27
Friday
November 2020
2:36 AM IST
News Headlines
End of an era: Argentina football legend Diego Maradona dies        Greg Barclay elected ICC's Independent Chair        Have great respect for Indian bowlers but our batsmen have seen them a lot: Langer        Rupee rises 6 paise to 73.95 against US dollar in early trade        Biden seeks swift Cabinet votes, but GOP Senate stays silent        As virus cases spike, financial outlook for world's airlines dims        Nivar makes landfall, weakens into severe cyclonic storm        Senior Congress leader Ahmed Patel passes away at 71        India's COVID-19 caseload goes past 92 lakh; no. of active cases increases by 6,079        Left Govt moves ahead with projects having no central clearances: Chennithala        Kerala Cabinet decides to approach Governor to repeal new ordinance        Kerala reports 5,420 new COVID cases, 5,149 recoveries: CM        Cyclone Nivar : heavy rain lashes Chennai, suburbs, govt holiday today        UP okays ordinance against conversion for marriage, violators face up to 10 yrs in jail        Govts have to work as team to ensure vaccination drive is smooth, sustained: PM Modi        ICC nominates Kohli, Ashwin for Men''s Player of the Decade Award        Rohit, Ishant to miss first two Australia Tests, also doubtful for remaining two: BCCI source        India''s home series against England to feature four Tests instead of five        Odisha pay the penalty as Hyderabad keep first-ever clean sheet        Looking at India squad, Surya could have been there: Brian Lara        
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Business News
Cathay Pacific cuts 8,500 jobs, shutters regional airline
 
Hong Kong, Oct 21 (AP) Hong Kong airline Cathay Pacific Airways said Wednesday it would cut 8,500 jobs and shut a regional airline as it grapples with the plunge in air travel due to the pandemic.

About 5,300 employees based in Hong Kong and another 600 elsewhere will likely lose their jobs, and 2,600 unfilled positions will be cut. The cuts are about 24 per cent of the company's workforce, Cathay Pacific said in a statement.

The company will also shut down Cathay Dragon, its regional airline unit, with operations ceasing from Wednesday. It will seek regulatory approval for most of the routes to be operated by Cathay Pacific and its budget airlines subsidiary HK Express.

The restructuring is aimed at reducing Cathay Pacific's cash burn to 500 million Hong Kong dollars (USD 64.5 million) a month, from about 1.5 billion Hong Kong dollars (USD 193.5 million) to 2 billion Hong Kong (USD 258 million) dollars currently, Cathay Pacific CEO Augustus Tang said in a statement.

"The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive," Tang said.

"We have to do this to protect as many jobs as possible, and meet our responsibilities to the Hong Kong aviation hub and our customers." The restructuring plan will cost about 2.2 billion Hong Kong dollars (USD 283.8 million), the company said.

Executive pay cuts will also continue throughout 2021 and there will be no pay increments for 2021 nor bonuses for this year for all Hong Kong employees, Cathay Pacific said. Ground staff will also be offered a voluntary leave plan in the first half of next year.

In June, Cathay Pacific raised 39 billion Hong Kong dollars (USD 5 billion) in a recapitalization plan that gave the city's government a stake of about 6 per cent in the airline.


Rupee rises 6 paise to 73.95 against US dollar in early trade
Rupee opens on flat note against US dollar
Petrol, diesel prices rise for third straight day
Rupee rises for 3rd day, up 27 paise to 74.19 per USD
Lakshmi Vilas Bank shares tank 20 pc after getting placed under moratorium
Diesel sales fall 5 pc in Nov after reaching pre-COVID levels in Oct
COVID-19 hits shopping mall launches in the country
Iffco reduces NP fertiliser price by Rs 50 to Rs 925/bag
Asian shares mostly higher as focus shifts to virus recovery
CII urges Union Finance Ministry to explore ECLGS for supporting resource starved stressed sectors
Tata Motors drives in new Altroz trim at Rs 6.6 lakh
Saudi PIF invest Rs 9,555 crore in Reliance Retail Ventures
OPPO India launches Wall of Knowledge initative
Rupee slumps 33 paise to 74.74 against US dollar in early trade
Two footwear units of Von Wellx Germany become operational in Agra
Sensex ends 144 pts higher; financial stocks sparkle
Vistara to start flights to Bangladesh from Nov 5 under air bubble pact
Sharing best practices, knowledge among SCO members to help startups: Goyal
Asian shares rise after Wall Street gains on solid earnings
HDFC Bank Q2 net profit rises 16% to Rs 7,703 cr
KERALA NEWS
Left Govt moves ahead with projects having no central clearances: Chennithala
 Thiruvananthapuram: Opposition leader in Kerala Assembly Ramesh Chennithala on Tuesday alleged that  
Kerala reports 5,420 new COVID cases, 5,149 recoveries: CM
Ker FM hits out at ED over reported probe against KIIFB; Opp says he has "something to hide"
Kerala adds 5,294 fresh COVID-19 cases; Active cases 65,856
INTERNATIONAL NEWS
Biden seeks swift Cabinet votes, but GOP Senate stays silent
 Washington: As President-elect Joe Biden started rolling out his administrative team, one voice has
As virus cases spike, financial outlook for world's airlines dims
Biden's first Cabinet picks expected Tuesday amid roadblocks
Hong Kong's Joshua Wong to plead guilty to protest charges
NATIONAL NEWS
Nivar makes landfall, weakens into severe cyclonic storm
 Chennai: Very severe cyclonic storm Nivar made landfall near Puducherry in the early hours of Thursd
Senior Congress leader Ahmed Patel passes away at 71
India's COVID-19 caseload goes past 92 lakh; no. of active cases increases by 6,079
Cyclone Nivar : heavy rain lashes Chennai, suburbs, govt holiday today
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