New economy magazine The Industry Standard is to close its European publication just six months after splashing out megabucks on a glitzy launch party.

Some 60 jobs are reported to be axed although a skeleton staff will be retained to supply European-based content for The Standard's US publication and Web site.

"...the market we swim in today is far different than the one we anticipated when we first began planning this magazine one year ago," he said.

"Some of our most likely advertisers have gone out of business; others have cut back dramatically on advertising and marketing spend in anticipation of an international economic downturn.

"These cutbacks have forced a series of painful layoffs throughout the business media sector," he said.

And he finishes: "And so this edition bids our readers adieu." ®

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