Internet incubator hatches job cuts
Idealab.com, the Internet incubator with offices in London and California, is the latest to suffer from job cutbacks. The firm, which helped start m-commerce company Scan and community site PeopleLink in the UK, has cut 30 of 120 staff in Pasadena, California. The UK's 17 staff will keep their jobs, the company says.
Among idealab's ill-fated investments was eToys, the online retailer which shut down its UK operation this month after a disastrous US Christmas.
On Friday, EMusic, an online music distribution site, also announced job cuts, saying it will slash 36 percent of its workforce, or 66 jobs. The site laid the blame for the cuts on a combination of illegal online music distribution and slowing advertising sales.
The US-based site sells single tracks for 99 cents and entire albums for $8.99 (about £6).
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