paper reports that according to a new survey by the World Markets Research Centre, Ireland's e-government facilities are the sixth best in the world. Of the 196 countries surveyed, Ireland was one of only two countries with a government Web site that has the capacity for digital signatures, the other being Taiwan. Ireland is ranked second in terms of disability access, beaten only by the US. On a scale of one to 100, Ireland scores 46.9 in list of top e-government countries. Ireland is beaten by the US (57.2), Taiwan (52.5), Australia (50.7), Canada (49.6) and the UK (47.1). The survey measured the availability of contact information, publications, databases, portals, as well as disability and privacy and security policies.
The Financial Times reports that International private equity group, Carlyle, is considering reducing its EUR732 million European venture fund. If it presses ahead, it will be the first private equity group in Europe not to ask investors to meet their full financial commitments. Carlyle's fund, Carlyle Europe Venture Partners, invested EUR129 million in 16 transactions last year. Completed in April 2000, it set out to invest in Internet opportunities and has had mixed results.
The same paper also reports that Bank of Ireland is to merge F Sharp, its Internet bank back into its main operations after attracting fewer than half as many customers as expected. F Sharp, set up in the Isle of Man to recruit Irish and British expatriates, will on Monday be combined with the offshore operation of BoI to form "Bank of Ireland F Sharp". The move is the latest in a series of retreats from stand-alone internet banks, which have not proven as popular as expected. Get the full story at http://www.enn.ie/section.html?code=211
The Wall Street Journal reports that France Telecom SA confirmed Friday that it has entered exclusive negotiations to sell real-estate assets worth between EUR2 billion and EUR3 billion, in a bid to reduce its massive debt. The company said the talks with a financial consortium of Goldman Sach Group's Whitehall Funds, General Electric's GE Capital and CDC Ixis, part of France's Caisse des Depots et Consignations, should result in a finalised transaction before 30 October.
The same paper also reports that a group of companies which includes Electronics for Imaging, Xerox, Yahoo and Adobe Systems is testing an Internet based service which would allow users to print documents while away from their desks. Backers say the service, called PrintMe Networks, works by assigning a network address to specially equipped printers in locations such as offices, print shops, hotels, airports or homes. Users would be able to e-mail documents to a specific printer, or use a keypad at the printer to call up documents stored on the Internet or corporate servers. The printing tasks might be activated by desktop or mobile computers, pagers, or phones. EFI, a California-based company known for colour-printing technology, plans to operate an Internet repository for users to store print jobs.
The Sunday Times reports that Tony O'Reilly has given the Tanaiste, Mary Harney, his personal assurance that he will avoid any meetings off the boards of Eircom and Independent News & Media that deal with the cable company Chorus. The assurances comes as a result of concerns that O'Reilly, the chairman of Independent News & Media (which has a 50 percent stake in Chorus), may have too much influence in Ireland's media market. O'Reilly's Valentia consortium is expected to take control of Eircom in the coming months and Chorus is positioned to be a competitor to Eircom in the future.
The same paper reports that the long-term future of ITV digital is in doubt after Gerry Murphy, chief executive of Carlton, admitted that he was considering all options for the loss making digital broadcaster.
Also in the Sunday Times is a report on a new book to be published in early November on the rise and fall of Internet retailer Boo. The controversial book was written by the company's co-founder Ernest Malmsten and it reveals how the company was able to burn STG70 in investments in just 18 months.
According to the Sunday Independent, one of Asia's wealthiest men, Li Kashing of Hutchinson Whampoa, has plans to bid for one of Ireland's 3G mobile licenses. According to the newspaper, the company will make the bid for the Irish licence because of Ireland's proximity to the UK where the firm already holds a 3G licence.
The Sunday Tribune reports that close to IEP200 million in investment proposals to develop regional telecommunications infrastructure were received by the Department of Enterprise. It is understood that IEP40 million was for an Eircom DSL project based around IDA prioritised towns.
Codec, an Irish provider of financial analytical applications, has increased its stake in Michigan-based software company Comshare to just under 10 percent, according to the Sunday Tribune.
The same paper reports that Fineos, the Irish financial software firm, has cut 16 staff in its marketing, human resources and support divisions. According to the company, which now employs around 250, the cuts were necessary due to market conditions and the completion of a rebranding campaign.
The Sunday Business Post says that doubts hang over plans to create 1,300 new high-tech jobs in Dublin and Cavan. According to the newspaper, US companies Teradyne and Xilinx had announced expansion plans totalling IEP90 million, but last week both companies released disappointing results. Xilinx was planning to recruit up to 500 additional employees beginning in 2002 while Teradyne had said it would create around 740 jobs in Cavan and 90 in Dublin over the next five years. Both companies have said the plans will still move forward but at a slower pace than previously announced.
Also in the Sunday Business Post, Western Wireless Corporation, the US company that controls Ireland's third mobile phone company Meteor, announced a USD1 billion expansion programme. According to the paper, much of the expansion will take place in central western US States and the move is in part a response to the 11 September terrorist attacks which has left consumers wanting enhanced communications services in remote areas.
Dublin-based application service provider, e-host, has raised IEP4.1 million in funding since the start of the year, according to the Sunday Business Post. The newspaper said the most recent investment of IEP1.9 million came from private investors and Skerries Nominees, an investment vehicle for clients of Goodbody Stockbrokers.
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