Cathay Pacific sees a discount path to survival
For an airline built in an era of globe-spanning cosmopolitanism, a pandemic that’s shut the world’s borders is particularly brutal.
No wonder Cathay Pacific Airways Ltd. is struggling. Just four months after receiving a HK$40.95 billion ($5.3 billion) bailout package from Hong Kong’s government, the carrier is planning to cut a quarter of its workforce and close the Cathay Dragon shorter-haul brand that it has operated since the 1990s.
Remaining Hong Kong-based crew will be asked to agree to changes “to match remuneration more closely to productivity and to enhance market competitiveness,” Cathay said in a statement Wednesday.
