Staff and CEO go in Sina.com restructure
China Internet portal Sina.com announced on Monday it would lay off 15 per cent of its staff and reshuffle senior management in a cost-cutting and restructuring exercise. Sina.com said its founder, president and chief executive Wang Zhidong had resigned and would be replaced as chief executive by chief operating officer Daniel Mao. Wang Yan, general manager of Sina.com's China operations, would become president of the Nasdaq-listed company. A spokesman said while the lay-offs were necessary, they were not directly related to the slowdown in revenues, which fell 19.7 per cent to US$6.1 million between the last quarter of last year and the first quarter of this year.
Analyst acts on conflict-of-interest concerns
One of Asia's most prominent Internet analysts has been exposed as a founding member of, and investor in, one of the adult Web sites he has praised in his commentaries. Joe Sweeney, research director at Gartner Asia-Pacific, confirmed he is an investor in Jadecool.com, an online go-go bar based in the Philippines. He is also on the privately held company's board of directors. Mr Sweeney maintained he had been up front about his outside business interests. However, he announced on Wednesday that he would sell his interest in Jadecool and resign from its board.
Mainland seen as silver lining in slow-down cloud
The Financial Secretary warned on Monday economic growth could continue to decline in the short term because of poor performances by the US and European economies. However, Antony Leung Kam-chung told Legco's financial affairs panel that he was optimistic about mid- to long-term prospects, based on continued mainland growth and its anticipated entry into the World Trade Organisation.
