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HONG KONG, China (AFP) — Cathay Pacific on Thursday said it will slash passenger flights into Hong Kong next month as the city’s strict travel curbs keep international travellers away while rivals see prospects improve. Hong Kong has maintained some of the world’s harshest quarantine measures and travel restrictions during the pandemic, which has kept infections low but ensured a business hub that dubs itself “Asia’s World City” has been cut off internationally for […]
by Jerome TAYLOR HONG KONG, China (AFP) — Hong Kong carrier Cathay Pacific said Wednesday it suffered a record $2.8 billion loss last year as the coronavirus pandemic wiped out demand for travel — and the airline warned of a long road to recovery ahead. Chairman Patrick Healy described 2020 as the “most challenging” in the airline’s 70-year history and said much will now depend on how effective and widespread global vaccination programmes are. “It […]
by Jerome TAYLOR / Su XINQI Agence France Presse Cathay Pacific announced plans Wednesday to cut its workforce by nearly a quarter and close one of its short-haul airlines in an effort to survive the “devastating” impacts of the coronavirus pandemic. Across the globe, airlines have been hammered as the pandemic has slashed international travel, and they face a long, hard winter after a much-hoped-for rebound failed to materialise. Cathay Pacific, Hong Kong’s flag […]
HONG KONG, China (AFP) — Hong Kong carrier Cathay Pacific issued a profit warning on Friday, estimating it will suffer a historic loss of HK$9.9 billion (US$1.3 billion) in the first half of 2020 as it reels from the coronavirus pandemic. “The Group will record a net loss attributable to shareholders of approximately HK$9.9 billion, which compares to a net profit to shareholders of HK$1.3 billion for the same period in 2019,” the airline said […]
by Jerome TAYLOR HONG KONG, China (AFP) — Cathay Pacific on Wednesday said profits plunged in 2019 as it reeled from political unrest in Hong Kong, while it warned financial losses lay ahead owing to the spread of the new coronavirus. The flagship carrier was battered throughout the second half of last year as violent pro-democracy protests raged for months in Hong Kong, sparked by widespread public anger at Beijing’s rule. The demonstrations, which saw […]
HONG KONG, China (AFP) — Hong Kong’s flagship carrier Cathay Pacific is asking its entire workforce to take up to three weeks of unpaid leave, its CEO announced Wednesday, as the airline faces a crisis in the wake of the new coronavirus outbreak. The request lays bare desperate times at Cathay, which was hammered last year by months of political chaos and protests in Hong Kong and is now being further hurt by the […]
HONG KONG, China (AFP) — Cathay Pacific has warned staff they risk being sacked if they join a planned Hong Kong strike, as the airline intensifies its crackdown on employee support for the rolling pro-democracy protests. Hong Kong’s flagship carrier, which has 27,000 staff in the city, has been accused of bowing to political pressure from China, whose aviation regulator has banned airline staff who have supported the demonstrations from working on flights through its […]
HONG KONG, China (AFP) — Shares in Hong Kong’s flagship carrier Cathay Pacific plunged more than four percent on Monday, after Beijing banned airline staff supporting Hong Kong protesters from flights going through the mainland. Cathay shares lost 4.37 percent to HK$9.85 by the break in Hong Kong, with the carrier’s parent company Swire Pacific Ltd. plunging 5.26 percent to HK$77.50. The nosedive comes as the airline is caught up in pro-democracy protests that […]
HONG KONG, China (AFP) — Hong Kong carrier Cathay Pacific came under pressure Thursday to explain why it had taken five months to admit it had been hacked and compromised the data of 9.4 million customers, including passport numbers and credit card details. The airline said Wednesday it had discovered suspicious activity on its network in March and confirmed unauthorized access to certain personal data in early May. However, chief customer and commercial officer Paul […]
HONG KONG, China (AFP) — Hong Kong flag carrier Cathay Pacific on Wednesday booked the first back-to-back annual loss in its seven-decade history but said it was in the black for the second half and was upbeat about the next year. The firm’s report was its worst since 2008 during the global financial crisis, as lower-cost Chinese airlines ate into market share while it took a major hit from fuel costs. “Increased fuel costs are […]
HONG KONG, China (AFP) — Hong Kong’s troubled flagship airline Cathay Pacific on Wednesday posted its first annual loss since the height of the financial crisis as it was hit by “intense competition” and a drop in demand from business travellers. The firm is struggling despite an expansion of international air travel in the region as lower cost carriers, particularly from mainland China, eat into its market share. Companies like China Eastern and China Southern […]
