MEDIA-I: M-Web cuts staff as clients cancel contracts in Asia

<p>BANGKOK: Internet content provider M-Web (Thailand) has laid off 41 </p><p>employees, or 23 per cent of its staff of 180, citing the economic </p><p>downturn caused by the events of September 11. </p><p><BR><BR> </p><p>The lion's share came from its internet solutions division, where 35 </p><p>people lost their jobs. </p><p><BR><BR> </p><p>Chief executive Craig White said action had to be taken after budgets </p><p>could not be sustained following the internet division's </p><p>performance. </p><p><BR><BR> </p><p>"We were expecting better results from that team. But post-September 11 </p><p>we lost contracts," he said. </p><p><BR><BR> </p><p>"We have scaled back to a quieter market, so if it picks up, we'll grow </p><p>at an appropriate rate." </p><p><BR><BR> </p><p>Despite not expecting to see a dramatic recovery, White said there would </p><p>be no further retrenchments. </p><p><BR><BR> </p><p>"It is better to cut deeply initially, stretch remaining resources and </p><p>grow accordingly," he said. </p><p><BR><BR> </p><p>M-Web, which was set up three years ago, relies on its internet </p><p>solutions division for 60 per cent of its revenue, with the remaining 40 </p><p>per cent coming from advertising. </p><p><BR><BR> </p><p>The firm recently did a deal with internet service provider KSC to offer </p><p>access to M-Web content if a user bought an internet subscription from </p><p>the ISP. </p><p><BR><BR> </p>