A SHAKY E-EMPIRE.

The article focuses on the business performance of Internet investment fund Europe@web established by French business tycoon Bernard Arnault. In late June 2000, Arnault pulled the plug on a planned listing of Europ@web, saying he was considering strategic alternatives. Arnault has made one of the boldest individual gambles ever on the Internet by putting nearly $500 million of his personal fortune into Europ@web while separately investing more than $300 million in other Web companies. Europ@web executives say the company is on track. Investors are not convinced. Arnault had expected to float Europ@web in July on the Paris and Amsterdam stock exchanges at a valuation of at least $3 billion. But when his bankers at Credit Suisse First Boston put out, prospective investors were not impressed.