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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: pennywise who started this subject2/2/2001 6:01:59 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
PCCW NOW Statement

Date Posted: 02/02/2001

In response to recent reports in the media, PCCW wishes to clarify that:

As previously announced, PCCW is rebalancing the mix of content applications and access services of NOW (Network of the World) in line with market opportunities. The context is that over the past six months, the company has carried out a detailed assessment of the current and anticipated markets. It has already reported that broadband deployment in most non-Asia markets has lagged behind forecasts.

As a consequence of this ongoing process of adjustment to market conditions the company is consulting with staff at NOW's London facility about staff reductions. Because the consultation process is proceeding, we cannot be specific about numbers of people involved. However these reductions will affect a proportion of the 50 PCCW staff employed at the facility. In addition to these PCCW staff, upwards of 400 production staff are engaged in the studios, employed by TWI, but funded by PCCW. The UK production facility will continue to create content at about its current levels, evolving the mix to reflect market opportunities.

Press Release Number: 1109

Source: Myinfoage.com
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