Beenz.com, the internet currency trader, has become the latest online business to announce a restructuring, including job cuts and the closure of overseas offices, as a result of a downturn in online spending by its customers.
Shares in US media giant Time Warner tumbled 15% on the news that the company’s full-year earnings would fall short of expectations due to a decline in advertising revenues, a fall in music sales and disappointing box office results for the Adam Sandler film, Little Nicky.
Sweden’s national telecoms carrier Telia is to appeal the Swedish government’s decision not to award the company a third-generation mobile licence.
Red Herring Communications, publisher of Red Herring - the US internet business magazine - has laid off 32 staff, just two months after it laid off 22 employees when it combined its online and print businesses.
Online retailer eToys.com is understood to be looking for a buyer after warning that its Christmas sales will be well below expectations.
Breathe.com, the UK’s fourth-largest ISP, collapsed into administration on Friday with losses of 50m.
The Swedish government has failed to award the country’s national telecoms provider, Telia, with a third-generation mobile licence in a shock move which makes the company the first national carrier in Europe to lose a licence in its own country.
Dutch publisher and internet company VNU has agreed to buy US market research company AC Nielsen in a 2.3bn cash deal which is expected to close by the first quarter of 2001.
EasyGroup is investing 20m to roll out its chain of EasyEverything internet cafes across the US in the new year.
New-media consultancy Agency.com has axed 32 jobs in the UK and an additional 158 worldwide in a global cost-cutting strategy following a fall in demand for interactive consultancy from blue-chip companies.
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