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

To: ms.smartest.person who wrote (225)	2/5/2001 12:21:05 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Network of the World to cut staff Richard Li, Hong Kong's new-media mogul, is cutting more than half the staff at Network of the World, his London-based production arm. The NOW headquarters were set up less than a year ago to provide programming and content for Pacific Century CyberWorks, Mr Li's international broadband network. Uptake of broadband, however, has been much slower than PCCW executives forecast. PCCW has "already reported that broadband deployment in most non-Asia markets has lagged behind forecasts. "As a consequence . . . the company is consulting with PCCW staff at London's facility about staff reductions," it said. Up to 30 of the 50 PCCW employees in Chiswick, west London, are expected to lose their jobs. The lay-offs are not intended to affect any of the 400 production staff who work for TWI, the production business which is paid for by PCCW. The cuts mark the latest scaling-back of Mr Li's international broadband ambitions, having already trimmed his plans for spending on content facilities. Mr Li initially said he was prepared to commit $1.5bn over the next five years to build NOW. Company executives now say PCCW has decided it will not spend more than $200m a year on narrowband and broadband content operations until market conditions improve. PCCW forecast that broadband audiences would multiply from 3m in north Asia, 3m in Europe and less than 5m in the US last September to 10m in north Asia, 10m in the US and more than 20m in Europe by the end of 2001. In Hong Kong, where PCCW is headquartered, the company has 230,000 broadband customers. It also has 280,000 broadband customers in Taiwan. In India, PCCW is said to be signing up 15,000 broadband users a month. news.ft.com