Rolling coverage of the latest economic and financial news
- Introduction: Can Pelosi and Mnuchin reach a deal today?
- Wall Street fell last night as optimism faded
- Reckitt Benckiser: strong demand for cleaning and health products…
Heathrow’s new fast Covid-19 Covid tests may not prevent heavy job cuts at Hong Kong’s Cathay Pacific.
The South China Morning Post are reporting that the airline is planning to lose 6,000 workers — a grim total, but also less than first feared.
Cathay Pacific Airways has agreed to scale back planned job cuts by 25 per cent to around 6,000 globally, and will axe its Cathay Dragon sister airline brand, according to multiple sources.
Hong Kong’s flagship carrier was eyeing global lay-offs of up to 8,000, but has now reduced them to about 18 per cent of its total workforce, including around 5,000 in the city, after government intervention.
SCOOP: CATHAY PACIFIC TO CUT APPROX 18% OF WORKFORCE, MANAGEMENT WANTED 25% STAFF CUTS: SOURCES
– 5,000 JOBS TO GO IN HONG KONG (TOTAL 6,000 WORLDWIDE)
– CATHAY DRAGON TO CLOSE https://t.co/JY4WAWLRrh via @scmpnews
News of Heathrow’s speedy Covid-19 tests for passengers to Hong Kong and Italy has also lifted shares in jet engine maker Rolls-Royce (+4%).
Hopes of a pick-up in travel has also boosted engineering firm Melrose (+2.9%), which has an aerospace division.
