Asiaweek, one of Hong Kong's oldest English-language news magazines, closed yesterday with 80 jobs lost and publisher Time Incorporated blaming a severe slump in advertising dollars. Industry commentators say the magazine - which was launched in 1975 and has battled the Far Eastern Economic Review - was unable to keep up with the competition after it was repositioned in May as a business publication. The final issue was released yesterday, but all 80 staff will be employed until December 31. Asiaweek president Peter Brack told a meeting with employees that the exceptionally difficult market conditions and the aftermath of the September 11 terrorist attacks in the United States had prompted the decision to cease publication. 'Our staff's passion, dedication and enthusiasm, which succeeded in creating a far better magazine earlier this year, have been truly impressive - and certainly made this decision even more painful,' Mr Brack said. Time Inc. editor-in-chief Norman Pearlstine said no one could have predicted the downturn in advertising would have been so brutal. Two Time Inc. publications in the US, On magazine and Family Life, were also reported to be on the brink of folding.