Cathay Pacific shares jump 1.8% after cost cutting memo

[SHANGHAI] Shares in Cathay Pacific rose 1.8 per cent in early morning trading on Friday after Reuters reported that the airline had told staff that it plans to cut the cost of middle and senior management roles at its Hong Kong head office by 30 per cent.

Information about the cuts, detailed in an internal memo seen by Reuters, was sent out a day after the airline reported its first annual loss since 2008.

REUTERS