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fair use act quotation for research purposes Chinadotcom to cut 16% of workforce (CHINA) by Bill Clifford

Chinadotcom said Wednesday it plans to cut more than 400 jobs, close some offices and dispose of non-core assets as part of a global effort to streamline operating expenses. "Although these are difficult decisions to make, we believe we are taking the steps necessary to align expenses with revenues during this challenging market environment," Daniel Widdicombe, chief financial officer of the Nasdaq-listed pan-Asian Internet company, said in a statement. Chinadotcom, based in Hong Kong, currently employs 2,417 staff in several Asian countries and the U.S. Shares of Chinadotcom shares ended on Tuesday at $2.78, up 11.25 percent.

-- (perry@ofuzzy1.com), March 27, 2001