H. K. Stocks Lower Midday, PCCW Retreats (Update1)
Sep 26,2000 - 13:23:25 HKT
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Pacific Century CyberWorks (0008), Richard Li`s telecoms and Internet vehicle, slipped 4.8 percent to
HK$8.85. The stock recorded a combined loss of 19 percent last Thursday and Friday after Cable &
Wireless placed a 4.9 percent stake in the company.
Reports cited an unnamed source at PCCW as saying that a planned joint venture between it and
Nasdaq-listed CMGI Inc. may not materialize.
Meanwhile, The Australian newspaper reported that Telstra Corp., Australia`s largest
telecommunications company, may try to quit or renegotiate its proposed US$3 billion partnership
with PCCW.
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