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For the record 31 July
Wednesday, July 31 2002
by Sylvia Leatham


Aer Lingus reports EUR140m in losses, but on-line bookings skyrocket | AOL Time
Warner has admitted that it is under investigation by the US Justice Department











AOL Time Warner has admitted that it is under investigation by the US
Justice Department for accounting practices. The company, which is already under
investigation by the Securities and Exchange Commission, said it will cooperate
with the Justice Department. Company spokespeople say AOL's accounting is
appropriate and in accordance with generally accepted accounting principles
(GAAP). Shares in the company fell USD0.51, or 4.1 percent, to USD11.89 in
morning trading in New York.











US telephone company Verizon Communications has reported a wider
second-quarter loss and pared back its forecast for sales and profit this year.
The net loss expanded to USD2.12 billion, or USD0.78 a share, from USD1.02
billion, or USD0.38 a share. The company expects 2002 profit before some costs of
USD3.05 to USD3.09 a share, compared with a previous forecast of USD3.12 to
USD3.17, and predicts sales to be unchanged to down 1 percent, compared with a
prior expectation of a rise of less than 1 percent.











Advanced Micro Devices, Fujitsu and Israeli-based Saifun
Semiconductors have agreed to collaborate and cross-license patents and
technology. Under the deal, AMD and Fujitsu will take an equity stake in
privately held Saifun and settle any outstanding litigation. Israeli financial
newspaper Globes has reported that AMD would invest USD50 million in Saifun and
take a 10 percent stake. The newspaper also reported that Saifun agreed to drop
litigation against AMD accusing it of infringing on Saifun's MirrorBIt flash
memory patent. Saifun chief operating officer Kobi Rozengarten declined to
comment on the newspaper reports.











Nvidia, a supplier of graphic chips, has issued a profit warning. Nvidia
expects to report revenue of around USD410 million to USD430 million in its
second quarter, less than analysts' expectations of about USD568 million. The
company said the weak market for its chips used in PCs will force it to write off
a "significant" amount of unsold inventory. Company executives confirmed that
its low-end chips and Xbox chip sales have been particularly weak. The company
also makes chips for Apple's new iMac, for which Apple reported
weaker-than-expected sales earlier this month. 











Chip giant Intel says China will overtake Japan as the world's
second-biggest PC market this year, earlier than expected. However, Christian
Morales, Intel's vice-president of Asia Pacific, said the outlook for the
semiconductor industry remained bleak despite bright spots in emerging markets.
The world's top three chipmakers, including Intel, have cut back on their
spending plans in the past two weeks, citing softening demand for electronics in
many markets







Hewlett-Packard has threatened to sue a group of researchers under the
Digital Millennium Copyright Act (DMCA) for publicising a flaw in a HP Unix
operating system, according to ZDNet.co.uk. HP vice president Kent Ferson warned
SnoSoft, a loosely organised research collective, in a letter that it "could be
fined up to USD500,000 and imprisoned for up to five years" for its role in
publishing information on a bug that lets an intruder take over a Tru64 Unix
system. HP's warning seems to be the first time the DMCA has been invoked to
stifle research related to computer security. 











The Irish Computer Society has appointed Frank Cronin as its first chief
executive officer. The ICS, the representative body for ICT professionals in
Ireland, was established in 1967. Cronin was the first chief executive officer of
the Irish Internet Association and has over 15 years experience in the commercial
ICT sector. His role at the ICS will be to help develop the society's future
strategic direction. He will also be responsible for driving membership
nationally, expanding the range of services and member benefits and raising the
ICS profile.











The closing date for entries to the Esat BT Golden Spider Irish Internet
Awards 2002 has been extended to 07 August. An independent judging panel met this
week to begin the judging process in 19 categories. This year's awards ceremony
will take place on 12 September at the Burlington Hotel in Dublin. More
information about the awards is available at href="http://www.esatbtgoldenspiders.ie">www.esatbtgoldenspiders.ie.











Aer Lingus has reported losses of EUR140 million for last year, compared
with a profit of EUR72 million in the previous year. The loss for last year
includes an exceptional charge of EUR104 million, mainly linked to the cost of
making 2,000 workers redundant. The airline was also badly hit in its operations,
losing over EUR50 million. The company said it needed to remove a further EUR130
million from its cost structure. The airline reported a big increase in bookings
through its Web site, saying that 20 percent of seats were now sold through the
site, compared with 2 percent this time last year.







NTL, a provider of broadband Internet services, says that it has signed up
300,000 broadband Internet customers in the UK. The company claims to have
broadband penetration of over 13 percent of homes where the service is available.
According to NTL estimates, in homes with a choice between NTL Broadband and
ADSL, around 85 percent have chosen NTL, and of the total broadband user base, 60
percent have selected Broadband Cable.