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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (218)	2/4/2001 9:39:09 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

CyberWorks Plans to Reduce Staff In London at Network of the World February 2, 2001 Business and Finance - Asia CyberWorks Plans to Reduce Staff In London at Network of the World A WSJ.COM News Roundup HONG KONG -- Pacific Century CyberWorks Ltd. said Friday that it is planning to cut some of its London-based staff at its broadband-satellite and cable-based network entertainment Network of the World, or NOW. As many as 30 of the Internet and telecommunications' 50 employees based in West London, are expected to lose their jobs, according to the Financial Times, which reported the layoff plan in its Friday edition. "Because the consultation process is proceeding, we cannot be specific about the numbers of people involved," a prepared CyberWorks statement said in response to the FT report. "However, these reductions will affect a proportion of the 50 PCCW staff employed at the facility," CyberWorks said. CyberWorks recently slashed its five-year content-production budget for NOW by a third, to US$1 billion from US$1.5 billion. CyberWorks also said it "has already reported that broadband deployment in most non-Asia markets has lagged behind forecasts." NOW's English-language content-production facilities are based in London, while CyberWorks is setting up studios in Hong Kong and Taiwan to produce Chinese-language content. Its separate units are also rolling out services in India and Japan. The job cuts are part of a global trend of companies scaling back Internet-related investments that began last year. Job Cuts at Skynet Another Hong Kong-based dot-com company, Skynet (International Group) Holdings Ltd. also announced job cuts at its subsidiary Web sites Job losses in the Hong Kong Internet sector were in excess of 1,000 since last year. Higher-profile victims included tycoon Li Ka-shing's Internet portal Tom.com Ltd. and media giant Jimmy Lai's online retailer Admart. The number was however still small, compared with near to 13,000 dot-com job losses in the U.S. in January alone, setting a record high. URL for this Article: interactive.wsj.com Hyperlinks in this Article: (1) interactive.wsj.com (2) interactive.wsj.com Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved. Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws. For information about subscribing, go to wsj.com Used with permission of wsj.com