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Half of software start-ups in Ireland are spun out of indigenous tech firms | Inland Revenue suspends on-line service following security breach
The Irish Times reports that the telecoms, media and technology sectors suffered a depressing day on the European stock markets on Thursday. Dutch consumer goods firm Philips fell 6.2 percent to EUR2.10 and chip equipment maker ASM dropped 1.8 percent to EUR20.77, after a Merrill Lynch analyst voiced concerns about reserves at network equipment giant Cisco Systems.
The same paper says that 50 percent of software start-ups in the Republic are spun out of indigenous technology firms, according to a new report by HotOrigin, the Dublin investment and consultancy firm. Just 25 percent of home-grown software firms are set up by former employees of technology multinationals. The report's findings contrast with a widely held belief that tech multinationals have been the chief training ground for Irish entrepreneurs.
The Irish Times also says that mobile phone giant Nokia expects its sales to increase next year. Sales and market share will grow in 2003, driven by the US and Chinese markets, according to Nokia's chief financial officer, Olli-Pekka Kallasvuo.
The paper also reports that MonsterHut.com is being sued by New York Attorney General Eliot Spitzer for sending spam e-mails. Spitzer says the firm has sent over 500 million unsolicited e-mails containing ads to people who didn't want the messages or specifically tried to block them. MonsterHut.com had told its clients that the recipients wanted the messages through "permission-based" agreements, according to court records.
The Financial Times reports that IBM has confirmed that it has made an unspecified number of job cuts in its Global Services group. The company would not confirm reports that as many as 2,000 workers had received layoff notices. "We continually rebalance our workforce as part of normal business operations," the company said.
The FT also reports that two private equity consortia who are competing to buy Energis, the debt-laden UK telecoms operator, may make a joint bid. Apax Partners and Carlyle are expected to offer Energis enough money to pay back its STG690 million (USD1.01 billion) of bank debt, but not much more.
The same paper says that Inland Revenue in the UK suffered embarrassment on Thursday when it admitted it had suspended its on-line self-assessment service due to security breaches. The service was stopped and an investigation launched after a number of users reported that they could view other people's tax affairs on the Web site. The Inland Revenue had previously insisted the service was safe and secure.
According to the Wall Street Journal, Palm has warned that it will fail to meet sales projections and profit targets for its current fiscal quarter. The hand-held device maker said it expects to report revenue of USD230 million for its fiscal fourth quarter, compared with previous projections of USD290 million to USD300 million for the quarter.
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