PCCW-News, Berichte & Stories 50.KW in Deutsch/Englisch - 500 Beiträge pro Seite

[Kersken]

09:19 11-DEC-2000
PCCW (0008-HK) reported spinning off iLink.net in Jan

Pacific Century CyberWorks (PCCW) is planning to spin off its Internet data centre - iLink.net ¡V for a separate listing on the Growth Enterprise Market next month, according to the Oriental Daily, citing market sources.

iLink.net will initially issue 10 pct in new shares to raise $200 million to $400 million.

iLink.net is estimated to be around $2 billion-$4 billion.

As a result, PCCW will possibly gain $160 million from the spin-off.
(End)

[Kersken]

Richard Li in on Foxtel secrets
By Geoff Elliott and Finola Burke
11dec00

TELSTRA has put itself on a collision course with its Foxtel partners by striking a secret agreement with Richard Li`s Pacific Century CyberWorks to give the Hong Kong entrepreneur influence over Australia`s largest pay TV company.

The secret deal puts a new perspective on the crucial debate between the Foxtel shareholders, who also include Kerry Packer`s Publishing & Broadcasting and Rupert Murdoch`s News Limited, over the type of digital set-top boxes to be deployed in Australia.
In the two-page agreement, called the "Broadband Memorandum of Understanding", Telstra has promised to keep PCCW "informed about specification and deployment of future digital set-top boxes in Australia, so that PCCW can make a suggestion about what may be included in the box to make it compatible with the NOW service".

NOW is Mr Li`s Network of the World internet and television service and the arch-rival to News Corp`s Asian pay TV service, Star TV.

These high-tech boxes on the TV set will replace analog boxes and Mr Li, thanks to the secret agreement, appears to have emerged as something of a backroom lobbyist to influence Telstra`s position.

The digital boxes, which will allow for more channels and interactive internet services on pay TV channels, are critical to the revenue streams at Foxtel.

Telstra`s agreement with Mr Li is "subject to third-party obligations", meaning that the exclusive arrangements in the Foxtel partnership will be excluded from the agreement.

A spokesman for Telstra said yesterday the agreements gave PCCW "no rights in relation to the set-top boxes" and Telstra had no obligations to PCCW in respect to pay TV in Austra lia.

The Telstra undertakings were signed by Telstra group managing director Dick Simpson, who reports directly to chief executive Ziggy Switkowski, and PCCW deputy chairman Alex Arena.

Telstra, a 50 per cent shareholder of Foxtel, has the right of veto over everything that goes into its set-top boxes beyond the pay TV service.

That includes the potentially lucrative interactive services, which give it and, now Mr Li, a strong hand in negotiations over the type of set-top box deployed.

Foxtel has exclusive access to Telstra`s hybrid fibre-optic co-axial broadband cable for its pay TV service.

However, this exclusive arrangement has been challenged by the full bench of the Federal Court, which in October ruled Seven Network had the right to access Foxtel`s analog set-top boxes and Telstra`s cable for its pay TV channels.

Telstra`s arrangements with PCCW relate only to the digital set-top boxes.

It is understood, however, neither PBL nor News had any knowledge of this Hong Kong agreement despite the fact the Foxtel partners have been debating for months about the digital set-top box rollout on Telstra`s cable.

Those discussions seemed to reach an impasse in October, when Mr Murdoch described negotiations with Telstra as becoming "an artform they`ve been going on for so long".

PBL executive chairman James Packer said Foxtel had the potential to be the BSkyB of Australia if the partners could work out their differences.

Telstra and PCCW have previously said they would work together to "facilitate use of PCCW`s NOW content and applications in Telstra`s narrowband and broadband internet offering and distribute NOW`s broadband channel in Australia".

But there had been no mention of Telstra giving Mr Li a say in the digital set-top boxes that operate on its cable.

Telstra also plans to distribute NOW on its broadband cable, its digital subscriber line high-speed internet service and satellite high-speed internet service.

While the agreement does not cover NOW TV, Telstra and PCCW have agreed to nut out the final arrangements within three months of NOW becoming available on Telstra.com.

This could leave the way open for Telstra to negotiate with its Foxtel partners to carry NOW TV.

News Corp is unlikely to agree to such a move.

In August, Mr Murdoch`s younger son, James Murdoch, launched a blistering attack on Mr Li, claiming he was one of the worst offenders of "paying lip service to the notion of globalism".

James, who is the chairman and chief executive of Star TV, told a conference that PCCW continued to make the mistake of producing English-language content for Indian and Chinese audiences.

News bought Star TV from Mr Li in 1995 for $870 million, a price that many media analysts considered inflated.

[Kersken]

Telstra, CyberWorks venture set to raise $11.7b in IPOs
Bloomberg and a staff reporter

TELSTRA and Pacific Century CyberWorks (0008) plan to raise US$1.51 billion (HK$11.77 billion) by selling shares to the public in their Internet infrastructure, mobile phone and data communications ventures in the next year, it was reported at the weekend.
The biggest telecommunications companies in Australia and Hong Kong, who established the ventures in October, will offer up to 10 per cent of each of the three companies to the public, valuing their alliance at US$15.1 billion, a report in The Australian said, citing agreements between the two companies.
Telstra and CyberWorks have placed the most value on their equally owned Internet infrastructure venture, IP Backbone, at US$10 billion.
The Regional Wireless Company, a mobile phone company, is valued at US$3 billion, while International Data Centres is valued at US$2 billion, the newspaper said.
``We`ve consistently said there are plans to ultimately float those companies,`` said Jason Laird, the company`s spokesman.
``Telstra is not commenting on the suggested values of the companies. That is something for the market to determine.``
In October, CyberWorks surrendered control of its mobile phone business to Telstra to salvage their joint venture and raise as much as US$3.55 billion.
The IP Backbone, called Internet Protocol Backbone pending selection of a formal name, is an undersea cable project which will carry voice, data and Web services.
It`s borrowing US$2 billion from a syndicate of banks headed by Chase Manhattan and Barclays Capital Asia as its parent tries to expand around Asia.
The joint venture will pay CyberWorks US$1.125 billion in cash and Telstra US$375 million for its assets.
CyberWorks shares, which have lost two-thirds of their value this year, rose 45 cents or 8.3 per cent to $5.85 Friday. Telstra fell 13 Australian cents or 2 per cent to A$6.28 (HK$26.84).
Meanwhile, the paper also reported that Telstra is preparing to transfer more than A$5 billion in assets to a shelf company in tax-free Bermuda to sidestep tax bills that could run to billions of dollars.
The paper said the asset transfer is ``a key part of Telstra`s alliance with PCCW, dubbed by the companies` executives as Project Five Star``.
The paper said it based the report on legal documents it had obtained relating to Telstra-PCCW agreement.
``The A$5 billion transfer of Telstra`s portfolio of international assets, including its interest and ownership rights of about 50 submarine telephone and Internet cables crossing the globe, could happen as soon as Friday.``
Telstra treasurer Cliff Davis was quoted saying the the Bermuda-registered entities were holding companies and their underlying businesses would be based in Hong Kong.
``We are in no way trying to avoid or minimise tax in Australia, but we are trying to not have to pay tax again in some other tax regime for basically what is a restructuring,`` the newspaper quoted him as saying.
Calls by iBusiness to PCCW spokeswoman Joan Wagner were not returned.
11 December 2000 / 01:53 AM

[Kersken]

10:03 11-DEC-2000
HSI opens at 15,274, up 84, PCCW high at $6.05

The Hang Seng Index opened at 15,274, up 84 pts.

PCCW climbed over the $6.00 mark to reach a high of $6.05 in early trade.
(End)

[Kersken]

10:59 11-DEC-2000
Telstra, PCCW reported in Australia digital TV agreement

Australia`s Telstra Corp has entered into a digital TV agreement with its Hong Kong partner Pacific Century CyberWorks (PCCW) without informing fellow shareholders at Foxtel Pty, Australia`s No. 1 pay-TV company, The Australian newspaper reported.

Rupert Murdoch`s News Corp and Kerry Packer`s Publishing and Broadcasting Ltd, which each holds 25 pct of Foxtel, were also not informed of the arrangement.

The document said Telstra would "keep PCCW informed of the specification and deployment of the set top equipment, so that PCCW can make a suggestion about what may be included in the box to make it compatible with the NOW service."
(End)

[Kersken]

PCCW: iLink Listing im Januar

Die Oriental Daily berichtete heute, dass die zu 41% in PCCWs Händen befindliche Tochter iLink.net im Januar einen separaten Börsengang am Growth Enterprise Market wagen wird. Dafür sollen 10% neue Aktien ausgegeben werden. Der Wert von iLink soll zwischen 2 und 4 Mrd. HK-$ liegen, die Einnahmen sollten also zwischen 200 und 400 Mio. HK-$ liegen. PCCW könnte durch den Börsengang einmalige Einnahmen von bis zu 160 Mio. HK-$ erzielen. (jf)

© Emerging Markets Research, 11.12.00
http://www.em-research.de

[Kersken]

PCCW-Tesltra JVs werden in Bermuda registriert

Wie ein Sprecher der australischen Tesltra Corp. mitteilte, werden die Joint Ventures zwischen Pacific Century Cyberworks und Telstra in Bermuda registriert werden. Der Grund hierfür sind hauptsächlich starke steuerliche Vorteile.

Wie wir berichteten erwarten die JVs von den Listings außerdem Gesamteinnahmen von über 1.5 Mrd. US-$. Das Netzwerk JV soll 1 Mio. generieren, Das Mobilfunk-JV 310 Mio. und das Datencenter-JV 200 Mio. US-$. (jf)

© Emerging Markets Research, 11.12.00
http://www.em-research.de

[Kersken]

PCCW und Telstra mit geheimem MOU

Pacific Century CW und Telstra haben ein geheimes MOU unterzeichnet. Es geht hierbei um die zu 50% in Telstras Händen befindliche Foxtel Pty, größter Pay-TV Anbieter Australiens. PCCW kann Foxtels Set Top Boxen einsetzen und außerdem Vorschläge für den Content machen. Dies berichtete "The Australian Newspaper". Dies soll PCCW helfen, Vorschläge zu bringen die kompatibel zum Network of the World (NOW) sind. Die beiden anderen Anteilseigner Foxtels News Corp und Kerry Packer`s Publishing and Broadcasting Ltd wurden hierüber nicht informiert. (jf)

© Emerging Markets Research, 11.12.00
http://www.em-research.de

[Kersken]

PCCW -Telstra-JVs: Sitz auf den Bermudas

Telstra und PCCW wollen ihre Joint Ventures auf den Bermudas registrieren lassen. Dies sagte ein Telstra-Sprecher gegenüber der Nachrichtenagentur Reuters. Als Grund nannte er die steuerlichen und rechtlichen Vorteile auf der Insel.

Weiter planen beide Unternehmen laut der Zeitung "The Australian" durch Listings des IP-Backbone-, des Mobilfunk- und des Daten-Center-Joint Ventures bis zu 1,51 Mrd US-$ einzunehmen. Dazu soll jedes dieser Projekte in den nächsten 12 Monaten mit bis zu maximal 10 % an die Börse gebracht werden. Nach Schätzungen der beiden Firmen ist das Netzwerk-Joint Venture 10 Mrd US-$ wert, das Mobilfunk-JV 3,1 Mrd US-4 und die Daten-Center-Kooperation 2 Mrd US-$.
Asiainternet: -js- 11.12.00 08:04:00

[Kersken]

PCCWs iLink kommt im Januar an den GEM

Der Daten-Center-Betreiber iLink, der zu 41 % in den Händen von PCCW ist, plant im Januar den Gang an den GEM in Hongkong. Dies schreibt jedenfalls die "Oriental Daily News". Man will durch das Listing zwischen 200 und 400 Mill HK-$ (51,3 Mill US-$) einnehmen.

iLink will insgesamt 10 % seines Kapitals an die Börse bringen. Damit wäre das Unternehmen mit 2 bis 4 Mrd HK-$ bewertet. Mit dem Geld will man Daten-Center in Taiwan, Singapore und anderen Ländern errichten.

PCCW hat ursprünglich 80 % von iLink für 10 Mill US-$ erworben. Erste Anteile hatte man schon früher verkauft und so den Anteil auf 41 % reduziert. Durch den Gang an die Börse würde PCCW einen Einmal-Gewinn von 160 Mill HK-$ verbuchen können.

Zu den weiteren Aktionären von iLink gehört unter anderem Dell mit 6 %.
-js- 11.12.00 08:55:00

[Kersken]

Geheimabsprache von Telstra und PCCW ?

Nach einem Bericht einer australischen Zeitung haben PCCW und Telstra eine geheime digital TV-Absprache getroffen. Beide Unternehmen haben hierzu ein zweiseitiges Memorandum of Understanding unterzeichnet ohne, dass Telstra seine 50 % Pay-TV-Beteiligung Foxtel informiert hat. Auch die anderen zwei Anteilseigner von Foxtel, die News Corp. und Kerry Packers Publishing and Broadcasting Ltd., wurden nicht von der Vereinbarung in Kenntnis gesetzt.

Aufgrund dieses Vertrages wird PCCW über die Entwicklung der Set-Top-Boxen informiert werden. Das Hongkonger Internetunternehmen kann Vorschläge machen, was in die Boxen eingebaut werden soll oder nicht. So hat PCCW die Möglichkeit die Boxen kompatibel für sein Breitbandnetzwerk NOW und seinen TV-Service zu machen. Beides sind Konkurrenten zum Star TV von Murdochs News Corp.

Telstra, die News Corp. und Publishing and Broadcasting diskutieren schon seit Monaten über die Set-Top-Boxen. Die Boxen sind nötig um die analogen Signale in digitale umzuwandeln.
-js- 11.12.00 09:50:00

[Kersken]

Frühpensionierungsangebot von PCCW unbeliebt

Ein PCCW-Sprecher sagte, dass über 150 Mitarbeiter das Angebot einer Frühpensionierung angenommen haben. Die genaue Zahl wollte er allerdings nicht nennen. PCCW hatte dieses Angebot 3000 Mitarbeitern gemacht, die man von C&W HK übernommen hat und die schon 20 Jahre in dem Unternehmen beschäftigt sind. Nach Zeitungsberichten zufolge hat PCCW mit 250 Leuten gerechnet, die das Angebot annehmen würden. Dies hätte zu jährlichen Einsparungen von 61 Mill HK-$ geführt. PCCW bestreit aber sich ein solches Ziel gesetzt zu haben.

Die geringe Akkzeptanz liegt unter anderem an der Widerstrebung PCCWs eine Entschädigung von 12 statt 9 Monatsgehältern zu zahlen.
-js- 11.12.00 10:39:00

[Kersken]

PCCW: 150 Mitarbeiter akzeptieren Frühpensionierungsangebot

Etwa 150 Mitarbeiter haben laut Jenny Fung, einer Sprecherin, das Frühpensionierungsangebot PCCWs angenommen. Die genaue Zahl wurde nicht genannt. Angeboten hatte es PCCW etwa 3000 Angestellten, die über 20 Jahre in der übernommenen HKT gearbeitet hatten. Gerüchten zufolge hatte PCCW mit etwa 250 Leuten gerechnet, was Kosteneinsparungen von 61 Mio. HK-$ gebracht hätte. Dass PCCW dieses Ziel möglicherweise verfehlt hat, liegt unter anderem daran, dass das Unternehmen die Entschädigungszahlung von 9 Monatgehälter nicht auf 12 erhöhen wollte. PCCW dementierte allerdings, dass man sich ein solches Ziel gesetzt habe. (jf)

© Emerging Markets Research, 11.12.00
http://www.em-research.de

[Kersken]

PCCW: Im Cyberport werden Wohnungen in Büros umgewandelt

Wie sich schon seit Monaten andeutete, werden die Büroflächen in PCCWs Cyberport keineswegs ausreichen. Aus diesem Grund wird die Regierung nächsten Monat anordnen, dass statt 150 der geplanten Wohnungen Büros gebaut werden. Doch selbst nach dieser "Umwandlung" werden die Flächen nicht ausreichen. Bisher haben 200 Unternehmen Interesse bekundet; die momentanen Flächen würden für ein Drittel von ihnen ausreichen. Ob weitere Maßnahmen getroffen werden bleibt bisher offen. (jf)

© Emerging Markets Research, 11.12.00
http://www.em-research.de

[Kersken]

Short Take: PCCW data center unit to raise US$51m
By Bloomberg, Singapore.CNET.com
Monday, December 11 2000

HONG KONG--ILink.net Holdings Ltd, a data center unit 41 percent-owned by Pacific Century CyberWorks Ltd, plans to raise as much as HK$400 million (US$51.3 million) by selling shares and listing on the Growth Enterprise Market in Hong Kong. The public share offer may occur as early as next month, and the shares may begin trading by the end of January, Oriental Daily News reported, citing unidentified people.
The company will be valued about HK$2.4 billion (US$308 million) if it issue 10 percent of itself in new shares, the paper said. CyberWorks, which previously bought 80 percent of iLink for US$10 million, is expected to make HK$160 million (US$20.5 million) profit from the share sale, the paper said. ILink will use to funds to establish four data centers in Southeast Asia, including Taiwan and Singapore. Dell Computer Corp holds 6 percent of ilink, and Henderson Investment Ltd owns 11.52 percent. The company operates two data centers in Hong Kong, provides Internet connections and hosts servers.

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

[Kersken]

11:20 12-DEC-2000
PCCW reported applying for 11 pct phone charge increase

Pacific Century CyberWorks (PCCW) plans to raise residential telephone service charges by 11 pct and has applied to the authorities, the SCM Post reported.

A spokesperson for the company declined to comment on the report.
(End)

[Kersken]

Coup seen for Li on TV set-top box
Staff reporter, Hong Kong iMail

RICHARD Li Tzar-kai`s Pacific Century CyberWorks (0008) (PCCW) and Australia`s Telstra have signed a secret agreement which will give PCCW significant influence over the specifications and deployment of future digital set-top boxes available to Foxtel, Australia`s biggest pay-TV operator, according to a report in The Australian newspaper.
The report said the agreement now puts Telstra, Australia`s biggest telecommunications company, on a collision course with its Foxtel partners - Rupert Murdoch`s News Ltd and Kerry Packer`s Publishing and Broadcasting Limited (PBL) - over what type of digital set-top boxes will be deployed in Australia.
The report says Telstra, in a two-page agreement called the Broadband Memorandum of Understanding, has promised to keep PCCW fully informed about the ``specifications and deployment of future digital set-top boxes in Australia``.
This would allow PCCW to ``make suggestions about what may be included in the box to make it compatible with the Network of the World (NOW) service``.
``These high-tech boxes on the TV set will replace analog boxes and Mr Li, thanks to the secret agreement, appears to have emerged as something of a backroom lobbyist to influence Telstra`s position,`` according to the newspaper report.
The report says the digital boxes, which will allow for more channels and interactive Internet services on pay TV channels, are critical to the revenue streams at Foxtel.
``Telstra`s agreement with Mr Li is subject to third-party obligations, meaning the exclusive arrangements in the Foxtel partnership will be excluded from the agreement,`` the report says.
Foxtel is jointly owned by Telstra (50 per cent), News Ltd (25 per cent) and PBL (25 per cent). The paper says the agreement was signed by Telstra group managing director Mr Dick Simpson, who reports directly to chief executive Ziggy Switkowski, and PCCW deputy chairman Alex Arena.
``Telstra has the right of veto over everything that goes into its set-top boxes beyond the pay TV service,`` according to the report.
``That includes the potentially lucrative interactive services, which give it and, now Mr Li, a strong hand in negotiations over the type of set-top box deployed.``
The paper said neither PBL nor News Ltd had any knowledge of the agreement despite the fact the Foxtel partners have been debating for months about the digital set-top box rollout on Telstra`s cable.
``Those discussions seemed to reach an impasse in October, when Mr Murdoch described negotiations with Telstra as becoming an artform they`ve been going on for so long,`` the newspaper says. ``Telstra and PCCW have previously said they would work together to facilitate use of CyberWorks` NOW content and applications in Telstra`s narrowband and broadband Internet offering.
They would likewise distribute NOW`s broadband channel in Australia.
But there had been no mention of Telstra giving Mr Li a say in the digital set-top boxes that operate on its cable, the paper says.
``Telstra plans to distribute NOW on its broadband cable, its digital subscriber line high-speed Internet service and satellite high-speed internet service`` according to the report.
Calls to PCCW by the Hong Kong iMail for comment were not returned. An independent analyst in Hong Kong said the agreement, if true, ``raises some very important questions about the Foxtel shareholders - PBL and News Ltd.``
``I don`t think they are going to take this lying down,`` said the analyst, who declined to be named.
``The timing is also very interesting considering that digital television is due to begin in Australia on January 1, 2001. But the introduction will not be smooth.
``There is a lack of digital set-top boxes in Australia due to the lack of any unifying standards.
``Digital will begin on January 1 but who is going to watch it? Consumers can`t get the boxes and there`s a problem with the pricing.``
Telstra had been looking at ways of providing interactive TV on Foxtel (subscriber base 657,000) for some time, but had not had much success in trying to convince its shareholders News Ltd and PBL.
The analyst also added that Japan and Australia were Asia`s two biggest digital TV markets.
Japan began digital TV this month and Australia begins next month.
12 December 2000 / 02:29 AM

[Kersken]

Tuesday, December 12, 2000
CSFB and Pacific Century CyberWorks

In reference to a recent Business Post article quoting a Credit Suisse First Boston economist about the Hong Kong economy and mentioning Pacific Century CyberWorks, CSFB wishes to clarify that its equity research analyst who covers PCCW has a positive view of the company and its earnings outlook.
Views expressed to the contrary are not those of CSFB, and we regret any mistaken impressions caused. In addition, CSFB would like to add more context for the quoted material. The Internet business is only one of eight businesses at PCCW; the company as a whole generates significant operating cashflows.

[Kersken]

Tuesday, December 12, 2000 TELECOMS
CyberWorks to break $100 home phone rate
BEN KWOK

Pacific Century CyberWorks plans to raise its monthly base rate for residential telephone charges more than 11 per cent, which would take it above HK$100, according to sources.
The company is waiting for approval for a proposed tariff increase submitted to the Office of the Telecommunications Authority last week, the sources said.

They did not disclose the exact amount of the increase being sought, but they said CyberWorks did not ask for the maximum allowed, which would have taken the rate to HK$110.

A company spokesman declined to confirm the proposed tariff changes. Reports suggested that CyberWorks, which pledged its fixed-line business for a recent refinancing of US$4.7 billion, proposed to raise tariffs to HK$108, or 20 per cent more than the present rate, but sources said that "it would be somewhat difficult" to raise the tariff to this level.

Utilities such as Hongkong Electric proposed raising tariffs by less than 5 per cent next year and Western Harbour Tunnel proposed raising tolls by 16.7 per cent, taking advantage of an improved economy.

CyberWorks spokesman Jenny Fung said the company`s plan to raise the tariff was not inflation-linked.

"We have been effectively subsidising IDD income to our fixed-line business, and that contributed less to the group earnings," Ms Fung said.

In an interview with Business Post earlier this month, Roy Wilson, managing director of PCCW HKT, said the company would have made HK$500 million more in net profit had it chosen to raise the tariff to HK$100 on two occasions, last year and this year.

"Not everyone in the fixed-line business is making money," Mr Wilson said. "We have not charged enough to get our money back."

Cable & Wireless HKT had an option to increase the local residential charge to HK$100 in January 1999, and an option to raise it as high as HK$110 this year after the former telecommunications monopoly agreed to open up the international telecoms market.

Mr Wilson also said the company had no intention of raising the tariff twice this year.

CyberWorks, which had 2.17 million residential fixed lines at the end of June, will get at least HK$217 million more a year if it is allowed to raise the tariff to more than HK$100.

Three other fixed-line operators are unlikely to follow CyberWorks` move.

"We have no immediate plan to change the tariff," said Tong Cheung Tung-lam, director of Wharf Holdings subsidiary New T&T, the second-largest fixed-line operator.

Sources said the CyberWorks increase could come as early as before the Lunar New Year. CyberWorks is required to give customers a month`s notice of any tariff increase.

[Kersken]

PCCW: Telstra distanziert sich von JV-Bewertung

Laut der Australian Financial Review soll sich Telstra von den von PCCW erstellten Bewertungen für die gemeinsamen Unternehmenssparten distanzieren. So hat PCCW die drei Sparten mit insgesamt 14.8 Mrd. $ bewertet. Dafür ist alleine das Infrastruktur Jointventure mit 10 Mrd. $ bewertet. (fs)

© Emerging Markets Research, 12.12.00
http://www.em-research.de

[Kersken]

Erhöht PCCW Telefongebühren?

Laut der South China Morning Post plant PCCW die Festnetzgebühren um 11% anzuheben. Man habe sich dafür schon bei den zuständigen Institutionen beworben.

Ein Sprecher von PCCW lehnte jeden Kommentar zu dem Bericht ab. (fs)

© Emerging Markets Research, 12.12.00
http://www.em-research.de

[Kersken]

PCCW plant Gebührenerhöhung

PCCW, die größte Telefongesellschaft in Hongkong, plant die monatlichen Gebühren für lokale Telefongespräche um über 11 % zu steigern. Das würde heißen, dass der monatliche Festpreis bei über 100 HK-$ liegen würde. Dies schreibt die "South China Morning Post" in ihrer neusten Ausgabe. Das Unternehmen habe schon bei der Telekommunikationsbehörde angefragt und warte momentan auf die Genehmigung.

PCCW hat jedoch nicht nach der maximal möglichen Erhöhung bei der Behörde angefragt, schreibt das Blatt weiter. Maximal könnte das Unternehmen von Richard Li den Preis bis auf 110 HK-$ erhöhen.

PCCW wollte zu dem Bericht keine Stellungnahme abgeben.
-js- 12.12.00 09:07:00

[Kersken]

PCCW will Telefongebühren in Hongkong um 11% erhöhen - 4 Datenzentren geplant

12.12.2000 12:07
HONGKONG (dpa-AFX) - Pacific Century CyberWorks Ltd (PCCW) will die monatlichen Gebühren für einen Festnetzanschluss in Hongkong um mehr als 11% auf über 100 HKG anheben. Dies berichtetet die Tageszeitung "South China Morning Post" am Dienstag ohne Nennung von Quellen. Der Anbieter von Kommunikations-Diensten habe einen entsprechenden Antrag bei der Hongkonger Telekommunikationsbehörde eingereicht und warte nun auf eine Genehmigung.

Außerdem hat PCCW angekündigt, über die Tochter Powerbase vier Datenzentren in Shanghai, Guangzhou, Taiwan und Singapur in Betrieb zu nehmen. Die Eröffnung sei bereits für das erste Quartal 2001 geplant, erklärte Joseph Ma, Leiter des PCCW-Geschäftsbereichs Datenservices./fa/mr/sk

[Kersken]

Nortel erhält 10-Mio-USD-Auftrag von C&W zur Entwicklung von IT-Diensten

12.12.2000 13:30
BOSTON (dpa-AFX) - Die Nortel Networks-Tocher Internet Protocol Virtual Private Network (IP VPN) hat von der Cable & Wireless PLC (C&W) einen Auftrag in Höhe von 10 Mio. USD erhalten. Gegenstand der Order sei die Entwicklung eines Internetdienstes der nächsten Generation in 80 Ländern, teilte Nortel am Dienstag in Boston mit.

Cable & Wireless vertreibe bereits Internetdienste von Nortel Networks in 22 Ländern, hieß es. Das Unternehmen plane innerhalb der nächsten zwölf Monate rund 80 Länder zu bedienen./as/av/sk

[Kersken]

PCCW investiert 30 Mio $ in Datenzentren

PCCW hat heute bestätigt, dass man im kommenden Jahr insgesamt 30 Mio $ in den Ausbau von 4 asiatischen Datenzentren investieren wolle.

Insgesamt rd. 10.000 m² zusätzliche Fläche sollen in Shanghai, Guangzhou, Beijing, Taiwan und Singapur hinzugefügt werden.

Der Break Even für die Geschäftstätigkeit der Datenzentren wird in 2 bis 3 Jahren erwartet. Die zusätzlich zu PCCWs Engagement mit Telstra gegründete Datencenter Company wird anfangs in China, Japan, Taiwan, Korea, Neuseeland und Singapur ihre Provioderdienste anbieten.
-fjs- 12.12.00 14:54:00

[Kersken]

10:53 13-DEC-2000
Rumours say blue chip firm `headhunts` PCCW`s Norman Yuen

The deputy chief executive PCCW (0008-HK), Norman Yuen is headhunted by a major Hong Kong blue chip company, the Hong Kong Economic Times said citing resources.

Yuen is rumoured to be coming up with a decision soon.

A spokesperson of PCCW yesterday said that no senior officers are to resign. However, it is unable to contact Richard Li or Francis Yuen for the matter.
(End)

[Kersken]

12:32 13-DEC-2000
Alexander Arena: PCCW not intended to enlarge financing

The deputy chairman of the executive committee of PCCW (0008-HK), Alexander Arena, declined to comment on whether the group`s US$4.7 billion re-financing and the US$2 billion IP joint venture loan have been oversubscribed. He only said that the market responds satisfactorily and the company is not intended to increase the amount of financing.

He also said that the three joint ventures formed with Telstra now carry no public listing timetables, but the company will carry out such plans when the time is appropriate. He declined to say whether further capital will be injected into the three joint ventures at this stage as they will not be established until early next year.
(End)

[Kersken]

PCCW [0008]: More Data Centers

PCCW [8] has announced that they plan to build at least four data centers in Asia next year. Their proposal includes data centers in Shanghai, Guangzhou, Beijing, Taiwan and Singapore, totaling more than 100,000 sq.ft. Coming with the data centers is a price tag of around US$30mn. They opened their Beijing data center in November and have plans to expand its area three-fold to 60,000 sq.ft.

PCCW`s data center expansion shows their commitment towards telecom infrastructure-based operations. The data centers are expected to provide another source of revenue for PCCW. The competition will remain high, however, as the number of data centers in Asia are expected to soar in the coming years.

Analyst: Samuel Chua, Patrick Sin

[Kersken]

Technology News
Wed, 13 Dec 2000, 2:47pm HKT
CyberWorks to Invest $30 Mln to Develop Data Centers in Asia
By Cathy Chan

Hong Kong, Dec. 12 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia`s No. 2 Internet investor, said it plans to invest $30 million to build at least four data centers in Asia next year as part of its regional expansion.

CyberWorks plans to add data centers totaling 100,000 square feet in Shanghai, Guangzhou, Beijing, Taiwan and Singapore next year. The company started its Beijing data center in November and plans to expand its area by three times to 60,000 square feet, said Joseph Ma, CyberWorks` president of data-center services.

``As the services continue to roll out, we expect our data center operations will achieve cash-flow positive in the next two to three years,`` Ma said.

Separately, CyberWorks and Telstra set up an equally owned data-center company in October that aims to enhance Internet service provision in the region. The company will initially focus on key markets including China, Japan, Taiwan, Korea, New Zealand and Singapore.

[Kersken]

Wednesday, December 13, 2000
Ill wind for PCCW blows a lot of good for Telstra
By Kevin Morrison

Telstra has emerged a major winner from the slide in the share price of Pacific Century CyberWorks, which is expected to slash to under $HK7 a share the conversion price of Telstra`s $US750 million ($1.38 billion) investment in the Hong Kong carrier`s convertible note.

This is less than a third of the original conversion price of $HK23.69 agreed between the two companies on April 12 as part of their Asian joint venture, although still more than the $HK6.50 issue price of the Internet and telecom group`s rights issue launched two months ago.

The final conversion price is a 15 per cent premium to the average price of PCCW shares in the 45 trading days since October 13, when the revised deal was struck. This period finishes on Friday. Based on the average trading price so far, the conversion price will be $HK6.762.

At this price, Telstra will be entitled to about 865 million shares in PCCW, or about 4 per cent of issued capital, making it the largest shareholder behind PCCW chairman Mr Richard Li - who has about 36 per cent - and Cable & Wireless`s 15 per cent, which it is planning to offload. PCCW shares have fallen about 22 per cent since the revised deal in October.

Telstra has the option of not converting the note into shares and being repaid in cash. If PCCW defaults, Telstra is to take ownership of half of PCCW`s 50 per cent share in the undersea cable network venture between the two companies.

Telecom analysts questioned reports that the Telstra-PCCW cable business, which is called the IP backbone company (IPBC), was valued at around $US10 billion, when only two months ago executives from both companies were hinting that it was closer to $US6 billion, and given that during the past two months the valuations of telecom assets have fallen further. They said the difference in value implied that another party would be brought into the joint venture.

At the same time, the valuation of $US3.9 billion on the mobile joint venture between Telstra and PCCW is overvalued, given that this is comprised solely of the domestic operations of PCCW`s Hong Kong Telecom which had earnings before tax, interest, depreciation and amortisation (EBITDA) of about $30 million last year.

Investors are factoring in the exit of PCCW from the venture as it seeks to raise funds to pay mounting interest costs and debts, leaving Telstra without a strategic partner and facing a declining share of the Hong Kong market.

Telstra`s ambition to become a major player in the Asian mobile industry comes as the world largest mobile operator, Vodafone Airtouch, boosts its presence in the region with the $US2.5 billion acquisition of a 15 per cent stake in Japan Telecom as part of a plan to gain control of its mobile phone business, J-Phone.

[Kersken]

Wednesday, December 13, 2000 TELECOMS
CyberWorks plots data centre course
BEN KWOK

Pacific Century CyberWorks plans to build data centres in China and throughout the region, possibly with Telstra of Australia as a partner, according to Joseph Ma, president of data centre services.
CyberWorks, which has agreed to co-operate with Telstra in mobile and Internet protocol backbone business, had indicated its intention to set up data centres across the Asia-Pacific with Telstra in a renewed alliance with Telstra in October.

"We have a non-exclusive joint venture with Telstra that will enable us to develop our data centre business together in Asia," Mr Ma said.

He said Powerbase, a CyberWorks subsidiary which operated a 300,000 square feet data centre in Hong Kong and two data centres in the mainland, aims to expand into Singapore, Taiwan and Shanghai within first quarter of next year.

However, he did not specify whether it will invest with Telstra.

CyberWorks, a majority shareholder in local data centre operator i-Link, set up a data centre in Beijing last month with Beijing Centergate Communications Network Development.

Mr Ma said the two data centre arms of CyberWorks will have no market conflicts since they had different market segments.

Powerbase has been concentrating on large corporate clients while i-Link`s focus is more on small- and medium-sized enterprises.

The area of data centres under management will expand to 400,000 sq ft next year, Mr Ma said.

CyberWorks will invest US$300 for every square foot of the data centre, and the firm is expected to generate positive cash flows within two or three years, he said.

[Kersken]

PCCW to invest in data centres
Bloomberg

PACIFIC Century CyberWorks, announced it plans to invest US$30 million (HK$234 million) to build at least four data centres in Asia next year.
CyberWorks (0008) plans to add data centres totalling 100,000 square feet in Shanghai, Guangzhou, Beijing, Taiwan and Singapore next year. The company started its Beijing data centre in November and plans to expand its area by three times to 60,000 sq ft, said Joseph Ma, CyberWorks` president of data-centre services.
In other news, CyberWorks and Telstra jointly set up an equally owned data centre company in October that aims to enhance Internet service provision in the entire region.
13 December 2000 / 02:00 AM

[Kersken]

PCCWs iLink und Powerb@se kommen sich nicht in die Quere

Die beiden Datencenterbetreiber iLink.net und Powerb@se werden sich nicht in die Quere kommen. Die Frage stellte sich, denn der Hauptaktionär ist in beiden Fällen der Internetinvestor Pacific Century CyberWorks (PCCW). Grund für diese klare Abgrenzung ist die verschiedne Ausrichtung der Firmen und damit derer Kundenstämme. So bedient iLink, die einen Börsengang im Januar an den GEM anstreben, vor allem kleinere Firmen und Powerb@se größere Firmen und Contentproviders. Jedoch wird sich Powerb@se gegebenenfalls den Marktbedingungen anpassen. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

Bleibt Francis Yuen bei PCCW?

Der Topmanager Francis Yuen von dem Internetinvestor Pacific Century CyberWorks (PCCW) scheint ein Angebot für eine Stelle bei einer Blue Chip Company aus Hongkong bekommen haben, dies berichtet jedenfalls die Hong Kong Economic Times, die Marktquellen zitiert. Man geht davon aus, dass sich Yuen bald dazu äußern wird. Bis jetzt war es nicht möglich mit Richard Li oder Yuen selbst darüber zu sprechen. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

12:44 13-DEC-2000
Alex Arena: No comment on rumours linked to Norman Yuen

Pacific Century CyberWorks (PCCW) (0008-HK) executive committee vice-chairman Alexander Arena declined to say whether deputy chief executive officer Norman Yuen will resign from PCCW.

When asked if PCCW and HSBC Holdings (0005-HK) have formed any co-operative plans, Mr Arena said that he was not aware of the details.
(End)

[Kersken]

Geht PCCWs Deputy Chief Norman Yuen?

Nach Hongkonger Gerüchten zufolge ist Norman Yuen, der Deputy Chief Executive von PCCW, von einer anderen großen Hongkonger Firma abgeworben worden. Dies schreibt die "Hong Kong Economic Times". Wie die andere Firma heißt ist leider nicht bekannt. Es wird jedoch erwartet, dass sich Yuen in Kürze dazu äußert und sagt, ob er bei PCCW bleiben werde.

Ein PCCW-Sprecher dementierte gestern den Wechsel von Yuen noch.
-js- 13.12.00 09:20:00

[Kersken]

Telstra mit 50% Marktdurchdringung in Australien

Die australische Telstra Corp, die erst kürzlich ein Mobilfunkjointventure mit PCCW eingegangen ist, wird nach Angaben von Peter Binks in den nächsten 30 Tagen eine Marktdurchdringung von 50% erreichen. Damit hätten mehr als 9,3 Mio. der 19,1 Mio. Australier ein Handy gegenüber 8,3 Mio. vor drei Monaten. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

Arena äußert sich zu PCCW

Der Vize Vorsitzende des Vorstandes der Internetholding Pacific Century CyberWorks (PCCW) hat sich heute in einem Interview zu den aktuellen Geschehnissen bei seiner Firma geäußert. Zuerst ging auf die Refinanzierungsschritte PCCWs ein und sagte, dass der Markt sehr positiv auf den 4,7 Mrd. US$ Refinanzierungskredit und den 2 Mrd. US$ IP Kredit reagiert hätte. Er lehnt jedoch einen Kommentar, ob diese Kredit überzeichnet waren, ab.

Er sagte weiter, dass es bis jetzt für die drei Jointventures mit der australischen Telstra Corp. noch keine IPO Pläne gibt. Man werde dieser ab zu gegebener Zeit erstellen. Er lehnte auch einen Kommentar über weitere Finanzspritzen an die drei JVs ab.

Zusätzlich kommentierte er auch nicht die Gerüchte um einen Weggang von Francis Yuen nicht . Auch auf die Frage ob PCCW und HSBC irgendwelche Kooperationspläne haben, lehnte er einen Kommentar ab. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

Telstra für Begrenzung neuer Mobilfunknetze

Telstra Corp. hatte sich heute dafür ausgesprochen, dass die australische Regierung die Zahl der neuen Mobilfunknetze begrenzen solle. Weiterer massiver Ausbau der Netzwerke würde nur zu sinnloser Kapitalverschwendung führen.

Vier oder sogar fünf Gesellschaften wollen derzeit Mobilfunknetze ausbauen. Dafür sollen in naher Zukunft 5,4 Mrd. US-$ investiert werden. Peter Binks, Chef der Abteilung Strategie und Geschäftsentwicklung bei Telstra, bezeichnete dies als unsinnigen Kapitalverlust für Australien. Die Gelder gingen an ausländische Netzwerkfachleute, obgleich das eigene Netz nicht vollständig ausgelastet sei.

Natürlich bedeuten die neuen Netzwerke weitere Konkurrenz für Telstra, die an einem status quo der jetzigen Situation für die Zukubft interessiert sind.

Telstra Corp. legte heute 9 cent oder 1,4 % auf 6,66 A-$ zu.
-fjs- 13.12.00 09:21:00

[Kersken]

i-Cable will Break-Even im nächsten Jahr erreichen

i-Cable Communcations, die Pay-TV- und Interneteinheit der Wharf Holding, erwartet im nächsten Jahr den Break-Even zu erreichen. Als Grund nannte man die gute Nachfrage nach dem Pay-TV-Angebot. Man erwartet bis zum Ende dieses Jahres 50.000 Pay-TV-Kunden zu haben. Im nächsten Jahr will man dann 100.000 zählen können. Nach dem Stand vom letzten Samstag hat man 57.000 registrierte Nutzer. Allerdings haben erst 48.000 davon ihre Set-Top-Boxen installiert und ihre Anschluß freischalten lassen. Durchschnittlich kommen jeden Monat 9.000 neue Kunden hinzu.
-js- 13.12.00 10:48:00

[Kersken]

Marktbericht Hongkong

An der Börse in Hongkong verhalfen die Hoffnungen auf eine Zinssenkung vor allem den Finanzwerten auf die Sprünge.Auch die Nachricht, dass die US-Wahl in den USA endlich entschieden sei, half den Kursen.

HSBC, Europas und Hong Kongs grösste Bank steigerte sich um 1,3% auf ein Jahreshoch von 117,50 HK$. Analog hierzu schloss die Hang Seng Bank, die Tochtergesellschaft von HSBC, mit einem Plus von einem Prozent bei einem neuen 52-Wochen-Hoch von 99,50 HK$.

Trotz der gemischten Performance an der Wall Street, schraubte sich der Hang Seng Index hoch auf die Marke 15621,73, was einem Plus von 1,91% entspricht. Der Technologieindex GEM avancierte mit einem Zuwachs um 1,27% auf 331.82 Zähler.

Auch die Telekomwerte boten dem 2,8-prozentigen Einbruch im Nasdaq Composite Index Paroli. So verzeichnete China Mobile einen Gewinn von 2,3% auf 48.20 HK$, die Aktie von China Unicom sogar 6,1 % auf 13.90 HK$.

Cheung Kong Holdings legt um 1,8 % zu, Hutchison Whampoa, an der das Unternehmen zu 49,9 % beteiligt ist, sogar 3%. Letztere ist Berichten zufolge im Begriff Planungen durchzuführen, einzelne Teilbereiche im Telekommunikationssektor aus dem Unternehmen auszugliedern. Die Aktie steht derzeit bei 103 HK$.

Um die Fülle positiver Meldungen abzurunden, lässt sich auch bei der Aktie von PCCW ein dickes Plus verzeichnen. Der Wert springt um 4,4% auf 5,95 HK$.
-fjs- 13.12.00 10:55:00

[Kersken]

Technology News
Thu, 14 Dec 2000, 2:02pm HKT
CyberWorks Appoints Cheung Chairman of Taiwan Telecom Unit
By Cathy Chan

Hong Kong, Dec. 13 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia`s No.2 Internet investor, appointed Linus Cheung chairman of its Taiwan Telecommunication Network Services Co. unit to help oversee the company`s initial share sale.

Cheung, deputy chairman of CyberWorks, replaces Norman Yuen, who now becomes a director of the Taiwan company, said Peter Chai, chief operating officer of TTNS, which is 57 percent-owned by CyberWorks. Cheung was appointed to his new position Monday.

``He (Cheung) will help us in the IPO,`` which is expected in the second or third quarter of next year, Chai said. ``Officially, we can apply for the listing in Taiwan at the end of March next year,`` he said.

TTNS, one of biggest privately held telecom and Internet service providers in Taiwan, has named Taisec Securities Incorporation to handle the initial share sale, Chai said, adding the sale is subject to approval by CyberWorks` shareholders.

Yuen, meanwhile, has been offered a job at another major Hong Kong company, according to a Hong Kong Economic Times report citing unidentified people. CyberWorks` spokeswoman Joan Wagner said the company wasn`t aware of any pending management change.

Separately, Jeff Bowden was appointed to CyberWorks` board of directors and William Cheung to the post of chief operation officer.

CyberWorks, which has fallen 67 percent this year, rose 25 HK cents or 4.4 percent today to HK$5.95.

[Kersken]

Odd couple: Telstra and PCCW
This marriage of opposites will need tolerance and understanding if it is to last long in the cruel world of competition.

ABACUS by Elizabeth Knight

It will be particularly interesting to follow the unfolding of the floats of the Telstra/PCCW Asian telecommunications assets in view of the bizarre pre-float manoeuvrings.

It started with a story in last Saturday`s press involving valuations PCCW is placing on the joint venture companies to be floated.

The IP backbone has been valued in the PCCW documents at $US10 billion ($18.4 billion) and the mobile phone business at $US3.1 billion.

A third company described as a global portfolio of ready-to-go commercial offices for companies wanting Internet access is valued at $US2 billion.

The documents appear to be part of a package supporting a PCCW rights issue.

Within days of publication of the figures the telecommunications analysts were questioning the valuations, saying that they appeared to be far too generous.

And, right on cue, Telstra chimed in to distance itself from these valuations.

The valuations had the same optimistic ring about them as the first deal cut between PCCW and Telstra when the alliance was announced at the beginning of the year. This deal was twice renegotiated in Telstra`s favour following concerns from Telstra investors and some of its non-executive directors.

And in many respects both these divergences in valuations reflect the corporate cultural differences between PCCW and Telstra.

PCCW`s Richard Li is ambitious, bold and highly entrepreneurial. Telstra is a conservative bureaucratic organisation majority-owned by the Government.

While Telstra will undoubtedly want to maximise the proceeds from the float of its Asian joint ventures it will be looking to put realistic valuations on its assets.

Li just needs money.

And this is also evident by the partners` plans to fast-track the floats as soon as joint venture agreements are finalised. In terms of valuations it is easy to see why investors are sceptical of Li`s big numbers.

A recent report from CSFB says that five out of the six mobile operators in Hong Kong are estimated to have incurred losses before interest tax, depreciation and amortisation. Hong Kong Telecom, which is the mobile business in the Telstra/PCCW joint venture, recorded a positive EBITDA of $US68 million due largely to maintaining prices and accepting the consequent loss of market share.

According to PCCW, these numbers are grossly out of court.

A float of the PCCW/Telstra mobile business would therefore represent an historic EBITDA multiple of around 45 times. As far as the backbone company is concerned, the $US10.1 billion is the price against 2000 revenue of $US1.84 billion and EBITDA of about $US500 million, representing a multiple of about 20 times.

But valuations and partnership agreements are just the beginning. The real test for these unlikely partners is how to develop the businesses they own jointly.

Taking these joint venture businesses beyond their current geographical bases will be expensive. Upgrading and expanding the IP backbone network will be particularly so. There have already been big capital expenditure numbers coming out of PCCW which cannot be financed out of float receipts.

There is plenty of competition in this market - and much of it which uses newer and less expensive technology. Newer networks like the Asia Global Crossing and the BT alliance with AT&T will be cheaper to upgrade and have greater capacity.

And as the technology improves the barriers to entry get lower. As a result there is every reason to believe that new entrants will come into this backbone market and price pressure will emerge.

With this in mind the forecasts for the PCCW/Telstra joint venture to earn EBITDA of $US1.4 billion by 2007 must be questionable.

There will clearly be some volume growth to offset price reductions but how much will depend on the number of new entrants. As far as the Hong Kong mobile market is concerned there will be little money to be made until there is some rationalisation.

The catalyst for this rationalisation is likely to be next year`s 3G auctions. The players will be desperate not to go into a bidding war with six players. The first round of this rationalistion, the experts say, will be prompted by the sale of British Telecom`s 20 per cent stake in SmarTone.

It is not considered to be particularly expensive in terms of revenues per subscriber and a lot cheaper than the PCCW/Telstra mobile network. On a per subscriber basis, SmarTone is about one-sixth of the price implied by the recent sale of PCCW`s mobile business to Telstra.

This would present an interesting opportunity for Telstra which could gain a lot from taking an active and strategic part in the rationalisation of the Hong Kong market. How much room it has to move depends on the nature of the partnership agreements between it and PCCW.

And beyond Hong Kong, Telstra will want to be positioning itself in other parts of Asia.

In the first instance it will be to resolve PCCW`s stake in Singapore wireless group MobileOne. And these are just some of the issues that the partnership will have to resolve in the near to medium term.

Judging by the problems the two groups appear to have just in obtaining a consistent set of valuation numbers for the joint ventures this is a partnership that will need to be very closely managed in order to succeed.

[Kersken]

PCCW vergibt Auftrag an Comverse

Der Nasdaq-Wert Comverse Technology Inc. hat gestern bekannt gegeben, dass man einen Auftrag von dem asiatischen Internetinvestor PCCW bekommen habe. Danach soll man PCCW die Unified Messaging Solutions zur Verfügung stellen. Dadurch könnte PCCW eine breitere Palette von Diensten, wie U-Mail (erst kürzlich für Hongkong bekannt gegeben), anbieten. Diese "Value-added Services" sind nach Meinung von dem Comverse Präsident deswegen so wichtig, da man sich damit von den Wettbewerbern abgrenze. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

Linus Cheung ist der Chairman von PCCW Taiwan

PCCW hat nach Angaben von Peter Chai, dem COO von Taiwan Telecommunication Network Services Co. (TTNS), Linus Cheung als Chairman der PCCW Tochter berufen. Cheung soll in seinem Job bei TTNS vor allem die Aktienplatzierung im zweiten oder dritten Quartal 2001 überwachen und hilfreich zur Seite stehen. Zur Zeit besitzt PCCW 57% der TTNS Aktien. Cheung wird Francis Yuen, der nun Vorstand von TTNS wird, als Chairman ablösen. TTNS ist einer der größten taiwanesischen Telekom- und Internet Service Provider in privaten Händen. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

PCCW ändert seinen chinesischen Namen

Der Internetinvestor Pacific Century CyberWorks (PCCW) hat bekannt gegeben, dass die zuständigen Gremien der Änderung des chinesischen Namens von PCCW zugestimmt haben. Diese Änderung wird ab 13.12. effektiv sein. Es werden auch die Namen von Aktien und Optionen geändert. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Kersken]

PCCW kauft keine zusätzlichen Aktien an Cash On-line

Die South China Morning Post zitiert den CEO der CASH On-line, dass PCCW nicht seine Chance vor dem Börsengang wahrgenommen hat, weitere 5% der Aktien an CASH On-line zu nehmen. Grund sei das schwierige Umfeld für Internetaktien. Zur Zeit hält PCCW 5% an CASH On-line, die einen Börsengang am GEM anstreben. (sb)

© Emerging Markets Research, 13.12.00
http://www.em-research.de

[Dos Players]

Moin Moin!

Du solltest, mußt du Lehrgeld zahlen,
nicht knirschend mit den Zähnen mahlen:
Es ist doch das auf dieser Welt am besten angelegte Geld.



Richard Li weiter investitionsfreudig

Wie die Tageszeitung Apple Daily berichtete zeigt sich Richard Li weiter investitionsfreudig. Der CEO des Hongkonger Internetunternehmens PCCW soll sich mit dem Kauf von 12 Mio. Aktien einen 5%-Anteil an dem Medienunternehmen Emperor Entertainment Group Limited sichern. Der Kauf soll noch vor dem Börsengang Emperor‘s an den GEM am nächsten Dienstag erfolgen. (msp)

PCCW schließt evtl. iTV und NOW mit Netvigator zusammen
Das Hongkonger-Internetunternehmen Pacific Century Cyberworks denkt über einen Zusammenschluss von NOW und iTV mit Netvigator nach. Auf diese Weise soll Netvigator-Kunden der Empfang des Multimedia-Senders NOW ermöglicht werden. Noch in diesem Monat soll Genaueres über den evtl. Zusammenschluss bekanntgegeben werden. (msp)

[Dos Players]

Upppsala da bin ich schon wieder!



PCCW denkt an Joint Venture Verkauf
--------------------------------------------------------------------------------


Pacific Century Cyberworks befindet sich lt. der Zeitung The Age zusammen mit seinem Partner Telstra in Überlegungen, etwa 10-25% seines IP Backbone Ventures Ende nächsten Jahres an die Börse zu bringen und einen Verkaufserlös von ca. $1,5 Mrd. zu erhalten. Zur Diskussion stehen auch Anteilsverkäufe aus anderen Bereichen der Infrastruktur, wie z.B. von Mobilfunk-oder Kommunikations Joint Ventures, durch die etwa $1,51 Mrd. erlöst werden könnten.

^^^^Go Börse Go^^^^

[Kersken]

11:50 15-DEC-2000
Richard Li reported buying 5 pct in EEG (8078-HK)

The Apple Daily said PCCW (0008-HK) chairman Richard Li will buy 12 million shares, or a 5 pct stake, in Emperor Entertainment Group Limited which is going to list on GEM next Tuesday.

An EEG spokesperson told CN-Markets that a list of strategic investors has not yet been finalised, but an announcement may be expected in two days.
(End)

[Kersken]

10:09 15-DEC-2000
PCCW (0008-HK) restructures broadband unit, iTV`s future in doubt

Pacific Century CyberWorks Limited will restructure its broadband business as its Netvigator broadband Internet business is to become the future core business, according to Ming Pao. The new service is provisionally named as PCTV. In the future, Netvigator users could view iTV online at the same time,

iTV currently has 70,000 customers, but some without broadband access would be lost. iTV may eventually be faded out when customers shift to PCTV.

PCCW would also substantially cut the investment in broadband content service NOW and hopes to turn it to a major channel for PCTV.

The number of NOW employees in UK has been cut to 400 from 700 in mid-2000.
(End)

[Kersken]

Internet Ugly Duckling Looks to Transform Itself
By Alysha Webb
12/14/2000 04:28 PM EST

Pacific Century CyberWorks (PCW) could be the Internet ugly duckling that becomes a swan.
The stock of the Hong Kong-based telecommunications and Internet company has plunged in recent months, hit by the double whammy of overall weakness in the Internet sector and a loss of investor confidence in founder Richard Li`s ability to realize his vision. Li, 33 and son of Hong Kong tycoon Li Ka-shing, is so far better know for starting high-profile businesses than for shepherding them to maturity.

But now some analysts say most of the bad news about the company is already factored into its stock price. What`s more, they argue that the company is well placed to grab a significant part of its revenue from a growing need for data communications in the Asia-Pacific region. That could put additional upside on the stock in the coming six to 12 months; investors willing to buck the market trend should consider buying the stock now, analysts say.

Top Stock Next Year?
"I think it`s going to be one of the best performing stocks next year among Hong Kong`s big caps," declares Hong Kong-based Greg Feldberg of Indosuez WI Carr.

He has a buy recommendation on the stock and a price target of $12.8 per share in six to 12 months, with the assumption that PCCW will be able to list its Internet backbone.

On Tuesday, the ADR closed at $7.125, down 64% from a high of $20 in late August, just after the listing.

The company`s main strength is that it`s not the wispy, revenue-starved Internet company many people associate with its name, says Feldberg. When Pacific Century CyberWorks bought Cable & Wireless HKT in August, it gained valuable fixed-line telecommunications assets that throw off a healthy $1 billion a year in earnings before interest, taxes, depreciation and amortization (EBITDA), or cash flow, notes Feldberg. That cash can be budgeted towards interest, operating costs and capital expenditure.

Cable Assets Generate Cash
PCCW also rakes in at least US $250 million a year from its 50% joint ownership with Australian telecommunications giant Telstra of an underwater cable network making up an Internet protocol (IP) backbone. That generates $500 million a year in EBITDA, says Hong Kong-based Lehman Bros. analyst Michael Leary. Most of PCCW`s share of those earnings will likely be plowed back into the IP backbone to fund expansion, however, he says.

"We think they offer good value--more and more value," says Leary. Though Lehman is currently re-evaluating its previous 12-month target of $28 per share for PCCW, the new target will be "well north" of the current stock price, he adds.

The company should see significant future earnings from its existing cable infrastructure, he argues. "PCCW and Telstra have an infrastructure in place," says Leary. "By having the cables in place, as you see more traffic, a large part of that will happen over their network," Leary says.

Pacific Century CyberWorks and Telstra (TLS) also earlier this year negotiated a three-part cooperative agreement under which Telstra will pay PCCW $1.68 billion for a 60% stake in the company`s mobile phone business; the two sides will also create a regional data center.

Bulking Up on Cash
PCCW is also well-positioned to grab a big chunk of online advertising revenue in China and the rest of the Asia-Pacific region, Leary says. "An increasing portion of media budgets will be addressed towards advertising on broadband, and (PCCW) will capture a growing share of that ad rev over the next 3-4 years," he predicts.

Mindful of the fate that`s befallen both Internet and telecommunications companies that run low on cash, PCCW has also worked hard to beef up its coffers. The company recently lined up a $2 billion line syndicated loan from a group of lenders led by Barclays Bank and Chase Manhattan Bank at the favorable rate of 66 basis points over LIBOR, a strong vote of confidence for the company, analysts say.

The company has raised more money through other means, though at the expense of further dilution of its shares. It issued a $1.1 billion convertible bond and $530 million in a rights issue.

But even all that cash doesn`t convince everyone that PCCW is on the road to riches.

The company still suffers from missteps made early in its young life – in particular, lofty plans for a global broadband network. Though it`s still on the agenda, the network`s budget has been slashed more than 50%, to $200 million over the next two years.

That early and ambitious Internet focus a mistake, says Deutsche Bank analyst Antonio Tambunan. "It was a great idea, but just too ahead of its time."

To be sure, PCCW has more challenges ahead. In particular, investors should watch out for how the UK`s Cable & Wireless (CWP) chooses to dispose of its remaining PCCW shares, acquired when PCCW bought the company`s HKT subsidiary. In September, Cable & Wireless sold some of the shares on the open market, driving down PCCW`s stock price. The remaining shares will be disposed of in two chunks, in February, 2001 and in August, 2001.

Rather than risk another stock price plummet, "in the coming month the focus will be on finding a strategic partner" to buy the shares, says the analyst. C&W "needs to find a strategic partner that shares PCCW`s vision, otherwise the stock will see a lot of selling pressure," he adds.

[Kersken]

PCCW Restructuring iTV, NOW and Netvigator Units -Paper
Dec 15, 2000 - 13:57:45 HKT
Quamnet News Service

Pacific Century Cyberworks (0008) is undergoing a restructuring which will result in its interactive television unit iTV becoming merged under its Netvigator Broadband Internet business, reported Ming Pao Daily News.

According to the plan, the Netvigator Broadband Internet business -- temporarily called PCTV -- will enable Netvigator, PCCW`s Internet Service Provider unit, to provide users not just Broadband Internet access, but also access to interactive television programming, said the report citing un-identified sources.

The report said iTV, which currently has 70,000 users, won`t be closed down immediately after its restructuring in the first half of next year. Instead, iTV programming will be offered via Netvigator`s Broadband Internet services.

Nevertheless, this consolidation would spell the demise of iTV, in which PCCW has invested more than HK$7 billion over the past three years, said the newspaper.

Consequently, PCCW will also greatly reduce its investment in broadband content services provider Network of the World (NOW), and make NOW an important channel of PCTV, said the report.

At the same time, PCTV will outsource its program channels, and reduce the amount of content it produces, it added.

The outsourcing of programming means NOW will have to streamline its staff. It currently has 400 staff in U.K., that¡¦s compared with 700 during mid-2000.

[Kersken]

Technology News
Fri, 15 Dec 2000, 3:34pm HKT
Citic Pacific Mum on Talk It`s Set to Poach CyberWorks Official
By Cathy Chan

Hong Kong, Dec. 15 (Bloomberg) -- Citic Pacific Ltd., a China- backed Hong Kong investment company, remained tight-lipped about talk that it might poach a top executive from Pacific Century CyberWorks Ltd., Asia`s second-largest Internet investor.

``We don`t confirm nor deny anything at this moment,`` said Henry Fan, managing director of Citic Pacific. The company will make a clearer comment on the issue in ``several months,`` he said.

The Hong Kong Economic Times reported today that Norman Yuen, deputy chief executive of CyberWorks, may be leaving that post to help Citic Pacific develop telecom and pay-TV services. The paper said he might jump to the Hong Kong affiliate of the Chinese government`s principal investment arm as early as the first quarter of next year.

The possible departure of Yuen, who is responsible for the CyberWorks Internet unit Net Enterprises, might cause a hiccup in the company`s online and multimedia development and deal a blow to staff morale at Cable & Wireless HKT Ltd., which CyberWorks took over in August. Yuen, a 15-year veteran of HKT, was deputy chief executive at the time of the merger.

``Yuen is more familiar with the HKT management than any other person,`` said Kelvin Cheng, analyst at Daiwa Securities. ``The impact could be significant also because his resignation will leave a vacuum for the e-commerce and Internet-related operations for CyberWorks.``

CyberWorks` spokeswoman Joan Wagner declined comment, and Yuen was unavailable.

Meanwhile, Fan also squashed rumors about his own departure from the Hong Kong-listed conglomerate. `` I`ve no plan to resign,`` he said in a phone interview.

At midday, Citic Pacific shares fell 3.1 percent to HK$28.65. CyberWorks lost 2.6 percent to HK$5.60.

[Kersken]

Telstra, CyberWorks may sell Internet venture shares
By Bloomberg, Singapore.CNET.com
Friday, December 15 2000

SYDNEY--Telstra Corp and Hong Kong partner Pacific Century CyberWorks Ltd may sell as much as a quarter of shares in their Internet backbone joint venture to the public by the end of next year, The Age newspaper reported.
Telstra Chief Executive Ziggy Switkowski was quoted as saying that talks with Cyberworks discussed selling 10 percent to 25 percent of shares in IP Backbone Co, worth as much as US$1.5 billion.

Melbourne-based Telstra Corp and Pacific Century CyberWorks Ltd plan to raise US$1.51 billion by selling shares to the public in their Internet infrastructure, mobile phone and data communications ventures in the next year.

The venture is borrowing US$2 billion from a syndicate of banks headed by Chase Manhattan Corp and Barclays Capital Asia Ltd as its parent tries to expand around Asia. The joint venture will pay CyberWorks US$1.125 billion in cash and Telstra US$375 million for its assets.

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

[Kersken]

Telstra / PCCW wollen 25 % vom IP Vent. verkaufen

Telstra Corp. und Pacific Century CyberWorks wollen Ende des nächsten Jahres etwa ein Viertel der Aktien am Internet backbone Joint Venture verkaufen. Dies berichtete heute die Zeitung " Age".

Die Diskussion reichte von 10 % bis 25 % der Anteile. Telstra besonders rechnet nun fest damit, im nächsten Jahr durch den Aktienverkauf rund. 1,5 Mrd. $ zu erlösen, der jetzige Preis für 25 % der Papiere.

Allerdings ist dabei Telstra nicht alleine auf das IP backbone Venture fixiert. Die Aktienverkäufe sollen von der Internertinfrastruktur allgemein stammen, aus Mobilfunk- und Kommunikationsventures.
-fjs- 15.12.00 09:09:00

[Kersken]

Steigt PCCW-Chairman Richard Li bei EEG ein?

Nach einem Bericht der "Apple Daily" zufolge plant PCCW-Chairman Richard Li 12 Mill Aktien bzw. 5 % der Emperor Entertainment Group (EEG) zu erwerben. EEG wird am nächsten Dienstag an den Hongkonger Technologiemarkt GEM gehen.

Zu den Gerüchten sagte EEG, dass es momentan Gespräche mit einem strategischen Investor gebe. Diese seien zwar noch nicht abgeschlossen, doch man glaubt, dass man in den nächsten zwei Tagen hierzu ein Statement abgeben kann.

EEG ist ein Lizenz- und Rechteunternehmen. So hat man zum Beispiel die populärsten Musiker Hongkongs unter Vertrag.

-js- 15.12.00 09:17:00

[Kersken]

PCCW strukturiert Breitband-Geschäft um

PCCW will nach einem Bericht der "Ming Pao" sein Breitband-Geschäft weiter umstrukurieren. Man will sich mit mit seinem Internetzugangsservice Netvigator verstärkt auf das Breitband-Geschäft konzentrieren. In Zukunft sollen die Breitbandnutzer von Netvigator auch gleichzeitig Zugang zum movie-on-demand-Service iTV erhalten. Der neue Service soll unter dem Namen PCTV vertrieben werden. Die Neuordnung soll im ersten Halbjahr 2001 erfolgen.

iTV hat momentan 70.000 Kunden. Durch das Zusammengehen mit Netvigator rechnet man damit, dass es sich leicht verringert. Auf der einen Seite durch Leute, die keinen Breitbandanschluß haben, und auf der anderen durch Nutzern, die zu PCTV wechseln.

PCCW plant die Kosten für seinen Breitband-Content-Channel NOW hingegen drastisch zu senken. Allein in einer Produktionsfirma in Großbritannien wurde die Belegschaft auf 400 Mitarbeiter fast halbiert. Trotzdem hofft man, dass NOW einer der Hauptkanäle für PCTV werden wird.

-js- 15.12.00 09:36:00

[Kersken]

AKTIE IM FOKUS: Gerüchte über Vorstandsrücktritt bei CyberWorks drücken Kurs

14.12.2000 10:41
HONG KONG (dpa-AFX) - Pacific Century CyberWorks Ltd (PCCW) haben am Donnerstag die erste Tageshälfte mit einem Verlust von 0,15 HKD auf 5,80 HKD beendet. Auslöser waren vom Unternehmen nicht dementierte Gerüchte, der stellvertretende Vorstands-Chef Norman Yuen würde das Unternehmen verlassen. Händler wiesen gleichzeitig auf Gewinnmitnahmen hin, die aus dem Plus vom Vortag resultierten.

Unter Berufung auf namentlich nicht genannte Quellen hatte die "Hongkong Economic Times" berichtet, Yuen habe seine Bereitschaft zum Verlassen der Firma signalisiert. Die Geschäftsführung verhandele deshalb mit ihm über die Modalitäten seines Rückzugs. Unter dessen habe CITIC Pacific Ltd. Interesse an Yuen bekundet, berichtete die Zeitung. PCCW-Sprecherin Joan Wagner sagte zu dem Zeitungsbericht, das Unternehmen kommentiere keine Marktgerüchte.

Der Zeitungsbericht über den Wechsel von Norman Yuen zu CITIC Pacific habe die Aktie unter Druck gesetzt, sagte eine Analystin eines einheimischen Handelshauses: "Kurzfristig wirkt es sich negativ aus, wenn jemand wie Yuen die Firma verläßt."

"PCCW traf bei 6,00 HKD auf eine starke Widerstandslinie. Ohne positive Unternehmensnachrichten ist es für den Wert schwierig, diese Linie zu durchstoßen," fügte sie hinzu. Das Auftreten von Gewinnmitnahmen nach dem Überschreiten der 6,00 HKD-Linie sei jedoch normal. "Die meisten Anleger wollen den Wert nicht behalten. Sie kaufen ihn lieber in der Nähe von 5,00 HKD und verkaufen ihn bei 6,00 HKD wieder", sagte sie./so/av/sk

[Kersken]

11:08 16-DEC-2000
PCCW`s IP backbone JV to reduce financing to US$1.5b

The amount of syndicated loan arranged by the Internet IP backbone joint venture between Pacific Century CyberWorks (PCCW) (0008-HK) and Australia`s Telstra will be reduced to US$1.5 billion from US$2 billion due to the cool response from banks, according to the Ming Pao citing bank circles.

The deadline for bankers to say whether they participate the US$4.7 billion syndicated loan arranged by PCCW has been extended from December 12 to before Christmas.
(End)