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According to the Wall Street Journal, Xerox's pension plan has been ordered by a federal judge to pay USD284 million to former workers as compensation for underpayment of retirement benefits. The ruling hits the company at a time when it is straining under heavy debt and undergoing a federal criminal investigation into past accounting practices.
The US Securities and Exchange Commission is reportedly nearing a settlement of its probe into the audits of MicroStrategy by PricewaterhouseCoopers. Under the expected terms of the settlement, regulators would settle with the lead audit partner on the MicroStrategy account but would not bring enforcement action against the accounting firm itself. A final agreement could still be several weeks or months away.
Chip-maker Intel has said it would consider purchasing stakes in unprofitable memory-chip companies if it was approached. Paul Otellini, Intel's chief operating officer, said "We would consider any reasonable financial request that would make sense from technology and market stand points." However, he pointed out that Intel had so far not been approached by any companies. Otellini's comment comes as memory-chip makers around the world are beginning to pool their resources or make other types of chips in order to survive.
The number of European consumers using e-banking is growing, in spite of banks having cut their investment in new functionality, according to market analysts Datamonitor. A new report, "European eBanking Market Update", shows that investment in e-banking technologies fell to an estimated USD1.7 billion in 2002, down from USD2.1 billion last year. Datamonitor estimates that there will be almost 49 million on-line banking customers in Europe by the end of this year, a massive increase of 45 percent from 2000 levels. This number is predicted to reach 75 million by 2005.
Bank of Ireland has launched an on-line wealth management service. Investors who use the service can keep up-to-date with their investment portfolios and find out what they are worth in real time. The service, called the Net Worth Statement, aims to provide an instant snapshot of an individual's finances, encompassing all investments.
Dublin-based software development company Quest Computing has launched CHATS, a software application for managing and tracking correspondence, complaints and Freedom of Information requests. The system, aimed at improving customer service, allows organisations to electronically log, manage, track and report all of their communications. CHATS is an Internet-based system that makes use of a company's existing e-mail system for rapid deployment.
Outsourcing is set to command an increasing amount of corporate IT budgets, according to a study by Aberdeen Group. A survey found that around 74 percent of respondents spent between 1 percent and 10 percent of their IT budgets on outsourcing. Aberdeen expects this percentage to increase over the next few years, as business and IT managers look to reduce costs and service providers offer improved efficiencies and better service. The study found that the most popular business process for outsourcing is the Help Desk function.
MTV has struck a deal with Shawn Fanning that will bring the Napster founder's life story to the small screen, according to a report by CNET News.com. An MTV spokeswoman said the TV movie would focus on Fanning's personal saga as he went from being an unknown college student to a symbol of the Internet boom. Due for release during the 2003-2004 season, the film will also document Fanning's pre- and post-Napster life. Fanning may reportedly play himself in the movie.
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