PCCW-News, Berichte & Stories 51.KW in Deutsch/Englisch - 500 Beiträge pro Seite

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09:16 18-DEC-2000
PCCW (0008-HK) plans to raise pay, residential phone charges

Pacific Century CyberWorks (PCCW) deputy chairman Linus Cheung revealed that the company is considering a pay raise next year and it was ready to raise the residential telephone charges. No further information are provided, according to the Hong Kong Economic Journal.

Mr Cheung has plans to further develop Taiwan business and said that the company`s 60 pct-owned Taiwan Telecom has been back in the black.

He stressed that although he has taken the post of chairman at Taiwan Telecom, he will not be required to stay in Taiwan for a very long time.
(End)

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11:38 18-DEC-2000
Telstra confirms IP loan cuts to US$1.5b

Telstra Corp said that it will trim the size of the loan to be seek for the IP backbone company formed with PCCW (0008-HK), from US$2 billion to US$1.5 billion.

The treasurer of the group, Cliff Davis, said that it is getting more difficult to find banks willing to facilitate loan to telecom companies. It was hardly to find enough banks to take US$150 million parcels of the venture`s debt. Only some preferring to take US$100 million parcels.

(End)

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Mum on departure talk

Picture: Jelly Tse, Hong Kong iMail

PCCW deputy chairman Linus Cheung Wing-lam yesterday would not discuss the possible departure of CyberWorks (0008) deputy chief executive Norman Yuen Kee-tong to Citic Pacific (0267).
Asked what effect Mr Yuen`s leaving would have on his own position, Mr Cheung said: `You had better ask Norman.`
Citic Pacific managing director Henry Fan last week also refused to comment on the subject.
Mr Cheung was speaking after launching an e-community mobile centre that will tour schools, housing estates and community centres.
18 December 2000 / 12:06 AM

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12/17 23:23
Telstra, CyberWorks Cut Loan to $1.5 Bln From $2 Bln (Update1)
By Mathew Carr

Melbourne, Dec. 18 (Bloomberg) -- Telstra Corp. said it would slash by 25 percent to $1.5 billion the size of the loan it is seeking with Pacific Century CyberWorks Ltd. for their Internet venture as banks grow more nervous about phone company debt.

The Internet venture, Internet Protocol Backbone Co., designed to function as a global carrier of voice, data and Web services, earlier planned to raise $2 billion. It has so far secured about $750 million of its planned borrowing.

Melbourne-based Telstra formed the venture with CyberWorks because it needed an Asian partner to help it expand outside Australia, where it has lost market share from increased competition. CyberWorks, meantime, needed Telstra to help reduce its debt burden.

It hasn`t been easy, though, for the partners to find enough banks willing to take $150 million parcels of the Internet venture`s debt, with some preferring to take $100 million parcels, said Telstra Treasurer Cliff Davis. Telstra shares fell 10 cents, or 1.5 percent, to A$6.50. CyberWorks fell 15 cents, or 2.7 percent, to HK$5.35.

``It`s due to the challenging circumstances for financing telcos,`` Davis said in an interview. ``We`ve got over half of the deals fully committed.`` He said the venture partners wanted to wrap up its borrowing by the end of this week.

Telstra, Australia`s No. 1 phone company, and Hong Kong-based CyberWorks, Asia`s No. 2 Internet investment company, each own half of IP Backbone, which was formed in October.

The changed funding plans come after the Bank of England warned for the second time in six months the rising debt of European and U.S. telephone companies increases the risk of a financial crisis in world equity and credit markets.

The loan is being arranged with the help of Barclays Capital Asia and Chase Manhattan Corp. Barclays Capital was not available to comment.

The lower level of debt would make IP Backbone Co. ``stronger``, Davis said. Still, it means Telstra and CyberWorks will be able to extract less cash from their holding in the company.

Under documents released in October, Telstra said it would receive $625 million of the $2 billion raised. CyberWorks was to receive $1.375 billion.

Davis said Telstra`s share of the debt raised would be cut by 40 percent to $375 million. ``That`s not in any way an issue for Telstra,`` he said.

CyberWorks` share of the debt raised would fall by 18 percent to $1.125 billion, Davis said.

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Yuen verlässt PCCW und geht zu CITIC

Der Deputy Chairman Norman Yuen wird nach noch unbestättigten Berichten zufolge PCCW im Frühjahr verlassen und zu CITIC Pacific wechseln. Dort wird er den Aufbau des Telkom-Netzwerkes in China leiten. Analysten sprechen von einem schweren Verlust für PCCW, da er zu den besten Managern von PCCW zählte.
-js- 18.12.00 09:02:00

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PCCW und Telstra: Nur noch 1,5 Mrd. US-$ Kredit.

Zur Finanzierung der IP Backbone Company wollen PCCW und Telstra nun keine 2 Mrd. US-$ sondern nur 1,5 Mrd. US-$ aufnehmen.

Grund ist die derzeitige angespannte Lage bei den Banken in Hongkong, was die Vergabe von Krediten an Telefongesellschaften angeht.

Das Joint Venture, Internet Protocol Backbone Co., das global Voice, Daten und Webservices übertragen soll, wollte ursprünglich 2 Mrd. US-$ Kredit aufnehmen. 750 Mio US-$ sind bereits beschafft worden.

Telstra sollte erst 625 Mio US-$ erhalten. Dieser Anteil sinkt nun 40 % auf 375 Mio US-$. der Anteil von PCCW, 1,375 Mrd. US-$, wird 18 % fallen auf 1,125 Mrd-. US-$.

Die Aktie von PCCW verliert heute 15 HK-cent oder 2,7 % auf 5,35 HK-$ , Telstra verliert 10 A-cent oder 1,5 % auf 6,5 A-$.
-fjs- 18.12.00 09:08:00

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PCCW Japan erhält digitale Breitband-Lizenz

PCCW Japan wird zusammen mit der japanischen Venture Capital Gesellschaft Techno-Venture ein Joint Venture unter dem Namen CS NOW eingehen. PCCW Japan wird 80 % und Techno-Venture 20 % daran halten.

Weiter gab man bekannt, dass die neue Gesellschaft CS NOW eine CS110-Breitband Lizenz vom japanischen Post- und Telekommunikationsministerium bekommen hat. CS110 ist ein Satelliten Rundfunk System der nächsten Generation zur Verbreitung von interaktiven TV-Services. Insgesamt wurden 18 Lizenzen in Japan vergeben.

PCCW Japan errichtet zur Zeit ein 40 Mill US-$-Studio, um dort den Content für den japanischen Breitband-Service NOW Japan zu produzieren.
-js- 18.12.00 09:26:00

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PCCW vor Gehaltserhöhungen

Laut PCCWs Vize Vorstand Linus Cheung plant das Unternehmen Gehaltserhöhungen. Diese sollen unter anderem Sozialleistungen und Arbeitsprämien beinhalten.

Er selber wird zwar den Vorstand von der PCCW Tochter Taiwan Telecom übernehmen, es werde aber nur eine Zeit lang sein. Es sei nicht nötig komplett zu wechseln. (fs)

© Emerging Markets Research, 18.12.00
http://www.em-research.de

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PCCW steht in New York 4,27% tiefer

Die in New York gelisteten ADRs von PCCW sind am Freitag bis zu einem Schlusskurs von 6.75 US$ oder 5.265 HK$ gefallen. Das ist 4,27% unter dem vorherigen Schlusskurs in Hongkong. Der tatsächliche Verlust fiel heute in Hongkong geringer aus. De Aktie gab nur leicht auf 5.40 HK$ nach. (fs)

© Emerging Markets Research, 18.12.00
http://www.em-research.de

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Japan`s NOW bekommt digitale TV-Lizenz

PCCW-Japan gab heute bekannt, dass CS NOW eine CS110-Lizenz für digitales Fernsehen erhalten hat. CS110 ermöglicht interaktives Fernsehen über neuartige Satellitentechnologien.

PCCW-Japan wird die Technologie für das Senden von NOWs Inhalten benutzen. (fs)

© Emerging Markets Research, 18.12.00
http://www.em-research.de

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13:53 19-DEC-2000
PCCW (0008-HK) confirms Norman Yuen to leave on Feb 28

Pacific Century CyberWorks Limited (PCCW) confirmed in today`s announcement that Norman Yuen, deputy chief executive officer of PCCW, will resign from the company on February 28, 2001.

Norman Yuen`s duties will be assumed by William Cheung Kam-hung who was appointed as chief operating officer on December 6.

Following his departure, Mr Yuen will not engage in activities that directly compete with the company`s businesses in Hong Kong.

(End)

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PCCW and Telstra slash loan request
By Mathew Carr, Bloomberg

MELBOURNE: Telstra and Pacific Century CyberWorks (0008) were forced to borrow a quarter less than the US$2 billion (HK$15.6 billion) planned for an Internet venture because bankers are baulking at lending to telecommunications companies.
Internet Protocol Backbone, a joint venture carrier of voice, data and Web services, now wants to complete raising just US$1.5 billion (HK$11.7 billion) this week and has so far secured about half of that, said Telstra treasurer Cliff Davis.
Telstra originally said it would receive US$625 million of the US$2 billion raised and CyberWorks US$1.375 billion in return for assets they were injecting into the venture. Mr Davis said Telstra`s share of the debt raised would be cut by 40 per cent to US$375 million.
CyberWorks` share of the debt raised would fall by 18 per cent to US$1.125 billion, Mr Davis said.
``They`re finding it difficult to farm out the debt,`` said Jonathan Iu, an analyst at SG Securities. The venture may see ``slow expansion now because they haven`t got that working capital, so projects may be delayed by a couple of months.``
Finding banks to lend money was a challenge given the demands on the debt market from telephone companies, especially those funding bids for wireless Internet licences. Earlier this month, British Telecommunications sold US$10 billion of bonds, the largest-ever issue of dollar-denominated corporate debt.
The two companies, the biggest in Australia and Hong Kong respectively, also faced scepticism about projected sales growth for the new business, especially since global economic growth is slowing.
It faces competition from new entrants such as Global Crossing and Level 3, two US companies bound for Asia.
The loan, arranged with the help of Barclays Capital Asia and Chase Manhattan, was partly designed to help both companies secure more cash for their own needs. It was also going to provide the Internet joint venture with US$500 million in cash before it was able to raise money by selling shares to the public. Now, the companies say the venture will get US$150 million.
``The negative chain effect could be huge,`` said Chris Choy, who helps manage US$60 million of funds globally at Pacific World Asset Management in HongKong. ``The venture`s cash flow will be strained if its business fails to achieve a good valuation when it`s spun off next year.`` PCCW is confident other banks will fund the venture`s day-to-day needs.
``The working capital will likely be provided by an Australian bank on more attractive terms`` than the Internet Protocol debt, said Joan Wagner, a spokeswoman for CyberWorks.
Telstra said the lower level of debt would make the venture stronger. The reduction is ``due to the challenging circumstances for financing telcos``, said Mr Davis.
The partners were finding it hard to find enough banks willing to take US$150 million (HK$1.17 billion) parts of the loan, he said, because most lenders preferred to take US$100 million parts.
Barclays said about a dozen banks will join the loan, with eight already making firm commitments.
``The stars look aligned to get this thing wrapped up this week,`` said David Matthews, director of global loans at Barclays.
``There was an element of discretionary spending in the loan [and] they`ve taken the view that they can cut back the loan, they can approach some banks and say `we don`t need US$150 million, but only US$100 million.```
The changed funding plans come after the Bank of England warned for the second time in six months the rising debt of European and US telephone companies increases the risk of a financial crisis in world equity and credit markets.
``I`m just astounded by the fact that they [the bankers] think the IP backbone is any less risky than a wireless business,`` said Chris Cheung, an investment analyst at Worldsec International. The reduction shows holders of phone firm shares may not be able to rely on lenders to fund expansion into new areas of telecoms and must consider investing more themselves, said Andrew Lally, a Melbourne-based analyst with ratings agency Standard & Poor`s.
Mr Lally said increased investment by Telstra in the Internet venture already was factored into the firm`s long-term ``A+ ``credit rating.
Melbourne-based Telstra formed the venture with CyberWorks because it needed an Asian partner to help it expand outside Australia, where it has lost market share from more competition. CyberWorks, needed Telstra to help cut debt.
Telstra closed down A$0.10, or 1.5 per cent, to A$6.49 (HK$27.61). CyberWorks fell HK$0.10, or 1.8 per cent, to HK$5.40.
19 December 2000 / 02:20 AM

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Tuesday, December 19, 2000
CyberWorks cuts loan by US$500m
LOUIS BECKERLING

Pacific Century CyberWorks and Telstra have cut the borrowing planned for their Internet protocol backbone company by US$500 million. The 50:50 joint venture will now raise a loan of just US$1.5 billion, instead of the originally planned US$2 billion, bankers said yesterday.
That will cut the interest bill by about US$35 million a year, improve its gearing ratios and help secure a key investment-grade rating to support its planned public float next year.

At US$2 billion, the original debt burden would have amounted to four times EBITDA (earnings before interest, tax, depreciation and amortisation), which is considered borderline to securing an investment-grade rating. The scaled-back borrowing will reduce the multiple to a more comfortable three times free cash flows and according to bankers will not affect projected earnings.

The joint venture will group the international connectivity assets of the former Cable & Wireless HKT - taken over by CyberWorks in August - and Australia`s Telstra.

These include all the telecommunication gateways owned by each of the partners in Hong Kong and Australia, some 50 sets of undersea cables, and satellite ground stations in Stanley and Australia. The agreement provides for CyberWorks to be paid US$1.2 billion out of the syndicated loan proceeds for the assets it will inject into the venture.

The decision to cut the syndicated loan to US$1.5 billion also comes amid concern over bank lending worldwide to deeply indebted telecoms` companies and a warning from regulators that banks should scale back their exposures to the sector.

Bankers said the US$500 million cut-back would not affect the group`s core business or its cash flows.

"When we structured the original deal it was a US$2 billion financing with up to about US$350 million identified by the company for discretionary spend purposes," said David Matthews, director global loans for one of the lead underwriters of the loan, Barclays Capital.

Bankers were not told about the details of these discretionary expenditures, he said, since CyberWorks had not presented them as revenue-generating.

"In the last couple of weeks they realised they were no longer going to buy these things - whatever they were - and at the same time they had been approached by an Australian domestic bank with an offer of some working capital financing, which the syndicate was originally going to provide," he said.

Mr Matthews would not identify the bank, but it is understood to be one of Australia`s Big Four banks, and the sum involved, at present being negotiated between Telstra and the bank - is believed to be about US$100 million.

Advantages to CyberWorks from scaling back the loan included the likely acceleration of an investment-grade rating for the group. "We will also be able to close the deal this week amongst the dozen or so banks who had joined at the sub-underwriting phase - avoiding the need for a general syndication," he said.

By cutting the debt load, the joint venture would dramatically improve its key debt ratios, Mr Matthews said.

But suggestions that the company had scaled back its debt loan because it would otherwise fail to secure an investment grade rating were "reading too much into the proposal", Mr Matthews said.

"They had always anticipated getting an investment-grade rating in the next 12 months or so and might even have got it on the old stats, but obviously it is a lot easier to do on the improved stats," he said.

Indications at the sub-underwriting phase were that the US$2 billion loan would have been allotted in three tranches of three, five and seven years, at rates floating above Libor (London interbank offered rate) of plus 50 basis points (for the three-year tranche), plus 65 basis points (five-year), and plus 80 basis points (seven-year). That equates to roughly Libor plus 70 basis points, or about 7 per cent, currently, which would have translated into an annual interest payment of about US$140 million. Annual interest payments on the scaled-back loan would amount to about US$105 million - representing a saving of US$35 million on the previous plan.

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12/19 00:30
CyberWorks Deputy Chief Executive Yuen to Leave in February
By Rob Stewart

Hong Kong, Dec. 19 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia`s second-largest Internet investor, said Norman Yuen, deputy chief executive, will leave at the end of February.

Yuen, who worked for the company for 15 years -- he was at Cable & Wireless HKT Ltd. before CyberWorks bought it -- is expected to join Citic Pacific Ltd., a China-backed Hong Kong investment company. CyberWorks didn`t confirm the move previously reported by the Hong Kong Economic Times.

Yuen will be replaced by Chief Operating Officer William Cheung, a 29-year veteran of HKT, the company said in a statement.

The 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.

Citic Pacific shares fell 0.4 percent to HK$27.90. CyberWorks fell 4.7 percent to HK$5.10.

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Telstra bestätigt Kürzung der IP Anleihe

Die australische Telstra Corp. gab bekannt, dass man die Höhe der Anleihe für das IP-Backbone Jointventure mit PCCW von 2 Mrd. US$ auf 1,5 Mrd. US$ kürzt. Der Schatzmeister des Unternehmens gab zu verlauten, dass es immer schwerer wird Banken zu finden die Anleihen an Telekommunikationsunternehmen geben wollen. (fs)

© Emerging Markets Research, 18.12.00
http://www.em-research.de

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PCCW bestätigt Entlassung von Yuen

Pacific Century Cyberworks hat heute morgen bestätigt, dass Norman Yuen das Unternehmen im nächsten Jahr verlassen wird. Wie wir berichteten wird er im März oder April bei CITIC Pacific (0267.hk) angestellt angestellt werden und dort für die Telekommunikationssparte zuständig sein. PCCW machte in einem Statement klar, dass Yuen bei CITIC keine Bereiche leiten wird, die direkte Konkurrenz zu PCCWs Telekomaktivitäten in Hongkong darstellen.

Weiter wird berichtet, dass sein Gehen schon länger geplant war. Als Vize-CEO von der übernommenen C&W HKT war er für die Eingliederung seines Unternehmens in PCCW zuständig. Bereits im Juni soll er sich entschieden haben, PCCW zu einem angemesseen Zeitpunkt zu verlassen. Man meldete dies erst jetzt um während der Übernahme Schwierigkeiten zu vermeiden.

Yuens Job wird von William Kam-Hung Cheung, dem Cief Operating Officer (COO), übernommen werden. Er ist in Zukunft also vor allem für den Bereich B2B und die Datencenter zuständig. (jf)

© Emerging Markets Research, 19.12.00
http://www.em-research.de

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PCCW: Weitere Wechsel im Management?

Nachdem gestern Gerüchte aufkamen Norman Yuen würde PCCW verlassen und dies von PCCW in einem Statement bestätigt wurde, kamen heute erneute Gerüchte über Wechsel im Management auf. Die Oriental Daily berichtet ohne Angabe der Quellen, dass noch drei weitere Führungspersonen das Unternehmen Richtung CITIC Pacific verlassen werden. Unter Ihnen soll sich unter anderem Vize-Chef Francis Yuen befinden. Bestätigt wurde dies bisher nicht. (jf)

© Emerging Markets Research, 19.12.00
http://www.em-research.de

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Tokyo, December 18, 2000


PCCW Japan Joint Venture Receives CS110 License To Provide Interactive Broadcasting

CS NOW to offer viewers interactive services such as video-on-demand, e-commerce, games, electronic programming guides, etc.

TOKYO, December 18, 2000 - Pacific Century CyberWorks Japan K.K. (`PCCW Japan` JASDAQ: 7954) today announced that CS NOW Corporation has been awarded a CS110 digital broadcasting license by the Japanese Ministry of Posts and Telecommunications.

CS110 is next-generation satellite broadcasting designed to provide fully interactive television services, and will be used by PCCW Japan to transmit content from the Company`s NOW (Network of the World) Japan TV-Web service.

CS NOW Corporation is a joint venture company that will be formed by PCCW Japan and Techno-Ventures Co., Ltd., for the purpose of transmitting on the CS110 broadcasting service via the recently launched NSAT 110 satellite. PCCW Japan holds an 80 percent stake in the venture.

The CS110 service will share the same satellite orbits (East 110) as the BS Digital service launched in December 2000, allowing viewers to receive both broadcasting services using one common receiver.

BS Digital services are expected to attract large audiences as BS analogue users, currently 10 million viewers, upgrade to the new digital service. CS110 broadcasting is also expected to attract a large percentage of this audience by offering much increased functionality and interactivity.

In awarding the licenses, the Ministry of Posts and Communications focused on the ability of the 41 applicants to provide "high-functionality broadcasting."
CS NOW was one of 18 companies to receive the license.

"We are very grateful to the Japanese Government and the Ministry of Posts and Telecommunications for granting us this license. It is a great honor for us to be asked to provide Japanese audiences with high functionality content via this new media," said Todd Bonner, CEO of PCCW Japan.

"We are committed to developing top-quality interactive broadcasting content for CS110 and other platforms inside and outside Japan. We will be moving forward by forming partnerships with Japanese programming producers."

The application package submitted by CS NOW includes plans to provide interactive services such as video-on-demand, e-commerce, games and electronic programming guides.

The CS NOW service, which may offer such programming as sports, gaming, travel, education, science and adventure, will also provide access to program-related Internet content from the broadband service of PCCW Japan, NOW Japan, ensuring a seamless service between television and the Internet.

Junta Ayukawa, president of Techno-Venture Co., Ltd., and a senior adviser on strategic alliances for PCCW Japan said, "CS NOW`s strategy for content production will be one of partnership and cooperation rather than competition. Techno-Venture and PCCW Japan will welcome expert and experienced partners to assist us in providing high-functionality broadcasting to the CS NOW service."

About CS NOW

CS NOW Corporation is a joint venture that will be established by PCCW Japan and Techno-Venture Co., Ltd., for the purpose of broadcasting programs via CS 110 broadcasting services. PCCW Japan owns an 80 percent share in the joint venture with Techno-Ventures holding the remaining 20 percent.

About Techno-Venture Co., Ltd.

Techno-Venture Co., Ltd., is one of Japan`s oldest and largest independent venture capital companies. Established as Small Business Promotion Co. in 1952, it was Japan`s first venture management company, changing its name to Techno-Venture Co., Ltd., in 1974. The Company`s funds hold investments in over 300 technology-based companies and total in excess of JPY20 billion (US$180 million). With a variety of partners in the US, Europe, the Middle East and Asia, Techno-Ventures has a network that links Japanese investors to advanced technology venture capital businesses around the world.

About Pacific Century CyberWorks Japan Co., Ltd.

PCCW Japan K.K. (JASDAQ: 7954) is driving broadband Internet content, infrastructure and distribution throughout the country via alliances and investments in related content providers, TV companies, advertising agencies, and network and cable TV companies. PCCW Japan K.K is the new name for Jaleco Ltd. from November 1, 2000.

About NOW

Rolled out in June 2000, NOW combines television, narrowband and broadband to provide viewers with access to information and entertainment in an innovative, exciting, and interactive manner. NOW is currently entering its next stage of development, offering content ranging from news and entertainment to money, technology and learning - all designed for access from portal and Virtual Network Operator platforms.

PCCW Japan is currently building a JPY4.2 billion (US$40 million) digital studio to manage NOW Japan content creation and export. The studio is scheduled to be operational and producing sample content by the second half of 2001. PCCW Japan intends to recruit more than 200 employees to run the studio over the coming year.

For media inquiries, please call:

Marie Cairney
PR Manager
PCCW Japan
Tel: [phone]
Email: [e-mail]

Joan Wagner
VP Corporate International media
PCCW
Tel: [phone]
Email: [e-mail]

Ross Rowbury/Philip Gusterson
Gavin Anderson & Company
Tel: [phone]
Email: [e-mail]/[e-mail]

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Tuesday December 19, 2000
PCCW cuts loan for Telstra JV

Hong Kong Internet and telecom group Pacific Century CyberWorks has reduced a loan to fund its IPBC backbone joint venture with Australia`s Telstra Corp to US$1.5 billion from US$2.0 billion, leading bankers said yesterday.

"Both PCCW and Telstra revisited their capital expenditure programme and there are a couple of things they were looking to do next year that will not happen any more," Justin Crane, manager of global loans at Barclays told Reuters. "They no longer need the US$2 billion facility and have reduced it to US$1.5 billion."

Crane said he did not know what expense items PCCW and Telstra had decided to remove. "Investments in this industry are all fairly strategically important and confidential," he said.

Paul Bartlett, managing director and co-head of debt origination at Chase, said banks in the syndicate "would have probably taken a few more weeks" to complete the deal as they were "not entirely comfortable" with US$350 million of the loan allotted for discretionary capital expenditures, such as investments or acquisitions.

"So we decided to take that out and now the deal will close by the end of the week and we can get this out in time for Christmas," he said.

PCCW spokeswoman Joan Wagner confirmed the company had reduced the loan, but said it would defer all comment to the leading banks.

Bartlett said a relationship bank not in the syndicate would provide US$150 million to be used as a working capital requirement, bringing the loan down to US$1.5 billion.

Both he and Crane said the loan reduction was positive for the banks because it cut IPBC`s debt/EBITDA ratio (earnings before interest, tax, debt and amortization) to three from four.

"It`s great for us because the credit quality of IP Backbone improves significantly and you don`t need as many banks," Crane said.

Bartlett said eight banks were already committed to the syndicate and an additional six were waiting for final approval. He said 10 to 12 banks would make up the syndicate and the final list would be announced by Thursday.

Agencies via Xinhua

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PCCW says Telstra IP jv likely to raise capital from Australian bank

Hong Kong, December 19 (afx-asia) -- Pacific Century CyberWorks Ltd said its IP backbone joint venture with Telstra Corp Ltd is likely to raise funds for its working capital requirements from an Australian bank.
PCCW spokesperson Joan Wagner said the working capital needs for the joint venture are likely to be met by an Australian bank at more attractive terms than those offered in a separate syndicated loan already agreed.

The joint venture has cut the amount of the syndicated loan agreed with underwriters Chase Manhattan Hong Kong and Barclays Capital Asia to 1.5 bln usd from an initial 2.0 bln usd, the two banks said earlier today.

Bank officials said the reduction was due to the fact that the venture had decided to defer 0.5 bln usd in discretionary capital items.

Wagner said the working capital requirements for the joint venture will be "achieved outside the (1.5 bln usd) loan."

The amount required for working capital has not been finalised but is understood to be around 150 mln usd, she added.

Wagner said the reduction in the syndicated loan sought for the joint venture will not affect the IP backbone company`s operations.

"Both the parent companies feel that certain projections for discretionary expense items that have been built in (the initial funding requirements) are no longer required," she said.

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PCCW kooperiert mit Nasdaq-Unternehmen Mercury

PCCW gab heute die Kooperation mit dem Nasdaq-Unternehmen Mercury Interactive bekannt. Beide wollen einen Service zum Test von Webseiten-Ladezeiten entwickeln. Während Mercury das technische Equipment und die Software zur Verfügung stellt, wird PCCW eine Mill HK-$ für die Testdurchführungen zahlen. Das neue Project soll es Webseiten-Operatoren ermöglichen schon vor dem Start der Seite die Kapzitäten und die Ladezeiten zu überprüfen.

PCCW wies Marktgerüchte, wonach man anstatt einer über 4 Mill HK-$ in das neue Projekt zahle und Mercury gar nichts, zurück. Auch über die Gewinnverteilung wollte man sich nicht äußern.

-js- 19.12.00 09:10:00

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Marktbericht Hongkong 19.12.2000

Pacific Century CyberWorks musste erneut einen Kursverlust hinnehmen. Deputy Chairman Norman Yuen wird nun bestätigten Berichten zufolge PCCW im Frühjahr verlassen. Zudem steht dem Unternehmen ein weitaus dünnerer Kreditrahmen für das Joint Venture mit Telstra zur Verfügung, als geplant. Letzteres könnte die angestrebten Wachstumsambitionen des Unternehmens einschränken. Für diese Problematik spricht der Kursrückgang von 4,7 % auf 5,10 HK-$.

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PCCW: Weitere Wechsel im Management?

Nachdem gestern Gerüchte aufkamen Norman Yuen würde PCCW verlassen und dies von PCCW in einem Statement bestätigt wurde, kamen heute erneute Gerüchte über Wechsel im Management auf. Die Oriental Daily berichtet ohne Angabe der Quellen, dass noch drei weitere Führungspersonen das Unternehmen Richtung CITIC Pacific verlassen werden. Unter Ihnen soll sich unter anderem Vize-Chef Francis Yuen befinden. Bestätigt wurde dies bisher nicht. (jf)

© Emerging Markets Research, 19.12.00
http://www.em-research.de

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PCCW: Yuen kommentiert sein Gehen

Norman Yuen hat heute seinen Weggang von PCCW kommentiert. Zum einen meinte er, dass er mit Richar Li im August seinen Weggang vereinbart hatte. Damals wurde ausgemacht, dass er noch 6 Monate bis zur Vervollständigung der Eingliederung von HKT bleibt. Er dementierte, dass er zu CITIC Pacific gehen werde, merkte aber an, dass er am chinesischen Markt interessiert sei. (jf)

© Emerging Markets Research, 20.12.00
http://www.em-research.de

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Blow for CyberWorks as key executive resigns
By Jonathan Tam and Benedict Rogers

FOUR months after the mega-merger of Pacific Century CyberWorks and Cable & Wireless HKT, deputy chief executive officer Norman Yuen Kee-tong has quit.
Mr Yuen is the highest-ranking former HKT staff to quit since the takeover.
PCCW (0008) confirmed the departure of Mr Yuen yesterday in a press statement, saying that he would like to pursue other interests.
Mr Yuen would leave PCCW on February 28 next year, it said.
CyberWorks said his duties would be replaced by William Cheung Kam-hung, PCCW`s chief operating officer, who was largely unknown to many analysts.
``It`s a loss for PCCW as he knows the company inside out,`` said Edmond Cheung, an analyst at Core Pacific-Yamaichi (International), adding that his resignation would hurt former HKT`s staff morale as well.
Mr Yuen was a member of PCCW`s decision-making executive committee and the managing director of the company`s Internet enterprises.
PCCW said that Mr Yuen would not ``engage in activities that directly compete with the company`s business in Hong Kong``. However, the clash is more likely in China.
Sources said he was leaving for Citic Pacific (0267), taking charge of the telecommunications and pay-television services. The strong presence of Citic Pacific in China`s Internet and telecommunications market, of which it said it would spend $19 billion last week on developing the telecommunications network, may clash with PCCW`s ambitions in the mainland market.
Mr Cheung of Core PacificYamaichi`s said should Mr Yuen join Citic Pacific and take charge of the Internet infrastructure unit, he was likely to drain more staff from CyberWorks.
Mr Yuen was the deputy chief executive at former HKT since 1995 and director from 1993 to 1995, focusing on strategic planning and local business development in e-commerce, Internet and broadband applications, mobile, product management, information technology and regulatory affairs.
His departure highlighted some of the difficulties of working for PCCW`s chief executive and chairman Richard Li Tzar-kai.
``Richard Li does not have a track record in managing companies - he has a track record of doing great deals,`` said one executive search consultant. ``I always wondered how he would manage a large company like PCCW``.
A former employee of PCCW who worked closely with Mr Li is reported to have said that ``working for Richard Li is like having root canal but not as much fun``.
He described being telephoned regularly from New York by Mr Li at 3am Hong Kong time, and being told to get the 8am flight to Beijing.
On arrival in Beijing, Mr Li called again and told him to get on the flight to Australia instead of Beijing.
Indeed, when the 1,300-staff PCCW merged with HKT, a company which outnumbered its staff by as much as 10 times in August, Linus Cheung Wing-lam, PCCW`s deputy chairman and former HKT`s chief executive, said it was hard in combining the two groups because of different cultures.
For some loyal HKT staff, it was merely impossible.
Allan Ma, who was the managing director and a board member of HKT who headed the mobile operation, bowed out shortly after the merger.
Lately it was reported that Mr Linus Cheung was assigned to the chair of PCCW`s secondary business unit, Taiwan Telecommunication Network Services, overseeing the company`s listing plan.
Still, analysts did not expect the personnel shuffle to have a significant impact on PCCW`s business.
Lai Voon-san, vice-president of research at GK Goh Securities, said since Mr Li was probably overseeing the Internet businesses Mr Yuen was working for, the impact of his departure would be small.
``Going forward, the company will be the same, it is more important to see who are the new guys coming up because many of PCCW`s management are over 50,`` Mr Lai said.
He said it was unlikely for Mr Francis Yuen Tin-fan to leave the company as many of his stock options were tied to his job in PCCW.
Mr Cheung of Core Pacific-Yamaichi`s pointed out that Mr Norman Yuen`s exit should mean little for the share price, adding that the British-owned Cable & Wireless share overhang was more important for the share price. C&W can offload half of its 14 per cent PCCW shares in February.
``The consolation prize for PCCW is that now it knows the direction to develop itself,`` he said.
On the news of Mr Norman Yuen`s departure, PCCW share`s trading volume doubled to 90 billion yesterday. The counter tumbled $0.25, or 4.67 per cent, to close at $5.1. It plunged 72 per cent this year.

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PCCW buys tools for new service
Jonathan Tam

PACIFIC Century CyberWorks (0008) has agreed to buy tools from US-based Mercury Interactive to provide website performance testing and yesterday denied a report labelling the deal a rip-off.
Thomas Siu, president of CyberWorks` Internet enterprises business-to-business services, said the company would spend less than $1 million on the deal.
``One of the big investments will be on people,`` Mr Siu said, adding that major spending on this deal would be the training of staff and customer services.
A Gartner-Telecom report, citing unidentified sources, said PCCW had to advance Mercury $2.35 million and another $2 million for setting up a data centre to host the service. Mercury provides the tools to PCCW.
Mr Siu said the information in the report was ``completely incorrect``.
``We have very favourable terms,`` he said, adding that PCCW had already signed up as many as six large corporate clients and many other small companies to cover the initial investment.
PCCW`s load-testing centre, which is managed by 30 staff, will target the market in Greater China, helping companies identify website problems such as bottlenecks in hardware and software configuration.
The centre would sell services to companies with businesses that require complex and customised transactions such as stock trading, e-banking and e-shopping, CyberWorks said.
Nasdaq-listed Mercury was founded in 1989, and now it has 40 offices worldwide.
It currently has offices in Singapore, Hong Kong, Japan and Australia within the Asia-Pacific region. Uri Agmon, vice-president of Mercury`s international operations said about 35 staff were employed in the company`s offices in Asia and it aimed to expand further.
20 December 2000 / 02:45 AM

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Wednesday, December 20, 2000
CyberWorks confirms loss of key executive
HUI YUK-MIN

Pacific Century CyberWorks has confirmed the imminent loss of Richard Li Tzar-kai`s right-hand man - deputy chief executive Norman Yuen Kee-tong.
His departure promises to be a blow for the company which, yesterday, said Mr Yuen would leave on February 28 "to pursue other interests".

His sudden departure after 15 years with Cable & Wireless HKT before its takeover is another major setback for CyberWorks, according to analysts and brokers.

They said Mr Yuen`s departure raised concerns and uncertainties about the stability of the senior management team at CyberWorks. Mr Yuen was expected to join mainland conglomerate Citic Pacific to supervise the development of its mainland telecommunications network. Citic Pacific refused to comment.

But CyberWorks said the resignation was not a surprise as Mr Yuen had "indicated he would be pleased to assist with the integration of [CyberWorks] and HKT for an appropriate transitional period".

Mr Li said Mr Yuen was on a six-month contract.

However, in August when CyberWorks announced Mr Yuen`s appointment as deputy chief executive, there was no indication he was going to fill the position on a temporary basis.

CyberWorks said Mr Yuen`s duties would be assumed by William Cheung Kam-hung - appointed chief operating officer on December 6.

Vickers Ballas (Hong Kong) sales director Steven Leung Wai-yuen, said investors dumped CyberWorks` shares because they worried that the unstable senior management team may drive CyberWorks away from its core telecoms business and leave the company with an unclear strategy.

The reduction in the loan size of the IP backbone joint venture between CyberWorks and Australian telecoms operator Telstra also put pressure on CyberWorks` finances.

Yesterday the company confirmed the reduction in the loan size for the IP backbone joint venture to US$1.5 billion from the original US$2 billion.

Shares in CyberWorks yesterday dipped 25 HK cents or 4.6 per cent to close at HK$5.10, with HK$451 million worth of shares changing hands.

Former HKT head and CyberWorks deputy chairman Linus Cheung Wing-lam was sorry about Mr Yuen`s departure but said it would not have an impact on company operations.

Some CyberWorks` employees said morale has been affected by Mr Yuen`s resignation and expectations other senior executive would also leave soon.

Market rumours suggested deputy chairman Francis Yuen Tin-fan would also join Citic Pacific, despite Mr Li yesterday denying the possibility.

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19 December 2000 1529 hrs (GMT) 2329 hrs (SST)

CyberWorks confirms deputy chief Yuen leaving company



Hong Kong`s Pacific Century CyberWorks has confirmed reports that its deputy chief executive Norman Yuen will leave the company on February 28.

The company said Mr Yuen had decided to pursue other interests and will "not engage in activities that directly compete with the company`s businesses in Hong Kong."

He will be replaced by William Cheung, who was appointed chief operating officer of PCCW on December 6.

An accountant by training, Mr Yuen was a key figure in the planning and development of the former Cable & Wireless HKT`s Internet and electronic-commerce strategy.

He was also one of three top HKT executives who joined PCCW`s executive committee after it completed its US$28.5 billion takeover of HKT in August.

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Wednesday, December 20, 2000
E-COMMERCE
CyberWorks in partnership to test platform problems
VICKI KWONG

Pacific Century CyberWorks has teamed up with Web-based solutions provider Mercury Interactive to offer testing services for e-commerce platforms in the Greater China region.
A load-testing centre, which involves initial investment of less than HK$1 million, has been set up for the new service.

It will be managed by about 30 engineers from CyberWorks.

Mercury Interactive, a Nasdaq-listed company based in Silicon Valley, will provide the software.

Thomas Siu Hon-wah, president of CyberWorks` business eSolutions, said comprehensive tests would enable business-to-business (B2B) providers to enhance performance.

"B2B platforms need to focus on performance and reliability. By turning performance into a competitive advantage, they can increase their success rates," he said.

"[With this service], our customers will be able to identify system performance problems before their Web sites go live."

The testing service targets online banking, stock trading and shopping platforms, which involve complex and secure transactions.

According to Mr Siu, more than five corporations have signed up to use the testing service.

"We have secured several contracts which have allowed us to cover the initial investment in the centre," he said.

Mr Siu declined to comment on the financial arrangements with Mercury Interactive under the agreement.

Uri Agmon, vice-president of international operations at Mercury Interactive, said the partnership with CyberWorks was indicative of the company`s plans to expand its operations in Asia.

The company has six offices in the region, including one in Hong Kong.

According to Mercury Interactive international marketing manager Ronen Lamdan, 98 per cent of the Web sites that the company had tested suffered critical problems with scalability.

"And 70 per cent of our customers failed to reach 30 per cent of their expected capacity," he said.

On average, load tests could increase the performance of Web sites by 400 per cent, according to information from the company.

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Tung Tai Securities - Website: www.etungtai.com

Today Spot: PCCW [8] (hold) has confirmed that Deputy Chief Executive Norman Yuen would leave the company on February 28. Mr. Yuen‘s departure raise concern and uncertainties about the stability of the senior management team at CyberWorks. Despite CyberWorks said the resignation was not a surprise as Mr. Yuen had indicated he would be pleased to assist with the integration of CyberWorks and HKT for transitional period, there was no indication he was going to fill the position on a temporary basis when he was appointed as Deputy Chief Executive in August. Market worry that the unstable senior management team may drive CyberWorks away from its core telecoms business and leave the company with an unclear strategy. The reduction in the loan size of the IP backbone JV from US$2B to $1.5B also put pressure on CyberWorks` finances.

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PCCW [0008]: New Tools

PCCW has agreed to buy Internet tools from US-based Mercury Interactive to provide website performance testing. According to PCCW’s Internet enterprises B2B services president, Mr. Thomas Siu, they would spend less than $1mn on the deal. Their load-testing center will focus on the Greater China market, helping companies identify any problems they might have on their website, which may include software configuration and bottlenecks in hardware.
The services would be sold to businesses that require complex and customized Internet transactions.

This is a relatively small deal and is merely just a small piece to their puzzle. Nonetheless, this will benefit their attempt in entering the uncharted China Internet region.

Analysts: Patrick Sin
[e-mail]
Samuel Chua
[e-mail]

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11:00 21-DEC-2000
AIG buys more PCCW (0008-HK) convertible bonds

AIG said that its investment funds have acquired more convertible bonds in Pacific Century CyberWorks Limited (PCCW) from Pacific Century Regional Development Ltd (PCRD) for US$250 million from US$200 million. The conversion price, however, was lowered substantially.

The conversion price was reduced from $19 to $7.5 each, according to market sources.

In the future, AIG could convert 260 million PCCW shares representing 3.4 pct of shares held by PCRD, based on the conversion price of $7.50. Accordingly, shareholding of Richard Li in PCCW through PCRD would decrease from 38.8 pct to 37.6 pct.
(End)

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15:40 21-DEC-2000
PCCW (0008-HK) rebounds to $5 level

Pacific Century CyberWorks shares bounced back to the $5.00 level after 3:30 pm. Global telecom plays softened recently. Japan NTT DoCoMo lost as much as 15 pct in two days.
(End)

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Pacific Century Insurance sucht nach Partnern

Pacific Century Insurance (PCI), ein Unternehmen der Pacific Century Group von Richard Li, sucht nach Aussagen des Chairmans nach strategischen Partnern, die bei dem Unternehmen einsteigen sollen. Mit Hilfe des Partners will man weiter wachsen, da die Pacific Century Group kein weiteres Geld in das Versicherungsgeschäft investieren will. Man hat als Focus den Telekommunikations- und Internetmarkt, auf diesem man mit PCCW vertreten ist.

Da PCI noch in der Entwicklungsphase sei, brauche man Kapital für das weitere Wachstum. Dies soll durch eine Partnerschaft geschehen.

-js- 21.12.00 09:01:00

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PCCW: Verkaufen wg. Rücktritt von Yuen

Der Rücktritt des stellvertretenden Vorstand-Chefs, Norman Yuen, trifft das Hongkonger Unternehmen Pacific Century CyberWorks (PCCW) nach Meinung von Analysten hart. Es könne nun sehr schwer werden, attraktive Geschäftspartner zu gewinnen. Yuen wird das Unternehmen zum 28. Februar 2001 verlassen, wie PCCW am Dienstagmorgen mitgeteilt hatte. Damit wurden die bereits länger am Markt kursierenden Gerüchte bestätigt.

Analyst Eric Tomter von Dresdner Kleinwort Bensen Securities sagte, der Rücktritt sei keine gute Nachricht für das Unternehmen. Seiner Ansicht nach könne besonders die Arbeitsmoral des Teams darunter leiden. Durch die gegebenen Probleme von PCCW sei der Zeitpunkt außerdem höchst ungünstig.

Der Rücktritt könne den AKtienkurs weiter in die Tiefe ziehen. Ohnehin sei PCCW im Vergleich zu den weltweiten Konkurrenten wie Singapore Telecommunications Ltd. und British Telecom überbewertet. Tomter sehe keinen Grund, warum Anleger für PCCW einen Aufpreis bezahlen sollten. Erst bei 3,30 HKD sei der Titel für ihn ein "Kauf". Aktuell empfiehlt er die Aktie zu "verkaufen".

-fjs- 20.12.00 18:46:00

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PCCW: trotz Gefährdung " Trading Buy"

Diverse Analystenhäuser, so auch Dresdner Kleinwort Benson, empfehlen derzeit, aus Pacific Century CyberWorks auszusteigen. Grund sei der Rücktritt von Vorstand- Chef Norman Yuen. Der Rücktritt komme sehr ungelegen. Zumal in einer für PCCW höchst brisanten Phase. Durch den Verlust von Yuen könne es PCCW schwer fallen, weitere attraktive Geschäftspartner anzuziehen. Generell sei eine schlechte Stimmung im Konzern, weil Yuen bei den Mitarbeitern sehr angesehen war.

Auch Sunny Chan, Leiter der Research-Abteilung bei KGI Securities, sieht das Image des Unternehmens durch den Rücktritt bedroht. Das Vertrauen der Anleger sei nun beeinträchtigt, auch wenn eigentlich die langfristige Entwicklung von PCCW im Vordergrund stände. Und diese sei unsicher und damit wesentlich bedenklicher als ein Wechsel im Management. Chan hält den Titel trotzdem für einen "Trading Buy" mit einem Kursziel von 6,0 bis 7,0 HKD.

Aufgrund der divergierenden Meinungen bei PCCW sind Anleger gut beraten, im Moment keine Engagements in PCCW zu tätigen. Erst bei klareren Linien sollte man wieder aktiv werden.

-fjs- 20.12.00 19:00:00

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Marktbericht Hongkong 21.12.00

Positiv überraschen konnte heute PCCW. Das Internetunternehmen von Richard Li fiel erst bis auf ein neues Tief von 4,75 HK-$. Danach setzte eine technische Reaktion ein und der Wert schloß sogar mit einem leichten Plus von 1,5 % bei 5 HK-$.

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ADRs von PCCW und China Mobile geben nach

Die jeweils in New York gehandelten ADRs von den asiatischen Unternehmen PCCW und China Mobile gaben im Zuge des Nasdaq-Kurssturzes ebenfalls weiter nach. Im Vergleich zum Vortages-Schlusskurs in Hongkong verloren die PCCW-Papiere (Verhältnis 1:10) 8,93 %. Die ADRs von China Mobile (Verhältnis 1:5) gaben um 4,05% nach. (msp)

© Emerging Markets Research, 21.12.00
http://www.em-research.de

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PCCW verlangt Einrichtungsgebühr für Breitbandanschluss

Das Hongkonger Telekommunikations-Unternehmen PCCW verlangt neuerdings eine Einrichtungsgebühr für die Installation eines Breitband-Anschlusses über Netvigator. Dabei soll jeder neue Kunde einen Betrag in Höhe von 530 HK$ entrichten. Ausgehend von der Prognose einer Anmeldungsrate von 600 Kunden pro Tag ergäbe sich für PCCW im nächsten Jahr allein durch die neue Gebühr zusätzliche Einnahmen in Höhe von 116 Mio. $HK. (msp)

© Emerging Markets Research, 21.12.00
http://www.em-research.de

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PCCW: Francis Yuen dementiert Wechsel zu Citic Pacific

Der Vize-CEO von PCCW Francis Yuen räumt Gerüchte aus dem Weg, wonach er PCCW verlassen und zu Citic Pacific wechseln würde. Dies hatte die Hongkong Economic Times berichtet. Bei der Berichterstattung war es zu einem Mißverständnis gekommen, da es sich bei der wechselnden Person nicht um Francis Yuen sondern um Norman Yuen handle, der ebenfalls einen Vorstandsposten bei PCCW inne hat. (msp)

© Emerging Markets Research, 21.12.00
http://www.em-research.de

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11:39 22-DEC-2000
PCCW (0008-HK) launches NOW services in Bombay

Hong Kong Internet and telecom group Pacific Century CyberWorks Limited launched its Network of the World (NOW) services in Bombay after it offered NOW services in New Delhi through a joint venture known as Data Access India (DAI) two months ago.

Siddhartha Ray, managing director of DAI, said that it had 24,000 subscribers in New Delhi within two months of its launch and is adding 400 subscribers per day.

NOW will be launched in the two southern Indian cities of Bangalore and Madras by January and could be expanded to 26 other cities by the first quarter of 2001.

DAI had made US$100 million investment in NOW services in Bombay, New Delhi, Bangalore and Madras.

(End)

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12:14 22-DEC-2000
PCCW (0008-HK) to hold press conference at 4:00 pm

Pacific Century CyberWorks Limited (PCCW) will be holding a press conference at 4:00 pm today on local phone charges increase.

It is generally expected that PCCW plans to raise residential telephone service monthly charges from $90 to $110 next year.

(End)

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PCCW kooperiert mit Mercury Interactive

Das Hongkonger Telekommunikations-Unternehmen Pacific Century Cyberworks (PCCW) hat bereits gestern die Kooperation mit dem US-amerikanischen Software-Entwickler Mercury Interactive bekannt gegeben. Gemeinsam soll eine Online-Plattform geschaffen werden, die es professionellen Websites ermöglicht Ihre Internetpräsenz bereits vor dem Launch vollständig zu testen.

So ist es möglich jeden beliebigen Besucherzustrom zu simulieren und somit die Benutzerfreundlichkeit und Geschwindigkeit der Website zu optimieren. (msp)

© Emerging Markets Research, 22.12.00
http://www.em-research.de

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PCCW startet NOW in Bombay

Das Hongkonger Telekommunikations-Unternehmen Pacific Century Cyberworks (PCCW) hat in Bombay den Betrieb des Multimedia-Kanals NOW aufgenommen. Bereits vor zwei Monaten hatte man den Service durch eine Kooperation mit Data Access India (DAI) in New Delhi gestartet. Im Augenblick beträgt dort der Kundenstamm 24.000 mit einer durchschnittlichen Wachstumsrate von 400 Neukunden pro Tag.

Im Januar soll der Start NOW‘s in Bangalore und Madras erfolgen und bis zum Ende des ersten Quartals auf 26 Städte ausgeweitet werden. (msp)

© Emerging Markets Research, 22.12.00
http://www.em-research.de

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PCCW kündigt Pressekonferenz an

Ein Sprecher des Hongkonger Telekommunikations-Unternehmens Pacific Century Cyberworks (PCCW), hat für 16.00 Uhr Ortszeit eine Pressekonferenz angekündigt. Schwerpunkt-Thema sind die lokalen Verbindungspreise.

Es wird allerseits erwartet, dass PCCW die Preise für Telefonverbindungen von 90 HK$ auf 110 HK$ für nächstes Jahr erhöhen wird. (msp)

© Emerging Markets Research, 22.12.00
http://www.em-research.de

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Thursday, December 21 2:18 PM SGT
Mercury Interactive, PCCW Launch Web Site Load Testing Center

HONG KONG, Dec 21 Asia Pulse - Pacific Centry Cyberworks [PCCW] (HKSE: 0008) and US-based Mercury Interactive (NASDAQ: MERQ) have announced the creation of the first automated Web-based load-testing center for Greater China and Hong Kong.
Hosted at PCCW`s Hong Kong data centers, the new facility offers an e-Loading test service powered by Mercury Interactive`s ActiveTest for pre and post-deployment load testing and other Web-performance management tools, PCCW said in a statement.

The service identifies potential Web site problems, enabling e-enterprises to increase ebusiness success rates by turning the performance of their Web sites into competitive advantage. The service emulates the behaviour of thousands of customers using the Web site and identifies bottlenecks and capacity constraints before customers do, both before and after the Web site goes live.

Zona Research estimates that slow Web site download times have resulted in losses of up to US$4.35 billion in e-commerce sales in 1999. Even Web site blackouts are estimated to cost companies an average of about US$8,000 per hour. The new PCCW load-testing center will serve enterprises such as stock-trading, e-banking and e-shopping: businesses that require complex and customized transactions and secure information retrieval. Managed by a professional team of near 30 certified engineers of PCCW, the center will offer full-scale stress-testing services that can be executed within 24 hours.

Thomas Siu, President of PCCW`s Business eSolutions, said the venture would help PCCW customers achieve maximum productivity in today`s growing but ultra-competitive Greater China e-commerce sector.

"PCCW customers will see tremendous benefits from combining Mercury Interactive technology with PCCW expertise in the convergence of IT, IP and telecommunications technology," he said.

ASIA PULSE

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CyberWorks Confirms Deputy CEO Will Leave Company


(12/21/00 12:54:29 PM PT)

HONG KONG -- Pacific Century CyberWorks Ltd. said its deputy chief executive Norman Yuen will leave the company Feb. 28, confirming persistent speculation in local media over the past week.

The company on Tuesday said Mr. Yuen has decided to pursue other interests and will "not engage in activities that directly compete with the company`s businesses in Hong Kong." He will be replaced by William Cheung, who was appointed chief operating officer of CyberWorks on Dec. 6.

An accountant by training, Mr. Yuen was a key figure in the planning and development of the former Cable & Wireless HKT`s Internet and electronic-commerce strategy. He also was one of three top HKT executives who joined CyberWorks` executive committee after it completed its US$28.5 billion takeover of HKT in August.

At the time of the merger, Mr. Yuen had indicated he would be pleased to assist with the integration of CyberWorks and HKT for an appropriate transition period, but has now decided that after 15 years with the company, he wants to do something else, CyberWorks said in a prepared statement.

Local newspapers last week said Citic Pacific Ltd. was actively poaching Yuen to head its telecommunications-related business in China, but Citic has so far declined to comment on those reports.

Analysts say the loss of Yuen could raise further concerns as to whether CyberWorks` management can execute its ambitious Network of the World broadband multimedia project amid recent plans to aggressively cut investments in broadband businesses and networking services.

Copyright (c) 2000 Dow Jones & Company, Inc.

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Research Department
Daily Market Letter

Date: 20th December, 2000

PCCW (8) (hold) has confirmed that Deputy Chief Executive Norman Yuen would leave the company on February 28. Mr. Yuen`s departure raise concern and uncertainties about the stability of the senior management team at CyberWorks. Despite CyberWorks said the resignation was not a surprise as Mr. Yuen had indicated he would be pleased to assist with the integration of CyberWorks and HKT for transitional period, there was no indication he was going to fill the position on a temporary basis when he was appointed as Deputy Chief Executive in August. Market worry that the unstable senior management team may drive CyberWorks away from its core telecoms business and leave the company with an unclear strategy. The reduction in the loan size of the IP backbone JV from US$2B to $1.5B also put pressure on CyberWorks` finances.

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Bombay, December 21, 2000
Converged `Network of the World` Comes to Bombay

City`s first private international gateway provides high-speed broadband access to interactive TV-Web site

BOMBAY, December 21, 2000 - Net surfers in Bombay can bypass congestion, slow downloads and erratic connectivity with today`s launch of converged NOW (Network of the World) via the city`s first private international gateway.

The Bombay gateway will provide local Internet users with high-speed broadband connections to NOW, the converged interactive TV-web site rolled out from London in June. NOW features sports, music, the environment, online games, films and art.

The gateway has been set up by NOW`s India partner Data Access India Ltd., a joint venture between Hong Kong-based PCCW (SEHK: 0008) and Delhi-based SPA Enterprises. Currently the gateway is designed to handle 48 MBPS bandwidth, which can be enhanced to 96 MBPS. The gateway provides a direct link to the US and Asia Pacific Internet backbone while the telecom connection is with the fiber-optic network of Bombay`s chief telecom operator, MTNL.

"Our strategy has been to invest in the best technology to bring the fastest and steadiest Internet connections to India`s Web surfers," said Siddhartha Ray, managing director of Data Access. "By creating state-of-the-art network infrastructure, we ensure that a NOW subscriber who uses even a low-speed modem can expect a richly enhanced Internet experience."

Subscribers will be connected from their local exchanges to MTNL`s fiber-optic cable, and then to NOW`s dedicated C-band satellite gateway, which will carry subscribers onto the Internet. The arrangement ensures stable connectivity and faster downloads than possible through other service providers that do not have their own, dedicated gateway.

NOW`s dedicated service provider offers a number of unique benefits to subscribers. In addition to innovative content and reliable connectivity, registration is achieved online, simply and quickly, through NOW-India.com, and service is billed, for the first time, on a pay-as-you-go basis. Subscribers will receive a monthly bill for the number of hours actually used rather than for an allotted quota.

NOW-India.com is the narrowband portal for NOW`s Indian customers. Besides having useful, city-specific information and an-easy-to-navigate format, NOW-India.com also features movie clips, rich graphics and audio, normally the preserve of broadband sites. However, access is made easy through NOW`s high-speed dial-up service provider.

Bombay is the second city in NOW`s India rollout. The India service, introduced in New Delhi in October, is scheduled to be unveiled in Bangalore and Madras early next year. By early 2002, Ray said, NOW is scheduled to be available in 26 cities.

"NOW`s strategy of providing smooth Internet access, total surfer convenience and terrific converged content has paid rich dividends in New Delhi, where we are gathering about 12,000 subscribers per month," said Rajiv Jaitly, Data Access executive vice president for sales & marketing. "We are looking to sign up even more subscribers in Bombay, a city recognized as India`s most Internet-savvy."

About Data Access (India)

Data Access (India) Ltd., is an affiliate company of Pacific Convergence Corporation (PCC) with equity participation from SPA TV and PCC. Data Access was incorporated in 1999 and is headquartered in New Delhi.

About PCCW

Hong Kong-listed Pacific Century CyberWorks (SEHK: 0008, NYSE: PCW [ADR]), the flagship of the Pacific Century Group, is one of Asia`s leading integrated communications companies. Building upon its market-leading position in Hong Kong, PCCW intends to accelerate growth throughout the Asia-Pacific region and create shareholder value by leveraging the synergies between its core businesses. Among those businesses are: telecommunications services (PCCW-HKT); mobility and connectivity services; broadband interactive services (B2C); ventures; business-to-business services; infrastructure services; and data center/web hosting services.

To learn more about PCCW, go to www.pcg-group.com

For further information, please contact:

Atul Jain
Data Access India Ltd.
Tel - 011 - 6292289 Ext. 412
Email - [e-mail] Valerie Pinto
Perfect Relations
Tel - 022 - 2850349
Email - [e-mail]

Mohan Bhuyan
Perfect Relations
Tel - 011- 4319862 Ext. 117
Email - [e-mail]

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Hong Kong, December 22, 2000
PCCW-HKT Revises Tariffs to Enhance Service Standards

Fixed-line charges to remain among lowest in the world

Hong Kong, 22 December, 2000 - PCCW-HKT announced today that it will introduce a tariff increase for residential and business lines effective 22 January, 2001.

Residential tariff changes, approved by government and the Legislative Council in 1998`s Framework Agreement, have been deferred twice by the Company in consideration of Hong Kong`s economic situation.

"The new local telephone line rental tariffs will still be among the lowest of the world`s major developed cities," said Tom Chan, PCCW-HKT director of products and marketing. "This reflects excellent value for money. Our continued investments in new technologies and provision of state-of-the-art telecom services will be supported by these tariff levels."

He said the Company`s fixed-line service offered exceptional features including unlimited call time at a fixed monthly rental rarely found in other major cities, round-the-clock customer-service hotlines and a unique G-Force cash-compensation guarantee to assure high service standards.

With the support of PCCW-HKT`s high-tech network management control center and 24-hour network-monitoring service by its team of professional staff, the Company has achieved a network reliability of 99.9999 percent.

The Company also provides highly efficient recovery services, which in recent years, have required an average of only three hours to clear faults for business customers.

"In addition to keeping the new monthly rental for residential-line accounts at 0.6 percent of Hong Kong`s median household income," Mr. Chan said, "we offer special concessions for the elderly. This ensures that the impact on the less privileged will be minimal. As well, we offer telephone-services sponsorship for charitable organizations."

PCCW-HKT`s early surrender of its exclusive international license has spurred rapid liberalization within the telecommunications industry, leading to a variety of benefits for customers and the community as a whole.

IDD tariffs for PCCW-HKT users are among the lowest in the world, and have been been significantly reduced since January 1998. Call charges to the US, Canada, UK and Australia have shrunk between 80 percent and 90 percent, while those to mainland China have been reduced as much as 77 percent.

Under the Framework Agreement, PCCW-HKT was compensated for relinquishing its international-calling franchise with the right to increase residential charges at a prescribed rate during a three-year period beginning on 1 January 1999.

Due to the prevailing economic situation, however, the Company deferred increases for the first eight months of 1999 and for the whole of this year, saving more than HK$600 million for residential customers. Prices for business-line rentals have not risen for three years.

Under the new tariffs, the monthly fee for a residential line will be increased by HK$20 to $110. The monthly fee for basic business lines will also be increased by $20 per line to $128.80, although customers with multiple lines will see savings.

Business customers with four to five lines will enjoy a discount of $5 per line, seeing an overall increase of $15 per line. Those with more than five lines will enjoy a discount of $10 -- or 50 percent -- per line. Citinet customers will also see revised tariffs, and will receive discounts according to the number of lines used (please see attached fact sheet for details).

After the tariff revision, Hong Kong`s fixed-line charges will still be among the lowest in the world. Cities such as Tokyo, London, Taipei, Kuala Lumpur, Sydney, Milan and Los Angeles have monthly tariffs between two times and 10 times higher than Hong Kong`s.

Providing superior standards of customer and product service, and continuing to invest heavily in maintenance and expansion of Hong Kong`s information infrastructure, requires significant funding, said Mr. Chan.

The Company has invested an average of HK$3.6 billion annually in the past decade. It will continue to offer value-added services in the future, enhancing its reliability, quality and innovation, while keeping the local telecom industry at the forefront of the competition in the Asia-Pacific region.

- End -

About PCCW

Hong Kong-listed Pacific Century CyberWorks (SEHK: 0008, NYSE: PCW [ADR]), the flagship of the Pacific Century Group, is one of Asia`s leading integrated communications companies. Building upon its market-leading position in Hong Kong, PCCW intends to accelerate growth throughout the Asia-Pacific region and create shareholder value by leveraging the synergies between its core businesses. Among those businesses are: telecommunications services (PCCW-HKT); mobility and connectivity services; broadband interactive services (B2C); ventures; business-to-business services; infrastructure services; and data center/web hosting services.

To learn more about PCCW, go to www.pcg-group.com

For media inquiries, please call:

Jenny Fung
Senior Vice President
PCCW
Tel:[phone]
E-mail: [e-mail]

For Investor Relations inquiries, please call:

Simon Smith
Director of Corporate Institutional Investor Relations
PCCW
Tel: [phone]
Email: [e-mail]

[Kersken]

16:04 22-DEC-2000
Eight banks underwrite PCCW`s IP backbone financing

The US$1.5 billion financing of the IP backbone joint venture between Pacific Century CyberWorks Limited (0008-HK) and Telstra has been underwritten by eight coordinating arrangers.

The eight arrangers are Chase, American Express, HSBC Hold (0005-HK), Rabobank Nederland, Credit Suisse First Boston (CSFB), Sanwa Bank and UBS Warburg.

Each bank has to underwrite at least US$100-150 million.

(End)

[Kersken]

16:08 22-DEC-2000
PCCW to raise monthly residential phone charges to $110

PCCW (0008-HK) will raise the monthly fee for local residential line from $90 to $110 with effect from January 22. Basic commercial line tariff will increase from $108.80 to $128.80. Business customers with four to five lines will enjoy a discount of $5 per line and those with more than five lines will enjoy a discount of $10 per line. Citinet customers will also receive discounts according to the number of lines used.

(End)

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[Kersken]

PCCW erhöht Telefongebühren in HK um das Maximum

PCCW, die größte Telefongesellschaft in Hongkong, wird die Gebühren für lokale Telefongespräche um mehr als 22 % auf 110 HK-$ erhöhen. Die Gebühr für Geschäftskunden wird von 108,80 auf 128,80 HK-$ erhöht werden. Kunden mit mehreren Leitungen werden einen Rabatt von bis zu 10 HK-$ pro Leitung bekommen. Die Erhöhung ist ab dem 20. Januar wirksam. Dies gab man heute nach Börsenschluß auf einer Pressekonferenz bekannt.

Damit erhöhte PCCW die Gebühren um den maximal möglichen Betrag. Mehr wäre von der Telekom-Behörde in Hongkong in diesem Jahr nicht erlaubt worden. Durch die neuen Gebühren wird PCCW jährlich 500 Mill HK-$ mehr einnehmen.

-js- 22.12.00 09:59:00

[Kersken]

Telstra und PCCW: IP- Kredit jetzt gesichert

Telstra Corp. und PCCW haben heute bekannt gegeben, dass die Finanzierung des 1,5 Mrd. US- $ schweren Kredits , den die IP Backbone gesellschaft aus dem gemeinsamen Joint Venture aufnehmen möchte, gesichert sei. Die acht Geldinstitute Barclays Bank, Chase Manhattan Bank, Citibank, HSBC, Rabobank, Credit Suisse First Boston, Sanwa Bank und UBS Warburg stellen den Kredit bereit.

Das Joint Venture, Internet Protocol Backbone Co., das global Voice, Daten und Webservices übertragen soll, wollte ursprünglich 2 Mrd. US-$ Kredit aufnehmen. Telstra sollte erst 625 Mio US-$ erhalten. Dieser Anteil sinkt nun 40 % auf 375 Mio US-$. der Anteil von PCCW, 1,375 Mrd. US-$, wird 18 % fallen auf 1,125 Mrd-. US-$.

Grund für die Reduzierung ist die derzeitige angespannte Lage bei den Banken in Hongkong, was die Vergabe von Krediten an Telefongesellschaften angeht.

-fjs- 22.12.00 14:52:00