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Sent: Wednesday, March 14, 2001 10:05 PM
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Subject: INTELLIGENCER EUROPE: No cheer for Yahoo
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THE INDUSTRY STANDARD EUROPE'S
I N T E L L I G E N C E R E U R O P E
This Week in the European Internet Economy
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Wednesday, March 14, 2001
TOP STORIES THIS WEEK:
* No cheer for Yahoo
* Fraud Squad called in to E-district following false accounting
* Ericsson plunges on profit warning, hits sector
* Chancellor unveils UK budget courting voters not investors
OPINION:
* Glynn Davis: Just Windows shopping
WORTH REPEATING:
* Is Yahoo a pogo stick?
THE WEEK:
* Seven days of the Internet Economy
BY THE NUMBERS:
* Women and silver surfers getting online fastest
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TOP STORIES
~~~~~~~~~~~
No cheer for Yahoo
By Ari Weinberg
Tim Koogle's departure from the once-mighty portal has left the Net
Economy wondering if any pure-play can survive
http://tm0.com/sbct.cgi?s=110982215&i=315001&d=1191997
Fraud Squad called in to E-district following false accounting
By Chris Nuttall
Auditors find majority of company revenues are linked to suspended CEO's
private finances
http://tm0.com/sbct.cgi?s=110982215&i=315001&d=1191998
Ericsson plunges on profit warning, hits sector
By Reuters
The wireless giant sees shares slump 17 per cent after accepting the
revenues are unlikely to grow in the harsh new economic climate
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Chancellor unveils UK budget courting voters not investors
By Rick Wray and Chris Nuttall
Gordon Brown's pre-election budget does little for the new economy but
looks set to cause waves in the online gambling world
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OPINION
~~~~~~~
Glynn Davis: Just Windows shopping
Why are online stores losing 75 per cent of customers before they
reach the checkout?
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WORTH REPEATING
~~~~~~~~~~~~~~~
"Relying on advertising alone is like running a business on a pogo stick
- you go up and down and eventually hit a wet leaf."
Justin Urquhart Stewart, of Barclays stockbrokers, explaining the
difficulties faced by companies such as Yahoo, which rely heavily on
advertising revenues and then find themselves facing a severe market
downturn. Quoted by Ananova.
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THE WEEK
~~~~~~~~
SINKING FEELING: The new economy is officially over. During the week,
the Nasdaq index re-converged with the Dow Jones Industrial Average,
bringing to an end a three-year period of out-performance. Almost a year
after reaching a record high of just under 5,050, the Nasdaq dipped
beneath 2,000, dragged down by more profit warnings and a general sense
of doom and depression in trading rooms.
BATTLE OF THE BANNED: The big five record labels - BMG, Warner, EMI,
Universal and Sony - came up with a list of 135,000 illegally traded
song titles that the Napster file-swap service had until 14 March to
purge under the orders of a San Francisco judge. For the first time in
its history, Napster began blocking a limited number of songs last
Sunday.
POINT OF NO RETURN: A survey of e-commerce Web sites by the UK's Office
of Fair Trading found that over half are in breach of trading
regulations by not indicating how customers can return goods or get
their money back. The inspection of 637 Web sites in the UK found 52 per
cent had failed to meet legal requirements. Under the Distance Selling
Regulations, which came into force last October, Net shoppers are
entitled to protection. This includes the right to clear information,
confirmation of a purchase, a cooling-off period and a full refund if
goods are not provided by an agreed date.
CONTINENTAL DRIFT: AOL Time Warner says it plans rapid expansion in
Europe in order to raise its international revenues from 17 to 50 per
cent over the next decade. It confirmed it would make a number of
strategic investments in Europe this year, with CEO Steve Case saying
the firm would be a global rather than merely an American company. Its
European operation is much smaller than in the US, where it owns cable
networks and consumer publishing operations. European revenues were
around 4-5 billion euros last year out of a total of 40 billion euros.
WORLD CUP MATCH: German media giant Kirch has finally come to an
agreement with the country's public TV stations over broadcasting rights
for the football World Cup in 2002 and 2006. Kirch has paid FIFA a
staggering 1.7 billion euros for the international broadcasting rights
to the 2002 and 2006 tournaments (the 1998 rights went for a bargain 85
million euros). Previously there were concerns that Kirch would only
show the matches on the unpopular pay-TV channel Premiere.
GAME OVER: Vivendi Universal plans to lay off around 50 per cent of its
employees in its online gaming division, Flipside, following the recent
purchase of Uproar. Meanwhile, there were further reports that Vivendi
Universal is considering selling its AOL France stake back to AOL Time
Warner for $700 million (760 million euros).
A GOOD SIGN: The upper house of the German parliament passed a measure
last week authorising electronic signatures in Internet transactions, in
line with a European Union directive. The measure, part of an EU-wide
drive, follows lower house approval in February and will come into force
next month.
HARD COPY: A Munich court ruled that AOL was liable for copyright
infringement committed by its users in the music forums of the online
service. The ruling considerably extends the liability of ISPs for their
users' wrongdoings.
CASH FLOWING: French venture-capitalist investment in European Net
start-ups fell nearly 25 per cent in the second half of 2000, compared
with the year's first six months, but the year overall was a strong one
for high-tech funding. According to a report by Chausson Finance, French
venture capitalists put 915 million euros into new European high-tech
firms, some 90 per cent of them French. This is more than double the
previous year's investment level of FF2.27 billion (346 million euros).
----------------------------------------------------------------------
BY THE NUMBERS
~~~~~~~~~~~~~~
Women are getting online faster than any other group, according to a
recent survey by Netvalue. This changing demographic is most evident in
more mature Internet markets such as the US, UK and Germany. Research
reveals that in the UK, for example, women account for 40.1 per cent of
the online community, while representing 50.8 per cent of the nation's
population. Meanwhile, the only age group reflecting significant growth
in the US was the 50+ demographic - the so-called "silver surfers".
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STAFF
~~~~~
Written by Mike Butcher, edited by James Price. Send news tips and
press releases to [log in to unmask] at The Industry Standard's
London office.
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