The reluctance of the financial community to throw more money at dot.coms claimed another victim on Thursday with the announcement that the UK financial news website TheStreet.co.uk is to close.

The decision was part of cost-cutting measures taken by the site's US parent, TheStreet.com, in an attempt reach profitability more quickly.

TheStreet said it was also cutting jobs in the United States by 20% across the board and would wind up its joint-venture operation with The New York Times by the end of the month.

"In today's environment, companies have two clear choices: chart a direct path to profitability or shut down," TheStreet chief executive Thomas J Clarke said in a statement.

The company said its UK operation was due to run out of money by the end of the year and neither TheStreet.com - which owned 63% of the venture - nor any of the other investors was prepared to provide the funding necessary to take it to profitability.

More soon.