Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Crazy Fools Chasing Pacific Century CyberWorks Ltd -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (47)	8/5/2001 8:03:38 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 102

[00-4-12]Telstra, Pacific Century CyberWorks Plan Joint Ventures By Adam Creed, Newsbytes. MELBOURNE, AUSTRALIA, 12 Apr 2000, 1:55 AM CST Telstra, Pacific Century CyberWorks Plan Joint Ventures 04/12/00 MELBOURNE, AUSTRALIA, 2000 APR 12 (NB) -- By Adam Creed, Newsbytes. Telstra Corporation Ltd [AUS:TLS][NYSE:TLS], the dominant Australian telecom carrier and one of the largest carriers in the Asia Pacific region, is to invest up to US$3 billion into a joint venture alliance with Hong Kong Internet company, Pacific Century CyberWorks (PCCW). PCCW is one of Asia's largest Internet-focused companies. Based in Hong Kong, it is the process of taking over the territory's major telecom carrier, Cable & Wireless HKT. Telstra and PCCW have been in negotiations in Hong Kong. Now the two companies have signed a memorandum of understanding on an alliance for Internet, data, IP (Internet protocol), wireless and business services in the Asia Pacific region. The regional alliance would see both companies contribute cash, combine networks and business resources in joint ventures across Asia Pacific. “The plan to create the first pan-Asian companies with true regional capabilities in cable networks, wireless telephony and IP data backbone is an important opportunity to add more shareholder value from non-traditional areas,” said Telstra Chief Executive Ziggy Switkowski today. The agreement would be conditional on the completion of the PCCW and Cable & Wireless HKT merger, Telstra said earlier in a statement to the Australian Stock Exchange. In Australia, Telstra is the dominant telecom carrier and the leading Internet service provider. However, intense competition from new players in the Australian telecom markets is seeing Telstra's share of the pie eroded in the traditional areas of its revenue - first, international and long distance, and now local telephony, and in the future, mobile. Its response, apart from delaying tactics to increased competition domestically, has been a regional and global expansion that has seen it partner or purchase stakes in telecom and Internet operations from New Zealand to Japan and Singapore. “The alliance with PCCW provides the potential for growth in non-traditional activities leading to the creation of long term shareholder value," said Switkowski. An alliance with PCCW will give it an opportunity to explore Internet and telecom ventures in China and across Asia with the Hong Kong-based company. The Australian company will also bring substantial telecom and backbone infrastructure across Asia and the Pacific to future joint venture business. PCCW, meanwhile, has taken a whole range of stakes in or formed joint ventures with Asian and US-based portal and e-commerce companies, and is building a high-speed satellite-based cable Internet service that will roll out across Asia. Among the company's investments are interests in online entertainment content portal Star East IT, a stake in Asia Pacific Web developer Spike Networks, a $129 million interest in Nasdaq-listed SoftNet Systems, a 20 percent stake in Web developer OutBlaze Ltd, and more recently, a joint venture with global Internet giant CMGI. In February, PCCW succeeded in its bid for Cable & Wireless HKT - a US$35.9 billion cash-and-share merger that is currently being completed and approved. Last month it also formed an alliance with China's number one computer distributor Legend to penetrate the broadband Internet market in China. Reported By Newsbytes.com, newsbytes.com 01:55 CST Reposted 04:04 CST (20000412/WIRES ASIA, TELECOM, ONLINE/TELSTRA/PHOTO) © 2001 The Washington Post Company newsbytes.com