In a cost-cutting move, the Trans World International is to cease most production of original English-language programmes for PCCW's broadband internet television portal, Network of the World. The programming, which was a crucial part of PCCW's ambition to be the first company to provide a global broadband television service, has failed to generate much interest.

Under the new contract with Trans World, PCCW will pay a total of $100m for a package of services focused on sports and online games. PCCW said it wanted to benefit from Asian interest in the football World Cup to be held in Korea and Japan this year and the Beijing 2008 Olympics. PCCW said it would finance the deal through the issue of 175m new shares.

The survey of Hong Kong companies by local newspaper The Post, shows that of PCCW's HK$768 million payout to directors in 2000, $597 million was deemed profit from the exercise of share options. PCCW was the only company on the Hang Seng index torecord a loss in the year. CyberWorks shares hit a high of $26.35 in February 2000 before its takeover of the former Cable & Wireless HKT. They have since plunged more than 91 per cent to $2.275 at yesterday's close.