PCCW sacks 340

As well as laying off staff, the telco is significantly reducing its investment in Internet services.

Hong Kong-listed communications giant Pacific Century Cyberworks PCCW will sack 340 staff in an effort to streamline its Internet services division.

As part of its new Internet services strategy, the company will also be reducing its investment in Internet services over the next three years, despite describing this business unit as key source of growth.

This year, PCCW will cap its investment at $190 million EBITDA, $10 million less than a previous commitment made by the company. For the two-year period commencing January 2002, the figure will drop to a maximum of $100 million, or $50 million for each year. PCCW says its investment represents less than 10% of the company's historical...

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