A new campaign is urging internet users to support the ailing online economy with a 'Back the Net Day'. Iconocast.com, an internet marketing firm, wants internet users to spend 3 April clicking away to show their support for the internet industry. Instead of visiting high street stores, Iconocast wants users to make at least one purchase from an internet shop.
The call to arms comes as faith in the online world doesn't look as if it could go any lower, with the stock market still plunging. Michael Tchong, editor of Iconocast, said: "This snowballing effect, or 'viral lack of confidence', is what we're trying to counter."
Gerstner upbeat despite IBM stock plunge
In the wake of the continuing dive in the tech stock market, IBM chief executive, Louis Gerstner, admitted disappointment in a 21 per cent drop in the company's stock, saying it could "do better".
But Gerstner still appeared upbeat, saying the company might benefit through its services business.
"The traditional customer base - essentially large, global institutions - requires the technology and services of the company to improve competitiveness, in good times and bad," he said. "The ebbing tides may not beach all boats".
Cable & Wireless slashes staff
Telco Cable & Wireless is the latest in a long line to start making cutbacks on its staff, axing 4,000 positions over the next year. The announcement comes after the company issued a warning about low revenues in the US and Japan markets, blaming the drop on the falling price of internet access.
The company said the UK and US would be mostly affected by the job cuts, a bitter blow on the back of 1,500 job losses at the end of 2000.
The company did say it expected an end of year revenue increase of 12 per cent, however, despite the shortcomings in Japan.
Palm deal boosts Trafficmaster shares
Handheld manufacturer Palm has announced a deal with Trafficmaster, sending the traffic and road information company's shares sky high. On the Footsie index, the shares gained 15.5 per cent, climbing 34.5p to 260p.
The deal will see Trafficmaster's information service available wirelessly on European Palm computers.
The news has buoyed Trafficmaster's plans to expand its business model away from a focus on the car travel market and into more general areas.
The company's annual pre-tax profit was £435,000, and although it was down from £3.8m in 1999, it stayed ahead of forecasts of £400,000.
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