REPORT DESCRIBES MEDIALAB 'CHAOS' - The Irish Times reports on newly released documents which it says show that MediaLab Europe, the flagship technology research institute in Dublin which closed recently, was crippled by weak management and tensions between its two shareholders, the State and the Massachusetts Institute of Technology.
The paper says, however, that papers released under the terms of the Freedom of Information Act yesterday show that last month the two parties almost agreed a deal to save it.
MediaLab Europe, which was set up at a cost of €35.5m by the Government in 2000, ran into financial difficulties and failed to raise sufficient corporate funding to meet its costs. Last year MediaLab Europe asked the State to provide emergency funding worth €9m. But the Irish Times says the documents show that the Government feared it could face a total bill of €35m to meet future funding needs.
It says the full extent of MediaLab Europe's own internal difficulties are detailed in a secret report prepared by the management of MediaLab Europe in May 2004, when the extent of its financial problems became evident. This described the working environment at MediaLab Europe as 'hell', 'chaos' and 'inmates running the asylum'.
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DUNDRUM TO LEAD A-WEAR EXPANSION - The Irish Independent says fashion retailer A-wear, which is part of the Brown Thomas group, is set to grow from 22 outlets to 35, with a new store in the Dundrum shopping centre the centrepiece of its expansion.
The paper says the group wants to keep ahead of competition from Spain's Zara, which is planning six Irish outlets, and H&M, which has plans for three stores here.
A-wear is adding its name to the long list of retailers going into the new Dundrum Town Centre with the opening of a 5,000 square feet unit at a cost of €1m, the Irish Independent has learned. The opening of the Dundrum outlet will take the operation's store count to 23.
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MANDELSON'S WORRIES ON CHINA TRADE - The Financial Times says Peter Mandelson, the EU trade commissioner, has demanded greater curbs on Chinese exports of textiles and clothing following the removal of trade-restricting quotas earlier this year.
Speaking before his first visit to China since taking office, Mr Mandelson said: 'China must trade freely and fairly. If there is a perception that China is reaping the benefits of free trade without meeting the standards of fair trade, there will be a negative response in Europe and elsewhere.'
The FT quotes him as saying that the growth of Chinese textiles exports was a particular worry.
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FIRMS HIT AT SEC'S RESERVES JUDGEMENTS - The Daily Telegraph says some of the world's biggest oil and gas companies have backed a report which is heavily critical of the way that the US Securities and Exchange Commission forces them to account for their reserves.
The report, which was supported by BP, Exxon Mobil and Chevron Texaco, among others, claimed that the SEC's definition of reserves accounting had 'failed to keep pace with a changing, increasingly global industry' and 'falls short of accurately describing industry and individual companies' values'.
The paper says the SEC is under pressure to reform its strict treatment of companies' oil and gas reserves. The issue has come under the spotlight since Shell admitted that, under the SEC's 'proven' definition, it had exaggerated its reserves by a third.
