By Administrator_ India
Hong 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.
Cathay shares have fallen 43% since the start of January.
In July, it reached agreement with Airbus SE to delay the delivery of A350s and A321neos and said it was in advanced talks with Boeing Co about deferring its 777-9 orders.
The airline’s share register is dominated by Swire Pacific Ltd, Air China Ltd, Qatar Airways and the Hong Kong government, with only a 12% free float.