PCCW-News, Berichte & Stories 49.KW in Deutsch/Englisch - 500 Beiträge pro Seite

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09:51 04-DEC-2000
PCCW (0008-HK) to invest US$200m or less in NOW annually

The chairman of PCCW, Richard Li said that the company`s investment in B2C operations, such as broadband service NOW, will be less than US$200 million every year. He added that since NOW began operating in June, the company has invested US$179 million. The company has more than 220,000 broadband and dial-up subscribers. It expects to achieve a breakeven by the end of next year.

In addition, Li said that its subsidiary, Interactive TV, will launch new products within six months. The company planned to consolidate Netvigator, broadband connection and NOW, to optimise operations. However, laying off employees was not ruled out.
(End)

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CyberWorks caps yearly outlay on B2Cs at $1.5b
Bloomberg

PACIFIC Century CyberWorks (PCCW) (0008) said it will limit yearly spending on its so-called business-to-consumer (B2C) operations, including its Network of the World interactive service, to US$200 million (HK$1.56 billion).
The figure will include spending on NOW - an entertainment Web site and satellite television service - and Netvigator, the Internet service provider run by Asia`s No2 Internet company, chairman Richard Li Tzar-kai said.
The limit on spending comes after Mr Li said in October that CyberWorks planned to cut expenditures on NOW after an 80 per cent slide in its stock, which cut off its main channel of funds.
Before its stock slumped, Mr Li called for CyberWorks to be the world`s largest system for distributing high-speed Internet services, targeting 110 million Asian households.
``We will spend no more than US$200 million each year for all of our business-to-consumer businesses,`` Mr Li told a group of reporters at the ITU Telecom Asia 2000 opening ceremony yesterday. CyberWorks has spent US$179 million on NOW since its debut in June.
Netvigator, which provides both broadband and narrowband services, now has about 220,000 subscribers, Mr Li said.
He expects the operation to breakeven by the end of next year. When CyberWorks bought Cable & Wireless HKT earlier this year, the company said it planned in the next 18 months to spend US$700 million or US$350 million each on English-language and Chinese-language services of NOW.
CyberWorks is now scaling back its ambitions and focusing on businesses making money.
4 December 2000 / 01:14 AM

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04 December 2000 0608 hrs (GMT) 1408 hrs (SST)
CyberWorks to announce scaled-back investment plan for TV unit


Pacific Century CyberWorks will soon announce a scaled-back investment plan for its web-based TV unit, better known as Network of the World.

Top executives say CyberWorks will spend about US$1 billion over the next 5 years building up NOW content, instead of an original forecast of US$1.5 billion.

Executives denied the spending cut is linked to disappointments with NOW, which is struggling to attract viewers.

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PCCW [0008]: Spending Cap Set on B2C

PCCW [8] chairman, Mr. Richard Li, has indicated that they intend to limit the yearly spending on their B2C operations. The annual limit is set at US$200mn, which covers spending on NOW as well as Netvigator. This spending cap comes two months after Mr. Li said that they planned to reduce NOW expenditures when their stock tumbled 80%. As of September, a total of US$130mn had been spent on NOW. Mr. Li has also indicated that they expect to have 220,000 NOW broadband customers by the end of this year.

Given the current market sentiment, this move by PCCW is seen as a positive one. Investors are now looking for more solid financials rather than a concept with great potential. The spending limit should reduce some of their financial burden, as indicated by PCCW`s recent debt-reduction direction.

Analyst: Samuel Chua, Patrick Sin

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PCCW: bis zum Jahresende 220.000 NOW-Nutzer

PCCW schätzt bis zum Ende des Jahres 220.000 Nutzer seines Breitband-Services NOW zählen zu können. Dies sagte Richard Li, Chairman von PCCW, auf einer internationalen Telekom-Konferenz am Wochenende in Hongkong.

Seit Beginn von NOW im Juni habe man über 179 Mill US-$ in diese Sparte investiert. In Zukunft will man in den B2C-Bereich, zu dem auch NOW zählt, weniger als 200 Mill US-$ im Jahr investieren. Bereits im Oktober hatte man angekündigt die Ausgaben für NOW zu reduzieren. Erste Gewinne des Breitband-Services erwartet man Ende des nächsten Jahres. Besonders Analysten äußerten sich in den letzten Monaten negativ über NOW, da der Unternehmensbereich weit hinter den Erwartungen zurück blieb und viele zweifeln, ob von NOW jemals Rückflüsse kommen. Weiteren Schub erhofft sich jedoch PCCW durch den Start neuer Versionen. In den ersten drei Monaten des nächsten Jahres soll eine chinesische Version in Hongkong starten. Im zweiten Quartal soll eine taiwanesische und im dritten eine Version für China folgen.
-js- 04.12.00 08:04:00

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PCCW: neuer COO für das B2C-Business

Richard Li hat in einem Interview angekündigt, dass man in den nächsten zwei Wochen einen neuen Chief Operating Officer (COO) für den B2C-Bereich präsentieren werde. Dieser Bereich, zudem unter anderem der Breitbandservice NOW zählt, war zuletzt stark in Kritik geraten.

Weiter zeigte er sich nicht besorgt über die Schuldenlast, die auf das Unternehmen drückt. Alles laufe hier nach Plan. In Zukunft könne man jedoch vom Unternehmen keine größeren Akquisitionen und Merger erwarten, denn man wolle zuerst die Effizienz der Unternehmung steigern und das eigene IT-Geschäft entwickeln.

Er wiederholte, dass es das Ziel des Unternehmens sei den Unternehmenswert zu steigern und einen möglichst hohen Gewinn einzufahren. Zum niedrigen Aktienkurs von PCCW sagte er, dass dieser nicht unter seiner Kontrolle stehe.
-js- 04.12.00 09:27:00

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PCCW und Beijing Centergate starten Datencenter

Pacific Centurey Cyberworks und Beijing Centergate Communications Network Development Co. Ltd. werden gemeinsam einen "Beijing Centergate Data Center" starten. Der Center wird verschiedene Dienste (Webhosting, Datenmanagement, E-Business-Solutions,etc.) anbieten und Unternehmen außerdem High-Speed Internetzugänge bereitstellen. (jf)

© Emerging Markets Research, 04.12.00
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PCCW to limit annual broadband investment to 200 mln usd
Dec 04 2000 10:05AM

Hong Kong, December 4 (afx-asia) -- Pacific Century CyberWorks chairman Richard Li said the company will limit its annual investments in broadband services to 200 mln usd.
Cited by the Hong Kong Economic Journal, Li said PCCW reviews its broadband business regularly.

Li said since 1997, the company has invested 179 mln usd in its Network of the World services, adding the investment amount was not too significant.

Li said he expects the NOW services will launch new products in six months.

Li also said PCCW does not rule out the possibility of layoffs due to business integration.

Li added he was happy with the subscription results of PCCW`s rights issue, but said he did not know whether shareholders Cable & Wireless Plc and China Mobile (Hong Kong) have subscribed to the rights issue.

[Li-Ka-King]

hier noch nachschub

Richard Li gibt Statement zu PCCW ab (04.12.)
Telstras CEO gibt Kommentar zu PCCW (04.12.)
PCCW: Telstra übernimmt 15% Anteil nicht (04.12.)
PCCW Japan kauft Content Provider (04.12.)
PCCW wird neuen COO für B2B ernennen (04.12.)
http://www.em-research.de

12:11 PCCW Japan kauft Content-Unternehmen
09:27 PCCW: neuer COO für das B2C-Business
http://www.asiainternet.de

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PCCW Japan kauft Content-Unternehmen

PCCW Japan, der japanische Ableger von PCCW, gab heute den Kauf von 51 % an der Internet Content Unternehmung B-Factory bekannt. Der Kaufpreis liegt bei 300 Mill Yen (2,8 Mill US-$). B-Factory war zuvor eine Tochter der Bandai-Gruppe. Das Unternehmen entwickelt Content für das Internet auch Inhalte für mobile Anwendungen.
-js- 04.12.00 12:11:00

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PCCW wird neuen COO für B2B ernennen

Richard Li teilte heute der Presse mit, dass PCCW in etwa zwei Wochen einen neuen Chief Operating Officer (COO) für den Bereich B2B ernennen wird. Dieser Bereich, zu dem unter anderem auch das Network of the World zählt, war in letzter Zeit stark in die Kritik geraten. (jf)

© Emerging Markets Research, 04.12.00
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PCCW: Telstra übernimmt 15% Anteil nicht

Wie Teltras CEO Ziggy Switkowski heute mitteilte wird Telstra den von C&W gehaltenen 15% Anteil an Pacific Century Cyberworks nicht erwerben. Vor einigen Wochen waren Gerüchte zu diesem Thema aufgekommen. Ziggy Switkowski fügte hinzu dass man trotzdem weiterhin großes Interesse an den Gemeinschaftsunternehmen habe und hier keine Anteile verkaufen wird (siehe News). Zu Gerüchten, dass Telstra PCCW bei One CN unterstützen werde äußerte er sich nicht. (jf)

© Emerging Markets Research, 04.12.00
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Telstras CEO gibt Kommentar zu PCCW

Telstra war in letzter Zeit öfter in die Kritik wegen dem Joint Venture mit Pacific Century Cyberworks geraten. Telstras CEO Ziggy Switkowski äußerte sich heute zu diesem Thema. Zunächst einmal sei es für Telstra extrem wichtig nach Asien zu expandieren, weil Australien kein ausreichend großer Markt ist. Hierzu sei ein Partner sehr wichtig; und PCCW ist seiner Meinung nach ein sehr guter Partner. Er fügte hinzu, dass die gemeinsamen Joint Ventures so aussichtsreich seien, dass bereits mehrere Konsortien Interesse an einem Anteil gemeldet hätten. Telstra plane aber momentan nicht Anteile zu verkaufen. Die momentanen Anteile von 60 bzw. 50% am Mobilfunk bzw. IP Backbone-JV seien für die Unternehmensstrategie genau richtig. Vor allem wolle man auch in Zukunft das Mobilfunk JV kontrollieren. (jf)

© Emerging Markets Research, 04.12.00
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Richard Li gibt Statement ab

Richard Li hat heute ein Statement zu seinem Unternehmen PCCW abgegeben. Zunächsteinmal ist er mit der momentanen Verschuldung des Unternehmens sehr zufrieden. Man sei hier genau im Zeitplan.

Er meinte außerdem, dass PCCW für die nahe Zukunft keine großen Übernahmen plane. Statt dessen soll die Effizienz der Gruppe gesteigert werden und Wachstum und Entwicklung aus dem Unternehmen heraus und nicht durch Übernahmen geschehen. Er fügte hinzu, dass man vor allem das EBITDA verbessern wolle.

Schließlich merkte er noch an, dass der Aktienkurs außer seiner Kontrolle geraten sei und er ihn auch momentan noch nicht im Griff habe. (jf)

© Emerging Markets Research, 04.12.00
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17:43 04-DEC-2000
PCCW Japan buys 51 pct in content provider for US$2.8m

Pacific Century CyberWorks Japan K K (PCCW-Japan) announced the acquisition of a 51 pct stake in mobile and Internet content production company B-Factory Co for 300 million yen (about US$2.8 million).

B-Factory was previously a subsidiary of BANDAI Visual Inc, a BANDAI group company.
(End)

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18:02 04-DEC-2000
Telstra: no change to own interest in IP backbone JV

Ziggy Switkowsski, chief executive officer of Australia`s Telstra, said that the mobile phone and IP backbone joint ventures with Pacific Century CyberWorks (PCCW) (0008-HK) are so attractive that many consortia have expressed their interest from time to time in buying a stake.

However, Telstra has no plans to dispose of any holdings and he said the current level of stakeholding is in line with the company`s investment strategy.

Telstra currently owns a 60 pct stake in the mobile phone joint venture while PCCW owns the rest. IP backbone joint venture, however, is an equally-split venture between Telstra and PCCW.

Mr Switkowski said that a controlling stake in the mobile unit will be kept even after possible future sales.
(End)

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11:26 05-DEC-2000
PCCW (0008-HK) changes its Chinese name

Shareholders of Pacific Century CyberWorks (PCCW) have approved the proposed company`s Chinese name change during an extraordinary general meeting today.

The English name of the company will remain unchanged.

During the meeting, shareholders approved granting Avram Miller share options as part of a consultant fee, to subscribe for about 63.2 million shares at a strike price of $2.356.

Under the agreement, the share options of Miller are of a ten-year term - 10 pct of them are exercisable with immediate effect and the rest of them will be exercisable in the coming nine years.

Apart from the share options, Miller has been paid US$500,000 in two instalments by PCCW for consultant fees.

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CyberWorks eyes second generation NOW
Jonathan Tam

PACIFIC Century CyberWorks (PCCW) (0008) plans to boost current services by developing its Internet television Network of the World (NOW), according to company sources.
``We are working on the second generation NOW but I cannot comment on it because it is not officially announced,`` said PCCW spokeswoman Joan Wagner.
NOW is PCCW`s TV broadcasting service through the Internet. It planned to become a major regional player but was not very well received in Asia, mainly because it had only English language programmes. PCCW seemed to be scaling back NOW. Only last month, it said it would cut down investment. The company`s chairman, Richard Li Tzar-kai, told reporters on Sunday that CyberWorks would spend not more than US$200 million (HK$1.56 billion) each year on the entire business-to-customer businesses.
PCCW has spent about US$179 million since the development of NOW, said Ms Wagner.
Separately, debt newsletter Basis Point said the US$4.7 billion syndicated loan arranged for PCCW will put limitations on its capital expenditure.
It said under the terms of the loan, the firm`s telecom arm, HKT was allowed to spend a maximum of HK$4.2 billion for the fiscal year 2001, HK$3.3 billion for 2002 and HK$2.9 billion thereafter.
GK Goh Securities estimated PCCW`s total capital outlay at HK$6.9 billion this year, HK$9.1 billion next year and HK$8.6 billion in 2002, without revealing HKT`s share. The terms also include a stipulation that PCCW must at all times hold at least 50 per cent of HKT and Richard Li must remain the single largest shareholder in PCCW, Basis Point said.
Not more than 75 per cent of profits could be distributed as dividends if total debt to earnings before interest, taxes, depreciation and amortisation (Ebitda), a common measure of cashflow, was more than or equal to 3.5 times. The ratio for HKT is 5 times.
The interest of the loan would rise by 5 basis points for the fiveyear tranche if the debt to Ebitda ratio was above 3 times after 2004. The seven-year tranche would rise by another 5 basis points if the ratio was more than 2.5 times from 2006.
The US$4.7 billion loan is divided into three tranche: the US$1.5 billion three-year tranche carries an interest rate of 50 basis points over the London interbank offered rate (Libor), the US$2.3 billion five-year tranche and the US$0.9 billion seven-year tranche carries a rate of 65 and 80 basis points over Libor respectively. HKT`s debt to Ebitda must not exceed 5.5 times for 2001, five times for 2002 and 3.5 times for the remaining period, Basis Point said.
Pacific Century CyberWorks Japan announced that it had spent US$2.8 million to buy 51 per cent of mobile and Internet content production firm B-Factory yesterday.
It said the investment in BFactory would strengthen PCCW Japan`s mobile business by providing entertainment content and production know-how for the firm`s regional broadband mobile service including NOW.
5 December 2000 / 02:43 AM

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PCCW verändert den chinesischen Namen

Auf einer außerordentlichen Hauptversammlung haben PCCWs Aktionäre heute der Veränderung des chinesischen Namens zu gestimmt. Der englische Namen "Pacific Century CyberWorks" bleibt unverändert. (fs)

© Emerging Markets Research, 05.12.00
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PCCW veränderte Strategie bei den Venture Fonds

Laut dem Vizevorsitzenden von PCCW, Francis Yuen, hat PCCW schon die Investmentstrategie bei den Venture Fonds der Marktsituation angepasst. Außerdem musste man auch die Strategie beim Merger mit der Hongkong Telecom neuen Bedingungen anpassen. (fs)

© Emerging Markets Research, 05.12.00
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PCCW gelingt Ausgabe der Rechte

Der Vizevorsitzende von PCCW, Francis Yuen, gab heute bekannt, dass das Verfahren der Ausgabe von Aktienrechten abgeschlossen sei. Die meisten Aktionäre hätten zugestimmt. Es sei schwer zu sortieren, welche Aktionäre mitgemacht haben und welche nicht. Das Unternehmen wird durch die Aktion 1.63 Mrd. US$ erhalten.

Er führte fort, dass die Geschäftsaktivitäten PCCWs nicht unter dem tiefen Aktienkurs leiden und das Unternehmen noch nicht über Gehaltserhöhungen im nächsten Jahr nachgedacht habe. (fs)

© Emerging Markets Research, 05.12.00
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PCCW: Yuen zum Aktientausch mit techpacific.com

Auf die Frage ob Pacific Century CyberWorks seine Internettochter an techpacific.com mit Verlust verkauft hat, antwortet der Vizevorsitzende Francis Yuen von PCCW, dass die Transaktion per Aktientausch geschah. Daher erübrige sich die Frage nach Gewinn oder Verlust.

Weiter gab er zu verlauten, dass ein Listing von iLink.net immer noch geplant ist. (fs)

© Emerging Markets Research, 05.12.00
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12:40 05-DEC-2000
Alex Arena: PCCW has slowed down broadband investments

Pacific Century CyberWorks (PCCW) (0008-HK) executive committee vice-chairman Alexander Arena admitted that the company has slowed down its investment in the broadband content run by its subsidiaries.

However he declined to give further information as the board of directors have not reached any agreements on the final broadband content business plan.

He also declined to comment on the merger of NOW and iTV.

The company has been testing the waters in the past six months for the productions of broadband content.
(End)

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12:54 05-DEC-2000
Francis Yuen says PCCW has changed venture fund`s strategies

PCCW (0008-HK) deputy chairman Francis Yuen said that the company`s venture fund changed the investment strategies early this year according to market conditions.

However he declined to give further information on the portfolio and performance of the funds.

The listing plan of iLink.net is on track but he also declined to give further details.
(End)

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15:51 05-DEC-2000
Francis Yuen says shareholders supported PCCW`s rights issue

PCCW (0008-HK) deputy chairman Francis Yuen declined to comment on whether major shareholders Tracker Fund (2800-HK) and China Telecom had joined the rights issue or not. He said he has not received specific figures on staff rights issue.

He believes the results showed there was support from shareholders.
(End)

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PACIFIC CENTURY CYBERWORKS (PCCW,0008: HK$5.35)
HOLD

PCCW`s [8] Japan vehicle, PCCW Japan, has announced that it will acquire 51% stake in a mobile and Internet content production company, B-Factory Co Ltd, for US$2.8mn (approx. HK$21.84mn). The acquired company is primarily engaged in the development of cellular network and Internet platform, production and operation of digital content. It is currently providing fortune-telling content to two Japan`s major mobile carriers, i-Mode and J-Sky.

Comment: The acquisition is expected to help strengthen the content of PCCW Japan`s mobile business and the production know-how for its broadband mobile service. Meanwhile, PCCW believes that the broadband mobile business will be one of the major platforms for broadband content consumption. The acquisition also signals that PCCW will divert its investment in other areas, such as cellular business, to maximize the utilization of the broadband content provided by NOW. We expect the mobile medium to be a significant broadband content provision channel for PCCW in the future time.

In addition, PCCW had earlier expressed that it would reduce its investment amount in NOW service to not more than US$200mn. The cut in investment in NOW, which is not well received by the market so far will allow PCCW to reallocate more resources into other areas and help alleviate its financial burden. We expect the annual interest expenses of PCCW to be around HK$2.5-2.8bn, although the operating cash inflow of PCCW will amount to HK$10bn. We maintain our prudent stance towards the future development outlook of PCCW and thus, recommend HOLD. Kenneth Lau

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PCCW: Kapitalerhöhung war ein Erfolg

PCCW hat nach Angaben des Deputy Chairmans Francis Yuen seine Kapitalerhöhung nun abgeschlossen. Den Umstand, dass über 78 % der Aktionäre die Kapitalmaßnahme unterstützten und die neuen Papiere zeichneten wertete er als einen generellen Erfolg. Ob sich C&W und der Tracker Fund an der Erhöhung beteiligten wollte er nicht sagen.

Der momentane Aktienkurs habe keine Auswirkungen auf die Geschäft des Unternehmens. Zum Verkauf einer Einheit an techpacific.com äußerte er sich auch. Die Kritik, dass man Verlust gemacht habe, wies er zurück, da der Deal durch einen Aktientausch abgewickelt wurde und sich so die Frage nach Gewinn und Verlust nicht stelle.
-js- 05.12.00 09:59:00

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Telstra Corp. reserviert 4 Transponder bei AsiaSat

Telstra Corp., die größte Mobilfunkgesellschaft Australiens, hat heute bekannt gegeben, dass man sich bei AsiaSat 3S vier Transponder reserviert habe. Die Transponder dienen der Übertragung von Breitband Service.

Die Transponder werden dabei verwendet, um Breitband Services an Kunden in Australien zu übertragen. Der Service soll Anfang 2001 starten. Dies gab Telstra heute bekannt.

Asia Satellite, die von Societe Europeene des Satellite und von China International Trust and Investment Corp. gehalten werden, planen außerdem, AsiaSat 4 in 2002 ins Leben zu rufen.

Telstra plant, das Internet Protocol Backbone Co. JV mit PCCW abzuwandeln in ein Joint Venture mit den weltweit vier größten Internet Traffic Carriers.
-fjs- 05.12.00 09:50:00

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PCCW Optionsscheine ab Donnertag zu handeln

Ab dem Donnerstag um 10 Uhr werden die 2001-Optionsscheine von Pacific Century CyberWorks, welche als Zugabe zu den Aktienrechten ausgegeben wurden, gehandelt. Der Code der Optionsscheine ist 0587 und die Anzahl der Scheine liegt bei 1.2768 Mrd. Stück. Der Tauschkurs wird auf 7,5 HK$ festgesetzt und das Fälligkeitsdatum ist in einem Jahr. (fs)

© Emerging Markets Research, 05.12.00
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6 Dec 2000
SingTel to invest $500m in Asia Internet data centre network
Reports by Quak Hiang Whai in Hongkong

A DAY after Singapore Telecom proposed to set aside billions of dollars to expand its regional mobile phone business, the telecom giant yesterday said it will invest another S$500 million in the next 18 months to develop a network of Internet Data Centres (IDCs) in major cities in Asia.


Mr Lim said the current IDC market is fragmented and localised with no telecom company in the same league as SingTel offering such a comprehensive regional network in Asia.

The move will put it in direct competition with Richard Li`s Pacific Century Cyberworks which recently partnered with Australia`s Telstra Corp in a strategic alliance which will include establishing a regional and ``potentially global" network of IDCs.

SingTel will expand existing IDCs in Singapore, Hongkong, Japan and Australia as well as develop new centres in Thailand, Taiwan, India and China, SingTel`s executive vice-president Lim Chuan Poh said yesterday.

Beyond these countries, SingTel may expand into new markets should demand arise, including possible acquisitions of assets if the valuations and business fit are right, Mr Lim said. But he stressed organic growth is currently the most efficient way for the group to move forward as there are not many credible IDC assets to take over.

PCCW and Telstra, which will each hold a 50 per cent equity stake in their proposed joint venture, will initially focus on the Asia Pacific region, including key markets such China, Japan, Singapore, South Korea, Taiwan and New Zealand. The joint venture will subsequently explore opportunities to expand to other locations where PCCW or Telstra has an internet protocol backbone presence.

SingTel`s subsidiary SingTel Mobile said on Monday it has set up a new business unit to oversee its regional expansion plans, which include taking ``significant" stakes in cellular operators in Taiwan, Hongkong, South Korea and Australia. SingTel together with its subsidiaries and associates has invested over S$5 billion overseas. Under their alliance, PCCW and Telstra also operate a mobile joint venture looking to expand into the region`s mobile business.

Interconnected to SingTel`s telecommunications network across the region, the IDCS will provide corporate users with secure and highly sophisticated facilities to house and manage data equipment and computer systems. Customers can also outsource their critical applications and network management to SingTel at the centres.

Asked about the competition, Mr Lim said the current IDC market is fragmented and localised with no telecom company in the same league as SingTel offering such a comprehensive regional network in Asia.

In any case, SingTel is unfazed by rising competition from the global players especially in the data communication business as competition has always been there anyway. Data communication services are expected to overtake international calls in terms of contribution to the group`s business in the near term.

Based on research analysts` forecast, the IDC business could be worth US$11 billion to US$12 billion in about five years and SingTel hopes to capture about 5 per cent of that business, Mr Lim said. IDC which churned out about US$500 million in revenue this year is expected to produce billings of about US$2 billion next year.

Besides corporate customers, SingTel hopes to work with Internet Service Providers and Application Service Providers who want to expand their reach in the region. SingTel would be working with domestic partners in China, Thailand, India and Taiwan on the IDCs.

SingTel has been expanding rapidly into overseas markets with current investments of more than S$5 billion in 100 joint ventures and associated companies in over 20 countries. Mr Lim said the group will be expanding regional businesses which have no links with Singapore or non-Singapore centric services as the company describes it.

SingTel estimated such services as providing IDCs or links between markets outside Singapore will contribute to about 10 per cent of SingTel`s total revenue.

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CyberWorks alters course
Jonathan Tam

ADVERSE market conditions have forced Pacific Century CyberWorks (0008) (PCCW) to change tack on its venture capital strategy, deputy chairman Francis Yuen Tin-fan said yesterday.
``A few months ago we started to re-evaluate investments based on its strategic value to our telecom businesses, especially after the merger [with Cable & Wireless HKT],`` Mr Yuen said after an extraordinary shareholders meeting. Since the second half of last year, PCCW had been on a shopping spree to buy stakes in companies that could help its Internet business.
So far it had invested in about 50 firms.
He said following a correction in the stock market, the firm`s role as a venture capitalist needed to change.
PCCW had already adjusted the amount of funds for new ventures.
``For venture capitalists, the realisation [of an investment] usually lies in listing [a company] in the market,`` he said. ``If the market is not doing well, we`ll change our strategy in investing.`` But plans to list its 41 per cent owned application service provider iLink.net remain intact, he said.
Market volatility has forced PCCW to slash spending on its interactive television service, Network of the World (NOW), said Alex Arena, deputy chairman of the executive committee of PCCW.
``We are actually spending less money going forward than we believed it was necessary before as the market circumstances have changed,`` Mr Arena said.
PCCW spokeswoman Joan Wagner confirmed to Reuters that the company planned to cut its annual spending on the business-to-consumer segment to US$200 million (HK$1.56 billion) per year from a previous estimate of US$500 million over a two-year period.
The business-to-consumer segment includes PCCW`s Netvigator Internet service unit, the NOW service and various e-commerce projects. But Ms Wagner gave no specific figures on NOW-related spending cuts.
Prior to PCCW`s merger with HKT, the firm planned to spend US$1.5 billion on NOW over five years, Reuters reported.
``The Internet market as a whole is no longer moving as fast as it was in terms of the number of competitors and the amount of money that they`re spending,`` Mr Arena said.
Meanwhile, shareholders have approved CyberWorks` plan to issue a US$500 million convertible bond to its parent Pacific Century Group. Mr Yuen said the company would pocket a total of US$1.63 billion from the bond and the rights issue offering.
6 December 2000 / 02:40 AM

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Shake-up looms: Telstra chief
Roger Evers

A PACIFIC Century CyberWorks/Telstra joint venture will emerge as one of just three to five multinationals dominating the global wholesale telecom market, according to Telstra CEO Ziggy Switkowski.
The fragmented wholesale market is overdue for a shake-up that will see as few as three telecoms emerge with 80 per cent of the global market, Mr Switkowski told delegates at the ITU Telecom Asia 2000 conference at the Convention and Exhibition Centre. Only the largest wholesalers had economies of scale to prosper in a market that will be decimated by ever-tighter margins, he said.
He said Telstra`s Internet Protocol (IP) backbone joint venture with PCCW (0008) was poised to become ``the number one provider of voice and data/Internet connectivity in non-Japan Asia``.
The venture should capture a quarter of the Asian telecom wholesale market by 2005, said John Hibbard, Telstra managing director for global wholesale. Mr Switkowski said the sheer volume of capital investment needed to fund undersea cables and satellites needed to be a wholesaler would thin out the market at a time when banks are tightening telecoms` credit.
``If you look at the old world of telecoms, companies relied on modest volumes, high margins and substantial capital. The new world of telecoms is a lot tougher.
``It enjoys very high volumes, but much lower margins and has much greater capital requirements to keep up with the technology changes,`` Mr Switkowski said.
Annual demand for broadband worldwide is forecast to more than quadruple to 20 billion gigabits per second by 2005.
Mr Switkowski said wholesalers would be boosted by increased demand and by further deregulation across Asia that would see more local retail phone operators emerge.
``Few retail operators will be able to afford extensive networks or have effective relationships with other parties around the globe. So they will be looking to buy their global connectivity. There will be increased opportunities for international wholesalers,`` he said.
Telstra`s IP backbone joint venture has interests in over 50 undersea cables. Several satellites boost its coverage.
Telstra also announced a framework agreement yesterday with satellite firm AsiaSat, giving Telstra options to use the satellite for an undisclosed sum.
6 December 2000 / 01:36 AM

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6 Dec 2000 Hot Stock

PCRD covered call warrant tempting but risky

PACIFIC Century Regional Developments (PCRD) has fallen sharply in recent months, reflecting the fortunes of its Hongkong subsidiary, Pacific Century CyberWorks. The largest Asian Internet firm outside Japan, CyberWorks` share price has collapsed since its takeover of Hongkong Telecom in August.

Nevertheless, PCRD remains a favourite with punters and stockists, and rose 6.5 cents to $1 yesterday on a volume of 43.8 million shares.
Not surprisingly, the covered call warrant issued on it by Merrill Lynch was among the top percentage gainers as it edged up 3 cents to 12 cents on 2.66 million units.

Merrill recently offered more covered calls at the out-of-the-money exercise price of $1.73. The warrants expire in next July, and carry a conversion premium of 85 per cent over the underlying stock. These numbers are far from compelling for investments.

However, given that the underlying stock is in play at the moment, the instrument could prove tempting to the steel-nerved punter. But the risks are high and caution is the key word here.

By Ven Sreenivasan

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Wednesday, December 6, 2000 ITU TELECOM ASIA 2000
CSL will raise debt to fund 3G push
BEN KWOK

CSL, the mobile-phone arm of Pacific Century CyberWorks which is engaged in a joint venture with Telstra, will raise debt to fund its third generation (3G) operations in Hong Kong, according to a senior Telstra executive.
Dick Simpson, group managing director of Telstra On Air, the mobile phone arm of the Australian company, said CSL would be cautious in its borrowing. "We will not borrow more than we need in terms of total 3G investment," said Mr Simpson. "CSL will only be comfortably geared."

He said Telstra insisted CSL had a clean balance sheet when it took a majority 60 per cent stake, leaving room for debt financing.

CSL, which has more than a million subscribers, had a free cash flow of US$123 million on turnover of US$638 million for the year to March 31.

Mr Simpson said while debt financing seemed more appropriate for 3G licences and network roll-out, Telstra would prefer equity financing by floating the mobile joint venture to raise funds for regional expansion.

A shareholders agreement between Telstra and CyberWorks revealed that the regional mobile vehicle planned to float within the next six months following the completion of the transaction in January next year.

However, Mr Simpson said the listing of this joint venture, likely to be in Hong Kong, would only make sense if it created value for shareholders.

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Wednesday, December 6, 2000

BROADCASTING
PCCW reviewing plans for consolidating TV operations

Business as usual: Pacific Century CyberWorks`s deputy chairman Francis Yuen Tin-fan said the company had received US$1.1 billion from its bond issue and US$1.63 billion from its rights issue. Picture by Martin Chan

HUI YUK-MIN
Pacific Century CyberWorks remains undecided about how to consolidate its convergence television service Network of the World (NOW) with Cable & Wireless HKT`s interactive television operation iTV, according to executives.
Deputy chairman Alex Arena said management was still reviewing both NOW and iTV`s operations.

However he said the company could now spend less on the NOW service because competition for Internet content had decreased after the fall in the sector. "We are actually spending less money going forward than we believed was necessary before", due to the changes in market circumstances, said Mr Arena after the company`s extraordinary general meeting yesterday.

CyberWorks` shareholders approved a plan to issue US$500 million in convertible bonds and change its Chinese name subsequent to the completion of the merger with HKT on August 17.

Deputy chairman Francis Yuen Tin-fan said the company had received US$1.1 billion from its bond issue and US$1.63 billion from its rights issue. He said the fall in the company`s share price had no impact on its business plan. "Our share price fluctuation has no bearing on the company. It is business as usual."

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12/05 23:57
CyberWorks Forecasts IP Backbone Sales Doubling (Update1)
By Cathy Chan

Hong Kong, Dec. 6 (Bloomberg) -- Pacific Century CyberWorks Ltd., hoping to secure more loans to fund its growth, told banks that sales at its undersea cable venture with Telstra Corp. will rise 6 percent next year to $1.9 billion and more than double to $4.5 billion by 2007.

The forecast, distributed to bankers in an internal document seen by Bloomberg News, aims to convince potential lenders of strong growth prospects for undersea cables designed for Internet traffic. CyberWorks spokeswoman Joan Wagner declined comment.

Asia`s second-largest Internet investment company hired Barclays Capital Asia Ltd. and Chase Manhattan Corp. to arrange a $2 billion syndicated loan for the venture as telecommunications companies flood the market with debt.

CyberWorks faces skepticism about its assumptions for sales by a new business, especially given that the economy is slowing in the U.S., which sets the pace for global growth.

``We don`t know how rosy this business will be, given the slowdown of the U.S. economy,`` said Winson Fong, director of Singapore-based SGY Asset Management, which manages $2.5 billion in Asian stocks. The ``business is very new to everybody, including creditors,`` he said.

The undersea cable project, equally owned by CyberWorks and Telstra, is called Internet Protocol Backbone, pending selection of a formal name. It will borrow the money to pay CyberWorks $1.125 billion in cash and Telstra $375 million for its assets.

Competition

Cyberworks` IP Backbone, which will function as a global carrier of voice, data and Web services, faces the prospect that the supply of bandwidth services will exceed demand next year, eroding profit margins. It faces competition from new entrants such as Global Crossing and Level 3, two U.S. companies bound for Asia.

``We expect prices per given unit of capacity will decline by 50 percent per annum,`` Jardine Fleming Securities said in a recent research report. By 2003, trans-Pacific capacity will surge 100-fold as advances in submarine cable technology lead to strong growth in capacity of new cable systems, it said.

Charges for Internet and data services will drop by a much as 50 percent during the next two years because of a glut in the market, the CyberWorks document said. However, the company is forecasting that higher traffic will more than make up for the drop.

``It`s indeed a very long-term forecast and subject to a lot of uncertainty,`` Danny Chung, head of research at Sassoon Securities Ltd., when asked to comment on the figures. ``It`s sensitive to different assumptions, such as industry growth rate and market penetration rate.``

Loans

The company plans to buy up to 50 cable systems owned by CyberWorks and Telstra.

However, the purchase plans won`t initially include CyberWorks` major global fiber optic project known as One Cable Net, bankers were told. The company also has no current plan to take a stake in the Australia-Japan Cable Holdings Ltd. owned by Telstra, though it will lease capacity on the system.

Capital expenditure on its undersea cable system will be $315 million next year, peaking at $450 million in 2006, the company said.

Funding such expansion could be a challenge given the demands on the debt market from other telecommunications companies. British Telecommunications Plc this week sold $10 billion of bonds, the largest ever issue of dollar-denominated corporate debt, to refinance short-term debt it used to buy mobile-phone licenses.

The loan will be split into a $400 million 3-year credit, a $1.1 billion five-year credit, and a $500 million seven-year credit. Interest on the loan will range from 50 basis points to 80 basis points more than the London interbank offered rate.

Debt Seen Dropping

CyberWorks said the backbone will have an equity valuation of $6.5 billion, according to two bankers who participated in a conference call with the company on Monday. Earlier, Telstra said the venture will be worth about $6 billion, though it didn`t define the terms of value. The valuations include about $5.8 billion of goodwill, bankers said.

Under its loan agreement, the IP Backbone company will need to keep its debt level next year below 4.5 times earnings before interest, tax, depreciation and amortization. Should its debt exceed four times earnings, the company will be prohibited from paying dividends, according to bankers.

Dividends will be limited to 15 percent of profit attributable to shareholders next year, when the debt ratio is forecast to be 3.95 times earnings. CyberWorks has estimated the ratio will drop to 2.65 times of earnings in 2003.

In its internal document to bankers, IP Backbone is forecasting a cash balance of about $330 million first two years of operation. Interest expenses are expected to remain steady at $149.2 million in the first three years, dropping to $38 million in 2006 and 2007, the document said.

CyberWorks shares rose 7.8 percent to HK$5.55, while Telstra rose 2.4 percent to HK$6.54.

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PCCW to cut spending on B2C Net service

Hong Kong telecom and Internet firm Pacific Century CyberWorks (PCCW) said yesterday that it would cut spending on business-to-consumer Internet services, including its much-hyped Network of the World (NOW) interactive television service.

PCCW spokeswoman Joan Wagner confirmed that the company planned to cut its annual spending on that segment to US$200 million per year from a previous estimate of US$500 million over a two-year period.

The business-to-consumer segment includes PCCW`s Netvigator Internet service unit, the NOW service and various e-commerce projects. But Wagner gave no specific figures on NOW-related spending cuts.

Before PCCW`s merger with Cable & Wireless HKT, the company planned to spend US$1.5 billion on NOW over five years.

But Wagner said PCCW had been revising the NOW business plan since the August merger and added that the service itself would be changed and improved gradually.

"It is evolving as we learn," she said. "It will develop gradually as different languages and platforms are introduced."

NOW, billed as PCCW`s bold move into a new era of converged television and Internet, offers video and Web-based content focusing on music, computer games, extreme sports and other topics, produced largely at a studio in London.

Analysts have said NOW is expected to require significant investment. At a news conference yesterday, PCCW Deputy Chairman Alex Arena said the company was spending less money on the Web-based television subsidiary, but he did not say by how much.

"We are actually spending less money going forward than we believed was necessary before, but the market circumstances have changed," he told a news conference after an extraordinary general meeting of shareholders.

Arena said the company can justify spending less on the unit because competition for content has diminished in recent months as market valuations of Internet companies have tumbled globally in the past quarter.

"The market as a whole in the Internet is no longer moving as fast as it was in terms of the number of competitors and the amount of money that they`re spending, so we can maintain our head start without having to invest at the same rate," he said.

Shareholders approved on Tuesday the company`s plan to issue a US$500 million convertible bonds and to change the Chinese name of the merged company.

Francis Yuen, PCCW deputy chairman, said the fall in the company`s share price had no impact on its business plan.

Agencies via Xinhua

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PCCW [0008]: Revised Venture Capital Strategy

With the increasing instability of the tech markets, PCCW [8] deputy chairman Mr. Francis Yuen has announced plans to change their venture capital strategy. The revised strategy will be based on investments surrounding their telecom business. PCCW, so far, has investments in about 50 firms. Mr. Yuen also emphasized the importance of changing their strategy following recent stock market correction, however he did state that plans to list ASP iLink.net remained intact.

Without a doubt, we see this as yet another positive step for PCCW, as their core competency now lies strictly in the telecom sector. In terms of PCCW`s valuation, given the fact that this is not just an Internet company anymore, and the focus will now be on the telecom sector. The rest of their assets will just be used to complement their telecom business.

Analyst: Sunny Chan, Patrick Sin

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M1 startet Roamingdienst über PCCW Netzwerk

Die PCCW Beteiligung MobileOne, wegen der es immer wieder Streit zwischen PCCW und C&W Plc gibt, hat das GPRS Roaming zwischen Singapur und Hongkong über ein PCCW Netzwerk gestartet. Damit ist M1 der erste Mobilfunkprovider, der GPRS Roaming außerhalb Singapurs anbietet. Das GPRS (General Packet Radio Service) wurde erst vor kurzem für Geschäftskunden gestartet. (sb)

© Emerging Markets Research, 06.12.00
http://www.em-research.de

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!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

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Cisco ist in Verhandlungen mit PCCW und Korea Thrunet

Nachdem die amerikanische Cisco am Dienstag verlauten ließ, dass man mit koreanischen und australischen ISP zusammenarbeiten wird, kam nun auch raus, dass sie wohl auch mit PCCW und Korea Thrunet zusammenarbeiten wollen. Es wurden jedoch keine näheren Details zu der Zusammenarbeit der jeweiligen Firmen genannt. (sb)

© Emerging Markets Research, 06.12.00
http://www.em-research.de

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15:51 06-DEC-2000
PCCW says IP backbone JV capital expenditure US$315m next yr

The joint venture between PCCW and Telstra expects the captial expenditure of its undersea cable system will be US$315 million next year and reach US$450 million in 2006.

The estimated value of the IP backbone company was US$6.5 billion, including a US$5.8 billion of goodwill.

According to the loan agreement, the IP backbone company will need to maintain its debt level below 4.5 times of EBITDA next year. If it exceeds four times the earnings, the company will be prohibited from declaring dividends. The upper limit of the dividend to be given next year will be 15 pct of the net profit. PCCW anticipated that the debt ratio will decline to 2.65 times of the earnings in 2003.

The IP backbone company anticipated that the interest expenditure in the first three years will be maintained at US$149 million and drops to US$38 million in 2006 to 2007.
(End)

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CyberWorks Japan kauft 51% an Inhalte-Anbieter B-Factory für 300 Mio Yen

05.12.2000 11:48
HONG KONG (dpa-AFX) - Pacific Century CyberWorks Japan KK hat für 300 Mio. Yen 51% an B-Factory erworben, einem Anbieter von Inhalten für Mobiltelefone und Web-Auftritte. Wie die japanischen Tochtergesellschaft der Hongkonger Internetholding Pacific Century CyberWorks am Dienstag mitteilte, will sie durch den Kauf ihr Unterhaltungsangebot für Mobiltelefone ausbauen. Gleichzeitig erwerbe sie damit Know-how bei der Produktion von Inhalten für einen regionale mobilen Breitbanddienst, der in Verbindung mit dem Produkt Network of the World (NOW) angeboten werden soll.

B-Factory will den Angaben zufolge sein Angebot auf Animationen für Mobiltelefone ausdehnen. Die Firma - die ihre Inhalte derzeit selbst entwickelt, produziert und vermarktet - beziffert ihren Kundenstamm mit mehr als 400.000 Abonnenten./cs/av/sk

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14:58 06-DEC-2000
PCCW IP backbone turnover to reach US$4.5b in 2007

Pacific Century CyberWorks (PCCW), hoping to secure more loans to fund its growth, told banks that sales at its undersea cable IP backbone joint venture with Telstra Corp will rise 6 pct next year to US$1.9 billion and more than double to US$4.5 billion by 2007, according to Bloomberg.

However, securities circles take a qualified view of the optimistic forecast by PCCW since the US economy is on a slowdown and such business is new to everyone, including banks.

The joint venture is now facing even more competitors, such as Global Crossing and Level 3. Thus, Chase JF estimates the charges will be lowering by 50 pct.

The documents submitted by PCCW to banks also estimated that the charges will be cut by 50 pct over the next two years but believed the increase in subscription volume should cover the loss.
(End)

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PCCW : IP Umsätze sollen sich verdoppeln

Pacific Century CyberWorks ist derzeit weiter auf der Suche nach Krediten. Derzeit benötigt der Riese jede Mark, um sein Wachstum beizubehalten.

Im Rahmen dieser Hoffnungen wurde heute angekündigt, dass die Umsätze aus dem Unterwasserkabel- Venture mit Telstra Corp. im nächsten Jahr 6 % steigen sollen. 1,9 Mrd. US-$ Umsatz sind bis dahin angestrebt. Auf längere Sicht bis 2007 soll der Umsatz sogar auf bis zu 4,5 Mrd. US-$ klettern. Die Aussichten des Wachstums der Geschäfte mit Unterwasserkabelkapazitäten zur Übertragung des Internet Traffic sind also auf den ersten Blick moderat, jedoch handelt es sich , wie gesagt, um konservative Kalkulationen, die den Banken vorgelegt wurden. PCCW lag es nur daran, ein klares Wachstum aufzuzeigen.

Barclays Capital Asia Ltd. und Chase Manhattan Corp. werden dem IP Backbone Venture wohl 2 Mrd. US-$ Kredit geben.

Das Unterwasserkabelprojekt, auch Internet Protocol Backbone genannt, ist Teil der Allianz mit Telstra Corp. Das IP Backbone nimmt dabei Gelder auf, um PCCW 1,125 Mrd. US-$ in Cash zu zahlen, sowie Telstra 375 Mio. US-$.
-fjs- 06.12.00 09:32:00

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10:15 07-DEC-2000
PCCW shares at $5.35, warrants (0587-HK) at $0.72

PCCW shares dropped to $5.35 in early trade. The debut warrant (0587) was quoted at $0.72, a bit higher than the theoretical price.

PCCW`s covered warrants are affected. Turnover is thin.
(End)

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10:37 07-DEC-2000
PCCW IP backbone to re-finance within 12 months of operation

The IP backbone joint venture between PCCW (0008-HK) and Telstra intended to re-finance within the first year of establishment. The fundraising will be carried out by issuing bonds. PCCW told banks that it is intended to issue bonds for financing part of the bank credit facility when it was launching the US$4.7 billion re-financing and the US$2 billion loan for IP backbone JV, according to the Hong Kong Economic Times. The backbone JV plan is said to be much more concrete. A source said the JV will try to get credit ratings after a year in operation.

According to the agreement of PCCW and Telstra, the JV has to maintain its credit rating for investment in case of borrowing more than US$2 billion. The two major shareholders shall inject capital to enlarge the share capital so as to keep ratings unchanged.

In addition, PCCW appointed William Cheung Kam-hung as the chief operation officer of the PCCW Group, who will be responsible for the restructuring of NOW, iTV and Netvigator services.
(End)

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11:47 07-DEC-2000
PCCW cancels bonus for staff making over $10k a month

Pacific Century CyberWorks (PCCW) has issued an internal notice stating that the company would not distribute any bonus this month but staff members being paid a month salary of less than $10,000 will be unaffected, according to Apple Daily.

This is the first year for the PCCW staff to get a zero double-pay or bonus in over a decade.

A PCCW union representative said that the employer`s decision to cancel the bonus will seriously and adversely affect worker`s morale.
(End)

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16:49 07-DEC-2000
PCCW Warrant (0587-HK) closes at $0.64

Pacific Century CyberWorks (PCCW) (0008-HK) shares closed at $5.40 today. The newly-listed PCCW Warrant had hit a high of $0.74 and then closed at $0.64, very close to the day`s low but marginally lower than the market value.

Market players said that since there are some arbitrage orders on its first trading day, a low closing price of the warrant is comprehensible.

The implied volatility of the warrant is below 50 pct, at a premium of about 50 pct, on turnover of 113 million shares.

Shareholders who subscribe for PCCW rights issue shares remain to be entitled to a profit of $0.14 per share; however, people who subscribe for the same after buying the right to take part in the rights issue will find they lost more than they gained.
(End)

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PCCW sees backbone sales slow at first, before accelerating
By Bloomberg, Singapore.CNET.com
Wednesday, December 6 2000

HONG KONG--Pacific Century CyberWorks Ltd, Asia`s second-largest Internet company, said revenue next year from its undersea cable company will grow 5.6 percent to US$1.9 billion, then more than double in seven years.
The company predicts sales will climb an average 14 percent a year, topping US$4.5 billion by 2007. At the same time, charges for Internet and data services will drop by a much as 50 percent in the next two years because of a glut in the market, according to an internal company document distributed to bankers.

The undersea cable project, equally owned by CyberWorks and Telstra Corp of Australia, is called Internet Protocol Backbone, pending selection of a formal name.

The budget forecasts are being circulated to potential creditors in an attempt to convince them of the company`s strong growth prospects after a slow few first years.

"This backbone company business is very new to everybody, including bank creditors," said Winson Fong, director of Singapore-based SGY Asset Management, which manages US$2.5 billion in Asian stocks. "We don`t know how rosy that will be, given the slowdown of the US economy."

CyberWorks spokeswoman Joan Wagner declined to comment on the company`s budget forecasts.

Critical to the prospects for the undersea cable project is a US$2 billion loan that CyberWorks has hired Barclays Capital Asia Ltd and Chase Manhattan Corp to underwrite. The money will be split into a US$400 million 3-year credit, a US$1.1 billion five-year credit, and a US$500 million seven-year credit.

Interest on the loan will range from 50 basis points to 80 basis points more than the London interbank offered rate.

CyberWorks, which wants to expand the number of banks participating in the loan, said the backbone will have an equity valuation of US$6.5 billion, according two bankers who participated in a conference call with the company on Monday. Earlier, Telstra said the venture will be worth about US$6 billion, though it didn`t define the terms of value. The valuations include about US$5.8 billion of goodwill, bankers said.

Skepticism

The company faces skepticism about its assumptions, especially those used to value communications assets not fixed to a wall.

"It`s indeed a very long-term forecast and subject to a lot of uncertainty," Danny Chung, head of research at Sassoon Securities Ltd, when asked to comment on the figures. "It`s sensitive to different assumptions, such as industry growth rate and market penetration rate."

He said a changing competitive environment and the emergence of new technology also may render forecasts inaccurate.

Cyberworks` IP Backbone, which will function as a global carrier of voice, data and Web services, faces the prospect that the supply of bandwidth services will exceed demand next year, eroding profit margins. It faces competition from new entrants such as Global Crossing and Level 3, two US companies bound for Asia.

"We expect prices per given unit of capacity will decline by 50 percent per annum," according to a latest research report by Jardine Fleming Securities. By 2003, trans-Pacific capacity will surge 100-fold as advances in submarine cable technology lead to strong growth in capacity of new cable systems, it said.

Terms

Under its loan agreement, the IP Backbone company will need to keep its debt level next year below 4.5 times earnings before interest, tax, depreciation and amortization. Should its debt exceed four times earnings, the company will be prohibited from paying dividends, according to bankers.

Dividends will be limited to 15 percent of profit attributable to shareholders next year, when the debt ratio is forecast to be 3.95 times earnings. CyberWorks has estimated the ratio will drop to 2.65 times of earnings in 2003.

The company plans to buy up to 50 cable systems owned by CyberWorks and Telstra. However, the purchase plans won`t initially include CyberWorks` major global fiber optic project known as One Cable Net, bankers were told. The company also has no current plan to take a stake in the Australia-Japan Cable Holdings Ltd owned by Telstra, though it will lease capacity on the system.

In its internal document to bankers, IP Backbone is forecasting a cash balance of about US$330 million first two years of operation. Interest expense is expected to remain steady at US$149.2 million in the first three years, dropping to US$38 million in 2006 and 2007, the document said.

Capital expenditure on its undersea cable system will be US$315 million next year, peaking at US$450 million in 2006, the company said.

Copyright 2000, Bloomberg L.P. All Rights Reserved.

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PCCW sees $14.8b sales from Telstra cable foray
Cathy Chan, Bloomberg News

EMBATTLED Pacific Century CyberWorks (PCCW), hoping to secure more loans to fund its growth, told banks that sales at its undersea cable venture with Telstra will rise 6 per cent next year to US$1.9 billion (HK$14.82 billion) and more than double to US$4.5 billion by 2007.
The forecast, distributed to bankers in an internal document seen by Bloomberg News, aims to convince potential lenders of strong growth prospects for undersea cables used for Internet traffic.
CyberWorks spokeswoman Joan Wagner declined comment.
Asia`s second-largest Internet investment company hired Barclays Capital Asia and Chase Manhattan to arrange a US$2 billion syndicated loan for the venture as telecommunications companies flood the market with debt.
CyberWorks faces scepticism about its assumptions for sales by a new business, especially given that the economy is slowing in the US, which generally sets the pace for global growth.
``We don`t know how rosy this business will be, given the slowdown of the US economy,`` said Winson Fong, director of Singapore based SGY Asset Management, which manages US$2.5 billion in Asian stocks. The ``business is very new to everybody, including creditors``, he said.
The undersea cable project, equally owned by CyberWorks and Telstra, is called Internet Protocol Backbone, pending selection of a formal name.
It will borrow the money to pay CyberWorks US$1.125 billion in cash and Telstra US$375 million for its assets.
CyberWorks` IP Backbone, which will function as a global carrier of voice, data and Web services, faces the prospect of supply of bandwidth services exceeding demand next year, eroding profit margins. It faces competition from new entrants such as Global Crossing and Level 3, two US companies bound for Asia. ``We expect prices per given unit of capacity will decline by 50 per cent per annum,`` Jardine Fleming Securities said in a recent research report. By 2003, trans-Pacific capacity will surge 100-fold as advances in submarine cable technology lead to strong growth in capacity of new cable systems, it said.
Charges for Internet and data services will drop by a much as 50 per cent during the next two years because of a glut in the market, the CyberWorks document said.
However, the company is forecasting that higher traffic will more than make up for the drop. ``It`s indeed a very long-term forecast and subject to a lot of uncertainty,`` said Danny Chung, head of research at Sassoon Securities, when asked to comment on the figures. ``It`s sensitive to different assumptions, such as industry growth rate and market penetration rate.``
The company plans to buy up to 50 cable systems owned by CyberWorks and Telstra.
However, the purchase plans will not initially include CyberWorks` major global fibre optic project known as One Cable Net, bankers were told. The company also has no current plan to take a stake in Australia-Japan Cable Holdings, owned by Telstra, though it will lease capacity on the system.
Capital expenditure on its undersea cable system will be US$315 million next year, eventually peaking at US$450 million in 2006, the company said.
Funding such expansion could be a challenge given the demands on the debt market from other telecommunications companies. British Telecommunications this week sold US$10 billion of bonds, the largest ever issue of dollar-denominated corporate debt, to refinance short-term debt it used to buy cellphone licenses.
The loan will be split into a US$400 million 3-year credit, a US$1.1 billion five-year credit, and a US$500 million seven-year credit. Interest on the loan will range from 50 basis points to 80 basis points more than the London interbank offered rate.
CyberWorks said the backbone will have an equity valuation of US$6.5 billion, according to two bankers who participated in a conference call with the company on Monday.
Earlier, Telstra said the venture will be worth about US$6 billion. The valuations include about US$5.8 billion of goodwill, bankers said.
7 December 2000 / 02:03 AM

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E-businesses `don`t need separate rules`
Amy Wu, Hong Kong iMail

REGULATORS shouldn`t treat ecommerce any differently from traditional bricks and mortar businesses, says Alexander Arena, deputy chairman of Pacific Century CyberWorks (0008).
Mr Arena said the government shouldn`t have to draft separate laws for e-businesses.
``E-commerce is commerce,`` Mr Arena said.
``Look holistically first, then if you`re convinced you need to put regulations in place start with the minimalist approach.``
The executive, who boasted about Hong Kong`s laissez-faire government, is not alone in his views.
In the United States, Hilary Thomas, vice-president of global relations at Seattle-based e-commerce player eCharge is no fan of a heavy hand from government.
However, Ms Thomas, who was at the conference to meet with telecom companies, and is possibly bringing eCharge into Asia, agreed that the key to e-commerce success was co-operation between government regulators, consumers and businesses.
``I`m very concerned that we`re creating a separate world for the Internet. It`s just another way to do commerce,`` Ms Thomas said.
Takeshi Natsuno, executive director of NTT DoCoMo in Japan, who has seen subscription to the popular I-mode rocket from less than a million when it launched last February to 15.5 million, said; ``A device is a device, we can`t regulate human behaviour.`` Both industry players and the government agree that e-commerce has tremendous potential in Asia, and as the man on the street gains greater access online the question is how much of a role should regulators play in the private sector in cyberspace.
Businesses and regulators agreed that co-operation was the key to e-commerce success.
``In Hong Kong, we just treat e-commerce as commerce,`` said Alan Siu , a Deputy Secretary at the Information Technology and Broadcasting Bureau. ``We do believe in a minimalist approach.``
Hong Kong has no immediate plans to draft separate laws for e-commerce.
Instead the government itself has embraced e-commerce as a tool for efficiency as well as a way to draw the general public online. The potential is huge.
The Economist Intelligence Unit has said that Hong Kong is one of the top ten places in the world with potential for e-commerce growth, and the government is taking ecommerce seriously.
At the end of this week the government will launch the Electronic Delivery Scheme, which will allow the public to do everything from register as a voter to pay taxes with the click of a mouse.
Early in the new year interactive booths will be stationed at shopping malls, subways and supermarkets.
Mr Siu sees Hong Kong as a hotspot for cross-border online trade in the region, especially with China following its accession to the World Trade Organisation.
In the US, Greg Rhode, director of the National Telecommunications and Information Administration (NTIA) in Washington DC, said that e-commerce would become a global issue, and players wondered whether a global watchdog was needed for the market. The Internet will come into our cars, the elevator, and come more and more into our lives, Mr Rhode said.
To highlight the importance of co-operation, Mr Arena pointed out that PCCW linked hands with Hong Kong Telecom for its extensive call centres, help desk, and additional resources as well. PCCW only partners with trusted businesses when they launch services online, Mr Arena added. Partners for various services include HSBC and Jardine Fleming Securities.
The greater challenge for ecommerce in Hong Kong isn`t so much the government or infrastructure, but the lack of an IT savvy workforce and a decline in English language, Mr Arena said.
Global hurdles for e-commerce include cost, security and the delivery of products quickly and efficiently. Seattle-based Echarge makes its money from creating alternative ways to pay online such as the eCharge card and the eCharge net account. In order to make this possible, they need to partner with either a carrier or a bank.
According to US research company Jupiter Communications, 50 per cent of Internet users around the world don`t have credit cards, which highlights another major challenge for the industry.
Both the public and private sector seemed to agree that greater co-operation was the key.
Government and Industry needed to work together, this is a situation that isn`t going away, Mr Arena concluded.

[Kersken]

C&W set to offload MobileOne stake
Roger Evers and Bloomberg

CABLE and Wireless is selling its 15 per cent stake in Singapore cellphone operator MobileOne (M1), which it owns through its Pacific Century CyberWorks (PCCW) (0008) joint venture Great Eastern Company, it was confirmed yesterday.
MobileOne chief executive Neil Montefiore said C&W had employed Merrill Lynch to advise its equity sale via a trade auction.
MobileOne took on ABN AMRO to advise it, Mr Montefiore said.
MobileOne intends to bid for a 3G licence in Singapore next year and has already given a S$500 million (HK$2.23 billion) letter of intent to Nokia to be its 3G partner. Mr Montefiore said MobileOne didn`t need a strategic partner and had plans to expand out of Singapore.
MobileOne, Singapore`s No 2 cell phone operator - better known to its customers as M1 - said it plans to expand to Malaysia and other neighbouring countries, as part of a bid to build a stronger regional presence.
The Singapore company is looking first to Malaysia where its brand is strongest, Mr Montefiore told Bloomberg.
Among cellular phone assets for sale in Malaysia are a one-third stake in Maxis Communications, which British Telecommunications is likely to sell, and a holding in the mobile unit of Telekom Malaysia, the former monopoly.
``M1 does have its own regional ambitions,`` Mr Montefiore told yesterday`s conference.
``Neighbouring countries are of great interest where the M1 brand has a pretty good perception and value.``
MobileOne is joined by other operators in Asia such as CyberWorks, Australia`s Telstra and Singapore Telecom, who all want to expand. They are all rushing to broaden their reach because of increasing competition at home and before high-speed mobile phone services are introduced.
If successful, M1 could be the first Singapore phone company to enter Malaysia, which has had political squabbles with Singapore over the past four decades.
Singapore Telecommunications, which is 80 per cent state- owned, was blocked in a bid earlier this year for a stake in Time Engineering, owner of Malaysia`s biggest fibre optic network.
M1 is 70 per cent owned by Keppel Telecommunications & Transportation and Singapore Press Holdings, two firms with links to Singapore`s government.
Back home, M1 may raise money through bonds or loans in its bid for one of four third generation cellphone licences that Singapore will give out in February.
7 December 2000 / 01:38 AM

[Kersken]

Thursday, December 7, 2000 JOINT VENTURES
Disclosure details cold comfort for IP bankers
BEN KWOK

Insufficient disclosure of details on the Internet protocol (IP) backbone joint venture between Pacific Century CyberWorks and Telstra Corp could affect local banks` participation in a US$2 billion loan being syndicated, according to bankers.
In a conference call with joint- venture officials on Monday, bankers were puzzled by the company`s unwillingness to disclose financial details.

"They were using commercial secrets as an excuse to avoid questions such as investments in its 50 cable systems and details about its landing rights, which makes it difficult for us to argue it`s a strong business case," said one Asian banker.

Other bankers were also not convinced. "Regional data growth is expected to grow faster in other parts of Asia than in Hong Kong and Australia but they do not have a good reason for it. The fact that they were an early bird in setting up regional offices does not guarantee success," said another banker.

In documents presented to bankers, the joint-venture revenue is expected to grow to US$1.94 billion next year and by 2007 will rise to US$4.5 billion.

Free cash flow, or earnings before interest, tax, depreciation and amortisation, is projected to grow 1.4 per cent to US$505 million and would increase to US$1.44 billion in 2007.

Despite the strong projections, bankers have reservations as to how many resources will be channelled into the IP business.

Of the US$2 billion raised by the backbone company, only a quarter will be reserved for working capital. CyberWorks will receive US$1.125 billion while US$375 million goes to Telstra.

[Kersken]

Thursday, December 7, 2000
SingTel to spend S$500m on Internet data centres in Asia

SINGAPORE Telecommunications Ltd (SingTel) reportedly plans to spend S$500mil over the next 18 months to set up a network of Internet data centres (IDCs) across Asia.
The move will put it in direct competition with Hong Kong`s Pacific Century CyberWorks (PCCW), which recently teamed up with Australia`s Telstra Corp in a strategic alliance which will include establishing a regional and "potentially global`` network of IDCs.

Besides expanding its existing IDCs in Singapore, Hong Kong, Japan and Australia, SingTel would develop new centres in Thailand, Taiwan, India and China, the Singapore Business Times quoted the group`s executive vice-president Lim Chuan Poh as saying.

SingTel may also expand into new markets should there be a demand, including possible acquisition of assets if the valuations and business fit were right, he said.

Lim stressed, however, that organic growth was the most efficient way for the group to move forward as there were not many credible IDC assets to take over.

Meanwhile, group subsidiary SingTel Mobile said it had set up a new business unit to oversee its regional expansion plans, which included taking "significant`` stakes in cellular operators in Taiwan, Hong Kong, South Korea and Australia.

SingTel, together with its subsidiaries and associates, has reportedly invested over S$5bil overseas so far.

Interconnected to SingTel`s telecommunications network across the region, the group`s IDCs will provide corporate users with secure and highly sophisticated facilities to house and manage data equipment and computer systems. Customers can also outsource their critical applications and network management to SingTel at the centres.

Asked about the competition, Lim said the current IDC market was fragmented and localised with no telecoms company in the same league as SingTel offering such a comprehensive regional network in Asia.

[Kersken]

Erster Handelstag der PCCW-Bonus-Optionen

In Hongkong startete heute der Handel der Optionen, die man als Bonus bekam, wenn man an der Kapitalerhöhung von PCCW teilnahm. Die Optionen notierten zu Börsenstart bei 79 HK-Cents. Momentan stehen sie bei 66 Cents. In den nächsten Tagen erwartet man eine Range von 60 bis 70 Cents bei den Optionen. Einige Analysten sprachen von einem sehr riskanten Investment, da man einen hohen Aufpreis zahlen müsse. Investoren werden wohl erst bei Kursen um 50 Cents oder darunter einsteigen.

PCCW gab jedem Anteilseigner, der an der Kapitalerhöhung teilnahm zwei Optionen mit einem Basispreis von 7,50 HK-$ und einer Laufzeit von einem Jahr für jede neu bezogene Aktie. PCCW notiert momentan bei 5,40 HK-$.
-js- 07.12.00 08:46:00

[Kersken]

PCCW zahlt keinen Bonus an die Arbeiter

PCCW hat in einer internen Notiz an alle Mitarbeiter bekannt gegeben, dass man in diesem Jahr keinen Bonus an die Belegschaft zahlen werde. Ausgenommen davon sind Mitarbeiter, die weniger als 10.000 HK-$ verdienen. Dies schreibt heute die "Apple Daily".

Das ist somit das erste Jahr für die Mitarbeiter seit langem, dass sie keine Bonus-Zahlung am Ende des Jahres bekommen. Ein Vertreter der Belegschaft sagte, dass sich diese Entscheidung auf die Arbeitsmoral der Arbeiter auswirken werde.
-js- 07.12.00 09:24:00

[Kersken]

PCCW mit neuem Direktor

Jeff Bowden soll neuer Board Direktor von PCCW werden. Statt dessen verläßt der bisherige William Cheung seinen Posten und wird Chief Operating Officer ( COO).

Bowden kam am 28. September von Nynex Corp. zu PCCW. Dort kümmerte er sich um den Merger mit Bell Atlantic Corp. und hat somit Erfahrung bei Firmenkooperationen. Früher hatte er für Boston Consulting Group gearbeitet.

PCCW kann heute deutlich zulegen und gewinnt 6,8 % auf 5,50 HK-$. Anleger hoffen auf neue Impulse für den Schuldenabbau von PCCW.
-fjs- 07.12.00 09:47:00

[Kersken]

PCCW-Telstra JV wird möglicherweise neue Anleihen ausgeben

Das Internet Protocol Backbone Joint Venture zwischen Pacific Century CW und Telstra wird möglichweise nach etwa einem Jahr Geschäftsaktivität neue Anleihen ausgeben. Dies entnahm die Hong Kong Economic Times aus Dokumenten. Dort heißt es weiter, dass wenn der Betrag von 2 Mrd. US-$ überschritten werden sollte, PCCW und Telstra das Joint Venture zunächst finanziell unterstützen müssen damit das Kredit Rating gleich bleibt. (jf)

© Emerging Markets Research, 07.12.00
http://www.em-research.de

[Kersken]

PCCW Optionen werden gehandelt

Heute war das Debut der PCCW-Optionen an der Hongkonger Börse. Gegen Anfang schoss der Preis bis 78 HK-Cents nach oben, mit einem Umsatz von 22 Mio. HK-$ in den ersten 30 Minuten. Aktuell notieren sie bei 70 Cents, der Umsatz liegt bereits bei 54 Mio. HK-$. Analysten erwarten für den Tagesverlauf Preise zwischen 60 und 70 HK-Cents (jf)

© Emerging Markets Research, 07.12.00
http://www.em-research.de

[Kersken]

PCCW ernennt COO und neuen Vorstand

Wie angekündigt hat PCCW heute einen neuen Chief Operating Officer (COO) für die gesamte Gruppe ernannt. Es ist William Kam-hung Cheung. Cheung war bereits in mehreren Positionen bei PCCW tätig. Zuletzt war er als COO B2B (Asia) tätig und somit für NOW, iTV und Netnavigator zuständig. Er soll nun die Restrukturierung der genannten Bereiche leiten. PCCW hat außerdem Jeffrey A. Bowden, zuständig für strategische Integration, in den Vorstand berufen. (jf)

© Emerging Markets Research, 07.12.00
http://www.em-research.de

[Kersken]

PCCW-Telstra JV mit 1.94 Mrd. US-$ Umsatz?

Die South China Morning Post berichtet heute, dass das IP Backbone JV zwischen PCCW und Telstra nächstes Jahr einen Umsatz von 1.94 Mrd. US-$ erwirtschaften soll. Bis 2007 soll dieser auf 4.5 Mrd. US-$ steigen. Das EBITDA soll im nächsten Jahr bei ca. 505 Mio US-$, 2007 bei 1.44 Mio. US-$ liegen. PCCW lehnte einen Kommentar zu diesen Zahlen ab. Eine Sprecherin teilte mit, dass man offiziell noch keine Zahlen herausgegeben habe, die Zahlen jedoch im Bereich von 2 Mrd. Umsatz und 500 Mio. EBITDA liegen sollen. Die oben genannten Zahlen "kommen aber nicht von uns", so die Sprecherin. (jf)

© Emerging Markets Research, 07.12.00
http://www.em-research.de

[Kersken]

Presse: CyberWorks und Telstra uneins über Telekomstrategie

07.12.2000 10:11
SYDNEY (dpa-AFX) - Die australische Telefongesellschaft Telstra und die Hongkonger Internetholding Pacific Century CyberWorks sind nach Information der "Australian Financial Review" über die Strategie ihres Telekom-Joint-Ventures uneins. CyberWorks habe den Bau eines internationalen Kabelnetzes für rund 5 Mrd. USD vorgeschlagen, berichtet die Zeitung am Donnerstag ohne Quellenangabe. Das Netz sollte angeblich in Asien starten, die USA durchqueren und durch Westeuropa bis Osteuropa reichen. Dieser Plan sei jedoch von John Hibbard, Leiter des weltweiten Vertriebs bei Telstra, gestoppt worden./cs/av/sk

[Kersken]

No setbacks for Cyberport
By GAO LINGJI

The mixed fortunes of Pacific Century Cyberworks (PCCW) have not hampered its development of the much-vaunted Cyberport project in Electric Bay, Hong Kong Island, according to Secretary for Information Technology and Broadcasting Carrie Yau.

Replying to question by Legco member Emily Lau, Yau said on Wednesday that PCCW has set up a wholly owned subsidiary, Cyber-Port Ltd, to undertake the Cyberport project in accordance with the terms of the project agreement that it had entered with the government in May this year.

"Cyber-Port has submitted to us payment records and other supporting information to show that all project expenses due for payment have been paid by them out of their own resources. The Cyberport project is progressing on schedule," she said.

Lau queried the financial arrangements for the Cyberport project undertaken by the Pacific Century Group (PCG).

She asked whether the Executive Authorities know if the financing activities in respect of the Cyberport project have been affected by the recent considerable drop in the share prices of PCCW, which is an affiliated company of PCG and if such activities have been affected, of the details and the impact on the progress of the project.

Lau also wanted to know when the authorities last examined the cash flow forecast and audited financial statements submitted by PCG; whether any areas of concern were identified when they examined such forecast and statements; if so, of the details; and whether any measures were taken to ensure that the project will not be delayed due to financial problems.

Yau responded by saying that the project agreement requires CyberPort Ltd to review its project forecast net cashflow schedule at the end of each quarter, and then submit the updated forecast to the authorities.

"The last review was done by Cyber-Port Ltd at the end of the September 2000 quarter. We have not identified any areas of concern from their submission.

"The project agreement also requires Cyber-Port to prepare audited financial statements at the end of each financial year and submit them to us afterwards. The first audited financial statements will be prepared at the end of this December."

Yau noted that Cyber-Port is responsible for the provision and procurement of funds to meet the project expenses. "Pursuant to the Project Agreement, PCCW has provided us a full parent company, performance and completion guarantee. The project agreement further requires Cyber-Port, starting from the commencement of the project, to procure from an "A" rated bank a cashflow guarantee to cover the forecast net cashflow requirements for every next six months. We are the beneficiary, and the first such cashflow guarantee, covering the period up to December 31, 2000, was received by us in June this year. A replacement six-monthly cashflow guarantee will need to be delivered to us prior to the expiry of each of the preceding cashflow guarantees," Yau said.

PCCW shares, which are trading at around HK$5.50 per share on the Hong Kong stock exchange, have been battered in recent weeks, losing about 80 per cent of their initial prices.

Brokers claim that the stock is undervalued but investors worry about the huge debt servicing costs the company is subject to following the acquisition of Hong Kong Telecom from Britain`s Cable & Wireless, brokers said.

[Kersken]

December 7, 2000
]b]Pro Picks: CSC Securities` Kenneth Lau Picks Three Telecoms For The Long Term [/b]

Pacific Century CyberWorks [8] - Hold Mr Lau emphasises that companies that provide networks for telecoms operators are bound to be winners because no matter how competitive the wireless market becomes, they would still benefit with their fixed network assets. For this, he picks Pacific Century CyberWorks [8] as the internet and telecoms group owns HongKong Telecom`s profitable fixed line network which has a dominate 90 percent market share in Hong Kong. "The other value of the Company is its IP backbone venture with Australia`s Telstra [X.TLS]," says Mr Lau. But weighing on the stock is the legacy of the HongKong Telecom takeover from Cable & Wireless [L.CW.]. "C&W will sell a 7.5-percent stake in PCCW in February and another 7.5-percent in August. If CyberWorks can find a buyer for C&W`s stake, the stock price would stabilise," he said.
Mr Lau has sell recommendations on two smaller players in the sector.


SmarTone [315] Hong Kong`s fixed line market is saturated while the wireless

[Kersken]

12:53 08-DEC-2000
PCCW warrant (0587-HK) jumps 56 pct, PCCW shares up 7 pct

PCCW warrants reached a new high of $1.02 since its debut. It closed up $0.37, or 57.8 pct, to $1.01.

It shares also peaked at $5.90 and later closed $0.40, or 7.4 pct, at $5.80 at midday.

The number of subscriptions for the rights issue was less than 1,000.
(End)

[Kersken]

PCCW und Telstra splitten Breitbandsparte

Wie die Hongkong Economic Times berichtet planen PCCW und Telstra eine strategische Aufteilung ihres gemeinsamen Breitbandkabel-Projektes. Während sich PCCW mit der Entwicklung und dem Ausbau des Netzwerkes rund um den Globus kümmern soll, konzentriert sich Telstra auf die asiatisch-pazifischen Regionen. (msp)

© Emerging Markets Research, 08.12.00
http://www.em-research.de

[Kersken]

Breitbandanbieter in Hongkong mit Nachfrage-Mangel

Wie die Hongkong Economic Times berichtete, bitten Breitbandanbieter in Hongkong um eine Verlangsamung des Ausbaus von Breitbandverbindungen. Durch den weiteren Ausbau des Netzes würden sich die Kunden auf noch mehr Anbieter verteilen und die jetzt schon geringe Nachfrage würde weiter sinken. Viele Anbieter hätten Probleme die Lizenzkosten aufzubringen, so das Tagesblatt. (msp)

© Emerging Markets Research, 08.12.00
http://www.em-research.de

[Kersken]

North Asia News
Fri, 08 Dec 2000, 2:58pm HKT
CyberWorks Scraps Year-End Bonuses for Most HKT Staff (Update1)
By Cathy Chan

Hong Kong, Dec. 8 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia No. 2 Internet company by market value, said it won`t pay year-end bonuses to its higher-paid workers at Cable & Wireless HKT Ltd., which it acquired last August.

``The bonus payment will not be made this December as the company has experienced a decline in profit for the year ended Sept. 30,`` CyberWorks said in an internal circular to the nearly 13,000 HKT staff.

However, workers earning HK$10,000 ($1,280) a month or less will still be paid a bonus equivalent a month`s basic salary on Dec. 29. according to Jenny Fung, senior vice president of CyberWorks.

HKT staff agreed in 1998, as part of a strike settlement, that bonuses would be tied to the company`s operating profit, she said. The phone arm, now called Cyberworks, reported a 3.2 percent drop in operating profit to HK$4.2 billion in the first half of this year.

Following the merger, the April-March fiscal year of HKT unit was changed to coincide with the calendar year of its parent.

CyberWorks said last month it will pay 2,500 HKT employees nine months` salary as early retirement compensation if they leave their jobs early. That would save Cyberworks about HK$60 million a year. The company expects 10 percent of those eligible to accept the offer.

[Kersken]

PCCW: Aktie + 8%, Optionsschein + 57%

Ein deutlicher Anstieg ist heute bei PCCW auszumachen. Der Internetinvestor, dessen Kurs in den letzten Monaten nur den Weg nach unten kannte, schloß heute über 8 % höher bei 5,85 HK-$. Ein starker Anstieg auch bei den Optionscheine, die gestern erstmals gehandelt wurden. Diese können sogar um 58 % auf 1,01 HK-$ ansteigen.

Jeder Aktionär, der an der Kapitalerhöhung teilnahm, hat für jede neu bezogene Aktie zwei dieser Optionsscheine dazu bekommen. Die Scheine haben einen Basispreis von 7,50 HK-$ und eine Laufzeit von einem Jahr.
-js- 08.12.00 09:49:00

[Mammon77]

hallo an alle,
hoffentlich geht das auch diese woche weiter richtung norden!! war es jetzt wirklich die wende?? wird sich ja die nächsten tage zeigen, vielleicht gibt es doch noch ein schönes weihnachtsfest??!!!
MfG

[thetoto]

Hi pccw-fans + hasser,

ich hab meine aktien am 16.12.1999 zu einem kurs von 1,08 euro erworben und könnte jetzt einen kleine spek.-verlust realisieren. Wie ist eure meinung zur weiteren entwicklung?

Die anrechte zum bezug neuen aktien hat meine bank meine bank ausgebucht, ohne verkaufserlös!!! ist das korrekt?

[Lu33]

@thetoto

Deine Bezugsrechte ausgebucht ohne Erlöß das ist NICHT in Ordnung.
Es ist normal das wenn Du deiner Bank keine andere Order erteilst sie am Ende der Bezugsfrist sie bestmöglichst verkauft.Dann müßen sie Dir aber auch den Erlöß gutschreiben

Ich habe für 1000 Bezugsrechte ca.16DM!!! bezahlt.
leider haben sie mir die OS noch nicht eingebucht sondern nur die Aktien.
Der OS ist bei ca 1HKD am Freitag plus 57% selber schuld wer dadrauf verzichtet hat.

Lu33

[Kersken]

12:16 09-DEC-2000
PCCW/Telstra joint ventures to register in Bermuda

Australia`s Telstra Corp said it would register its joint ventures with Hong Kong`s PCCW (0008-HK) in Bermuda. A Telstra spokesperson said the location was chosen because of the country`s recognised legal system and its stable regulatory environment that is tax neutral.

A national newspapers, The Australian, said in a report that the groups plan to raise US$1.51 billion through stock market listings of a maximum of 10 pct of each of the ventures within 12 months.
(End)

[Kersken]

CyberWorks promotes Jeff Bowden, William Cheung
By Bloomberg, Singapore.CNET.com
Thursday, December 7 2000

HONG KONG--Pacific Century CyberWorks Ltd, Asia`s No 2 Internet company, said it promoted Jeff Bowden to its board of directors and moved William Cheung from one of its subsidiaries to become chief operation officer.
Bowden, executive vice president for integration strategy, joined CyberWorks on September 28 from the Nynex Corp in the US, where he led that company`s merger with Bell Atlantic Corp. Bowden has also worked for Boston Consulting Group Inc.

Cheung, who was chief operation officer at a CyberWorks unit, B2C (Asia), is promoted to a similar position responsible for the whole group. Both Cheung and Bowden will participate in CyberWorks` executive committee.

CyberWorks, which spent US$28 billion buying Cable & Wireless HKT Ltd earlier this year, recently secured a US$4.7 billion loan to help repay US$9 billion it borrowed to pay for that acquisition.

Its share price, which has fallen 70 percent this year, rose 35 cents or 6.8 percent to HK$5.50.

Copyright 2000, Bloomberg L.P. All Rights Reserved.

[bobolo]

Hallo PCCW - Stetegen,
meine Bank hat mir mitgeteilt, daß nach Ausübung der Bezugs-
rechte die neuen Aktien inkl. der Optionsscheine im Laufe
der nächsten Woche eingebucht werden. Valuta für die
Abrechnung ist jedoch der 05.12.2000. Kommentar der Bank:
Die Aktien wurden erst so spät aus China übermittelt und
können nicht vorher eingebucht werden. Das Valuta wird eben-
falls von China sprich von dem Vertragspartner dort festgelegt.
Das sei üblich bei Kapitalerhöhungen mittels Cash.
Frage an Euch nun: Wer hat gleiche Erfahrungen gemacht bzw.
wie werden Eure Orders in diesem Fall abgerechnet?