CReATION: Asia Online lays off 56 in latest blow to HK dotcom sector

<p>Asia Online has sacked 56 employees from its Hong Kong operation, </p><p>representing 18 per cent of the company's staff in the SAR. </p><p><BR><BR> </p><p>The move was the latest in a round of lay-offs to hit the Internet </p><p>industry in Hong Kong, bringing the number of staff sacked to more than </p><p>1,000 since June this year. </p><p><BR><BR> </p><p>The company said it had to reduce staff on its payroll from 900 to </p><p>844. </p><p><BR><BR> </p><p>Asia Online was involved in 20 acquisitions in the past year and a half, </p><p>but said it "expanded too quickly". </p><p><BR><BR> </p><p>The company said the cuts were aimed at reducing its costs and helping </p><p>it to become profitable. </p><p><BR><BR> </p><p>Asia Online had earlier cancelled its plans to list for USdollars 100 </p><p>million on the US Nasdaq. </p><p><BR><BR> </p><p>The lay-offs also followed the recent announcement of the departure of </p><p>the company's chief executive and president Mr Kevin Randolph. </p><p><BR><BR> </p><p>He was replaced by Mr Edward Roberto. </p><p><BR><BR> </p><p>The company had reportedly raised an estimated USdollars 135 million in </p><p>venture capital in the past 14 months. </p><p><BR><BR> </p>