Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: ms.smartest.person who wrote (4104)	12/11/2000 12:26:49 AM
From: ms.smartest.person	Read Replies (1) of 4541

Monday, December 11 5:44 AM SGT Business News From The Australian Press Monday Telstra Corp. (TLS) has signed a deal with Hong Kong's Pacific Century Cyberworks (H.PCW) that will give PCCW influence over Australia's largest pay television company Foxtel, reports the Australian newspaper. Telstra aims to keep Richard Li's company informed about the deployment of future digital set-top boxes and to ensure they are compatible with the Hong Kong company's NOW service. Foxtel is 50%-owned by Telstra, and 25% owned by News Corp. (NWS) and Publishing & Broadcasting Ltd. (A.PUB). The Telstra-PCCW agreement may cause concern at News Corp. because NOW is the closest rival of News Corp.'s Star TV in Asia. Telstra and PCCW plan to register their Asian joint venture vehicles in Bermuda, reports the Australian Financial Review. The move has caused a stir because Telstra will pay no tax in Bermuda compared to 34% in Australia, keeping profits offshore. Telstra and News Corp. are expected to be big losers after Morgan Stanley confirmed it will change the way it calculates its Capital International index, according to the Australian newspaper. The company plans to adjust the index to reflect the value of the free-float portion of listed companies. Telstra is 50.1%-owned by the Australian government and the Murdoch family owns a substantial stake in the media company. Qantas Airways Ltd. (A.QAN) has denied reports that British Airways PLC (BAB) wants to increase its 25% stake in the Australian carrier, reports the Australian Financial Review. London's Sunday Times reported British Airways was negotiating with the Australian government about taking control through a US$1.23 billion deal. AMP Ltd. (A.AXM) is to shake up its U.K. businesses but has denied reports that it is set to layoff 3,000 employees, reports the Sydney Morning Herald. The newspaper cited reports out of London that AMP plans to reduce its 30,000 British workforce by 30% and drop its Pearl Assurance, NPI and London Life insurance brands. asia.biz.yahoo.com

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