Fanfare as RTE Digital is launched
RTE has launched RTE Digital which will be responsible for leading the national broadcaster's overall digital strategy. The plan is for it to "harness the collective digital expertise" of RTE and "bring high-quality content and services to Irish and international audiences across a range of platforms". Muirne Laffan, Managing Director of RTE Digital said: "Audiences are changing dramatically with the advent of new, more affordable and more sophisticated technologies."
Google has to 'come up with remedies'
EU competition chiefs said they had asked Google to come up with "remedies" to satisfy Brussels' concerns the internet search king has abused its dominant market position. "If Google comes up with remedies" within "a matter of weeks," Competition Commissioner Joaquin Almunia said, the EU will negotiate "instead of having to pursue proceedings and fines". In 2010, the European Commission launched a competition investigation following complaints from rivals.
Firm saves $160m by move to Ireland
A US company is aiming to save $160m (€120m) a year in taxes as it reincorporates in Ireland. Industrial manufacturer Eaton Corporation has agreed a deal to buy electrical equipment maker Cooper Industries for $11.8bn in cash and stock. If the deal is approved, Eaton's shareholders would own 73pc of the new company with Cooper shareholders owning the remaining 27pc.
Yahoo to sell its stake in Alibaba
STRUGGLING US internet pioneer Yahoo has agreed to sell its stake in Alibaba, China's top e-commerce player, for at least $7.1bn (€5.6bn). The deal will be carried out in stages. The first step calls for a repurchase by Alibaba of up to one half of Yahoo's stake, about 20pc of Alibaba's shares. The agreement includes substantial financial incentives for Alibaba to raise equity at a valuation higher than $35bn. Yahoo would receive from Alibaba about $7.1bn, composed of at least $6.3bn in cash proceeds and up to $800m in newly issued Alibaba preferred stock, the firms said in a statement.