Internet pioneer wakes up to reality

Worldwide internet TV station suffers job cuts...

Network of the World, the ambitious web-based interactive TV service, is facing major cutbacks. The Financial Times reports that 340 jobs are to go and expenditure will be halved to $100m. Pacific Century Cyber Works plans to provide a global video service was hit by slow rollout of broadband services. It enjoyed the benefit of rapidly rising internet stocks and took over Cable and Wireless HK last August.