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The Irish Times reports that Intel has unveiled the IXP425, the first processor designed, developed and manufactured at its two Irish facilities. The chip was designed and developed at Intel Communications Europe in Shannon and will be manufactured at Intel's Leixlip plant. The IXP425 chip handles data, voice and video applications across a wide range of transport mediums, including digital subscriber line (DSL), cable and wireless. It is a network processor which is used to power applications which link the last mile of a telecoms network with a customer's home or office network.
The Irish Independent reports that four directors of Alphyra spent almost EUR1 million on share purchases during the recent weakness in the share price. John McDonnell (non-executive chairman), John Nagle (chief executive), John Williamson (group finance director) and Nick Koumarianos (non-executive director) each acquired further shares in the company for about EUR940,000.
The Financial Times reports that Walter Hewlett has revealed that Carly Fiorina, Hewlett-Packard's chairman and chief executive, and Michael Capellas, her counterpart at Compaq originally expected to receive compensation packages in excess of USD115 million if HP's acquisition of Compaq were successful. The disclosure, made in a filing to the Securities and Exchange Commission on Tuesday, points out that this figure is far higher than the USD8 million and USD14.4 million retention bonuses that both parties had made public. They have since declined the payments, but the implication is that the executives had originally stood to gain substantially from the deal.
The paper also reports that Web consultancy, Sapient, cut 545 jobs or 29 percent of its workforce on Tuesday, mainly in the US. The Massachusetts-based company, which has a third of its billable workforce in India, said it would take a USD50 million to USD55 million restructuring charge in the first quarter and could produce a slightly wider-than-expected loss for its first quarter. The lay-offs, of which 415 came from the consulting staff, would primarily be made in its North American operations, although some jobs would also be cut in its London office.
The Wall Street Journal reports that Global Crossing Ltd., delaying the release of its fourth-quarter results, warned that it expects to take substantially more than USD8 billion in write-offs for 2001. The company also announced that board member Mark Attanasio has resigned and it is actively recruiting board members. Global Crossing said it expects to report a substantial loss on revenue of USD804 million for the fourth quarter and USD3.2 billion for the year.
The paper also reports that a five-year contract announced initially in May 2000 by Nortel Networks Corp. to be the main supplier for BT Cellnet's planned 3G wireless network, is now looking uncertain. A spokesperson for Nortel, at the time, said that the deal was valued at about EUR897.4 million to Nortel. However, Simon Gordon, a spokesperson for mmO2 recently said, "We are currently in discussions with a number of network-equipment vendors and expect to make a final decision this year. We're not ruling anyone in or out."
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