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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (1260)5/21/2001 7:58:18 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Cyberworks' Li Makes No Pledge on Job Security in Next Year
By Alan Patterson

Hong Kong, May 21 (Bloomberg) -- Pacific Century CyberWorks Ltd.'s Richard Li, who last week said he may step down as chief executive, has declined to guarantee jobs in the coming year at the city's biggest phone operator, a company vice president said.

Replying to questions from employees, Li promised last August that CyberWorks wouldn't sack any staff for 12 months. Asked at a staff meeting today if he would extend that guarantee another year, Li said he ``couldn't answer,'' said Jenny Fung, a vice president.

``He said if there is growth in the business, there won't be any staff cuts,'' Fung said. ``He said the last thing he would look at is staff cuts.''

Last year, Cyberworks acquired Cable & Wireless HKT Ltd., a 129-year-old former monopoly phone company that covers 95 percent of Hong Kong's fixed-line market. The acquisition left CyberWorks with about $5 billion in debt.

quote.bloomberg.com
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