Cathay to slash staff costs by 30% after loss
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Hong Kong
HONG Kong's troubled flagship airline Cathay Pacific said on Friday that it would slash staff costs by 30 per cent as part of a major overhaul as it struggles to repair its bottom line.
The announcement came two days after the company posted its first annual net loss in eight years, saying it had been hit by intense competition and a drop in demand from business travellers.
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