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PCCW Cuts 400 Jobs In London,
by Mary Swire, Tax-News.com, Hong Kong
Friday, January 04, 2002
Pacific Century CyberWorks (PCCW), which said on Wednesday it expected
most of the 400 staff working at its London studios for internet content
contractor, Trans World International, to be laid off, paid its directors
more than three times the next highest-paying company on the Hang Seng
Index, a survey of last year's annual reports shows.
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.
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