SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : PCW - Pacific Century CyberWorks Limited
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: ms.smartest.person who wrote (1572)7/8/2001 11:10:48 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Li chops up Cyberworks
By Michael Sainsbury, iTnews
Wednesday, July 04, 2001

Telstra’s Asian joint venture partner Pacific Century Cyberworks has sacked 340 staff in its Internet division, only days after a 12 month staff redundancy moratorium was lifted.

The pink slips have been targeted at PCCW’s ambitious but loss making Network of the World broadband content project that was to have appeared on Telstra/Foxtel under the original terms of Telstra’s multi billion dollar alliance with the Hong Kong based telco and Internet company.

PPCW said in a statement Thursday that the “decision was made to reduce the number of positions in areas where existing jobs can be combined, merged with another function, or eliminated.” It added that only Internet services would be affected.

PCCW is rolling all its Internet services, including interactive TV into one unit.

The Telstra/PPCW joint ventures have been slow to crank up in the nine months following the final deal. The company’s regional wireless company has thus far been restricted to the former Hong Kong Telecom mobile company, now called CSL, and is in a competition to acquire Singapore’s number two mobile carrier Mobile One. The Internet backbone company has been called Reach and new CEO Alistair Grieve is now at the helm.

So far there has been no sign of the proposed Internet Data Centre joint venture.

PCCW also revealed this week its loss for FY 2000 would more than double to US$1.9 billion under US GAAP accounting rules. It still employs more than 15,000 people and analysts expect this number to reduce by about 10 percent in time.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News