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By Chris Holbrook, 8 January 2001 11:58

NEWS The online arm of the news group will reduce its staff by 69, approximately 17 per cent, in an attempt to achieve profitability by 2002. Russell T Lewis, president and CEO of the company, said: "The action is part of the adaptation process and is consistent with the goal of achieving cash-flow profitability for the year 2002." The New York Times group, which had a turnover of $3.1bn for 1999, publishes 21 newspapers and magazines, operates eight network-affiliated television and two New York radio stations. US cable television operator AT&T is also to axe 309 jobs from its Atlanta-based broadband unit as part of a restructuring plan it expects to complete by 2002. The company recently announced it is to hike monthly rates for its main analogue package by an average 4.8 per cent. Ecommerce transaction services provider CyberSource is to reduce its global workforce by approximately 20 per cent, or 90 employees, aiming for profitability by the fourth quarter of 2001. Bill McKiernan, chairman and CEO of CyberSource, said in a statement: "We believe these moves to rationalise, consolidate and streamline our company, as well as to selectively re-price some of our offerings, are both prudent and timely." CyberSource also revised its projected turnover for the fourth quarter of 2000 to between $8.1m to $8.4m, down from prior guidance figures of $10.2m to $10.5m. The company attributed reduced revenue expectations to lower overall ecommerce growth and a substantial slowdown in spending by online businesses. Online web portal Women.com faces a possible de-listing from the Nasdaq stock market following the redundancies of a quarter of its workforce, 85 staff, in December 2000. Women.com has received notification from Nasdaq that its securities have failed to meet a minimum $1 bid price for the 30 consecutive days required under Nasdaq rules. The website must maintain a closing price above $1 for ten consecutive trading days to avoid a written determination that its securities will be de-listed. Marleen McDaniel, chairman and CEO of Women.com, said in a statement: "The streamlining of our business operations, among the toughest decisions made by any company, reflects the need for Women.com to remain nimble in a fluctuating internet industry."