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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2203)4/9/2002 11:33:16 AM
From: ms.smartest.person  Read Replies (1) of 2248
 
HK PCCW Unions Urge Members To Join Work-To-Rule Campaign


March 28, 2002


FROM THE ARCHIVES: March 28, 2002




DOW JONES NEWSWIRES

HONG KONG (AP)--Two of Pacific Century CyberWorks Ltd.'s (PCW) unions have urged the telecommunications company's roughly 13,000 workers to join a work-to-rule campaign protesting the company's recent lay off of 858 employees.

The unions asked participating union members and other workers to stop working overtime in the proposed limited industrial action beginning next Monday. About half of the company's roughly 13,000 workers don't belong to unions.

Still, union leaders said they hoped the action would discourage further layoffs at the phone and Internet company, which is controlled by Richard Li, son of billionaire Li Ka-shing.

"I hope this will pressure the management to talk to our union and stop all further retrenchments," Terry Ip, chairman of the 2,000-member PCCW Staff Association, told local television network TVB during a candlelight protest outside the company's headquarters late Wednesday.

A second union, the 4,000-member PCCW Employees General Union, said Thursday it had also advised its members to join the industrial action.

The plans of a third union, with a much smaller membership of about 600, were uncertain. Union leaders couldn't be reached for comment.

CyberWorks announced Monday that it was laying off the 858 employees, about 6% of its work force, due to the adverse economy and tougher competition.

The news came just days after CyberWorks reported a profit of HK$1.89 billion for 2001, compared with a loss of HK$129.3 billion in the previous year.

CyberWorks laid off about 1,000 workers last year and has said it can't rule out further job cuts.

The company didn't respond immediately to requests for comment on the union action.

The telecommunications company said Wednesday it has set up a HK$40 million fund to assist laid off employees facing severe financial hardship.

URL for this article:
online.wsj.com




Updated March 28, 2002 12:37 a.m. EDT


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