Amazon investors react to the obvious
And other e-tailing tales
Amazon has been burned by a report from investment bank Lehman Brothers, which reckons the bookseller will run out of cash in the next four quarters unless someone delves into their very deep pockets.
This contradicts another report, out last week, by influential business mag Barrons which generously suggests Amazon's cash reserves will last 35 months. Click here to read all about that.
But whichever report is right, Amazon's share price plunged 20 per cent on Friday.
lastminute.com is thought to have signed a deal with entertainment giant SFX, which will give the online booking company access to tickets for events at 79 entertainment venues in the UK, including London's Lyceum Theatre. In return, lastminute's inventory will be made available to SFX, which sells its ticket through tickets-direct.co.uk. lastminute is expected to negotiate further deals with SFX, to extend its reach in Europe.
IT online recruitment service Mightymatch is ready to go live with its site this week, following a second round of private financing to the tune of £3 million. George Sitwell, Mightymatch's MD, told the Financial Times that online recruitment was espcially suited to the IT sector, since the industry is "skills rather than personality driven". Well good luck to them if they want to slag off their customers like that.
Companies can advertise on the site for free, paying a fee of five percent of a first year salary for a successful recruitment. Oracle has been named as a prospective client.
The company also says that it will seek a listing on AIM in the autumn, despite the tricky market conditions, with a valuation of £60 million.
Pharmalife, an Internet service for the UK's 40,000 pharmacists, launched its online news and information service today. The address is pharmalife.co.uk. In September it plans to launch tradepharm.co.uk which is intended to allow drug suppliers and pharmacists to buy and sell prescription and over-the-counter medicines online. Taking a wild stab in the dark, this could become a site it becomes popular to try and hack.
Venturedome, an online forum for venture capital companies and start-ups, is suffering from dotcom alienation disease and has postponed its flotation. According to the Daily Telegraph the company had hoped to raise £3 million this month which would value it at £18 million. Venture capitalist
Springboard, which owns 42 per cent of the business, said it would fund Venturedome for another 12 months, but would not say when there would be another crack at floating the business. ®