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In the papers 30 July 
Tuesday, July 30 2002
by Sylvia Leatham


Vodafone rises more than 2 percent | US and European markets show dramatic surge

The Irish Times reports that shares in mobile operator Vodafone rose more than 2
percent on Monday. The rise followed the company's announcement of increases in
average revenue per user (ARPU) in its two main markets as well as a surge in US
subscribers, as reported by href="/news.html?code=8303706">ElectricNews.net
on Monday. Vodafone shares, which are held by at least 400,000 people in the
Republic, climbed 2.65 percent to close at STG0.97 in London. 



The paper also says that US and European stocks surged back on Monday, spurred on
by hopes that the worst was over. In what traders described as a "relief
rally," the Dow Jones Industrial Composite recorded its third-biggest points
gain ever, closing up 448 points, a 5.4 percent gain. The Nasdaq rose on hopes
that the worst of the corporate scandals were over, finishing up 5.8 percent, a
gain of 73 points. European stocks also gained, with London closing up 4.6
percent and Frankfurt 7.9 percent higher. Although analysts cautioned that the
rally might not last and that it was driven by bargain hunting, there were strong
hopes that the end of the 900-day bear market could be in sight.



The paper also reports that WorldCom has announced the appointment two new
executives, Gregory Rayburn as chief restructuring officer and John Dubel as
chief financial officer. Read the full story on href="/news.html?code=8396348">ElectricNews.net.
 





The Irish Independent says that Qwest Communications is to restate its financial
results for 1999 to 2001 because of accounting errors, as reported by href="/news.html?code=8303706">ElectricNews.net
on Monday.





The paper also reports that Irish-based electronics outsourcing company MSL has
recorded a small profit. Read the full story on href="/news.html?code=8429121">ElectricNews.net.




According to the Financial Times, AOL Time Warner and AT&T seem to be nearing a
resolution on the issue of how to sort out the ownership of their Time Warner
Entertainment (TWE) cable joint venture. The companies have been engaged in
months of negotiation over how to end the partnership, which was formed in the
mid-1990s. The venture houses the HBO cable TV unit, the Warner Bros film studio
and AOL Time Warner's cable TV operation. AOL and AT&T have suspended the
registration process for an initial public offering of TWE, implying that the two
sides were making progress on the issue, according to people familiar with the
situation. A spokeswoman for AOL Time Warner said that discussions were
continuing, while AT&T declined to comment.





The same paper reports that Japanese chipmaker Mitsubishi Electric has said that
it moved into the black for the first quarter, largely thanks to cost-cutting
measures. The company reported net income of YEN857 million (USD7.1 million) for
the three months to the end of June, compared with a net loss of YEN11.1 billion
a year ago. Sales fell 15 percent to YEN726.8 billion. "We achieved
improvements in management throughout the company in terms of fixed costs and
materials procurement costs, allowing a speedy improvement in our earnings," the
company said. 





The Wall Street Journal reports that Global Crossing's former executive David
Walsh is likely to spearhead an offer for the assets of the troubled telecoms
firm, according to people close to the bidding process. Walsh is now the chairman
of venture unit Moneyline Telerate, which is backed by One Equity Partners, the
USD3.5 billion private-equity arm of Bank One. Walsh, formerly the company's
chief operating officer and sales director, has been reviewing Global Crossing's
assets and operating plans at the company's offices in New Jersey. Financial
details of a potential bid are not yet clear, but some people involved in the
bankruptcy process believe Walsh is a leading contender in the company's asset
sale, which is scheduled to take place on Wednesday. 



The same paper reports that Computer Associates has said it would voluntarily
begin recording stock options awarded to employees as an expense in its regular
bookkeeping. The software maker said it would adopt the new accounting practice
in its next fiscal year, which ends in March 2004. Advocated by Wall Street
luminaries such as investor Warren Buffett and Federal Reserve Chairman Alan
Greenspan, booking the cost of stock options is seen by many as a necessary step
to rebuild investor confidence in American corporations.