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The Irish Examiner reports that Thomson Multi-Media is to take control of Panasonic's Irish DVD production plant, securing 250 jobs in Cork. US conglomerate Thomson is to take over the plant in Youghal as part of the global integration of Panasonic Disc Services Corporation into the Thomson media family. The Youghal plant currently employs about 250 workers.
According to the Irish Independent, a USD50,000 payment that Norwegian telecoms company Telenor gave to Fine Gael through former Smurfit executive David Austin has been cashed and given to a charity. The banker's draft was not cashed for six years by a number people who were highly embarrassed by its existence, including Denis O'Brien.
The paper also says that telecoms regulator Etain Doyle wants the job as chairperson of the new commission that is due to regulate the market in Ireland. Under the new Communications Regulation Act, Doyle will be appointed to one of the commission's posts, along with two other full-time members. "As the person who has steered the ODTR in its role in liberalising the telecommunications market in Ireland since 1997 I am, of course, interested in leading the new commission," Doyle told the Irish Independent.
Meanwhile, the Irish Times reports that Doyle is to award third-generation (3G) licences on Tuesday, netting up to EUR280 million for the Exchequer. The government received only three bids for the four licences available, from Vodafone, O2 and Hong Kong-based Hutchison Whampoa. The three companies could either bid for an A licence or one of three B licences, at a cost of USD50.7 million or USD114.3 million each respectively.
The same paper says that WorldCom, the telecoms firm that is under investigation by the US Securities and Exchange Commission, will shed 10 percent of its staff in a cost-cutting measure. Ten percent of the firm's 180 staff here will lose their jobs, according to Lucy Woods, head of sales and WorldCom senior executive for Europe, the Middle East and Africa.
The paper also reports that Belgian telecoms operator Belgacom has denied it was interested in buying assets of bankrupt KPNQwest. Liquidators of the firm have been seeking buyers for the company's 25,000km fibre-optic network. A source close to KPNQwest said Belgacom was one of several possible bidders for the network. However, a spokesman for Belgacom said it had briefly been interested but decided against bidding.
Meanwhile, the Financial Times reports that a banking syndicate is to demand a formal investigation of KPNQwest that could raise new questions about the company's accounting practices. The banks are concerned about what one person called "major discrepancies" in the European company's accounts. The banks want to probe transactions between the company and its founders, Qwest and KPN of the Netherlands, that have raised doubts about KPNQwest's reported revenues and the amount of cash it is owed by the two parents.
According to the Wall Street Journal, Global Crossing has denied allegations that employees of the telecoms company may have destroyed documents. It was alleged that the secretary and son-in-law of Global Crossing executive vice president Joseph Perrone may have shredded documents at the company's New Jersey headquarters. "Having now completed our investigation, we have concluded that there is no merit to the allegations and that they remain largely unsubstantiated," Global Crossing said in a statement.
Most of Sunday's papers report that Versatel, the Dutch telecoms group, backed in part by Denis O'Brien, has sought Chapter 11 bankruptcy protection in the US. Existing shareholders will end up holding just 20 percent of the equity in Versatel following its reorganisation, which will see the remaining 80 percent go to bondholders.
The Sunday Business Post reports that Irish banks will introduce integrated chips for credit cards within three years to help combat credit card fraud. Each card will have a unique chip and PIN number which will be used instead of a signature.
The paper also reports that the Irish government is expected to make a EUR7.5 million payment to bankrupt telco Global Crossing this week. A transatlantic link from Global Crossing, which is currently seeking a buyer, provides one third of Ireland's broadband capacity. The government has already paid EUR67 million to the company and another EUR15 million is due to be paid by December.
The same paper reports that biometrics company Daon has won a contract to lead a major European Commission forum for the development of fingerprint, voice and eye verification technology. Daon, which is backed by investors including Dermot Desmond, is currently building an employee and passenger authentication system for a major European airport.
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