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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: pennywise who started this subject	7/3/2001 11:47:14 PM
From: ms.smartest.person	Read Replies (2) of 2248

PCCW Confirms 340 Staff Cuts in Internet Units Jul 04, 2001 - 10:36:57 HKT Quamnet News Service Pacific Century CyberWorks (0008), Richard Li's Asian communications vehicle, said it will cut 340 jobs in its Internet services units as it charts a new Internet strategy. "The reduction in staffing occurs after the expiry of a promised 12-month moratorium on staff layoffs," PCCW said in a statement this morning. "In implementing the new growth strategy, every effort has been made to minimize the number of people affected through redeployment or transfer." The company, with a negative equity asset value due to heavy debts, said the employees affected had been given notice today and would be put on paid leave until Aug. 20. PCCW will meet financial analysts and reporters at 5:00 p.m. local time today to discuss its Internet services strategy, including the restructuring of its business-to-consumer Internet operations. At 10:42 a.m. local time, PCCW shares were up 7.8 percent at HK$2.425.

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