PCCW desperately in need of Telstra tie-up

For Pacific Century CyberWorks (PCCW) the music has stopped and investors’ love-in with the company has come to an end; the share price has dropped two-thirds since it announced its takeover of Cable & Wireless HKT. But it’s not just stockmarket investors who have ditched PCCW and its promised riches – previously announced deals are falling by the wayside as well. Planned joint-ventures with CMGI and GigaMedia are no longer on the cards and there is intense speculation that Telstr…