Cathay Pacific cuts 18% of its workforce amid the coronavirus pandemic

20.10.2020 - Evdokimov Roman
Cathay Pacific cuts 18% of its workforce amid the coronavirus pandemic

On Tuesday, South China Morning Post reported that Cathay Pacific Airways Ltd. (0293.HK) would furlough 18% of its workforce or almost 6,000 jobs and axed its regional brand Cathay Dragon.

Hong Kong’s flag carrier said that the job cuts were made to help weather the coronavirus outbreak.

In June 2020, the airline stated that it reviewed its strategy due to the weak global travel demand. It also added that “tough decisions” would be made during the fourth quarter of the year. Some analysts already expected that it would announce significant job cuts.

In that same month, the Hong Kong government gave a $5 billion rescue package for the airline.

Last month, Cathay Pacific announced that it would not apply for further government employment subsidies for its central business units.

On Monday, Cathay Pacific said that the airline would operate less than 50% of its pre-pandemic passenger flight capacity next year.

 

 

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?