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Forbes suspends technology magazine

Forbes on Friday said that it will cease publishing its New Economy magazine, Forbes ASAP, as of the fall 2002 issue--the latest casualty of the technology downturn. The New York-based publisher laid off about eight staff members in its Burlingame, Calif., offices, where the magazine was produced, as part of the closure. One of the oldest tech-focused publications, Forbes ASAP began circulating in 1992 as an add-on to the stalwart business journal Forbes, which has about 900,000 subscribers. In 1999, Forbes ASAP merged with "Best of the Web"--Forbes' regular report on the Internet boom--to create four added editions for subscribers and newsstands. With the demise of Forbes ASAP, Best of the Web will continue as a regular feature of the Forbes Web site.

"In making this decision, the company is responding to the continuing difficulties in this technology sector," the company said in a statement. "There is no longer a market for dedicated New Economy publications."