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

To: ms.smartest.person who wrote (1234)	5/18/2001 1:33:11 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Telstra's Switkowski on CyberWorks, China, Investment: Comment By Mathew Carr Sydney, May 18 (Bloomberg) -- Ziggy Switkowski, chief executive of Telstra Corp., Australia's largest telecommunications company, comments an Australian British Chamber of Commerce lunch in Sydney. He spoke about Australia's largest company's investments in Asia, including those with Pacific Century CyberWorks Ltd., and the company's decision to help China Unicom Group build wireless networks. He also spoke about how Telstra was less likely to spend money on new investments unless the profits from those investments were likely earlier. On CyberWorks and the Asian businesses: ``The wireless company is the only example in Asia where a western company (Telstra) has got control of an Asian telco. We think it's very attractive to have that degree of equity. We now have a really nifty set of cable properties in Asia. We are happy with the way those businesses are traveling, we are happy with the relationship with our partner. There is some commentary and controversy around PCCW and I'm sure they'll find ways to work through that.'' Both, China and Australia, which are similar in size geographically, are building/have built phone networks using two different types of wireless technology. On China Unicom Group and Asian expansion: ``We have ongoing discussion with China Unicom Group. We see this as an area of common ground between a company like China Unicom and ourselves and that's the basis of discussion and we will see. We have no sense of urgency. With World Trade Organization membership still ahead for China and the consequence of that being compliance to a set of rules that we're more comfortable with, then we will be more active. (PCCW) came on the market at a time that was outside our control. We responded at the time. We did some deals. I think with the passage of time we will see how good those deals were. The value we created doing those deals we need some time to deliver.'' Telstra owns half of an unprofitable pay television business Foxtel. Cable & Wireless Optus Ltd., of which Switkowski was chief executive for a year until June 1997, also owns an unprofitable pay television business. On how rushed investment in new technology can lower earnings unnecessarily: ``I say this as a former sinner. (New technologies and services) have been introduced needlessly quickly or without proper consideration for proper commercial returns. The roll out of pay TV cables happened so fast that I think it has usurped the industry since then. Y2K spending - it's a bit like advertising - half of it was wasted, but we're not sure which half. The breathtakingly capable roll out of (a second wireless network) by Telstra, was nevertheless against the background of the deadline of a shutdown of the analogue network, which was in retrospect, unfortunate. I think the rhetoric around digital broadcasting anticipates an uptake that is never going to be as fast as people want. Telstra belongs to the community of Telcos that is a real believer in (high-speed wireless Internet) services and as a big part of our business, but later rather than earlier. ``We need to have a better sense as to what the real consumer and institutional demand is. So I will be thoughtful in the way that I assign capital behind these programs. I do that on the back of some experiences where I was less careful.'' quote.bloomberg.com