A Cathay Pacific Airways passenger plane takes off at the Hong Kong Airport. the carrier is struggling in the face of Chinese and Middle East competition. Tyrone Siu / Reuters
A Cathay Pacific Airways passenger plane takes off at the Hong Kong Airport. the carrier is struggling in the face of Chinese and Middle East competition. Tyrone Siu / Reuters

Cathay Pacific takes a hit on lack of detail in review



Cathay Pacific Airways shares slid nearly 6 per cent after a strategic review by the Hong Kong carrier of its operations left investors bemoaning a lack of detail, including how many jobs will be shed and whether flights might be cut to save money.

At 0138 GMT the shares were down 5.5 per cent at HK$10.22, the lowest since December 30, after Cathay emailed results of its biggest business review in two decades to employees late on Wednesday. Cathay said it would keep costs flat and consider moving some flights to its shorter-haul unit.

But an apparent lack of clarity and urgency on where costs might be cut in the face of accelerating competition left analysts and investors concerned. Cathay is under pressure to combat aggressive mainland Chinese carriers and growing competition from Middle East airlines, and to position itself to compete against the backdrop of an “open skies” deal signed last month between China and Australia.

“By the time [Cathay Pacific] takes action, the competitive landscape will have changed so much that it is no longer recognisable,” one aviation industry official said on Thursday.

* Reuters

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Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Sun jukebox

Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)

This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.

Elvis Presley, Mystery Train (1955)

The B-side of Presley’s final single for Sun bops with a drummer-less groove.

Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)

Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.

Carl Perkins, Blue Suede Shoes (1956)

Within a month of Sun’s February release Elvis had his version out on RCA.

Roy Orbison, Ooby Dooby (1956)

An essential piece of irreverent juvenilia from Orbison.

Jerry Lee Lewis, Great Balls of Fire (1957)

Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.

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Transmission: Eight-speed auto

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

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Illegal shipments intercepted in Gulf region

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September 27, 2022: US Naval Forces Central Command reports a find of 2.4 tonnes of heroin on board fishing boat in Gulf of Oman 

MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

RACE CARD

6.30pm Maiden (TB) Dh82.500 (Dirt) 1,400m

7.05pm Handicap (TB) Dh87,500 (D) 1,400m

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10pm Handicap (TB) Dh102,500 (T) 1,400m

MATCH INFO

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