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CN-Markets News
10:14 16-OCT-2000
PCCW/Telstra to build US$4b global broadband network


PCCW and partner Telstra are planning to build a US$4 billion (HK$31.2 billion) global broadband cable network for connecting Asia with Europe and North America, according to the Financial Times quoting sources close to the alliance.

The report said US$500 million under the deal has been allocated for broadband related investments.

The project will involve 15 partners in the European and Asian regions.

The network will be launched by mid-2002.

(End)
CN-Markets News
10:26 16-OCT-2000
Snag in PCCW (0008-HK) plans to buy Mobile One


Differences in management between Pacific Century CyberWorks and Cable & Wireless (C&W), have led to a hold-up in PCCW acquiring C&W`s 15 pct stake in Mobile One.

Mobile One is a mobile operator in Singapore and PCCW is keen to add that unit to the joint venture with Telstra.

Currently, Keppel T&T and Singapore Press each hold 35 pct of Mobile One while C&W and PCCW hold 15 pct each.

(End)
CN-Markets News
12:29 16-OCT-2000
PCCW (0008-HK) denies joining with NTT


Rebecca Leung, a spokesman for Pacific Century CyberWorks (PCCW), told Bloomberg that the group is holding trade talks with one of the big five telecommunications companies in the US for the possible construction of global cables.

However, she denied that Japan`s NTT is one of them.

(End)
CN-Markets News
12:55 16-OCT-2000
PCCW to partially inject IDD into IP backbone


PCCW (0008-HK) and Telstra have not revealed fully the future business of their IP venture.

Deputy chairman of the Executive Committee Alex Arena made clarification on a report that PCCW would be injecting its IDD connecting service into the venture but will keep the 001 and 0060 retail operations.

PCCW will see a bigger realisation from the deal with Telstra, but more asset control by the Australian telecom firm in return would affect PCCW`s future captial flow.

It has been reported that the group is building a global broadband network and will be bringing a possible third partner into the backbone company.

PCCW`s share price has edged down to about $7.80 after a stronger opening.

(End)
Telstra, PCCW to act first on cable
By KEVIN MORRISON

Telstra and Asian partner Pacific Century CyberWorks are expected to give the go-ahead to $US500 million ($943 million) worth of investments, extending their planned undersea cable infrastructure network partnership.

However, any new investment in their newly formed regional mobile joint venture is unlikely in the near term, given the volatility in mobile phone company share and asset prices.

That remains evident in the price of Telstra`s instalment receipts, which stop trading on the Australian Stock Exchange at the close of business today. The revamped Asian alliance halted the price fall on Friday but at $2.83, the receipts are still 37 per cent down on their $4.50 issue price.

It is understood that with Telstra now in control of the mobile company, constituting the assets of Cable & Wireless HKT that were taken over by CyberWorks in July, it may pave the way for a resolution of the ownership of Singapore`s Mobile One. Mobile One is 30 per cent owned by Great Eastern, which in turn is 51 per cent owned by Britain`s Cable & Wireless plc and 49 per cent by Telstra and CyberWorks.

C&W plc is a seller of its stake but it is understood that the Singaporean Government was not keen on CyberWorks controlling Singapore`s second biggest mobile operator because of a feud between CyberWorks and Singapore Telecommunications during the takeover battle for C&W HKT earlier this year.

But C&W plc is no great friend of Telstra because of the rivalry between C&W`s 52 per cent owned Optus and Telstra.

Telstra`s Singaporean partner, Keppel Group, owns 35 per cent of Mobile One and would accommodate any increase in Telstra`s influence over Mobile One.

Under the revised deal, CyberWorks, controlled by Hong Kong entrepreneur Mr Richard Li, will own 40 per cent of the Hong Kong mobile business and Telstra 60 per cent.

Both companies expect to dilute their holdings in the Hong Kong mobile business if they bring in more partners and there is no ban on CyberWorks
completely selling out of mobiles.


Fund managers said that if CyberWorks sold out of the mobile venture, it could undermine the alliance with Telstra.

However, sources said if CyberWorks wanted to sell out, it would achieve a better sale price if there were more partners and assets in the mobile venture.

Fund managers were surprised at the $US2 billion in debt the undersea cable network, also known as the IP Backbone Company, would take on.

When the terms of the deal were agreed in August, both parties intended to raise about $US1.5 billion in investment-grade debt.

When the $US2 billion in debt is raised in January by the IP Backbone Company, $US1.125 billion will be paid to CyberWorks and $US375 million to Telstra, leaving $US500 million that will be used for the planned investments.

The six months of negotiations for the Telstra-CyberWorks deal are expected to result in significant payments in adviser fees - UBS Warburg for CyberWorks and Morgan Stanley for Telstra.
Mansfield bullish as Telstra 2 D-day looms
By Christine Lacy and Adam Shand

Telstra Corp chairman Mr Bob Mansfield believes investors can decide the fate of their instalment receipts today secure in the knowledge that the company`s fresh $US1.8 billion ($3.4 billion) deal with Pacific Century CyberWorks has resolved a critical element of uncertainty.

Speaking on the eve of the final day of trading in T2 instalment receipts, Mr Mansfield said management had established a major platform for growth after successfully renegotiating its joint venture with Mr Richard Li`s PCCW to save almost $1 billion.

"I can`t be seen to be giving investment advice, but what I can say is that I will be hanging on to my T2 stock," he told The Australian Financial Review yesterday.

Telstra instalment receipts, issued at $4.50 each in October last year, will begin their final day of trading today at $2.83, giving shareholders their last opportunity to sell the underwater stock and avoid the final $2.90 call due by November 2.

Mr Mansfield briefed the Federal Government - which has been concerned about the prospect of T2 holders being out of pocket on their investment - on the company`s repriced Asian alliance on Friday.

Yesterday, he said it might be some time before Telstra`s share price reflected the value of the PCCW deal because of negative sentiment towards global telco stocks. But he said the new deal was a "solid progressive step towards enhancing shareholder value".

Mr Mansfield said that last week could be remembered as a turning point in market perceptions of Telstra after shares in the telco, Australia`s largest company, have been savaged in recent months. He said Telstra management`s confidence had been boosted by the new PCCW deal, struck on Friday after what he described as "a tough negotiation".

Analysts have welcomed the sweetened deal, with the weight of uncertainty associated with Telstra`s financial commitment to the deal and its level of risk now lifted.

Merrill Lynch said the renegotiated deal was "better than expected". "It is possible we could see a bounce in the stock price due to the release of the instalment receipt overhang and the better-than-expected outcome on the renegotiated PCCW deal," it said in a note to clients on Friday.

Under the definitive agreement, Telstra has emerged with a 60 per cent stake in the Hong Kong Telecom mobile business for a price reduced by about a quarter.

The PCCW note to which Telstra will subscribe has been cut in half to $US750 million, with its coupon boosted and security attached to the joint-venture assets.

As a trade-off, PCCW will extract the first $US750 million in debt from the infrastructure company, from $US500 million previously.

"Overall, the renegotiated deal is better than we had anticipated, especially for the convertible notes," Merrill said. "However, in our view, the mobile valuation paid is still full, particularly in light of falling mobile comparables."

Telstra`s cost per subscriber for its 60 per cent stake in the mobiles business fell from $US3,900 to $US2,950 in the new agreement.

PCCW vice-president Mr Jeff Bowden said this represented a 50 per cent premium over the prevailing regional price for mobile assets, while the 25 per cent decline in the price paid compared with a 36 per cent fall in global valuations since the deal was first struck.

PCCW`s executive director, Mr Alex Arena, said the sale of the company`s 15 per cent stake in Singapore wireless carrier MobileOne into the mobile joint- venture was back on the agenda. Telstra executives were silent on the matter on Friday and on what financial cost that might bring.


"On our ownership of MobileOne in Singapore, we will do everything we can to have that included into the wireless co," Mr Arena said. "Our intention is to inject that asset into the regional wireless company."

But Merrill stopped short of upgrading its neutral/buy recommendation on Telstra, which was downgraded in the fallout from the deal`s original terms.

"At this stage we are comfortable with our neutral/buy recommendation, based on industry-wide earnings risk and likely continued global volatility in telco valuations," it said.
Telstra and PCCW may form broadband network
By Joe Leahy in Hong Kong
Published: October 15 2000 16:25GMT | Last Updated: October 15 2000 23:45GMT

Pacific Century CyberWorks, the Hong Kong internet and telecommunications company, and Telstra, Australia`s dominant telecoms provider, are in talks with overseas carriers to establish a US$4bn global broadband cable network, sources close to PCCW said on Sunday.

In its initial phase, the network would span Asia, North America and Europe but would eventually be extended to encircle the globe, they said.

The network would operate as a stand-alone business with a new internet protocol backbone joint venture between PCCW and Telstra as its dominant shareholder, they said. A formal announcement was expected soon, possibly within the next two weeks.

The plan follows the completion last Friday of the terms of a broad-ranging partnership between PCCW and Telstra, which includes the IP backbone company, a regional mobile joint venture and an internet data centre company.

The partnership was first proposed in April but was revised after both companies` share prices came under pressure amid concern over PCCW`s plan to be a pan-Asian internet broadband and telecoms group.

The sources close to PCCW said one of the central planks of the new partnership with Telstra was the IP backbone joint venture, which they said would have revenue approaching US$2bn this year.

The venture is planning to raise US$2bn in debt of which $1.5bn would be paid to the controlling partners and $500m invested in the new network.

The network would have capacity of more than 2.5 terabytes a second and be operational by mid-2002. The sources declined to name the partners but said they would include principal carriers in each region including, in the initial phase, three in Europe, up to four in the US and eight in south-east Asia.

They said the network would have an advantage over competitors because its various partnerships would allow it to deliver data directly to end-users in each market.

However, analysts said that while demand for data transmission in Asia was expected to increase sharply in the next couple of years, so was competition. Margins were already shrinking rapidly.

"Everybody`s throwing out cable. There`s going to be intense competition in that market," said Richard Ferguson, telecoms analyst with Nomura International.

Telstra and PCCW declined to comment on the details of the plans.

MfG Kersken
PCCW im Plus; Analysten: Deal pusht PCCW nicht

PCCW stieg heute am frühen Morgen kurz nach Handelsaufnahme um über 11 % an. Diese Gewinne konnte das Unternehmen aber nicht halten und beendete die Morning-Session in Hongkong nur mit einem PLus von 2,6 % bei 7,85 HK-$. Heute war der erste Tag des Wertes nach der Bekanntgabe der neuen Telstra-Bedingungen. Am Freitag wurde PCCW nicht gehandelt.

Analysten führen den Anstieg jedoch eher auf den allgemeinen Rebound des Marktes zurück als auf die neuen Bedingungen für das Joint Venture mit Telstra, die nach Meinung vieler Experten besser für Telstra als für PCCW sind. Als Hürde für die Aktie wird heute die 8 HK-$-Marke gesehen.
Louie Shum von Sincere Securities geht sogar davon aus, dass PCCW bald wieder unter Verkaufsdruck kommen werde.

-js- 16.10.00 08:18:00
Differenzen zw. PCCW und C&W wegen Mobile One

Differenz im Management von Mobile One und PCCW verzögern den Verkauf des Anteils von C&W an PCCW.

PCCW möchte den Mobilfunkoperator aus Singapore seinem Joint Venture mit Telstra hinzufügen. Momentan halten Keppel T&T und Singapore Press jeweils 35 %, C&W und PCCW jeweils 15 %. Durch die Unstimmigkeiten ist jetzt jedoch Stillstand in die Verkaufsgespräche zwischen C&W und PCCW über den 15 %-Anteil gekommen.

-js- 16.10.00 08:29:00
FT: PCCW mit neuem 4-Mrd-Deal mit US-Firma

Nachdem PCCW gerade den Telstra-Deal in trockene Tücher gebracht hat, diskutiert man schon über die nächste Koopertaion: PCCW und Telstra wollen zusammen mit einem großen amerikanischen Telekomunternehmen ein globales 4 Mrd Us-$-Breitband-Kabel-Network bilden. Dies berichten heute mehrere Zeitungen, wie z.B. die "Financial Times".

PCCW bestätigte vor einiger Zeit Gespräche mit einem der großen fünf amerikanischen Telekomunternehmen, nannte jedoch keine Einzelheiten. Spekulationen gehen dahin, dass es sich dabei um AT&T handele. Lokale Berichte über Gespräche mit der japanischen NTT wurden dementiert.

Die "Financial Times" berichtet weiter, dass 500 Mill US-$ für breitbandspezifische Investitionen geplant sind. In dieses Projekt sollen insgesamt 15 Unternehmen aus Europa und Asien eingeschlossen werden. Der Start des Netzwerkes soll 2002 erfolgen.

-js- 16.10.00 08:49:00
Moin, nun ist die Talfahrt wohl entgültig vorbei,
nachdem mit Telstra vieles zum guten für alle beteiligten endete wird auch im Aktienkurs ruhe und eine ausgeglichen einkehren.

mfg / nww


PCCW Bond: Bessere Konditionen als erwartet

Der Bond, den Telstra von PCCW nimmt, hat bessere Konditionen als im Markt erwartet. So sei der Ausgabepreis zwar von 19,52 HK$ auf 12,47HK$ gedrückt worden, jedoch erwartete der Markt einen Abfall von 50%. Auch wenn das Volumen mit 750 Mio. US$ rund 250 Mio. US$ unter dem erwarteten liegt. (sb)



Telstra/ PCCW: IP Backbone JV

Das IP Backbone Jointventure wird ein 50:50 JV sein. Finanziert soll das Projekt über einen gemeinsamen 2 Mrd. US$ Kredit werden. (sb)


Telstra/ PCCWs Handysparte

Telstra stellt klar, dass man nach der Übernahme von 60% an HKT Mobile das Hauptaugenmerk hierauf richten werde. Man will in den nächsten 3 Jahren weitere Standbeine in Asien aufbauen und vorhanden ausbauen. (sb)



Telstra zahlt 1,68 Mrd. US$ für HKT Mobile

Telstra wird für 60% an der PCCW Sparte HKT Mobile 1,68 Mrd. US$ zahlen. Zuvor wurde über eine 40% Beteiligung zu 1,5 Mrd. US$ geredet worden, dies konnte jedoch wegen dem starken Verfall der PCCW Aktien nicht eingehalten werden. Damit zahlt Telstra US$2,926 pro Kunden bei HKT Mobile. Dies mehr als China Mobile in China zahlte. (sb)



Der Telstra PCCW Bond
Die zwei Telekom Giganten Telstra und PCCW haben einen neuen Vertrag mit anderen Konditionen beim Bond ausgehandelt. Danach wird 750 Mio. US$ schwere Bond einen Zinssatz von 15% über dem nächsten 45 Tage Durchschnitt haben. PCCW kann den Bond zu jeder Zeit in Aktien umwandeln und damit Telstra ein 2,8% Paket geben. (sb)

© Emerging Markets Research, 16.10.00
http://www.em-research.de
Viele meldungen und nichts PCCW legt wieder den rückwärtsgang ein
verstehe das wer will irgendwie kommt es mir vor als ob PCCW
mit aller Gewalt unterdrückt wird, um kein großer Player zu werden
da stimmt doch was nicht.
PCCW ist und bleibt Top ich hoffe der Markt erkennt das mal an.

Kastor
Telstra steigt bei Cyberworks ein

Die australische Telekommunikationsgesellschaft Telstra wird dem hoch verschuldeten Hong Konger Unternehmen Pacific Century Cyberworks 2,5 Mia Dollar zuschiessen. Mit dieser Partnerschaft entsteht der grösste Mobilfunkanbieter in Asien ausserhalb von Japan.

Vom 13.10.2000 15:28

Der Deal war schon längere Zeit geplant, verzögerte sich aber wegen langwierigen Vertragsverhandlungen. Auf insgesamt 3000 Seiten sollen jetzt die Details der Beteiligung von Telstra an Cyberworks festgehalten worden sein.

Die Internet-Firma Cyberworks machte mit der Übernahme des ehemaligen Telekommonopolisten in Hong Kong, Cable and Wireless HKT, Schlagzeilen. Die Übernahme liess zwar den Aktienkurs von Cyberworks in die Höhe schnellen, brachte der Firma aber auch einen Schuldenberg von 9 Milliarden Dollar ein. Nachdem der Aktienkurs seit dem Frühling dramatisch an Wert verloren hatte, suchten die Hong Konger verzweifelt einen Partner, der ihnen dringend benötigte flüssige Mittel einschiessen würde.

Der australische Telekommunikationskonzern Telstra hat nun Cyberworks 3,5 Mia Dollar versprochen. Für die doch erkleckliche Summe übernimmt Telstra 60 Prozent an der Mobilfunk-Abteilung von Cyberworks und bekommt das Recht, den Chef der Firma zu ernennen. Damit entsteht der grösste Mobilfunkanbieter in Asien ausserhalb von Japan. Die beiden Unternehmen verkündeten, dass sie weiter auf der Suche nach geeigneten Partnern in der Region seien. (aab)
besonders @ kersken,

bin zwar nicht mehr investiert, trozdem -Vielen Dank- für Deine Mühe und die vielen Infos...!!!

an alle anderen Poster natürlich auch,

Gruß
alex
@ 1st Danke

CN-Markets News
16:21 16-OCT-2000
Telstra reconsiders US$1.5b bond issue

Telstra said it was reconsidering a US$1.5 billion (HK$11.7 billion) global bond issue after it was able to reduce its investment in the PCCW (0008-HK) alliance.

The treasurer said the group could fund the PCCW alliance and other projects as it had sufficient credit facilities.

(End)
Brooker Empfehlung
Source : The Chinese Press Digest

PCCW [8]
IMPACT:
ACTION: BUY
PRICE TARGET:
ANALYST: Finance and Research
EMAIL: info@t8research.com
TEL: +852 2801 7871
COMMENT:
ST price target $9.00 on sentiment change on deal announcement
BROOKER
TELECOM DAILY

PCCW (8.HK) ST BUY
HK$7.65 (HSI 14,681)
So the deal is on!


Price Target – HK$8.50

· In the new revised deal, Telstra has the last laugh with a lower price (in all 13% lower than original) and for more.

· In terms of future earnings, the most disturbing aspect is that the majority stake in the Mobile business. Though still priced at the high end, US$2900 the future earnings of any telecommunications company will be derived from the Mobile business (from applications like WAP etc.). Thus PCCW will have only a small stake in the leading telecommunication business and its profits.

· Interestingly Telstra’s reason for expansion is to get out of their domestic market that has dwindling margins into a market will an even higher saturation rate, stiffer competition and massive expenditure (3G) – nice move.

· In the IP JV, the difference is US$250mln from the original deal. But the real implications are that PCCW will reduce its debt by only US$375mln instead of the proposed US$1.125bln.

· The Convertible Bonds change was as expected with the strike price floating over 45 day average and the amount down 50% to US$750mln. What hasn’t been noted is the increase in interest rate of 2% across the period and that should PCCW default then Telstra receives PCCW’s half of the IP JV!

· What is the most important factor arising after the deal? PCCW’s cash flow. Now that the US$9bln debt has been reduced to really US$6.2bln (Mobile $1.68bln, CB $0.75bln + IP JV $0.375), what are the interest payments? On conservative basis the debt could be as much as HK$3bln a year (though we expect creative financing to reduce the formal figure) and also a HK$5bln on NOW rollout that does not leave PCCW with much considering HKT’s historic cash flow is usually around HK$10bln, and also remembering PCCW also needs to finance the Cyberport.

Thus with such debt implications we see PCCW as still fundamentally weak with the main concern being the cash flow. However, in the short term we expect a strong bounce on the fact that there is a deal after the market factoring in a lot of uncertainty, which, will also be boosted by today’s market surge. We do however emphasize the short-term aspect.

James Loh +852 2801 7323 / info@t8research.com
09:31 17-OCT-2000
PCCW (0008-HK)/Telstra global network talks intensify

Pacific Century CyberWorks (PCCW) has issued a statement in response to the press reports and market conjectures, stating that the group is considering a construction plan with respect to a global optical fibre network and the talks have reached the intensive studying stage though no agreement has been made up to now.

(End)
10:27 17-OCT-2000
PCCW (0008-HK) reported dropping plans for share issue

Under the merger document between Pacific Century CyberWorks (PCCW) and Cable & Wireless HKT, PCCW was to issue US$500 million (HK$3.9 billion) in preference shares to US-invested funds Hicks, Muse, Tate and Furst (HMTF).

This was to take place after the merger became effective and the share swap between CMGI and Cable & Wireless plc was completed.

However, the group is now reviewing the arrangement as it feels it can take loans bearing low interest rates which would be less than the capital costs incurred for the issue of preferential, according to the Hong Kong Economic Times, citing a source close to PCCW.

Norman Yuen, deputy chief executive officer of PCCW, stressed that the group has a sound financial position and it may not be necessary to issue preference shares.

He added that there is no deadline in the merger document for such an issue.

He denied that this would have an impact on the merger terms.

(End)
12:27 17-OCT-2000
PCCW (0008-HK) shares in heavy trading

Pacific Century CyberWorks (PCCW) recorded a substantial turnover in the first hour after the market opened this morning.

At 11:00 am, the turnover amounted to nearly $500 million, representing over 25 pct of the total turnover of the general market.

The shares were under severe selling pressure and fell to a low of $6.75.

However, as the number of sell orders placed by foreign investors wound down, the market returned to normal and PCCW went up marginally.

It was back to the $7 level with a turnover of $600 million at noon.

(End)
October 17 2000
StockHouse News Desk
By FinanceAsia.com
Finance Asia: PCCW Seals Deal With Telstra


Six months after PCCW and Telstra first announced plans to form mobile and IP backbone joint-ventures, a deal has finally been struck.

Pacific Century CyberWorks (PCCW) [8] has at long last managed to seal a deal with Telstra [X.TLS], albeit on terms very different from those outlined when the transaction was first announced in April. The removal of the uncertainty as to whether or not a deal would be struck should be a positive factor for PCCW`s shares, the price of which has fallen 70% since it peaked in February to HK$7.65 - the price at which it last traded before being suspended.

Although this should happen, we will find out on Monday - judgement day - exactly what is the market`s view of this deal. PCCW Chairman Richard Li needs to earn some shareholder goodwill given that Telstra has already secured the approval of its shareholders. Telstra`s shares were not suspended today and rose A$0.10 to A$5.95 on a day when the ASX All-Ordinaries Index fell 22.80 points to 3,157.60.

So what was agreed? The key difference is that Telstra now only puts up $2.055 billion, instead of the $3 billion it would have paid under the original deal. What`s more, it gets more for less.

Originally, Telstra was going to buy a $1.5 billion unsecured convertible note from PCCW. This convertible had a strike price of HK$23.69, paid interest of 3% for the first four years and 5% for the next two. Telstra is buying a more modest $750 million convertible note secured on PCCW`s stake in a 50/50 IP backbone joint-venture being formed as part of the deal. This convertible, which can be redeemed at any time by PCCW, has a strike price at a 15% premium to PCCW`s average share price over the next 45 days and pays 2% a year more interest.

On the mobile phone side, Telstra was going to pay $1.5 billion for 40% of PCCW`s mobile phone business (HKT Mobile). Now it is getting 60% of the business (and hence management control) for $1.68 billion. This business will assume the costs of securing licences and technology for 3G telephony. There are plans to get another strategic investor aboard, to help pay for these costs.

On the IP backbone side, PCCW and Telstra are forming a 50/50 joint-venture. This business was always going to take on debt - in the event a figure of $2 billion is planned - and pay PCCW and Telstra for their IP backbone assets. Telstra is getting $375 million for its IP assets, which is less than was originally planned, and PCCW is getting $1.125 billion for its IP assets. For PCCW, the move shifts some of its debt off its balance sheet.

There is also a 50/50 internet data centre joint-venture, which will have offices across the Asia-Pacific region. No details were given regarding how much each party will be investing in this business.

PCCW`s Li says: "We will receive $3.555 billion in cash. This will allow us to reduce our debt to less than $5.5 billion - a level few thought possible when we acquired Hong Kong Telecom just seven weeks ago." He does, of course, ignore the fact that the convertible note`s terms and size have changed dramatically in Telstra`s favour, the terms of the mobile business sale have changed dramatically in Telstra`s favour and the IP backbone business will be taking on $2 billion of debt.

Still, at least the company can get on with securing a credit rating and then get to work on around $6 billion of refinancing, not to mention some HK$7 billion ($898 million) of financing for the construction of its CyberPort development.

From Telstra`s perspective: "The revised terms are expected to have a number of positive implications for Telstra including a reduced cash commitment by about A$1 billion ($529 million) and increased asets, security and control compared to the previous position. On a pro forma basis for the year ended 30 June 2000, the transaction will be less dilutive to net profit after tax compared to the previous position."

Copyright FinanceAsia.com Ltd
PCCW, Telstra cable deal
HK`s Pacific Century CyberWorks, Australian telecom co. to invest $4B

October 16, 2000: 6:22 a.m. ET


HONG KONG (Reuters) - Internet and telecom group Pacific Century CyberWorks and its Australian partner Telstra Corp. will invest up to $4 billion to build a global broadband cable network, a source close to the Hong Kong company said on Monday.

The network, which would initially span Asia, North America and Europe, would be the first major project undertaken by the two companies` Internet protocol (IP) backbone joint venture, which would be the controlling shareholder in the network, the source said.

PCCW and Telstra`s planned investment was "pretty close" to $4 billion, said the source, adding that the deal could be announced at any time.

PCCW spokeswoman Joan Wagner declined to comment on the proposed network, reported in several newspapers on Monday, but said: "It`s always been our plan with the regional backbone company and the Telstra alliance to go global."

The Financial Times newspaper said on Monday the firms` IP backbone joint venture would raise $2 billion in debt, of which $1.5 billion would be paid to the controlling partners and $500 million invested in the new network.

The newspaper said the proposed new network would probably seek partnerships in the network`s initial phase with three regional carriers in Europe, up to four in the United States and eight in Southeast Asia.

PCCW dismissed speculation it was in talks with Japan`s Nippon Telegraph & Telephone Corp.

The network would have a capacity of more than 2.5 terabytes a second and be operational by 2002, the Financial Times said.

The two companies said last week they had agreed to revise the terms of a US$3.56-billion alliance, which embraces the IP backbone company, a regional mobile-phone joint venture and an Internet data centre.


Going global


Analysts in Hong Kong said a global undersea cable network would help PCCW take its existing telecom infrastructure assets, which it acquired in by buying dominant Hong Kong telecom provider Cable & Wireless HKT, onto a worldwide stage.

"The whole deal with Telstra helped PCCW take its networking assets, which on a stand-alone basis were Hong Kong-centric and losing out to the global players, and put them into a type of venture that has global potential," said Jonathan Shaw, a telecom analyst at Bear Stearns.

Analysts said the PCCW-Telstra cable network would be competing with other undersea cable operators such as U.S.-based Level 3 Communications Inc., Global Crossing Ltd. and a regional network under development by rival Singapore Telecommunications.

"There`s a lot of overlap in this space," said Rajeev Gupta, an Internet analyst at Goldman Sachs. "(But) with HKT and the Telstra deal having been closed, PCCW is very well equipped and in a very good position to compete."

PCCW shares on Monday fell 5.9 percent to HK$7.20, tumbling from a high of HK$8.50 earlier in the session. The stock was the most actively traded in Hong Kong, accounting for turnover of HK$1.31 billion (168.16 million) out of the market`s total of HK$8.81 billion.

Telstra`s ordinary shares ended up 1.8 percent at 6.06 Australian dollars.

Brokers said investors were jittery about PCCW`s decision to cede a 60 percent controlling stake in its mobile-phone joint venture to Telstra to salvage their alliance, which had come under pressure because of PCCW`s falling share price.
Telstra profitiert vom Merger mit PCCW

Obgleich der All Ordinaries 0,4 % im Minus liegt, kann Telstra heute leicht zulegen und zwar 16 cents oder 2,6 % auf 6,22 A$.
Damit hat der Markt eindeutig positiv auf die neuen Bedingungen zum Deal mit PCCW reagiert.
Anfänglich waren Marktbeobachter laut geworden, dass die 1,68 Mrd. US-$ für den 60%igen Anteil im asiatischen Mobilfunkventure noch zu viel seien.

Zum Wochenende hieß es bereits, dass Telstra noch einmal 950 Mio US$ weniger zahlen wolle. Dies wurde aber von Telstra bereits dementiert. Die Bedingungen stünden, wie am Freitag vereinbart und es gibt keine Probleme.
Insbesondere profitiert Telstra indirekt auch vom geplanten Mega- Deal zwischen PCCW und einer US- Telekommunikationsfirma.

-fjs- 17.10.00 08:36:00
PCCW: Einzelheiten zum 4 Mrd.US-$- Netzwerk

Zwar gab es heute keine konkreten Details zum Deal zwischen PCCW und einem amerikanischen Telekomgiganten, in welchem ein 4 Mrd. US-$ schweres Breitband- Kabel- Netzwerk errichtet werden soll, jedoch berichtete die Financial Times, dass spätestens bis morgen weitere Details bekannt gegeben werden sollen.

Die geplante IP Backbone ( Internet Protocol) Gesellschaft wird in diesem Jahr bereits 2 Mrd. US- $ Umsatz erwirtschaften und soll davon 500 Mio US-$ in das Netzwerk investieren.

des weiteren soll das Netzwerk Asien, Nordamerika und Europa verbinden, schließlich den ganzen Globus umspannen.

Auch werden einige weitere Partner für das Unternehmen anvisiert. Ohne weitere Namen zu nennen soll es sich um 3 weitere Partner in Europa, vier in Nordamerika und 8 in Südostasien handeln.

Das Netzwerk wird über Kapazitäten von mehr als 2,5 Terabytes verfügen, bereits 2002 soll ein zweites Netzwerk dazukommen.

-fjs- 17.10.00 08:51:00
PCCW dementiert Gespräche mit NTT

Eine Sperecherin von Pacific Century CyberWorks gab heute bekannt, dass man sich in keinerlei Gesprächen mit Japans Nippon Telegraph & Telephone Corp. befinde.
In den vergangenen Tagen waren Gerüchte lauter geworden, dass NTT sich am Bau des Unterwasserkabels beteiligen wolle, in das Telstra und PCCW insgesamt 2 - 4 Mrd. US- $ investieren wollen.

Leider nahm sie aber auch keine Stellung zu der US- Firma, die sich als erstes beteiligen soll.
Die Gerüchte ranken derzeit um AT&T Corp., Qwest Communications International Inc. und Verizon Communications.

-fjs- 17.10.00 09:11:00
Quelle: Asiainternet
Verleiht C&W PCCW-Papiere an Hedge Funds?

PCCW kam heute morgen bei sehr hohem Volumen stark unter Druck und rutschte bis auf 6,75 HK-$ ab. ES gibt nun Spekulationen, dass Hedge Funds Short-Positionen aufbauen. Diese Hedge Funds haben angeblich die Aktien von C&W, die bis Februar 2001 keine weiteren PCCW-Papiere mehr verkaufen können, billig geliehen bekommen. Die jährliche Rate soll weit unter den üblichen 7-8 % liegen, die man für Blue-Chips zahlt.

Nähren tun diese Spekulationen die ansteigenden Short-Selling-Volumina. Gestern ist dieses Volumen um über 60 % angestiegen.

-js- 17.10.00 09:23:00
Hallo Kersken!
Erstmal vielen Dank für Deine unermüdliche Arbeit.
Kannst Du mir aus Deinem letzten Thread was erklären? Was heisst Aktien "billig geliehen bekommen" - gibt`s sowas / bzw. was bedeutet das für den Kurs".
Würde mich interessieren, wie Du den Kursverlauf bis Ende 2000 u. Ende 2001 einschätzt.
Grüsse
Thalia
Hi Thalia,
Zielkurs bis Ende 2000 3€ bis 2001 5€

CyberWorks steuert weitere Telekomsparte zu Joint-Venture mit Telstra bei

17.10.2000 10:14
HONGKONG (dpa-AFX) - Die Hongkonger Internetholding Pacific Century CyberWorks wird die Sparte "Internationale Ferngespräche" in das Gemeinschaftsunternehmen mit dem australischen Telekomanbieter Telstra einbringen. Dies berichtete am Dienstag das "Hong Kong Economic Journal" unter Berufung auf den stellvertretenden CyberWorks-Geschäftsführer Alex Arena. Die Sparte stammt aus der Übernahme der Hongkonger Telefongesellschaft Cable & Wireless HKT .

Mit der Integration internationaler Ferngespräche werde das Internet-Joint-Venture mit Telstra wahrscheinlich mehr Umsatz erwirtschaften, als es derzeit CyberWorks selbst tue, sagte Arena der Presse. Weitere Details zur geplanten Integration der Sparte wurden nicht genannt./cs/av/ms
@kersken

womit begründest du die 3 Euro bis Ende 2000, oder meinst du etwa 3 cent? Aber Spaß beiseite, im Moment gehts doch eigentlich jeden Tag runter, andererseits wenn du recht behältst sollte man natürlich SOFORT einsteigen um den Anschluss nicht zu verpassen.
@kersken

womit begründest du die 3 Euro bis Ende 2000, oder meinst du etwa 3 cent? Aber Spaß beiseite, im Moment gehts doch eigentlich jeden Tag runter, andererseits wenn du recht behältst sollte man natürlich SOFORT einsteigen um den Anschluss nicht zu verpassen.
@Susua, die Börse geht nun mal rauf und runter.... nur stell Dir mal die Frage wie weit PCCW noch fallen kann oder jetzt steigen kann. Wer jetzt nicht einsteigt dem kann man auch nicht helfen.

AKTIE IM FOKUS DIRABA:
CyberWorks brechen nach Leerverkaufs-Gerüchten weiter ein

17.10.2000 10:55
HONGKONG (dpa-AFX) - Die Aktien der Hongkonger Internetholding Pacific Century CyberWorks haben am Dienstag weitere Kursverluste erlitten. Die Titel waren am Montag zum Sitzungsende unter Druck geraten, nachdem Gerüchte über Leerverkäufe durch Hedge-Fonds aufgekommen waren, mit denen diese Risikofonds auf fallenden Kurse spekulieren. Dabei soll die britische Telefongesellschaft Cable & Wireless den Fonds die notwendigen Aktien geliehen haben. Die Aktien hatte die Telefongesellschaft für den Verkauf ihrer Anteile der Hongkonger Cable & Wireless HKT an CyberWorks erhalten. CyberWorks wollte zu diesen Gerüchten keine Stellung nehmen.

CyberWorks gingen mit einem Minus von 3,5% bei 6,95 HKD aus dem Handel, dem niedrigsten Stand seit Dezember. Am Montag hatte der Aktienkurs 5,9% verloren. Der Hang Seng Index verlor gleichzeitig 0,67% auf 14.873,43 Punkte.

Ein zusätzlicher Belastungsfaktor ist laut Händlern das Gerücht über eine bevorstehende Kapitalerhöhung der Hongkonger Internetfirma. Angesichts der auch nach dem Joint-Venture mit der australischen Telekomgesellschaft Telstra verbliebene Schuldenlast sei dies weiterhin ein sensibles Thema. Nach Einschätzung von Voob Lai, Telekom-Analyst bei G.K. Goh, ist dies für viele Anleger nur ein Vorwand gewesen, um sich von ihren Aktien zu trennen. Das Vertrauen in das Unternehmen habe in den vergangenen Monaten deutlich abgenommen. Sowohl Privatanleger, wie auch Großanleger und Hegde-Fonds wollten sich von den CyberWorks-Papieren trennen.

Marktteilnehmer äußerten allerdings Zweifel an den Leerverkaufs-Gerüchten. Es sei nicht erkennbar, was die britische Cable & Wireless durch den Verleih gewinne. Die Telefongesellschaft müsse schließlich laut Vertrag bis Februar warten, um die Aktien tatsächlich zu verkaufen. Doch den geringern Zinseinnahmen aus dem Verleih der Cable & Wireless HKT-Aktien an Hedge-Fonds stünde ein massiver Reputationsverlust des Unternehmens gegenüber.

Für Lai von G.K. Goh macht das Joint-Venture zwischen Cyberworks und Telstra Sinn. Es passe zu den globalen Ambitionen der Internetholding. Allerdings scheine der Markt diesen Ansicht nicht zu teilen. Offensichtlich erwarteten die Anleger von CyberWorks Geschäfte mit internationalen Größen, wie AT&T oder NTT, und nicht mit der australischen Telstra. /cs/av/ms
17:43 17-OCT-2000
Telstra: No plans to join PCCW for global cable network

Telstra is not planning to join forces with Pacific Century CyberWorks (0008-HK) and a third party to build a US$4 billion (HK$31.2 billion) global broadband cable network, according to Australian Financial Review, citing a spokesman from Telstra.

The spokesman clearly stated that the company has no material interest in any cable project that has not already been disclosed.

He, however, added that PCCW and Telstra are both in the global connectivity business so there is nothing unusual for them to be talking to international carriers.

(End)
17:57 17-OCT-2000
CSFB launches call warrants on PCCW (0008-HK)

Credit Suisse First Boston has launched 300 million European-style call warrants on shares of Pacific Century CyberWorks Ltd.

The issue price is $0.252, the strike price is $6.95, represents a 36.26 pct premium.

The gearing is 2.76 times.

It will trade on October 26 and expire in October 2001.

(End)
NEWS DIRABA 17.10.2000 11:51
Pacific Century CyberWorks: keine neuen Aktien

Pacific Century CyberWorks (PCCW) wird wahrscheinlich keine Vorzugsaktien an einen amerikanischen Investmentfonds ausgeben, berichtet die Hong Kong Economic Times. Eine Klausel im Fusionsvertrag mit Cable & Wireless HKT sah diese Kapitalerhöhung vor.

Jetzt sei das Unternehmen aber in der Lage, Kredite zu niedrigen Zinsen aufzunehmen. Die sind kostengünstiger als die Ausgabe von Aktien, heißt es weiter. Der Vize-CEO CyberWorks stellt fest, dass die finanzielle Lage des Unternehmens gesund ist und es nicht unbedingt nötig sei, neue Aktien auszugeben.
CyberWorks In Talks To Buy C&W Stake In MobileOne
Oct 17 2000 11:42AM

SINGAPORE (AFX-ASIA) - Pacific Century Cyberworks is in talks with Cable & Wireless PLC to buy the latter`s 15.0 pct stake in MobileOne Asia, CyberWorks head of corporate communications Joan Wagner said.
"We are discussing the possibility to buy their MobileOne stake," she said, quoted in the Business Times.

CyberWorks and C&W jointly own a 30 pct stake in MobileOne through equally owned joint venture Great Eastern Holdings.

The Business Times also quoted C&W spokesman Peter Eustace as saying that C&W "continues to hold talks with other shareholders in MobileOne, including CyberWorks."

Keppel Telecommunications & Transportations and Singapore Press Holdings hold 35 pct stakes each in MobileOne.
Wenn der Kurs unter 1€ fällt, wo glaubt Ihr, ist dann der Boden? Bin zur Zeit nicht mehr im Rennen, werde aber bei einem Turnaround wieder investieren!
Eigentlich interssiert mich der Euro-Kurs nicht, da charttechnisch nicht verwertbar.

Außerdem wage ich nicht zu denken, daß der Kurs in Euro noch 10 bis 15 % niedriger sein könnte, wenn der Euro nicht so schwach wäre.

Ich sehe den Boden bei 6 HKD, hier liegt m.E. eine starke und gleichzeitig die letzte Unterstützungslinie darstellt. Danach: gute Nacht, dann geht das Licht aus, so optimistisch ich fundamental für PCCW bin.

Die Technik bekommt m.E. eine besondere Bedeutung, wenn es stimmen sollte, das Shortseller en gros am Werk sind. Die interessieren sich in der Regel nicht für fundamentale Daten, sondern Charts , Charts, Charts. ( Ich hoffe, die respektieren MEINE 6-HKD-Unterstützungslinie
;-).

Allerdings hoffe ich, das die Gerüchte über Shortselling zwar eventuell wahr sein mögen, jedoch die Nummer schon über die Bühne ist und auch ein Großteil der geliehenen Aktien von C&W bereits short sind. Ist meistens so: Wenn solche Aktionen angekündigt werden, sind sie meistens schon über die Bühne, werden nur noch gerüchteweise bekannt gegeben, damit die Shorties sich zur Glattstellung wieder billig eindecken können. Dann wäre der Spuk erstmal vorbei ! ( Knapp an meiner 6-HKD-Linie ;-)

Was meint Ihr ?

Viele Grüße

mcsteve
Danke für Deine Meinung, glaube selbst nicht an eine Basis von unter 6 H$. Wenn man mal eine Verschnaufpause macht, kann es
danach nur noch nach oben gehen! Ansonsten bin ich optimistisch und hoffe auf alte Zeiten.
PCCW suffers after Telstra deal
By Joe Leahy in Hong Kong
Published: October 17 2000 17:32GMT | Last Updated: October 17 2000 22:58GMT

Pacific Century Cyberworks, the Hong Kong internet and telecommunications company, suffered another sell-off on Tuesday following its recently announced partnership with Telstra, Australia`s biggest telecommunications company.

The falls reflect concerns that PCCW sacrificed too much in the deal by ceding control of a proposed joint venture mobile phone business to Telstra, analysts said.

The share price, which has fallen 54 per cent since PCCW took over Hong Kong`s dominant telecommunications company, Cable & Wireless HKT, on August 17, was again under attack from short-sellers on Tuesday.

PCCW closed at HK$6.95, down 3.47 per cent on the day and nine per cent since Friday, when the Telstra deal was announced.

Telstra and PCCW originally proposed the partnership in April but were forced to revise the terms after sharp falls in both companies` share prices. This followed the collapse last month of several high-profile deals between PCCW and other major internet companies including CMGI of the US, and Gigamedia and ERA Communications of Taiwan.

"We think the Telstra deal has more to do with relieving near-term pressure on each company and less to do with long-term strategic focus," Dresdner Kleinwort Benson, the European brokerage, said in an analyst note.

"PCCW becomes a smaller company after shedding its mobile and network services businesses, with a greater dependence on the traditional fixed line and IDD sectors," it said, warning the reduced revenue would pressure the stock`s valuation.

Under the partnership, Telstra and PCCW plan to jointly operate a regional mobile phone company, an internet protocol fibre optic cable provider, and a data centre venture.

PCCW will receive a total of US$2.43bn cash from Telstra and will hand over control of the mobile company. This is less than the US$3bn originally pledged by Telstra, but PCCW argues it will no longer have to pay for the rollout of the mobile joint venture`s third generation services.

Greg Feldberg, convergence analyst with Indosuez WI Carr, said PCCW`s stock price was below his HK$9.10 target for the fair value of the company`s telecommunications assets alone, excluding its Network of the World (NOW) interactive television service and other internet offerings.

"At this point the price is below what PCCW`s price should be based purely on the telecommunications assets," Mr Feldberg said. "So the market is attaching a negative value to the company`s broadband business, which I don`t think is fair."
10:04 19-OCT-2000
Taiwan ET Webs in talks with PCCW (0008-HK)

The general manager of ETWebs disclosed that the company has been holding talks with Pacific Century CyberWork, reported the Hong Kong Economic Times.

However, nothing has been finalised.

The group now has three units, including ETWebs and Eastern Multimedia Group.

It has already been granted the right to operate a fixed-line network.

It said that in a market of 6.2 million users, it hopes to penetrate into approximately 3.6 million families with its network.

(End)
10:23 19-OCT-2000
PCCW (0008-HK) broadband plan still a `go` with Telstra

In a statement to the Stock Exchange of Hong Kong, PCCW confirmed its announcement in mid-October that it is in advanced talks with certains parties including Telstra in relation to a global fibre-optic connectivity project.

No final decisions have been made.

Telstra was quoted as denying the co-operation talks.

(End)
12:15 19-OCT-2000
Richard Li: US$5.5b IP backbone refinancing on track

Richard Li, chairman of Pacific Century CyberWorks, said in Kuala Lumpur that the group`s mobile and IP backbone units will be self-financing even without going public.

He believes the refinancing of US$5.5 billion (HK$42.9 billion) until February will be on track.

(End)
12:29 19-OCT-2000
Telstra confirms talks with PCCW on global network project

A spokesman for Australia`s Telstra confirmed that the company is holding talks with Pacific Century CyberWorks (PCCW) (0008-HK) and other companies on the construction of a global fibre-optic connectivity project.

He added that Telstra has been seeking opportunities relating to various connectivity operations.

(End)
13:09 19-OCT-2000
PCCW (0008-HK) may sell mobile business to boost 3G

The chairman of Pacific Century CyberWorks, Richard Li said that the group may sell part of its stake in the mobile business to further enhance its 3G mobile network development.

(End)
19 October 2000 1603 hrs (GMT) 0003 hrs (SST)
CyberWorks may be interested in buying stake in C&W Optus

Pacific Century Cyberworks may be among the companies interested in buying a piece of Australia`s Cable & Wireless Optus.

The online version of the Australian Financial Review reports that C&W Optus is rushing through the break-up of its A$20 billion-plus operations, setting a Friday deadline for formal expressions of interest in its stable of mobile, consumer and corporate data assets.

This gives international telecoms and media firms only days to decide whether they will put in a bid to grab assets from the split company.

It is believed that CyberWorks is interested in Optus` pay-TV assets, which could tie in with CyberWorks` ambitions to form a global broadband network.

The Hong Kong-headquartered company has already launched Network of the World, which provides interactive programming over broadband.

Other expected bidders for the cable assets are regional pay-TV group Austar, and Australian broadcaster, Ten Network.

There is also keen competition for Optus` A$12 billion mobile phone business.

Telecom New Zealand appears to be in the lead for the mobile network, which it will be bidding for together with Japan`s NTT DoCoMo.

Singapore Telecom and Vodafone are also said to be interested, although they may be blocked by Australian competition law.
PCCW to meet debt: analysts
by Tony Munroe, Reuters

EMBATTLED telecoms and Internet company Pacific Century CyberWorks (0008) should have no problem meeting its US$5.45 billion (HK$42.5 billion) debt, although some analysts said the company`s cash would be spread thinly even after its planned debt refinancing.
Worldsec International analyst Bertrand Chui expected PCCW`s first-year interest expense to be about $3.2 billion, assuming an interest rate of 7.5 per cent for what could be a three-tranche, seven-year loan when the debt was refinanced.

The operating cash flow from PCCW`s Hong Kong telecoms business, which PCCW bought from Britain`s Cable & Wireless earlier this year for US$28.5 billion, should total between $10 billion and $11 billion on an annualised basis, enough to cover PCCW`s expected debt service more than three times over, Mr Chui said.
Other analysts said the so-called ``cover ratio`` - PCCW`s operating profit over its expected debt cost - ws in a rough range of from one to three times.

``At least one-times coverage is comfortable, and the company says it is higher,`` said Goldman Sachs Internet analyst Rajeev Gupta.
Mr Chui`s cash flow figure excludes the mobile and Internet protocol (IP) backbone units to be included in joint ventures with Australian telecom Telstra.

PCCW last week restructured its previously announced deal with Telstra, helping to pare PCCW`s debt level more deeply than expected, although PCCW also agreed to cede a controlling 60 per cent stake in its Hong Kong wireless business to Telstra.
Previously PCCW had planned on selling Telstra a 40 per cent stake in the mobile unit.

Despite resolution of the Telstra deal, which some watchers expected would collapse as PCCW`s share price shrank, investors continued to batter PCCW stock, which has lost more than half of its value over the past three months.

Punished in part by short-sellers, CyberWorks fell 60 cents, or 8.6 per cent, to $6.35 yesterday.

``It`s been very interesting to see the market reaction to that deal, which at least here has not been that positive,`` according to PCCW strategic integration executive vice-president Jeff Bowden. ``I really don`t understand why.``

PCCW has been dogged by negative sector sentiment and Cable & Wireless Plc`s sale last month of a 4.9 per cent stake in PCCW, and fear C&W could dump its remaining 15.3 per cent PCCW holding when lockup periods lapse in February and August.
Headed by 33-year-old Richard Li Tzar-kai, the son of billionaire tycoon Li Ka-shing, PCCW used its then-inflated share currency and borrowed US$12 billion from banks to pull off its US$28.5 billion February acquisition of the much-larger Cable & Wireless HKT. PCCW plans a new bank loan to refinance its remaining debt.
19 October 2000 / 02:31 AM
Top Financial News
Thu, 19 Oct 2000, 3:14pm EST
Telstra`s CyberWorks Link May Hurt Bond Sales: Rates of Return
By Hamish Risk /Blomberg

Sydney, Oct. 19 (Bloomberg) -- Telstra Corp. may have to pay higher yields on bonds to help fund Internet investments -- described as ``high-risk`` by Standard & Poor`s -- with a Hong Kong company that`s lost two-thirds of its value this year.

Australia`s dominant phone company says it may need to sell debt to help fund the $2.4 billion investment in ventures with Pacific Century CyberWorks Ltd. by March. That may not be long enough to mend the company`s reputation among bond investors.

The damage was done in April. Just a month after selling A$500 million ($260 million) in bonds to Australian investors, Telstra announced plans to invest in Asia`s biggest Internet company outside of Japan.

Telstra bonds slumped as S&P reviewed, and then lowered, Telstra`s credit rating. It hasn`t helped that CyberWorks` stock lost 65 percent this year or that the world`s telephone companies flooded credit markets with more than $250 billion in debt in the first nine months to fund a new round of license auctions.

``The pricing is going to have to be very attractive before we have a look at it,`` said Alison Delaney, who helps manage A$4 billion ($2.1 billion) in bonds at Equitilink Ltd. ``Telstra will have to be more upfront and flexible with investors after their problems earlier in the year.``

Yields on Telstra`s March 2010 bonds blew out to as high as 87 basis points more than the benchmark swap rate in May, compared to 31 basis points before the CyberWorks` investment was announced. The yield was recently at 70 basis points more than the swap rate, used by the best-rated companies to borrow funds.

``Fair value for Telstra 10-year bonds should be 80 basis points over the swap rate,`` or 126 basis points over the comparable 10-year government bond, now 6.14 percent, said Delaney.

Risky
Telstra is seeking to expand its business in Asia, and particularly in data services, as rising competition at home erodes its earnings. Yet, its plans with CyberWorks are as bold as they`ll be expensive.

Under terms renegotiated this month to account for the drop in CyberWorks` shares, Telstra will buy 60 percent of CyberWorks` mobile phone assets for $1.68 billion. It will pay $750 million for debt convertible into CyberWorks` shares and set up an Internet infrastructure venture that will try to borrow $2 billion.

Credit rating agencies aren`t impressed.
S&P put Telstra`s credit rating on review in April and in September it cut Telstra`s long-term credit rating to ``A+`` from ``AA`` and its short-term rating to ``A-1`` from `A-1+`` because of plans to invest in ``high-risk, mobile, Internet and data businesses in Asia`` and more competition in its home market.

``They`ll probably have to pay more for funds this time,`` said Gavin Goodhand, a fund manager at Deutsche Asset Management, which manages A$4 billion in fixed-income securities and cash. ``Whenever a bond performs badly, people tend to shy away from it for a while, or investors will demand a larger risk premium.``

Bad Timing
Telstra`s funding needs come at a bad time. European telecommunications companies are lining up to sell bonds after splashing out billions of euros to buy licenses to operate new mobile phone services that allow high-speed Internet access.

British Telecommunications Plc, Telefonica SA and France Telecom SA are expected to try to sell more than $20 billion of bonds by year-end. Deutsche Telekom AG, which sold almost $15 billion in June in the biggest single corporate bond sale, may yet revisit the market.

Telstra wants to put off selling bonds as long as it can. It`s arranged two syndicated loans, giving the company access to up to A$4 billion at cheaper rates than the bond market at present, said Cliff Davis, corporate treasurer of Telstra Corp.

``We have bank facilities in place to cover our expansion, so we`ll only look to issue if market pressures have eased,`` he said. ``With our S&P rating now stable, I think we`ll be able to come back to the domestic market and issue by March next year.``

No Option
It may have little other option than to sell bonds for longer term funding. Since it`s 50.1 percent-owned by the Australian government, it can`t issue new equity without legislation allowing the government to change its stake or buy new shares.

Right now such bonds won`t find many eager buyers.
``We won`t be buying any Telstra bonds if they decide to issue -- their spreads are just too volatile,`` said Michael Morgan, who helps manage A$2 billion in fixed income and cash at National Asset Management Ltd. in Melbourne. Morgan said his fund bought Telstra March 2010 bonds when they issued but has since sold.

It hasn`t helped that fund managers` most rosy expectations for the Internet`s growth have been clouded by the tumble in the share price of CyberWorks and other online pioneers.

``It`s hard to know what these companies will look like in a few years,`` said Mark Beardow, manager of credit at AMP Asset Management, which manages A$12.5 million ($6.7 billion).
SingTel poised to be pan-Asian giant
ING BARINGS` VIEW
Telco`s main strength lies in varied regional investments

By DENESH DIVYANATHAN
TECHNOLOGY REPORTER

SINGAPORE Telecom (SingTel) is a strong candidate to succeed in the race to become a pan-Asian telecom giant, said an analyst from ING Barings yesterday.

Its key strength lies in the varied investments that it has made in the region, a factor which puts it ""ahead`` of even arch-rival Pacific Century CyberWorks` joint venture with Telstra, said ING Barings vice-president of regional research (telecommunications) Paul Zaman.

Speaking at an ING Barings conference on Asia`s economy yesterday, Mr Zaman said: ""SingTel has perhaps positioned itself as the only candidate to be a true pan-Asian telecom company.

""It`s acquiring assets across the region; it`s getting management expertise in running those assets...it`s really up there as one of the candidates who will get a catch of the growth across Asia.``

Apart from its recent $690 million investment in India`s Bharti Group, SingTel also has sizeable assets in Thailand`s Advanced Info Services, Globe Telecom of the Philippines and Taiwan`s New Century Infocomm, not to mention its US$1 billion (S$1.75 billion) Virgin Mobile joint venture.

Given that, Mr Zaman said that SingTel has now become a ""partner of choice`` for European and American telecom operators who are also targeting the Asian market.

""Why do it alone when you can team up with a strong partner?`` he added.

Although market talk has thrown up a suite of possible suitors for SingTel, including American giants SBC Communications, Qwest Communications and Verizon Communications as well as Germany`s Deutsche Telekom, Mr Zaman declined to comment on that.

Apart from SingTel, he said that Japan`s NTT together with its mobile subsidiary NTT Docomo, and CyberWorks-Telstra were also candidates in the fight to emerge as pan-Asian giants.

SingTel however had the upper hand over CyberWorks-Telstra, he said, because it had more stakes around the region and is ""better connected``, especially with its US$2 billion C2C submarine cable.

SingTel shares closed 11 cents higher at $2.80 on 13.8 million shares traded yesterday.
Analyst`s Comments: PCCW & Telstra Share Price Weakness
October 19, 2000

The share price of PCCW continues to be weak, and this has continued after the revised deal with TLS. This is the result of several factors, some positive for TLS and some negative. The HK market is clearly concerned about the fact the deal is now more favourable for TLS, with the debt (convertible notes) repriced and the management / ownership of the Mobile JV renegotiated in TLS’ favor. However the HK market remains concerned about the lack of clear vision and strategy from senior PCCW management.

This is a potential negative for TLS, and reiterates our view that TLS needs to be sure that PCCW is the best partner for their Asian growth strategy (which is expected to be the major growth strategy for TLS). It is possible that if (when?) a third partner is introduced to the TLS / PCCW JVs in Asia, the risks for TLS associated with PCCW will be reduced. We have not changed our outlook or recommendations on TLS
PCCW und Telstra verhandeln üner globales Netz

PCCW gab heute bekannt, dass man weitere Gespräche mit Telstra und anderen nicht genannten Unternehmen über ein globales Glasfasernetz führt. Dies wurde von einem Telstra-Sprecher heute bestätigt. Bisher sind aber noch keine Ergebnisse bei den Verhandlungen heraus gekommen.

Der Aktienkurs von PCCW kommt hingegen weiter unter druck. Die Aktie fiel im frühen Handel sogar unter die 6 HK-$ Marke. Momentan notiert man bei 6,05 HK-$.

-js- 19.10.00 08:18:00
PCCW will Mobilfunkanteil verringern; Aktie: - 5 %

PCCW will, falls eine IPO des Mobilfunk-Joint Ventures mit Telstra nicht möglich ist, seinen Anteil weiter verringern, um Kapital für die Entwicklung des Mobilfunks der dritten Generation zu haben. Dies sagte Richard Li auf einer Konferenz in Kuala Lumpur zu Reportern: Wenn man aggressiv in das 3G-Business investieren wolle, wäre es das einfachste den Anteil zu verringern.

PCCW hält 40 % an einem Mobilfunk-Joint Venture mit Telstra.

Der PCCW-Kurs kommt heute deutlich unter Druck. Das Unternehmen notiert bei 6,05 HK-$ zur Zeit (-4,7 %). Am frühen Morgen lag das Minus sogar zeitweise bei über 7 %.

-js- 19.10.00 08:34:00
Daten-Center von PCCW und iLink bleiben unabhängig

PCCW sagte heute, dass man nicht plane das eigene Daten-Center-Business in seine 40,84 %-Beteiligung iLink einzubringen. Der Daten-Center-Betreiber iLink strebt in den nächsten Monaten ein Listing am GEM an.

PCCW plant im November seinen ersten Daten-Center in Peking zu eröffnen. Nummer zwei und drei sollen in 12 Monaten folgen. Bisher betreibt das Hongkonger Unternehmen sechs Daten-Center in Hongkong.

-js- 19.10.00 12:07:00
Nachfrage nach Cyberport enrom

Die Nachfrage nach den Plätzen in Hongkongs Cyberport, einer Art Silicon valley in der Nähe von Hongkong, ist immens. Bereits jetzt haben 160 Unternehmen nach Büros angefragt. Allerdings dauert es noch ein bißchen bis die ersten dort einziehen können: nicht vor dem Ende des nächsten Jahres bzw. Anfang 2002 werden die ersten Büros fertig.

Durch die hohe Nachfrage fürchtet man schon jetzt, dass der Raum nicht ausreicht, um die Nachfrage zu befriedigen. Deswegen schaut man sich schon nach weiterem land um.
Zu den Unternehmen, die dort einziehen wollen gehören Microsoft, IBM, Cisco und hikari Tsushin.

Cyberport ist ein Projekt der Hongkonger Regierung zusammen mit PCCW.

-js- 19.10.00 12:24:00
Cyberworks-Vorstand sieht Expansionpläne durch Kursschwäche nicht gefährdet

19.10.2000 14:49
KUALA LUMPUR (dpa-AFX) - Der Vorstandsvorsitzende der Hongkonger Internetholding Pacific Century Cyberworks , Richard Li, sieht die Expansionspläne seines Unternehmens durch die jüngste Kursschwäche der Cyberworks-Aktien nicht gefährdet. Cyberworks sei bereits dabei eine Refinanzierung für die verbleibende Schuldenposition von 5,5 Mrd. bis zum Februar des kommenden Jahres auf die Beine zu stellen, sagte Li am Donnerstag bei einer von der HCBC-Bank veranstalteten Konferenz in Kuala Lumpur in Malaysia. Cyberworks könne sein Zahlungsverpflichtung auch ohne Mittel aus Börsengängen von Tochterunternehmen erfüllen.

Laut Li werden sich das Mobilfunk-Joint-Venture und das Internet-Infrastruktur-Joint-Venture zwischen Cyberworks und der australischen Telstra auch ohne den Gang an die Börse tragen. Derzeit fühle sich Cyberworks mit seinem 40%-Anteil an dem Mobilfunk -Gemeinschaftsunternehmen sehr wohl. Sollte das Unternehmen jedoch nicht an die Börse gebracht werden, wolle Cyberworks seine Beteiligung reduzieren. Das Mobilfunkgeschäft sei nicht groß genug, um für Cyberworks ein Kerngeschäft zu werden.

Cyberworks sei weiterhin entschlossen die Entwicklung des Dienstes "Network of the World" (NOW) voranzutreiben, da es ein regelrechte Vakuum bei Hochgeschwindigkeits-Internetdiensten gebe. NOW soll im ersten Quartal 2001 in Hongkong angeboten werden. Für Taiwan und China sei die Markteinführung im zweiten und dritten Quartal geplant.

Im Internet-Infrastruktur-Geschäft werde derzeit 40% des Umsatzes mit der Datenübertragung gemacht, während 60% auf Telefonverbindungen entfielen. Li rechnet damit, dass der Umsatzanteil der Telefongespräche in den kommenden drei Jahren auf 30% fallen wird. Das Ergebnis nach Zinsen, Steuern und Abschreibungen wird bei Cyberworks laut dem Vorstandsvorsitzenden nach Abschluss des Telstra-Geschäftes "gesund und stabil" sein./cs/as/mr
Hallo Asia Fans !

ich suche eine PC Übersetzungs-software Chinesisch/Englisch
Englisch/Chinesisch. hat einer eine Ahnung wo ich so etwas
kriegen kann, zu einem christlichen preis ???

Vielen Dank im Voraus
Aktueller Kurs in HK $6,35 + 0,1HK$ (1,6%)

10:19 20-OCT-2000
Richard Li plans to buy more PCCW (0008-HK) shares

Pacific Century CyberWorks (PCCW) chairman Richard Li plans to acquire extra shares in the company through bank facilities available to him, reported SCMPost, citing sources.

At present, the shareholding of Mr Li is 38.2 pct.

After the merger with C&W HK Telecom, the share price of PCCW plunged, upsetting investors who were heavily committed to telecommunications stocks.

Market analysts said that Mr Li may be acquiring the extra shares to stabilise the share price.
(End)
Pressure builds on PCCW as debt bites
Jonathan Tam and Eunice Wong, Hong Kong iMail

THE strain is beginning to show on the face of Pacific Century CyberWorks (0008) chairman, Richard Li Tzar-kai, as he watches his company`s share price plummet and his ability to raise cash diminish by the hour. Between now and February next year Mr Li needs to refinance US$9 billion (HK$70.2 billion) worth of debt. The deal with Australia`s Telstra Corp will reduce that debt to US$5.45 billion.

Many analysts point to the fact that PCCW is a highly leveraged company and since the US$12 billion debt facility was put together to finance the takeover of Cable & Wireless HKT, there has been growing concern over CyberWorks` ability to cover its short-term financial commitments.

According to basispoint, tranche A of the of PCCW`s original US$12 billion debt facility, for US$3 billion, was repaid from cash and assets held by PCCW/HKT and will not be refinanced. The remaining US$9 billion is a syndicated tranche which currently pays 1.15 per cent over Libor (London interbank offered rate) but steps up to 3 per cent at the end of February 2001, according to basispoint. The incentive, analysts say, is to refinance with a cheaper, long-term facility.

PCCW can extend its borrowings by a minimum of US$3.6 billion or the outstanding amount. If PCCW decides to extend it can be done in two 12-month extension options. In other words, PCCW can extend the loan to the end of February 2003 with no additional fees, except of course the higher interest rate of 3 per cent.

The US$3.555 billion PCCW will receive from Telstra means that the amount to be refinanced is US$5.5 to US$6.0 billion.
The problem Richard Li now faces is that with his company`s share price plummeting he still has to raise cash to help finance his global connectivity (IP backbone) company in which PCCW and Telstra will each hold a 50 per cent equity stake. But the joint venture can only get off the ground if PCCW can raise US$2 billion in debt financing. Of that amount PCCW is expected to receive US$1.125 billion. According to Jardine Fleming Research analyst Jake Lynch, PCCW`s new gearing calculated on a total debt to total assets basis will be 57 per cent. ``We see from the debt coverage schedule this year, PCCW has what seems to be a financing risk.``If our earnings before interest, tax, depreciation and amortisation (Ebita) estimate is actually lower by more than 10 per cent and capital expenditure higher by more than 10 per cent, PCCW could be in for a tight squeeze.``

However, Mr Lynch says it is unlikely that creditors would foreclose. But the debt could either be restructured or refinanced by a new convertible bond or an asset sale. He suggests an equity issue is unlikely, due to the existing share overhang.

Mr Lynch believes PCCW will seek an initial public offering (IPO) of selected business units, namely, IP Backbone and the Regional Mobile during the first quarter of 2001. He said these could raise more than US$1.5 billion for PCCW and reducing gearing to below 30 per cent, assuming raised proceeds draw down debt. ``The problem is with the timing, PCCW needs cash for opportunities today and also immediately in the first quarter of 2001.``

Just how PCCW raises the cash it needs has left analysts perplexed as they watch the company`s share price hovering around the $6 level.
Yesterday, Richard Li told an investors` conference in Malaysia that the company may sell more stakes in its mobile units to fund expansion plans for the third-generation cellular network (3G).
``On the mobile business if we cannot go public, the company would like to go aggressively on 3G,`` Mr Li said. ``Most likely we would simply dilute down on that business,`` he said, referring to possible stake sales in PCCW`s mobile units.

CyberWorks has already agreed to sell 60 per cent of its mobile venture to Telstra for US$1.68 billion. Analysts say the mobile unit of PCCW contributes between 13 and 18 per cent of the company`s total turnover. They say any further dilution of this business will further strain PCCW`s cash flow.

Voon San-lai, vice-president of equity research at GK Goh Securities, however, believes that should the mobile and IP backbone companies be successfully spun off they could raise between US$1 and US$2 billion in cash for PCCW. ``We believe refinancing of the US$5.5 billion in February will be on track even without the IPOs of the subsidiaries of either mobile or IP backbone,`` Mr Li said. PCCW has dropped 27 per cent in the last two weeks. It shed HK$0.1, or 1.57 per cent, to close at HK$6.25 yesterday, the lowest in 11 months.
20 October 2000 / 01:29 AM
Top Financial News
Fri, 20 Oct 2000, 2:03pm EST
CyberWorks May Pare Mobile Stake If IPO Scrapped (Update3)
By Rob Stewart and Cathy Chan

Kuala Lumpur, Oct. 19 (Bloomberg) -- Pacific Century CyberWorks Ltd. may pare its stake in a mobile phone venture with Telstra Corp. if the venture can`t sell shares to the public, CyberWorks Chief Executive Richard Li said.

Li, speaking to investors and reporters at a conference in Kuala Lumpur, said such a step is more likely if the mobile venture seeks to quickly expand into new phones that connect with the Internet.

``On the mobile business, if it cannot go public and the company would like to grow aggressively on 3G, it`s most likely we would simply dilute down that business,`` Li said.

The Nasdaq Composite Index lost a quarter of its value since Sept. 1, making it more difficult for technology-related companies to sell shares. Idealab!, a U.S. firm behind Etoys Inc. and other online commerce companies, scrapped a planned $300 million sale yesterday.

Li is ``still very concerned`` about potential costs of 3G development, said Voon San Lai, vice president of research of G K Goh Securities (H.K.) Ltd. At the same time, ``It`s going to be hard to get an IPO at good valuation,`` he said.

CyberWorks shares, which lost two-thirds of their value this year, fell 10 Hong Kong cents, or 1.6 percent, to HK$6.25. Telstra fell 2 percent to A$6.0.

Follow the Money

CyberWorks last week surrendered control of its mobile phone business to Telstra, Australia`s No. 1 phone company, to salvage a joint venture between the two companies and raise $3.55 billion it needs to repay debt due in February.

Telstra agreed to pay $1.68 billion for a 60 percent stake in the mobile business. Telstra will bear the brunt of the cash demands -- billions of dollars, according to CyberWorks -- from future 3G auctions in Hong Kong and Australia, though it said it doesn`t intend to sell more debt to participate.

``We have set aside sufficient funds,`` Telstra spokeswoman Megan Lane said yesterday, declining to specify how much the new licenses might cost.

In Hong Kong alone, CyberWorks estimates capital expenditure for a full network rollout may reach HK$2 billion ($258 million), said Hubert Ng, chief executive of Pacific Convergence Corp., a CyberWorks unit.

CyberWorks has said it planned to sell shares in both the mobile phone venture and another Internet venture with Telstra next year. It didn`t give a more specific timetable.

With investors already wary about the company`s ability to refinance $9 billion of debt, which comes due in February, CyberWorks could use more cash that it could raise by selling stakes in the mobile venture.

The regional company, which currently only includes mobile assets in Hong Kong, probably needs stronger partners to fund expansion, analysts said.

``They need cash for this business,`` said Jahanzeb Naseer, an analyst at ABN Amro Ltd. in Hong Kong. ``If they don`t expand into either 3G and other markets outside Hong Kong, then the value of the business will gradually decline. It`s better to own 30 percent of a much more valuable entity than 40 percent of a less valuable entity.``
HK telco talks up sea cable
By MEREDITH BOOTH
20oct00

POOR investor sentiment returned to Telstra and Hong Kong partner Pacific Century CyberWorks yesterday, with Telstra falling back and PCCW hitting an all-time low.

Shares in the Hong Kong telco fell more than 6 per cent in early trade to its record low of $HK5.95 before closing at a HK10c deficit of $HK6.25.
In an effort to bolster its shares, the Hong Kong telco confirmed it was in talks with partner Telstra over a global undersea cable network. Telstra shares also fell 12c to $6 while its deferred scrip slipped 12c to $6.05.

The falls were also seen as a reaction to a 1 per cent slide on the US Nasdaq exchange.

The Australian telco confirmed it was talking to PCCW and other parties about an undersea cable network, but had made no commitments and would announce news to the market "when appropriate".

Telstra spokesman Martin Ratia said Telstra was continually talking to other parties about undersea cable projects.

In fact work was about to start on the $500 million Australia Japan Cable project, in which Telstra has a 40 per cent stake, after second tier telcos confirmed their capacity purchases next week, he said.

Meanwhile, Hong Kong-based iReality Group`s $6 million cash injection into flailing Internet company LibertyOne helped boost its share price yesterday.

The troubled Internet investment house climbed 3c to 9c by close of trade.

IReality chief executive Matt Burlage has agreed to loan $500,000 to LibertyOne for working capital expenses and pay 6.24c a share in two tranches for 19.95 per cent of the company.

Mr Burlage`s company will also assume management control.

Pending shareholder approval in December, the Hong Kong company will be granted LibertyOne options, exercisable at 7.49c for a further 35 per cent of the Internet company.

LibertyOne shareholders will vote on the deal at an extraordinary meeting in December.
19 October 2000 1557 hrs (GMT) 2357 hrs (SST)
CyberWorks may dilute stake in Telstra mobile phone venture
by Malaysia Business Correspondent Melissa Goh

Pacific Century CyberWorks says it may dilute its sake in a mobile phone venture with Telstra Corp, if the venture cannot sell shares to the public.

CyberWorks Chief Richard Li revealed this while speaking at an investor conference in Kuala Lumpur on Thursday.

Our Malaysian business correspondent Melissa Goh reports.

Richard Li, the 33-year-old chairman of Pacific Century CyberWorks, is clear about what he wants for his mobile phone venture.

He said, "If it can`t go public, the company would like to go aggressively on 3G, we would most likely to simply dilute down on that business."

While he declined to elaborate, his comments do come amid market speculation that the deal that CyberWorks signed with Telstra have run into snags.

Last week, CyberWorks was forced to cede control of the mobile phone venture to Telstra Corp of Australia, in order to save the joint venture with Telstra.

As for CyberWorks` high gearing, Mr Li assured investors that the company is on track to refinance its entire debt before February next year.

Mr Li said, "We believe that the refinancing of the 5.5 billion left in the company by February to be on track without any IPO of its subsidiaries. I believe its unrealistic for either mobile or IP backbone to go public before February in any case. Secondly, the mobile and IP backbone will be self financing going forward without any draw on capital on parent company without going public . That is the case especially on IP backbone."

Going forward, analysts say investors are not concerned whether CyberWorks can service its debts, but whether the company can meet the huge costs of going aggressively into 3G communication system.
Will Richard Li Anteil an PCCW aufstocken?
Quelle:Asiainternet.de

Die South China Morning Post berichtet heute, dass Richard Li, Chairman von PCCW, nach einem persönlichen Kredit sucht, um seinen Anteil an seiner Internetunternehmung PCCW weiter auszubauen.

Daraufhin ist die Aktie im frühen Handel sprunghaft bis auf 6,70 HK-$ angestiegen. Danach beruhigte sich die Euphrie jedoch wieder. Momentan notiert die PCCW-Aktie nur noch mit einem Plus von 1,6 % bei 6,35 HK-$.

-js- 20.10.00 08:27:00
14:36 20-OCT-2000
ITBB plans to seek public views on fixed network licensing

The Secretary for Information Technology and Broadcasting (ITBB), Carrie Yau said that the government will consult the public about the Hong Kong new fixed network licensing between late 2000 and early 2001.

The government plans to accept applications for local fixed network licence and allow institutions holding the licences to to into operationg from January 1, 2003.

When asked if the government will issue licences by way of an auction in a manner similar to the 3G mobile phone auction after the 2G mobile phone licences expire, she said that it will be subject to the current market conditions.

Views of telecommunications players will also be considered.

She added that construction work at Cyberport is on schedule and the ITBB will work closely with PCCW (0008-HK) to report on progress of the project.

(End)
Aktueller Kurs in HK $6,50 + 4,00%

15:46 20-OCT-2000
PCCW (0008-HK) has 5m shares cross-trade in late trade

Pacific Century CyberWorks recorded 5 million shares in cross-trade around 3:30 pm.

It was traded at $6.40 to $6.50 and involved $32.35 million.

The counter rose 4 pct or $0.25, to $6.50.

(End)
17:51 20-OCT-2000
New T&T eyes Hong Kong 3G licence

Chairman Stephen Ng Tin-hoi of New T&T, a subsidiary of Wharf (Holdings) Ltd (0004-HK), said that the company plans to invite local or overseas strategic shareholders who are experienced in mobile communications to compete for the Hong Kong 3G licence.

No details were available.

Mr Ng, also a vice-chairman and chief executive officer of i-Cable (1097-HK), said that both i-Cable and New T&T have not decided on the ways to engage in the local 3G business at this stage as the groups have not studied the proposed issue of virtual network operator licences by the government for running 3G business.

Mr Ng said that i-Cable and New T&T are glad to see the openness of the Hong Kong telecommunications market.

He was making the commenting in relation with the Information Technology and Broadcasting Bureau stating that it will accept new fixed network operators applications in 2001 and allow new licence holders to operate fixed network business in 2003.

He added that i-Cable has over 30,000 broadband subscribers, placing it second in the market after PCCW (0008-HK).

He hopes to close the gap with PCCW in the near-term.

(End)
Pacific Century CyberWorks steigt durch Gerüchte
20.10.2000 10:23

Pacific Century CyberWorks kann im Tagesverlauf bis zu 7,2 Prozent zulegen. Die South China Morning Post veröffentlicht das Gerücht, dass Richard Li, Vorsitzender von CyberWorks einen persönlichen Kredit aufnehmen will, um seinen Anteil an der Firma zu erhöhen. In den letzten neun Tagen fiel CyberWorks in Hong Kong kontinuierlich um 24 Prozent.

Pacific Century Cyberworks ist eine Tochter der Pacific Century Gruppe. Das Unternehmen konzentriert sich auf ihr „Network of the World“ (NOW), das eine Mischung aus Internet und Fernsehinhalten ist. Das Ziel ist, mit NOW ganz Asien per Breitbandinternet zu erreichen. Seit der Übernahme von Cable & Wireless HKT ist das Unternehmen ein Standardwert des Hang Seng Index und der asiatische Internetinvestor mit der größten Marktkapitalisierung.

PCCW steigt in Hong Kong 1,6 Prozent auf 6,35 HK-Dollar (0,97 Euro). In München (WKN 924 882) verliert der Kurs 2 Prozent auf 0,99 Euro.
ARRRRRRRRGGGGGGGG

PCCW ist vom Handel ausgesetzt. wenn sie bei der einsetzung abkacken dann kotz ich aber echt mal.

bisher gibts nur gerüchte warum se ausgesetzt sind.

siehe em-research.de


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