Morning business news - September 23

Monday 23 September 2013 10.37
Morning business news with Conor Brophy
Morning business news with Conor Brophy

NVMDURANCE SECURES FUNDING FOR PRODUCTION OF SOLID STATE DISKS - NVMdurance has figured out a way to make solid state disks last ten times longer, while the company has also just secured €250,000 in funding.

The company's chief executive Pearse Coyle explains that solid state disks are taking over from hard disk drives. The company recently won an innovation award for its product which crams up to ten times more information onto solid state drives. Mr Coyle says that up to this point, such disks had been very expensive while the main thing holding back their growth was the fact that they wear out relatively quickly. But his company has now cracked that problem. Mr Coyle says the market for solid state disks is a very fast growing one, with 40% growth year on year predicted. All going well with the engineering behind the disks, the CEO says his company's product will be on the market next year. He also says that securing the funding for this company was ''relatively easy''.

***

MORNING BRIEFS - One of Bank of Ireland's largest investors has issued a warning to the bank, and to around 400 other companies in which it owns shares, to reform the way they pay their bosses. Fidelity Worldwide Investment is one of the world's biggest and best-known fund managers. Its chief investment officer Dominic Rossi said Fidelity wants to see pay for chief executives at companies in which it invests more closely tied to long term performance. If they don't, Fidelity will vote against remuneration policy at annual shareholder meetings, Rossi said. The main change the fund manager wants to see is an increase in the length of time chief executives are required to hold shares granted to them as part of their pay packet from a minimum of three years to a minimum of five years. This will result in "far better alignment between executive compensation and the longer-term performance of the company," Mr Rossi said

*** A group of German hackers claims to have cracked the fingerprint scanner used by Apple on the latest model of its iPhone. The Chaos Computing Club has posted a video to its website purporting to show a fake fingerprint being used to access one of the new iPhones. The video has not yet been authenticated. But Reuters cites two security experts who say they believe the hackers' video - which shows them photographing the fingerprint of an iPhone's user and using it to make a mould of a "fake finger - is legitimate. If so, that would be damaging to Apple's drive to improve security and ease user fears about iPhone theft.

*** Manufacturing data from China showed better than expected growth in activity in September. Export orders rose for the first time in six months. That is welcome news from the world's second largest economy where the signs have recently been pointing towards slowing growth.