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

To: ms.smartest.person who wrote (1366)	6/8/2001 12:01:47 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

CyberWorks Web Unit Fires More Staff, Changes Focus (Update1) By Cathy Chan Hong Kong, June 8 (Bloomberg) -- Pacific Century CyberWorks Ltd. Web unit PCC Skyhorse Ltd. fired about a quarter of employees as part of a shift in focus to consulting for Internet service providers from providing video programs online. The company will dismiss 30 staff today, said Vivian Fok, a spokeswoman for Skyhorse, which is 60 percent owned by CyberWorks, Hong Kong's biggest phone company. Skyhorse fired about a dozen workers last month, she said. ``We used to be a dot-com company focusing on content provision, now we're switching our focus to provide Internet consulting service,'' said Fok. CyberWorks is reducing its own investment in multimedia Web site Network of the World, and is in talks to buy programs from Television Broadcasts Ltd., the largest maker of Cantonese- language television, and other producers. Skyhorse currently employs more than 100 staff, Fok said. She wouldn't give the exact size of the workforce or say how much the company would save from the sackings. When established as venture with Hong Kong's Commercial Radio in April 2000, Skyhorse promised to invest $1.5 billion making programs in five years, producing 5,000 hours of video a year. Commercial Radio runs three Hong Kong radio stations. CyberWorks, controlled by Richard Li, the younger son of billionaire Li Ka-shing, will announce detailed plans this month for its Internet business aimed at consumers. Shares in CyberWorks rose 1 percent to HK$2.625. pccskyhorse.com quote.bloomberg.com