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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (2237)	2/20/2003 10:41:13 PM
From: ms.smartest.person	of 2248

PCCW to book loss of HK$8.263 bln on Reach JV Reuters, 02.20.03, 6:38 PM ET HONG KONG, Feb 21 (Reuters) - Hong Kong telecoms firm PCCW Ltd <0008.HK> said on Friday it would book a one-time loss of about HK$8.263 billion (US$1.1 billion) on its investment in an infrastructure joint venture, citing difficult and volatile trading conditions. PCCW said in a statement it would write down the value of Reach, a telecoms infrastructure venture with Australia's Telstra Corp Ltd <TLS.AX>, and book the impairment loss in the year ended December 31, 2002. Telstra, Australia's largest telephone company, said on Friday it slashed US$546 million off the value of Reach after pricing competition and an industry downturn hit margins. (US$1=HK$7.8) Copyright 2003, Reuters News Service forbes.com

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