Cathay Pacific to lay off nearly a quarter of its workforce
It is also shuttering regional airline Cathay Dragon and redoing contracts for pilots and cabin crew, with the aim to cut unsustainable cash burn by $65m a month
22 October 2020 - 11:38
New Delhi/Singapore — They are both pillars of their economies, highly regarded by customers and totally reliant on international travel. They are also in deep financial strife and shedding thousands of jobs because of the virus crisis.
Cathay Pacific Airways and Singapore Airlines have stood out for over half a century as aviation powerhouses, prestigious brands atop a lucrative market fuelled by Asia’s economic boom. The pandemic has severely hurt the pair, but Hong Kong-based Cathay is most likely in a tougher spot, analysts say...
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