Hong 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.
Philippine President Rodrigo Duterte flies to Russia on Monday to meet his hero, seek arms and steer his nation's foreign policy course further away from longtime ally the United States. The five-day trip will cement a dramatic improvement in ties between the two nations since Duterte came to power last year and began unravelling the Philippines' decades-long alliances with the United States, which he accuses of hypocrisy and bullying. Duterte will on Thursday meet Russian President Vladimir Putin, whom he has described as his "favourite hero" and proclaimed a personal bond because of mutual passions such as guns and hunting.
Hong 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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