Cathay Pacific to sack 600 staff in major shakeup

Cathay Pacific to sack 600 staff in major shakeupHong Kong’s flagship airline Cathay Pacific said Monday it would cut 600 staff including a quarter of its management, as part of its biggest shakeup in two decades to repair its bottom line. In March the company posted its first annual net loss in eight years, citing intense competition as lower cost airlines, particularly from mainland China, eat into its market share. It pledged at the time to slash costs by 30 percent after its $ 74 million net loss in 2016 reversed a $ 773 million profit in the previous year.



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