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  QXL shines on Microsoft pact
Time: 08:46 EST/13:46 GMT | News Source: Reuters | Posted By: Byron Hinson

Shares in QXL Ricardo Plc jumped on Friday after the European online auctioneer announced a deal with Microsoft to improve its service and said it was on track to profitability in 2003 with its cash burn in sharp decline. Chief Executive Jim Rose told reporters Microsoft's technology will provide QXL's users faster access to its auction services and boost security in registering members. QXL auctions everything from antiques to computers and cars. Shares in UK-based QXL, which have plunged from a peak of eight pounds in April 2000, were up 23 percent at eight pence by 1000 GMT, valuing the firm at 49 million pounds ($69.34 million).

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