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Former Skype owners launch internet TV
The co-founders of internet telephone service Skype yesterday unveiled their new project, which they hope will transform the broadcasting industry.
Niklas Zennstrom and Janus Friis, who sold Skype for $2.6 billion (€2 billion) to eBay in 2005, have been developing the new service, to deliver high-quality live television over the internet. The new service, called Joost, is set to launch in six months.
Chief executive Fredrik de Wahl said Joost would combine near-DVD quality and full-screen picture with the best features of the internet, such as the ability to create personalised channels, chat to like-minded viewers and reschedule programmes on the move.
Visa card spend rises to €7.6bn
Spending on Visa cards by consumers rose 11.3 per cent to €7.6 billion in 2006, according to figures published yesterday by Visa Europe, meaning €1 in every €10 spent was on a Visa card.
Point-of-sale spending on Visa credit cards rose 8.2 per cent to €6.2 billion, while the value of expenditure on commercial cards rose 27 per cent to €1.4 billion. The first Visa debit cards in Ireland are expected to be issued this year.
Pretax profits at Visa Europe fell from €70.9 million to €47.4 million last year due to investment in its processing platforms.
Merrion drops C&C from fund
Merrion Stockbrokers has replaced drinks group C&C with United Drug in its 10 stock model portfolio, citing the pharmaceutical company's long-term track record of delivering growth.
In its review for 2006, Merrion confirmed that it had removed C&C from the fund last week because of the higher than expected seasonality in sales of its Bulmers cider in the UK.
Indian pharma firm in patent row
A major Indian pharmaceutical manufacturer and distributor has taken High Court proceedings in Ireland in a multimillion row over the sale of an anti-cholesterol drug.
The case before Mr Justice Frank Clarke in the Commercial Court, the commercial division of the High Court, centres on whether the Indian company's entry into the Irish market infringes a patent already held by another player in the market.
Ranbaxy Laboratories is seeking a declaration under the Patents Act that its proposed manufacture and sale of its product atorvastatin calcium in this country would not be an infringement of a patent held by rival pharmaceutical company Warner-Lambert. The defendant argues there would be a breach of its patent.
P&O to extend charter on vessel
Irish Continental Group has confirmed that ferry operator P&O is to continue using its Pride of Bilbao vessel until 2010.
The announcement follows a decision by P&O to exercise its option to extend the charter of the 21-year-old vessel from October 15th this year to October 15th, 2010. P&O has one more option to extend the Bilbao charter to 2013.
Persian upbeat on Iranian programme
Exploration group Persian Gold yesterday released an update on its 16-hole reconnaissance drilling programme at Chah-e-Zard in Iran, saying 13 of the holes contained gold anomalies, with high grades found in the southeast and lower grades in the west and northwest.
