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

To: ms.smartest.person who wrote (1572)	7/8/2001 11:10:48 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Li chops up Cyberworks By Michael Sainsbury, iTnews Wednesday, July 04, 2001 Telstra’s Asian joint venture partner Pacific Century Cyberworks has sacked 340 staff in its Internet division, only days after a 12 month staff redundancy moratorium was lifted. The pink slips have been targeted at PCCW’s ambitious but loss making Network of the World broadband content project that was to have appeared on Telstra/Foxtel under the original terms of Telstra’s multi billion dollar alliance with the Hong Kong based telco and Internet company. PPCW said in a statement Thursday that the “decision was made to reduce the number of positions in areas where existing jobs can be combined, merged with another function, or eliminated.” It added that only Internet services would be affected. PCCW is rolling all its Internet services, including interactive TV into one unit. The Telstra/PPCW joint ventures have been slow to crank up in the nine months following the final deal. The company’s regional wireless company has thus far been restricted to the former Hong Kong Telecom mobile company, now called CSL, and is in a competition to acquire Singapore’s number two mobile carrier Mobile One. The Internet backbone company has been called Reach and new CEO Alistair Grieve is now at the helm. So far there has been no sign of the proposed Internet Data Centre joint venture. PCCW also revealed this week its loss for FY 2000 would more than double to US$1.9 billion under US GAAP accounting rules. It still employs more than 15,000 people and analysts expect this number to reduce by about 10 percent in time.