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

To: ms.smartest.person who wrote (705)	3/27/2001 7:12:21 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Telstra Forms Hong Kong Unit to Manage Asian Growth (Update1) By Mathew Carr Melbourne, March 27 (Bloomberg) -- Telstra Corp., which last month completed three joint ventures with Hong Kong's Pacific Century CyberWorks Ltd., said it would form a Hong Kong unit to manage its Asian expansion. Dick Simpson, head of the Melbourne-based company's wireless unit, was named president of the new unit, Telstra International, the company said in a statement to the Australian Stock Exchange. David Thodey, presently chief executive of IBM Corp.'s Australian and New Zealand units, will replace Simpson in Australia. As well as the Hong Kong-based businesses, the unit will manage ventures in Vietnam, India, Singapore, New Zealand, Japan and Sri Lanka. Telstra needs a Hong Kong base because its interests in Asia extend beyond its ventures with CyberWorks, said Ziggy Switkowski, Telstra chief executive, during a conference call with journalists. ``We continue to work constructively with PCCW management,'' Switkowski said. Telstra's announcement comes a day after Singapore Telecommunications Ltd. announced it would bid as much as A$20 billion ($9.9 billion) for Telstra's closest rival, Cable & Wireless Optus Ltd. Telstra holds 46 percent of Australia's 10.3 million wireless customers, while Optus holds 33 percent. Switkowski wouldn't comment on the prospects of having SingTel as an Australian rival. Telstra shares rose 2 cents to A$6.57. CyberWorks rose 1 percent to HK$3.50 after falling 8 percent in the five days previously. quote.bloomberg.com