By Lynne Hardy, 31 October 2001 15:00
NEWS Hutchison Whampoa subsidiary Hutchison Telecommunications is cutting 350 jobs in a corporate restructuring exercise. The telco will also sell 260,000 of its 390,000 customers onto Singapore Telecommunication's Australian subsidiary Optus for A$43m (£14.8m). Hutchison chief executive Kevin Russell confirmed in a statement the sale would mean having to make job cuts to trim the company's second-half losses from A$91m to A$75m (£31.5m to £25.9m). The company said the move will allow it to focus on the development and rollout of its 3G technology. The company said it expects to launch 3G services in October 2002. Shares in the telco closed up two cents to 28 cents.
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