Hong Kong’s flagship carrier, Cathay Pacific Airways Ltd., will cut its workforce by a quarter and close a subsidiary airline as it seeks to stem losses from a coronavirus-induced downturn that is expected to devastate the global aviation industry for years to come.
Cathay said it would eliminate 8,500 positions, including laying off about 5,900 workers—mostly in Hong Kong—in the coming weeks. The 74-year-old carrier will also immediately shut Hong Kong Dragon Airlines Ltd., also known as Cathay Dragon, but will continue to...
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Cathay Pacific to slash workforce, end Cathay Dragon brand due to pandemicHong Kong's Cathay Pacific Airways Ltd said on Wednesday it would slash 5,900 jobs and end its regional Cathay Dragon brand, joining peers in cutting costs as it grapples with a plunge in demand due to the coronavirus pandemic.
Source: Reuters - 🏆 2. / 97 Read more »
Cathay Pacific to cut 6,000 jobs, axe Cathay Dragon brand: SCMPHong Kong's Cathay Pacific Airways Ltd will cut around 6,000 jobs, or 18% of its workforce, and axe regional brand Cathay Dragon to help it weather the coronavirus pandemic, the South China Morning Post reported on Tuesday, citing sources.
Source: Reuters - 🏆 2. / 97 Read more »
Cathay Pacific to cut 6,000 jobs, axe Cathay Dragon brand amid pandemic: SCMPHong Kong's Cathay Pacific Airways Ltd will cut around 6,000 jobs or 18% of its workforce, and axe regional brand Cathay Dragon to help it weather the coronavirus pandemic, the South China Morning Post reported on Tuesday, citing sources.
Source: Reuters - 🏆 2. / 97 Read more »
HK's Cathay Pacific rises over 3% after announcing restructuring planShares of Cathay Pacific Airways Ltd jumped more than 3% after the Hong Kong flagship carrier announced a restructuring plan involving jobs cuts and a decision to end its regional Cathay Dragon brand.
Source: Reuters - 🏆 2. / 97 Read more »
Cathay Pacific to cut thousands of jobs and eliminate Cathay Dragon airline as Covid-19 weighs on travelCathay Pacific is eliminating thousands of jobs and shuttering its regional airline Cathay Dragon as the Covid-19 pandemic roils the global travel industry.
Source: CNN - 🏆 4. / 95 Read more »
Cathay is still overweight after layoffsHong Kong's flagship airline will cut 8,500 jobs and ditch its Cathay Dragon brand. That's less aggressive than some other carriers, although shareholders took it well. The cuts will only slow the cash burn rate to around HK$1.5 bln per month. More savings will have to be found.
Source: Breakingviews - 🏆 470. / 51 Read more »