Tomorrow Times is yesterday's news

Taiwan's first online newspaper has shut down due to financial problems, just one year after its high-profile launch.

The chairman of the Tomorrow Times Jan Hung-tze said the closure was due to the island's slumping stock market, big changes in the internet industry, and inadequate financial resources.

A Hong Kong publisher who's known for his clashes with the Chinese government, Jimmy Lai, has said he will employ a-hundred-and-fifty of the paper's staff to work on new magazines he's planning to launch in Taiwan.

From the newsroom of the BBC World Service