Online trade between US businesses will mushroom to US$1.3 trillion by 2003 from $48 billion in 1998, according to a new report from Forrester Research.
The market researcher said online business trade will work its way into all US business supply chains over the next five years, and will represent 9 percent of total US business sales by 2003.
The eye-popping estimate is a revision of a mid-1997 Forrester report that forecast a $327 billion "icommerce" market in 2002. "The growth of Internet-based business trade has outstripped that projection," read a statement from Forrester.
Forrester defines "icommerce" as any inter-business trade of goods or services in which the final order is placed over the Internet.
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Millions trade up Millionaire: Shares of Millionaire.com (MLRE) jumped 54 percent in late morning trading on Friday after the company said it would set up an auction site for the rich.
The publisher of Millionaire Magazine will encourage the mega-rich to buy luxury items like yachts and fancy cars, and will hold monthly "Global Auction Emporiums" to auction-off high-priced collectibles.
Millionaire shares were up $4.75 at $10.25 on the Nasdaq.
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Nokia buys Vienna: Cell-phone maker Nokia said on Friday it agreed to acquire privately held Vienna Systems, an Internet Protocol telephony company, for about US$90 million.
Vienna Systems makes hardware and software products for the distribution of voice, fax, and video communication over IP networks, including corporate intranets and the public Internet.
The deal was part of a collaborative sales, marketing and product development relationship with Newbridge Networks (NN). Vienna products will continue to be sold through the worldwide Newbridge sales channel, and branded in certain markets under the Newbridge name.
Vienna Systems was founded in 1996 and employs 180 people, with research and development centers in Canada and New York.
Newbridge Networks designs, manufactures, markets, and services networking solutions.
